Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q4 2022 Earnings Presentation
24 slides from Claros Mortgage Trust's earnings presentation, Feb 16, 2023
Slide 1: Fourth Quarter 2022 Earnings Supplement
Fourth Quarter 2022 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) February 16, 2023 The properties above are not representative of all transactions.
Slide 2: Important Notices
Important Notices The information herein generally speaks as of the date hereof or such earlier date referred to on specific pages herein. In furnishing this document, Claros Mortgage Trust, Inc. and its consolidated subsidiaries (the “Company” or “CMTG”) do not undertake to update the information h
Slide 3: Important Notices (cont'd)
Important Notices (cont’d) Determinations of Loan-to-Value / Loan-to-Cost LTV represents “loan-to-value” or “loan-to-cost”, which is calculated as our total loan commitment from time to time, as if fully funded, plus any financings that are pari passu with or senior to our loan, divided by our estim
Slide 4: Fourth Quarter 2022 Highlights
Fourth Quarter 2022 Highlights $7.4 billion $2.5 billion 8.5% 8.6% Weighted Average Loan Portfolio3 Equity Book Value Dividend Yield1 All-In Yield2 97% 98% 68.2% 2.2x Weighted Average Net Debt / Equity Senior Loans3,15 Floating Rate Loans3 Portfolio LTV4 Ratio5 See Endnotes in the Appendix. CLAROS M
Slide 5: Fourth Quarter 2022 Highlights (cont'd)
Fourth Quarter 2022 Highlights (cont’d) Financial GAAP net loss of $(22.7) million, or $(0.17) per share; distributable earnings of $53.7 million, or $0.38 per share6 Paid a cash dividend of $0.37 per share for the fourth quarter of 2022 NYC REO investment contributed $0.03 per share to distri
Slide 6: Liquidity Overview
Liquidity Overview Available liquidity at December 31, 2022 and February 12, 2023 $ in millions $600.0 As of December 31, 2022 a As of February 12, 2023b $213 $520 $500.0 $400.0 a b $152 $332 $306 $300.0 $200.0 $180 $100.0 $0.0 Cash Approved and Undrawn Credit Capacity Total Available Liquidity Un
Slide 7: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $20.00 $18.88 $18.20 Adjusted BV per Adjusted BV per Share Share $19.50 $0.47 $19.00 $1.26 General CECL, $0.48 $18.50 Depreciation, $0.11 $1.48 Depreciation, $0.05 $18.00 General CECL, $0.61 $0.03 $17.50 $0.21 $18.35 $17.00 $17.48 $16.50 $16.00
Slide 8: Fourth Quarter 2022 Originations Overview
Fourth Quarter 2022 Originations Overview Highlights9 Originated approximately $359 million of loan commitments across three investments (average loan size of $120 million), of which $34 million was funded at closing ― 39% backed by life sciences, 31% by multi-family, and 30% by industrial propert
Slide 9: Financial Overview
Financial Overview GAAP net loss of $(22.7) million, or $(0.17) per share, and distributable earnings of $53.7 million, or $0.38 per share6 Paid a cash dividend of $0.37 per share for the fourth quarter of 2022 Key Financial Metrics 4Q-2022 YE 2022 GAAP Net (Loss) Income ($MM) $(22.7) $112.1 Per
Slide 10: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification3,7 100% December 31, September 30, Key Portfolio Metrics7 2022 2022 80% 41% 41% Multi-family Loan Portfolio3 $7.4Bn $7.4Bn Hospitality 60% Office 20% 21% Mixed-use a Total Loan Commitments10 $9.4Bn $9.2Bn 40% For-Sale Condo 15% 14% Land 20% 8% 9% Ot
Slide 11: Loan Portfolio Overview (cont'd)
Loan Portfolio Overview (cont’d) $ amounts in millions Region Exposure by Carrying Value and as a % of Total Carrying Value Carrying % of Total Collateral Type Number of Loans West Northeast Southeast Mid Atlantic Southwest Midwest Other Value $ Carrying Value Multi-family 26 3,045 41% $1,378 / 19%
Slide 12: Net Loan Fundings
Net Loan Fundings 4Q-2022 Net Loan Fundings $ amounts in millions $10,000 Total Commitments Total Commitments $9,151 $9,434 $9,000 Unfunded Unfunded Commitments Commitments $1,895 $8,000 $1,770 Repayments Advances on Existing Loans $75 $198 New Loans $7,000 $34 $6,000 $7,381 $7,539 $158 $5,000 Net C
Slide 13: Loan Maturity Schedule
Loan Maturity Schedule Fully-Extended Maturities by Unpaid Principal Balance11,a $ amounts in millions $2,476 $2,400 $1,980 $2,000 $1,600 $1,200 $1,041 $956 $800 $543 $400 $211 $123 $0 2023 2024 2025 2026 2027 2028 2029 a. Excludes $208 million of loans in maturity default as of December 31, 2022. C
Slide 14: Conservative and Diversified Funding Strategy
Conservative and Diversified Funding Strategy Total financing capacity of $7.8 billion with approximately $2.1 billion of undrawn capacity, compared to $6.7 billion and $1.2 billion respectively at September 30, 202212 Unencumbered loan assets totaled $365 million Leverage Ratios5,8 Summary of O
Slide 15: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Structure ($ amounts in millions) Weighted average advance rate of 65% on asset- specific financings (74% advance rate on multi- family loans and 58% on other loans) Other Other Debt Warehouse and Participation Asset-Debt
Slide 16: Appendix A
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 17: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2022 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 1 396.9 399.5 405.0 Dec-21
Slide 18: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2022 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 21 131.6 133.1 151.7 Apr-22
Slide 19: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2022 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 41 75.5 75.5 75.5 Apr-19 Mi
Slide 20: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2022 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 61 28.9 28.9 30.2 Jul-21 La
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets December 31, 2022 and December 31, 2021 ($ amounts in thousands) December 31, 2022 December 31, 2021 Assets Cash and cash equivalents $ 306,456 $ 310,194 Restricted cash 41,703 23,942 Loan principal payments held by servicer - 154,600 Loans receivable held-for-investment
Slide 22: Income Statement
Income Statement For the Three Months Ended December 31, 2022 and 2021 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) December 31, 2022 December 31, 2021 Revenue Interest and related income $ 154,461 $ 100,937 Less: interest and related expense 92,501
Slide 23: Reconciliation of GAAP Net Income to Distributable Earnings
Reconciliation of GAAP Net Income to Distributable Earnings For the Three Months Ended December 31, 2022 GAAP Net (Loss) Income Distributable ($ amounts in thousands) Adjustments Attributable to Earnings Common Stock Interest and related income $154,461 - $154,461 Interest and related expense (92,50
Slide 24: Endnotes
Endnotes 1. Calculated as the annualized quarterly dividend per share divided by book value per share. 2. All-in yield represents the weighted average annualized yield to initial maturity of each loan, inclusive of coupon and contractual fees, based on the applicable floating benchmark rate/floors (
Claros Mortgage Trust — Q4 2022 Earnings Presentation on 6ix