Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q3 2023 Earnings Presentation
23 slides from Claros Mortgage Trust's earnings presentation, Nov 1, 2023
Slide 1: Third Quarter 2023 Earnings Supplement
Third Quarter 2023 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) October 31, 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: Third Quarter 2023 Highlights
Third Quarter 2023 Highlights $7.1 billion $2.3 billion $433 million 9.5% Weighted Average Loan Portfolio 3 Equity Book Value Total Liquidity 1 All-In Yield 2 98% 98% 68.8% 2.3x Weighted Average Net Debt / Equity Senior Loans 3,14 Floating Rate Loans 3 Portfolio LTV 4 Ratio 5 See Endnotes in the App
Slide 5: Third Quarter 2023 Highlights (cont'd)
Third Quarter 2023 Highlights (cont’d) Financial ⚫ GAAP net loss of $68.9 million, or $0.50 per share; distributable loss of $22.8 million, or $0.16 per share; and distributable earnings prior to realized gain and principal charge-off of $49.6 million, or $0.35 per share 6 ⚫ Paid a cash dividend of
Slide 6: Liquidity Overview
Liquidity Overview Available liquidity at September 30, 2023 and October 29, 2023 $ in millions $500.0 As of September 30, 2023 $450.0 As of October 29, 2023 $124 $433 $400.0 $136 $378 $350.0 $308 $300.0 a $250.0 $243 $200.0 $150.0 $100.0 $50.0 $0.0 1 Cash Approved and Undrawn Credit Capacity Total
Slide 7: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $18.20 $17.00 Adjusted BV per Adjusted BV per Share Share $19.00 Depreciation, $0.11 $18.00 $0.99 $0.97 General CECL, $0.61 $0.24 Depreciation, $0.16 $17.00 $0.99 General CECL, $0.59 $0.02 $16.00 $15.00 $14.00 $17.48 $13.00 $16.25 $12.00 $11.00
Slide 8: Financial Overview
Financial Overview ⚫ GAAP net loss of $68.9 million, or $0.50 per share; distributable loss of $22.8 million, or $0.16 per share; and distributable earnings prior to realized gain and principal charge-off of $49.6 million, or $0.35 per share 6 ⚫ Paid a cash dividend of $0.25 per share for the third
Slide 9: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification3,7 100% September 30, June 30, Key Portfolio Metrics7 2023 2023 80% 41% 41% Multi-family Loan Portfolio3 $7.1Bn $7.5Bn Hospitality 60% Office 19% 20% a Mixed-use Total Loan Commitments10 $8.5Bn $9.1Bn 40% Land 13% 15% For Sale Condo 20% 8% 6% Number
Slide 10: 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 Value3 Carrying Value Multi-family 23 2,883 41% $1,358 / 19% $
Slide 11: Net Loan Fundings
Net Loan Fundings 3Q-2023 Net Loan Fundings $ amounts in millions $10,000 Total Commitments Total Commitments $9,058 $8,528 $9,000 Unfunded Commitments a $8,000 $1,499 Unfunded Advances on Existing Loans b Loan Sales Commitments $174 $260 $1,342 $287 Repayments $7,000 $6,000 $(374) Net Change in UPB
Slide 12: Loan Maturity Schedule
Loan Maturity Schedule Fully-Extended Maturities by Unpaid Principal Balance11,a $ amounts in millions $3,000 $2,800 $2,723 $2,600 $2,400 $2,200 $2,000 $1,872 $1,800 $1,600 $1,400 $1,200 $971 $1,000 $771 $800 $600 $400 $317 $270 $200 $0 2023 2024 2025 2026 2027 Thereafter a. Excludes $262 million of
Slide 13: Financing Mix
Financing Mix ⚫ Total financing capacity decreased to $7.8 billion from $8.0 billion at June 30, 2023; undrawn capacity increased to $2.1 billion from $2.0 billion at June 30, 202312 ⚫ Unencumbered loan assets totaled $438 million (93% senior mortgages); unencumbered REO asset with a carrying value
Slide 14: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Structure ($ amounts in millions) Weighted average advance rate of 69% on asset- specific financings (76% advance rate on multi- family loans and 63% on other loans) Other Other Debt Warehouse and Participation Asset-Debt
Slide 15: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 16: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of September 30, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 1 399.2 401.2 405.0 Dec-2
Slide 17: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of September 30, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 21 124.8 125.0 125.0 Dec-
Slide 18: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of September 30, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 41 75.2 75.5 76.0 Jul-22
Slide 19: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of September 30, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 61 14.2 14.0 14.0 Aug-19
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets September 30, 2023 and December 31, 2022 ($ amounts in thousands) September 30, 2023 December 31, 2022 Assets Cash and cash equivalents $ 307,367 $ 306,456 Restricted cash 23,183 41,703 Loan principal payments held by servicer 689 - Loans receivable held-for-investment 7,
Slide 21: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended September 30 and June 30, 2023, and September 30, 2022 Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) September 30, 2023 June 30, 2023 September 30, 2022 Revenue Inter
Slide 22: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) For the Three Months Ended September 30, 2023 GAAP Net Income (Loss) ($ amounts in thousands) Adjustments Distributable Earnings (Loss) Attributable to Common Stock Interest and related income $182,044 - $182,044 Interest and
Slide 23: Endnotes
Endnotes 1. Total Liquidity as of September 30, 2023, includes cash and approved and undrawn credit capacity. Approved and undrawn credit capacity represents undrawn capacity available under financing facilities. While these amounts were previously contractually approved, in certain cases, the lende
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