Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Investor Presentation (May 2024)
25 slides from Claros Mortgage Trust's investor presentation, May 21, 2024
Slide 1: Investor Presentation Claros Mortgage Trust, Inc. (CMTG) May 2024
Investor Presentation Claros Mortgage Trust, Inc. (CMTG) May 2024 The properties above are not representative of all transactions.
Slide 2: CMTG Snapshot
CMTG Snapshot $6.7 billion Loan Portfolio 1 $2.2 billion Equity Book Value $265 million Total Liquidity 2 2.4x Net Debt / Equity Ratio 6 9.1% Weighted Average All-In Yield 3 98% Floating Rate Loans 1 98% Senior Loans 1,4 69.2% Weighted Average Portfolio LTV 5 See Endnotes in the Appendix.
Slide 3: Integrated real estate investor, operator, developer and lender
Integrated real estate investor, operator, developer and lender Mack Real Estate Group The firm’s principals have decades of global real estate investing experience Invests institutional and high net worth capital in real estate equity and debt assets
Slide 4: Mack Real Estate Group Businesses
Mack Real Estate Group Businesses Real Estate Credit (“MRECS”) Direct lending (first mortgage, mezzanine, preferred equity) and other debt investments Property Management (“MPM”) Property management of MREG and third-party owned residential and commercial assets Comprehensive Property Management Ser
Slide 5: MREG National Presence
MREG National Presence Includes employees across the firm’s credit, equity, and property management business as of the date on this presentation. Integrated platform with investment, development, property management and lending activities across the United States WA NV CA AZ CO TX IL MI TN NC FL VA
Slide 6: CMTG Overview
CMTG Overview KEY DIFFERENTIATORS “Ownership mindset” investment approach Well-capitalized, institutional borrowers Markets with local intelligence / experience / expertise Proactive asset management with a focus on staying ahead of the borrower Focus on downside protection; highly structured loans
Slide 7: Loan Portfolio Overview
Loan Portfolio Overview Key Portfolio Metrics7,b March 31, 2024 December 31, 2023 Loan Portfolio1 $6.7Bn $6.9Bn Total Loan Commitments8 $7.7Bn $8.1Bn Number of Loans 62 65 LTV5 69.2% 69.2% Average Commitment Size ~$120MM ~$120MM Weighted Average All-In Yield3 9.1% 9.1% Floating Rate Loans1 98% 98% S
Slide 8: Loan Portfolio Overview (cont'd)
$ amounts in millions Region Exposure by Carrying Value and as a % of Total Carrying Value Collateral Type Number of Loans Carrying Value1 % of Total Carrying Value West Northeast Southeast Mid Atlantic Southwest Midwest Other Multi-family 21 2,669 40% $1,221 / 18% $390 / 6% - $266 / 4% $510 / 8% $2
Slide 9: Financial Overview
Financial Overview Key Financial Metrics 1Q-2024 Total 2024 GAAP Net Loss ($MM) Per Share $(52.8) $(0.39) $(52.8) $(0.39) Distributable Loss ($MM)9 Per Share $(16.8) $(0.12) $(16.8) $(0.12) Distributable Earnings prior to realized losses ($MM)9 Per Share $27.7 $0.20 $27.7 $0.20 Dividends ($MM) Per S
Slide 10: Portfolio Activity, Leverage and Loan Maturity
Portfolio Activity, Leverage and Loan Maturity $(219) Net Change in UPB UPB at December 31, 2023 Fundings Repayments UPB at March 31, 2024 Total Commitments $7,716 Total Commitments $8,121 Q1 2024 – Loan Activity $(226) Net Change in UPB Totals may not foot due to rounding. a. Excludes $459 million
Slide 11: Financing Mix
Financing Mix Total financing capacity of $7.2 billion decreased from $7.3 billion at December 31, 2023; undrawn capacity increased to $1.7 billion from $1.6 billion at December 31, 202312 Weighted average spread of 3.03% at March 31, 2024, unchanged from December 31, 2023 Summary of Outstanding Fin
Slide 12: Real Estate Owned
Real Estate Owned In Q1 2021, we acquired legal title to a portfolio of seven limited service hotels located in New York, NY Generally, the first quarter of each year is historically the softest quarter of the year due to the seasonality of travel Hospitality Portfolio Acquisition Date February 2021
Slide 13: Appendix A
Appendix A The properties above are not representative of all transactions.
Slide 14: CMTG Leadership and Select MREG Personnel
Dave Germond** MD, Head of Capital Raising and Investor Relations, MREG Barden Gale* Vice Chairman, MREG Paul Keller*** Vice Chairman, MREG Richard Mack* CEO and Chairman, CMTG; Co-Founder and CEO, MREG Mike McGillis* President and CFO, CMTG; President, MREG Priyanka Garg* Executive Vice President,
Slide 15: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 1 399.7 401.2 405.0 Dec-21 Multifamily CA Senior N 4 Investment 2 389.7 390.0 390.0 Nov-19 Multifamily NY Senior N 3 Investmen
Slide 16: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 21 122.6 123.3 127.3 Jun-22 Multifamily TX Senior N 3 Investment 22 122.5 122.5 122.5 Sep-19 Office NY Senior N 4 Investment 2
Slide 17: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 41 75.4 75.5 76.0 Jul-22 Multifamily UT Senior N 3 Investment 42 75.5 75.5 75.5 Apr-19 Mixed-Use NY Senior N 3 Investment 43 7
Slide 18: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 61 1.9 1.9 1.9 Jul-19 Other Other Senior N 5 Investment 62 (0.0) 0.9 0.9 Aug-18 Other NY Subordinate N 5 Total / Wtd. Average1
Slide 19: Consolidated Balance Sheets
($ amounts in thousands) March 31, 2024 March 31, 2022 December 31, 2023 March 31, 2022 Assets Cash and cash equivalents $ 232,514 $ 187,301 Restricted cash 19,256 27,588 Loan principal payments held by servicer - 11,000 Loans receivable held-for-investment 6,806,606 7,020,383 Less: current expected
Slide 20: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended March 31, 2024 and December 31, 2023 Source: CMTG financials. Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) March 31, 2022 March
Slide 21: Distributable Earnings (Loss) Reconciliation
Distributable Earnings (Loss) Reconciliation Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Total 2023 (2) Net income (loss): $(52,795) $34,043 $(68,947) $4,253 $36,678 $6,027 Adjustments: Non-cash stock-based compensation expense 4,353 4,469 4,369 4,395 3,366 16,599 Provision for (reversal of) current exp
Slide 22: Book Value per share Reconciliation
Book Value per share Reconciliation Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 ($ in 000’s except for per share data) Equity $ 2,215,883 $ 2,299,900 $ 2,296,669 $ 2,400,426 $ 2,444,154 Number of shares of common stock outstanding and RSUs 142,486,624 141,313,339 141,321,693 141,687,697 141,632,654 Book
Slide 23: 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 24: Important Notices (cont'd)
Important Notices (cont’d) Forward-Looking Statements This document and oral statements made in connection therewith contain forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements express CMTG’s views regarding future plans and expectations. They in
Slide 25: Endnotes
Endnotes Based on carrying value net of specific CECL reserves; excludes loans held-for-sale. Total Liquidity includes cash and approved and undrawn credit capacity based on existing collateral. All-in yield represents the weighted average annualized yield to initial maturity of each loan held-for-i
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