Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q1 2026 Earnings Presentation
32 slides from Claros Mortgage Trust's earnings presentation, May 7, 2026
Slide 1: Investor Presentation
Investor Presentation Claros Mortgage Trust, Inc. (CMTG) March 2026 The properties above are not representative of all transactions.
Slide 2: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights GAAP net loss of $219.2 million, or $1.56 per share; distributable loss of $101.7 million, or $0.71 per share; and distributable earnings prior to realized gains and losses of $2.9 million, or $0.02 per share 1 Financial Provision for CECL reserves of $211.7 millio
Slide 3: Mack Real Estate Group
Mack Real Estate Group Integrated real estate investor, operator, developer and lender Invests institutional and high net worth capital in real estate equity and debt assets The firm’s principals have decades of global real estate investing experience CLAROS MORTGAGE TRUST, INC. INVESTOR PRESENTATIO
Slide 4: MREG Business Lines
MREG Business Lines Real Estate Equity Investments Since Inception A Real Estate Equity (“MREG”) 31 ~13,600 ~22.4M ~2.2M Acquisition, development and ownership of multifamily, industrial, retail and other asset classes investments executed across multifamily units industrial SF retail SF multiple as
Slide 5: MREG National Presence
MREG National Presence 4 Integrated platform with investment, development, and lending activities across the United States 70+ Offices Employees WA MI NY MA CT PA NV UT IL MD NJ New York City CO VA CA AZ TN NC Raleigh GA TX Phoenix FL Miami Mack Real Estate Group Office MREG / MRECS Investments As o
Slide 6: CMTG Overview
CMTG Overview Focus on transitional loan opportunities secured by high quality CRE assets, generally with institutional-grade sponsorship, located in major U.S. markets where MREG has infrastructure and / or experience PLATFORM KEY DIFFERENTIATORS Roots in real estate development and “Ownership mind
Slide 7: Loan Resolution Activity
Loan Resolution Activity During the quarter, resolved five loans totaling $483.9 million of UPB. 2 - Two full repayments: $216.2 million of UPB - One discounted payoff: $150.0 million of UPB 2; watchlist loan, recovery of 69% - One loan sale: $30.0 million of UPB 2; previously classified as held-f
Slide 8: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification 3, 4, 14 December 31, September 30, 100% Key Portfolio Metrics 3, 14 2025 2025 80% 44% 44% Multifamily Total Loan Commitments 15 $4.3Bn $4.9Bn Hospitality 60% Office 17 Loan UPB $4.1Bn $4.5Bn Mixed-use 22% 19% 40% Land Loan Carrying Value 4 $3.7Bn $
Slide 9: Loan Portfolio Overview (cont’d)
Loan Portfolio Overview (cont’d) Region Exposure by Carrying Value and as a % of Total Carrying Value 3, 4, 14 ($ amounts in millions) Number of Carrying % of Total Collateral Type West Northeast Midwest Southeast Southwest Mid Atlantic Other Loans Value 4 Carrying Value Multifamily 13 $1,604 44% $9
Slide 10: Loan Portfolio Activity
Loan Portfolio Activity During the quarter: - Three loans repaid totaling $366 million of UPB, including one watchlist loan.14 - Resolved one watchlist loan through a UCC foreclosure on a land parcel valued at $94 million; loan UPB of $88 million. - Funded $45 million on existing loan commitments
Slide 11: Risk Rated 5 Loan Summary
Risk Rated 5 Loan Summary Risk rated 5 loans of $1.0 billion, net of specific CECL reserves of 26.0%; two loans resolved after year-end, reducing risk rated 5 loans to $950 million, net of specific CECL reserves. - The remaining risk rated 5 loans are primarily secured by multifamily, office and l
Slide 12: Risk Rated 4 Loan Summary
Risk Rated 4 Loan Summary Risk rated 4 loans have a general CECL reserve of 9.6%; one loan resolved after year-end, reducing risk rated 4 UPB to $546.7 million. Remaining risk rated 2 and 3 loans have a general CECL reserve of 0.9%. General CECL Reserve $ amounts in millions Number of Loans UPB
Slide 13: Real Estate Owned
Real Estate Owned Hotel Portfolio: Most significant REO contributor to distributable earnings. Mixed-use Property: Executed sales of signage and remaining office floors for an aggregate gross sales price of $24.1 million. Multifamily Properties A ($ amounts in Hotel Mixed-use millions, except La
Slide 14: Liquidity Overview
Liquidity Overview During 2025 and 2026 year-to-date: - Total available liquidity increased by $51 million, from $102 million at December 31, 2024 to $153 million at February 17, 2026. - Net financings outstanding have decreased by $2.0 billion, including $670 million of deleveraging payment (of w
Slide 15: Financing Activity
Financing Activity At December 31, 2025: - During the quarter, net financings outstanding decreased by $500 million, including $305 million of deleveraging payments. - During the year, net financings outstanding decreased by $1.7 billion, including $580 million of deleveraging payments. - $195 mil
Slide 16: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $5.2 billion, decrease from $6.0 billion at September 30, 2025. Total financing UPB of $3.2 billion, decrease from $3.7 billion at September 30, 2025. Unused capacity of $2.0 billion, decrease from $2.3 billion at September 30, 2025. Net
Slide 17: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward $15.17 $11.33 Adjusted BV per Adjusted BV per Share 13 Share 13 $17.00 Depreciation/ $16.00 Amortization $0.03 $15.00 General CECL $1.02 $0.24 $14.00 $13.00 $3.73 Depreciation/ $12.00 Amortization $0.10 $11.00 General $0.06 CECL $0.54 $14.12 $10.00 $9.00 $10.69 $8.0
Slide 18: Financial Overview
Financial Overview During the quarter, GAAP net loss of $219.2 million, or $1.56 per share; distributable loss of $101.7 million, or $0.71 per share; and distributable earnings prior to realized gains and losses of $2.9 million, or $0.02 per share. 1 Key Financial Metrics Q4 2025 Q3 2025 Q2 2025 Q
Slide 19: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 20: CMTG Leadership and Select MREG Personnel
CMTG Leadership and Select MREG Personnel Richard Mack Mike McGillis Priyanka Garg J.D. Siegel CEO and Chairman, CMTG; President and CFO, CMTG; Executive Vice President, CMTG; Executive Vice President, CMTG; Co-Founder and CEO, MREG President, MREG MD, Head of Credit Strategies General Counsel and C
Slide 21: Watchlist Loans
Watchlist Loans CMTG Watchlist Loan Summary as of December 31, 2025 ($ amounts in millions, except loan basis) Carrying Unpaid Principal Loan Loan Basis Loan 3, 14 Origination Date Property Type Location Risk Rating Value 4 Balance Commitment 15 (Commitment/CV) A Loan 1 $300.0 $402.3 $405.0 12/16/20
Slide 22: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 3, 14 Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 15 Loan 1 $300.0 $402.3 $405.0 12/16/20
Slide 23: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 3, 14 Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 15 Loan 16 113.8 113.5 113.5 7/20/2021
Slide 24: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 3, 14 Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 15 Loan 31 36.3 36.3 36.3 4/5/2019 Othe
Slide 25: Consolidated Balance Sheets
Consolidated Balance Sheets As of December 31, 2025 and September 30, 2025 ($ amounts in thousands) December 31, 2025 September 30, 2025 Assets Cash and cash equivalents $ 173,186 $ 339,518 Restricted cash 17,599 16,743 Loans receivable held-for-investment 4,054,152 4,515,170 Less: current expected
Slide 26: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended December 31, 2025 and September 30, 2025 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) December 31, 2025 September 30, 2025 Revenue Interest and related income $ 74,427 $ 88,904 Less: i
Slide 27: Reconciliation of GAAP Net Loss to Distributable Loss
Reconciliation of GAAP Net Loss to Distributable Loss Distributable Loss Reconciliation Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 ($ amounts in thousands, except share and per share data) Net loss $ (219,211) $ (9,528) $ (181,707) $ (78,623) $ (489,069) Adjustments: Non-cash stock-based compensation expe
Slide 28: Adjusted Book Value per share, Net Debt-to-Equity and Total Leverage Calculations
Adjusted Book Value per share, Net Debt-to- Equity and Total Leverage Calculations Book Value per share Reconciliation December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 ($ amounts in thousands, except for per share data) Total Equity $ 1,531,895 $ 1,748,811 $ 1,757,030 $ 1,934,585 Nu
Slide 29: 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 30: Important Notices (cont’d)
Important Notices (cont’d) Adjusted Book Value Per Share Adjusted Book Value per Share is a non-GAAP financial measure. We believe that presenting book value per share adjusted for our general current expected credit loss reserve and accumulated depreciation and amortization on our real estate owned
Slide 31: 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 32: Endnotes
Endnotes 1. Refer to page 26 for a reconciliation of net income (loss) to distributable earnings (loss) and distributable earnings prior to realized gains and losses. 2. Refer to page 6 for further discussion of loan resolution activity. Amount based on unpaid principal balance prior to principal ch
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