Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q1 2026 Earnings Presentation
26 slides from Claros Mortgage Trust's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Earnings Supplement
First Quarter 2026 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) May 6, 2026 The properties above are not representative of all transactions. The information provided herein is as of March 31, 2026, unless otherwise noted.
Slide 2: First Quarter 2026 Highlights
First Quarter 2026 Highlights GAAP net loss of $54.3 million, or $0.39 per share; distributable loss of $75.2 million, or $0.52 per share; and distributable loss prior to realized losses of $7.5 million, or $0.05 per share 1, 14 Provision for CECL reserves of $31.4 million, or $0.22 per share, f
Slide 3: Loan Resolution Activity
Loan Resolution Activity During the quarter, resolved five loans totaling $608.8 million of UPB 2 and received $4.0 million in partial loan repayments. - Two full repayments: $240.8 million of UPB, includes one watchlist loan - One loan sale: $220.0 million of UPB 2; watchlist loan, gross recovery
Slide 4: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification 3, 4, 12 March 31, December 31, 100% Key Portfolio Metrics 3, 12 2026 2025 80% 44% 44% Multifamily Total Loan Commitments 13 $3.7Bn $4.3Bn Hospitality 60% Office 16 Loan UPB $3.5Bn $4.1Bn Mixed-use 19% 22% 40% Retail Loan Carrying Value 4 $3.2Bn $3.
Slide 5: Loan Portfolio Overview (cont’d)
Loan Portfolio Overview (cont’d) Region Exposure by Carrying Value and as a % of Total Carrying Value 3, 4, 12 ($ amounts in millions) Number of Carrying % of Total Collateral Type West Northeast Midwest Southeast Southwest Mid Atlantic Other Loans Value 4 Carrying Value Multifamily 11 $1,400 44% $7
Slide 6: Loan Portfolio Activity
Loan Portfolio Activity During the quarter: - Two loans repaid totaling $240.8 million of UPB, including one watchlist loan.12 - Resolved three watchlist loans totaling $368.0 million of UPB 2 through a loan sale, mortgage foreclosure, and assignment to lender. - Funded $22.2 million on existing l
Slide 7: CECL Reserves on Loans Receivable
CECL Reserves on Loans Receivable Risk rated 4 loans have general CECL reserves of 7.7% of UPB and are secured by office, multifamily, and hospitality properties. Remaining risk rated 2 and 3 loans have a general CECL reserve of 0.9% of UPB. 96% of total CECL reserves on UPB relates to watchli
Slide 8: Risk Rated 5 Loan Summary
Risk Rated 5 Loan Summary Risk rated 5 loans of $950 million, net of specific CECL reserves of 26.8% of UPB, are primarily secured by multifamily, office and land properties. - Subsequent to quarter-end, resolved one loan through a mortgage foreclosure. We seek to resolve these loans through a v
Slide 9: Real Estate Owned
Real Estate Owned At quarter-end, REO asset carrying value of $780.2 million, net equity of $312.9 million; $174.6 million is unencumbered. Subsequent to quarter-end, entered into a binding agreement to sell a portion of Multifamily 3 REO for a gross sales price of $48.0 million; relative carryi
Slide 10: Liquidity Overview
Liquidity Overview At quarter-end, total liquidity of $132 million; at May 5, 2026, total liquidity of $116 million. 7 - During the quarter, net financings outstanding decreased by $489 million, including $142 million of deleveraging payments (of which $56 million related to the refinancing of our
Slide 11: Financing Activity
Financing Activity During the quarter: - Closed a new $500 million secured term loan maturing in 2030; proceeds used to fully retire prior secured term loan with a UPB of $556 million. - Net financings outstanding decreased by $489 million, including $142 million of deleveraging payments. Q1 2026
Slide 12: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $4.4 billion, decrease from $5.2 billion at December 31, 2025. Total financing UPB of $2.7 billion, decrease from $3.2 billion at December 31, 2025. Unused capacity of $1.7 billion, decrease from $2.0 billion at December 31, 2025. Net de
Slide 13: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward $11.33 $10.83 Adjusted BV per Adjusted BV per Share 14 Share 14 $12.00 Depreciation/ $11.50 Amortization $0.10 General Depreciation/ $11.00 CECL Amortization $0.54 $0.15 $0.05 General $10.50 $3.73 CECL $0.34 $0.03 $0.35 $10.00 $10.69 $9.50 $10.33 $10.69 $9.00 $8.50
Slide 14: Financial Overview
Financial Overview During the quarter, GAAP net loss of $54.3 million, or $0.39 per share; distributable loss of $75.2 million, or $0.52 per share; and distributable loss prior to realized losses of $7.5 million, or $0.05 per share 1, 14 Key Financial Metrics Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 202
Slide 15: Appendix
Appendix STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 16: Watchlist Loans
Watchlist Loans CMTG Watchlist Loan Summary as of March 31, 2026 ($ amounts in millions, except loan basis) Carrying Unpaid Principal Loan Loan Basis Loan 3, 12 Origination Date Property Type Location Risk Rating Value 4 Balance Commitment 13 (Commitment/CV) A Loan 1 300.0 402.3 405.0 12/16/2021 Mul
Slide 17: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of March 31, 2026 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 3, 12 Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 13 Loan 1 300.0 402.3 405.0 12/16/2021 Mul
Slide 18: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of March 31, 2026 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 3, 12 Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 13 Loan 21 A 78.5 78.5 115.3 8/1/2022 Hosp
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets As of March 31, 2026 and December 31, 2025 ($ amounts in thousands) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 116,782 $ 173,186 Restricted cash 13,662 17,599 Loans receivable held-for-investment 3,504,010 4,054,152 Less: current expected credit l
Slide 20: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended March 31, 2026 and December 31, 2025 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) March 31, 2026 December 31, 2025 Revenue Interest and related income $ 58,999 $ 74,427 Less: interest
Slide 21: Reconciliation of GAAP Net Loss to Distributable Loss
Reconciliation of GAAP Net Loss to Distributable Loss Distributable Loss Reconciliation Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 ($ amounts in thousands, except share and per share data) Net loss $ (54,294) $ (219,211) $ (9,528) $ (181,707) $ (78,623) $ (489,069) Adjustments: Non-cash stock-base
Slide 22: 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 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 ($ amounts in thousands, except for per share data) Total Equity $ 1,492,848 $ 1,531,895 $ 1,748,811 $ 1,757,030 A
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) 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 25: 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 26: Endnotes
Endnotes 1. Refer to page 20 for a reconciliation of net income (loss) to distributable earnings (loss) and distributable earnings (loss) prior to realized gains and losses. 2. Refer to page 2 for further discussion of loan resolution activity. Amount based on unpaid principal balance prior to princ
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