Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Investor Presentation (March 2024)
24 slides from Claros Mortgage Trust's investor presentation, Mar 5, 2024
Slide 1: Investor Presentation Claros Mortgage Trust, Inc. (CMTG) March 2024
Investor Presentation Claros Mortgage Trust, Inc. (CMTG) March 2024 The properties above are not representative of all transactions.
Slide 2: CMTG Snapshot
CMTG Snapshot See Endnotes in the Appendix. $6.9 billion Loan Portfolio 1 $2.3 billion Equity Book Value $238 million Total Liquidity 2 9.1% Weighted Average All-In Yield 3 98% Senior Loans 1,4 98% Floating Rate Loans 1 69.2% Weighted Average Portfolio LTV 5 2.4x Net Debt / Equity Ratio 6
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, development, 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
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 December 31, 2023 September 30, 2023 Loan Portfolio1 $6.9Bn $7.1Bn Total Loan Commitments8 $8.1Bn $8.5Bn Number of Loans 65 69 LTV5 69.2% 68.8% Average Commitment Size ~$120MM ~$120MM Weighted Average All-In Yield3 9.1% 9.5% Floating Rate Loans1 98% 9
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 22 $2,829 41% $1,388 / 20% $390 / 6% - $266 / 4% $505 / 7% $
Slide 9: Financial Overview
Financial Overview Key Financial Metrics 4Q-2023 3Q-2023 2Q-2023 1Q-2023 Total 2023 GAAP Net Income (Loss) ($MM) Per Share $34.0 $0.24 $(68.9) $(0.50) $4.3 $0.02 $36.7 $0.26 $6.0 $0.02 Distributable Earnings (Loss) ($MM)9 Per Share $36.9 $0.26 $(22.8) $(0.16) $(14.5) $(0.10) $40.3 $0.29 $39.9 $0.28
Slide 10: Financing Mix
Financing Mix Total financing capacity decreased to $7.3 billion from $7.8 billion at September 30, 2023; undrawn capacity decreased to $1.6 billion from $2.1 billion at September 30, 202312 Unencumbered loan assets totaled $433 million (93% senior mortgages); unencumbered REO asset with a carrying
Slide 11: Capital Structure Overview
Capital Structure Overview Conservative Capital Structure Capital Structure Composition ($ amounts in millions) 2.4x Net Debt / Equity Ratio6 $5.7 billion total warehouse and participation financing capacity across six counterparties with $4.3 billion outstanding12 Weighted average advance rate of 6
Slide 12: Appendix A
Appendix A The properties above are not representative of all transactions.
Slide 13: CMTG Leadership and Select MREG Personnel
J.D. Siegel** Executive Vice President, CMTG; General Counsel and COO, MREG Dave Germond** MD, Head of Capital Raising, MREG Barden Gale* Vice Chairman, MREG Paul Keller*** Vice Chairman, MREG Richard Mack* CEO and Chairman, CMTG; Co-Founder and CEO, MREG Mike McGillis* President and CFO, CMTG; Pres
Slide 14: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 1 399.4 401.2 405.0 Dec-21 Multifamily CA Senior N 3 Investment 2 389.5 390.0 390.0 Nov-19 Multifamily NY Senior N 3 Investmen
Slide 15: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 21 122.5 123.3 127.3 Jun-22 Multifamily TX Senior N 3 Investment 22 122.5 122.5 122.5 Sep-19 Office NY Senior N 4 Investment 2
Slide 16: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 41 75.3 75.5 76.0 Jul-22 Multifamily UT Senior N 3 Investment 42 75.5 75.5 75.5 Apr-19 Mixed-Use NY Senior N 3 Investment 43 5
Slide 17: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 61 10.9 11.1 24.2 Apr-22 Other GA Senior Y 3 Investment 62 10.9 10.6 10.6 Aug-19 For Sale Condo NY Senior N 3 Investment 63 1.
Slide 18: Consolidated Balance Sheets
($ amounts in thousands) December 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 Assets Cash and cash equivalents $ 187,301 $ 306,456 Restricted cash 27,588 41,703 Loan principal payments held by servicer 11,000 - Loans receivable held-for-investment 7,020,383 7,489,074 Less: current expec
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended December 31 and September 30, 2023, and December 31, 2022 Source: CMTG financials. Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share
Slide 20: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) Refer to page 21 for definition of Distributable Earnings. Distributable Earnings (Loss) Reconciliation Q4 2023 Q3 2023 Q2 2023 Q1 2023 Total 2023 (2) Net income (loss) attributable to common stock: $34,043 ($68,947) $4,253 $3
Slide 21: Book Value per share Reconciliation
Book Value per share Reconciliation Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Equity $ 2,299,900 $ 2,296,669 $ 2,400,426 $ 2,444,154 $ 2,456,471 Number of shares of common stock outstanding and RSUs 141,313,339 141,321,693 141,687,697 141,632,654 140,542,274 Book Value per share(1) $ 16.28 $ 16.25 $ 1
Slide 22: 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 23: 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 24: Endnotes
Endnotes Based on carrying value net of specific CECL reserves; excludes loans held-for-sale. Total Liquidity as of December 31, 2023, includes cash, loan principal payments held by servicer net of secured debt balance, and approved and undrawn credit capacity based on existing collateral. Total Liq
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