Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q3 2024 Earnings Presentation
24 slides from Claros Mortgage Trust's earnings presentation, Nov 8, 2024
Slide 1: Third Quarter 2024 Earnings Supplement
Third Quarter 2024 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) November 7, 2024 The properties above are not representative of all transactions. The information provided herein is as of September 30, 2024 unless otherwise noted.
Slide 2: Third Quarter 2024 Highlights
Third Quarter 2024 Highlights $6.3 billion $2.1 billion $116 million 2.4x Net Debt / Equity Loan Portfolio 3 Equity Book Value Total Liquidity 1 Ratio 5 8.4% 71.6% 98% 98% Weighted Average Weighted Average Floating Rate Loans 3 Senior Loans 3,14 Portfolio Adjusted All-In Yield 2 LTV 4 See Endnotes i
Slide 3: Third Quarter 2024 Highlights (cont'd)
Third Quarter 2024 Highlights (cont’d) Financial GAAP net loss of $56.2 million, or $0.40 per share; distributable loss of $24.6 million, or $0.17 per share; and distributable earnings prior to realized losses of $31.0 million, or $0.22 per share 6 Book value of $14.83 per share; general CECL re
Slide 4: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification 3,7 100% September 30, June 30, Key Portfolio Metrics 7,b 2024 2024 80% 42% 40% Multi-family Loan Portfolio 3 $6.3Bn $6.8Bn Hospitality 60% Office 20% 18% a Mixed-use Total Loan Commitments 10 $7.0Bn $7.7Bn 40% 14% Land 14% 9% For Sale Condo 20% 8%
Slide 5: 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 Number of Carrying % of Total Collateral Type West Northeast Mid Atlantic Southeast Southwest Midwest Other Loans Value 3 Carrying Value Multifamily 20 2,615 42% $1,163 / 19% $
Slide 6: Liquidity Overview & Unfunded Commitments
Liquidity Overview & Unfunded Commitments Available Liquidity at September 30, 2024 and November 5, 2024 Unfunded Commitments and Source of Funds b ($ in millions) ($ in millions) $180.0 $584 As of September 30, 2024 As of November 5, 2024 $160.0 $6 $185 Equity Required $140.0 $120.0 $2 $38 Not Expe
Slide 7: Financial Overview
Financial Overview GAAP net loss of $56.2 million, or $0.40 per share; distributable loss of $24.6 million, or $0.17 per share; and distributable earnings prior to realized losses of $31.0 million, or $0.22 per share 6 Paid a cash dividend of $0.10 per share for the third quarter of 2024 Key Fin
Slide 8: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $17.03 $15.96 Adjusted BV per Adjusted BV per Share Share $18.00 Depreciation, $0.18 $17.00 General CECL, $0.57 $0.63 $1.51 Depreciation, $0.24 $16.00 General CECL, $0.89 $15.00 $0.60 $0.03 $14.00 $13.00 $16.28 $14.83 $12.00 $11.00 $10.00 Book V
Slide 9: Real Estate Owned
Real Estate Owned Hospitality Portfolio Mixed-Use In Q1 2021, we acquired legal title to a portfolio of seven limited In Q2 2023, we acquired legal title to a mixed-use property located in service hotels located in New York, NY New York, NY Underlying asset performance continues to be strong,
Slide 10: Loan Portfolio Activity and Loan Maturity
Loan Portfolio Activity and Loan Maturity Received $374 million in loan repayments and reclassified $356 million in loans to held-for-sale Acquired a $100 million senior loan in connection with a full loan repayment Funded $86 million on existing loan commitments Net decrease in unpaid princ
Slide 11: Financing Activity and Leverage
Financing Activity and Leverage During the quarter, we repaid $438 million in financings; net of advances, this resulted in a decrease in financing UPB of $197 million Stable leverage ratio levels; unchanged since Q4 2023 Q3 2024 – Financing Activity Leverage Ratios 5,8 $6,500 3.0x 2.8x 2.8x 2.8
Slide 12: Financing Mix
Financing Mix Total financing capacity of $6.7 billion decreased from $7.1 billion at June 30, 2024; undrawn capacity of $1.6 billion decreased from $1.7 billion at June 30, 2024 12 Summary of Outstanding Financing Financing Composition and Mark-to-Market % Financing Balances and weighted average
Slide 13: Appendix A
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 14: Watchlist Loans
Watchlist Loans CMTG Watchlist Loan Summary as of September 30, 2024 ($ amounts in millions) Unpaid Principal Loan Loan Basis Investment Carrying Value 3 Origination Date Property Type Location Risk Rating Balance Commitment 10 (Commitment / CV) a Investment 13 $120.1 $152.3 $152.3 Jan-18 Land VA $1
Slide 15: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value 3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment 10 Investment 1 401.3 402.3 405.0 Dec-
Slide 16: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value 3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment 10 Investment 21 122.9 123.3 127.3 Jun
Slide 17: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value 3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment 10 Investment 41 40.2 69.5 82.8 Aug-21
Slide 18: Consolidated Balance Sheets
Consolidated Balance Sheets September 30, 2024 and June 30, 2024 ($ amounts in thousands) September 30, 2024 June 30, 2024 Assets Cash and cash equivalents $ 113,920 $ 148,212 Restricted cash 30,466 21,185 Loans receivable held-for-investment 6,372,017 6,913,273 Less: current expected credit loss re
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended September 30, 2024 and June 30, 2024 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) September 30, 2024 June 30, 2024 Revenue Interest and related income $ 152,870 $ 155,131 Less: interes
Slide 20: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) Distributable Earnings (Loss) Reconciliation Q3 2024 Q2 2024 Q1 2024 YTD 2024 a Net income (loss) attributable to common stock: ($56,218) ($11,554) ($52,795) ($120,567) Adjustments: Non-cash stock-based compensation expense 4,
Slide 21: Adjusted Book Value per share, Net Debt-to-Equity and Total Leverage Calculations
Adjusted Book Value per share, Net Debt-to- Equity and Total Leverage Calculations Book Value per share Reconciliation Q3 2024 Q2 2024 Q1 2024 Q4 2023 ($ in 000’s except for per share data) Equity $2,103,959 $2,171,402 $2,215,883 $2,299,900 Number of shares of common stock outstanding and RSUs 141,9
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 1. Total Liquidity includes cash and approved and undrawn credit capacity based on existing collateral. 2. All-in yield represents the weighted average annualized yield to initial maturity of each loan held-for-investment, inclusive of coupon and contractual fees, based on the applicable fl
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