Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q4 2024 Earnings Presentation
27 slides from Claros Mortgage Trust's earnings presentation, Feb 20, 2025
Slide 1: Fourth Quarter 2024 Earnings Supplement
Fourth Quarter 2024 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) February 19, 2025 The properties above are not representative of all transactions. The information provided herein is as of December 31, 2024 unless otherwise noted.
Slide 2: Fourth Quarter 2024 Highlights
Fourth Quarter 2024 Highlights GAAP net loss of $100.7 million, or $0.72 per share; distributable loss of $83.2 million, or $0.59 per share; and distributable earnings prior to realized gains and losses of $25.4 million, or $0.18 per share 6 Provision for CECL reserves of $30.0 million, or $0.21
Slide 3: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification 3,7 December 31, September 30, 100% Key Portfolio Metrics 7,b 2024 2024 80% 43% 42% Multi-family Loan Portfolio 3 $6.1Bn $6.3Bn 60% Hospitality Office 19% 20% a Total Loan Commitments 10 $6.7Bn $7.0Bn 40% Mixed-use 14% 14% Land 20% 9% 8% Other Numbe
Slide 4: 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 19 $2,585 43% $1,141 / 19%
Slide 5: Liquidity Overview
Liquidity Overview Since 2023, we deleveraged the portfolio by $643 million, with $286 million occurring in 2024 Available Liquidity at December 31, 2024 and February 17, 2025 ($ in millions) $120 As of December 31, 2024 As of February 17, 2025 $3 $100 $7 $80 $60 $99 $102 $98 $91 $40 $20 $0 Cash a
Slide 6: Unfunded Loan Commitments
Unfunded Loan Commitments Unfunded loan commitments have declined from ~$1.9 billion at year-end 2022 to ~$500 million at year-end 2024, representing a reduction of ~74% Over the same period, our equity to be funded has been reduced by ~75% a Unfunded Loan Commitments and Source of Funds ($ in m
Slide 7: Financial Overview
Financial Overview During the quarter, GAAP net loss of $100.7 million, or $0.72 per share; distributable loss of $83.2 million, or $0.59 per share; and distributable earnings prior to realized gains and losses of $25.4 million, or $0.18 per share 6 Key Financial Metrics 4Q-2024 3Q-2024 2Q-2024 1Q
Slide 8: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $17.03 $15.17 Adjusted BV per Adjusted BV per Share Share $18.00 Depreciation, $0.18 $17.00 General CECL, $0.57 $0.81 $16.00 $2.41 Depreciation, $0.03 $15.00 General CECL, $1.02 $0.60 $14.00 $0.04 $13.00 $16.28 $12.00 $14.12 $11.00 $10.00 Book V
Slide 9: Loan Repayment and Sale Activity
Loan Repayment and Sale Activity In 2024, we received $1.3 billion of loan repayment and sale proceeds net of principal charge-offs, generating $435 million in liquidity primarily used to make deleveraging payments of $286 million Pace of realizations is increasing; year-over-year gross realizat
Slide 10: Loan Activity
Loan Activity During the quarter: ― Received loan repayments of $99 million, including the full repayment of three loans with $80 million of UPB ― Funded $75 million on existing loan commitments ― Reclassified one loan to held-for-sale and sold at par after year end; UPB of $101 million ― Sold an
Slide 11: Risk Rated 5 Loan Summary
Risk Rated 5 Loan Summary Risk rated 5 loans have an average specific reserve of 18.2% ― Of such loans, ~50% of UPB is secured by multifamily properties with an average specific reserve of 11.8%. We expect to foreclose on these properties over the course of 2025. ― The remaining risk-rated 5 loans
Slide 12: Risk Rated 4 Loan Summary
Risk Rated 4 Loan Summary Risk rated 4 loans have an average general reserve of 5.1%; remaining risk rated 3 loans have an average reserve of 1.0% Higher general reserve on two multifamily assets with anticipated near-term repayments of 5.5%; average reserve of 4.9% on the balance of these loans
Slide 13: Real Estate Owned
Real Estate Owned Hotel 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, exceed
Slide 14: Financing Activity
Financing Activity During the quarter, net financing outstanding decreased by $244 million In 2024, net financing outstanding decreased by $794 million Q4 2024 – Financing Activity FY 2024 – Financing Activity ($ in millions) ($ in millions) $6,500 $7,500 $7,000 $6,000 $6,500 $1,474 $5,500 $6,00
Slide 15: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $6.7 billion, unchanged from September 30, 2024 Undrawn capacity of $1.8 billion increased from $1.6 billion at September 30, 2024 12 Financing Balances and Weighted Average Spreads Leverage Ratios 5,8 3.0x 2.8x 2.8x 2.8x 2.8x Weighted $ amo
Slide 16: Appendix A
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 17: Watchlist Loans
Watchlist Loans CMTG Watchlist Loan Summary as of December 31, 2024 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Basis Loan Origination Date Property Type Location Risk Rating Value 3 Balance Commitment10 (Commitment/CV) a Loan 13 120.1 152.8 152.8 1/9/2018 Land VA $159/SF 5 Loan 23 1
Slide 18: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2024 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 3 Balance Commitment 10 Loan 1 401.5 402.3 405.0 12/16/2021 Multif
Slide 19: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2024 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 3 Balance Commitment 10 Loan 21 123.1 123.3 127.3 6/17/2022 Multif
Slide 20: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2024 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 3 Balance Commitment 10 Loan 41 40.2 68.5 81.8 8/27/2021 Office GA
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets As of December 31, 2024, September 30, 2024 and December 31, 2023 ($ amounts in thousands) December 31, 2024 September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 99,075 $ 113,920 $ 187,301 Restricted cash 34,425 30,466 27,588 Loan principal payments hel
Slide 22: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended December 31, 2024, September 30, 2024 and December 31, 2023 Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) December 31, 2024 September 30, 2024 December 31, 2023 Reven
Slide 23: Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings
Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings Distributable Earnings (Loss) Reconciliation Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total 2024 Net loss $ (100,698) $ (56,218) $ (11,554) $ (52,795) $ (221,265) Adjustments: Non-cash stock-based compensation expense 4,777 4,972 3,999 4,353 18
Slide 24: 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, 2024 September 30, 2024 June 30, 2024 March 31, 2024 ($ in 000’s except for per share data) Total Equity $ 2,008,086 $ 2,103,959 $ 2,171,402 $ 2,215,883 Number of share
Slide 25: 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 26: 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 27: 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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