Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q1 2023 Earnings Presentation
23 slides from Claros Mortgage Trust's earnings presentation, May 3, 2023
Slide 1: First Quarter 2023 Earnings Supplement
First Quarter 2023 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) May 2, 2023 The properties above are not representative of all transactions.
Slide 2: 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 3: Important Notices (cont'd)
Important Notices (cont’d) Determinations of Loan-to-Value / Loan-to-Cost LTV represents “loan-to-value” or “loan-to-cost”, which is calculated as our total loan commitment from time to time, as if fully funded, plus any financings that are pari passu with or senior to our loan, divided by our estim
Slide 4: First Quarter 2023 Highlights
First Quarter 2023 Highlights $7.6 billion $2.4 billion 8.6% 8.9% Weighted Average Loan Portfolio3 Equity Book Value Dividend Yield1 All-In Yield2 98% 98% 68.9% 2.2x Weighted Average Net Debt / Equity Senior Loans3,14 Floating Rate Loans3 Portfolio LTV4 Ratio5 See Endnotes in the Appendix. CLAROS MO
Slide 5: First Quarter 2023 Highlights (cont'd)
First Quarter 2023 Highlights (cont’d) Financial ⚫ GAAP net income of $36.7 million, or $0.26 per share; distributable earnings of $40.3 million, or $0.29 per share 6 ⚫ Paid a cash dividend of $0.37 per share for the first quarter of 2023 ⚫ NYC REO investment contributed a loss of $0.02 per share to
Slide 6: Liquidity Overview
Liquidity Overview Available liquidity at March 31, 2023 and May 1, 2023 $ in millions $600.0 a As of March 31, 2023 $128 $555 As of May 1, 2023 $500.0 a $117 $468 $427 $400.0 $351 $300.0 $200.0 $100.0 $0.0 Cash Approved and Undrawn Credit Capacity Total Available Liquidity ⚫ Unencumbered loan asset
Slide 7: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $20.00 $18.20 $17.96 Adjusted BV per Adjusted BV per Share Share $19.00 Depreciation, $0.11 Depreciation, $0.12 $18.00 General CECL, $0.61 $0.26 $0.37 General CECL, $0.58 $0.11 $17.00 $16.00 $17.48 $17.26 $15.00 $14.00 Book Value at 12/31/2022 G
Slide 8: Financial Overview
Financial Overview ⚫ GAAP net income of $36.7 million, or $0.26 per share, and distributable earnings of $40.3 million, or $0.29 per share 6 ⚫ Paid a cash dividend of $0.37 per share for the first quarter of 2023 Key Financial Metrics 1Q-2023 YTD 2023 GAAP Net Income ($MM) $36.7 $36.7 Per Share $0.2
Slide 9: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification3,7 100% March 31, December 31, Key Portfolio Metrics7 2023 2022 80% 40% 41% Multi-family Loan Portfolio3 $7.6Bn $7.4Bn Hospitality 60% Office 21% a 20% Mixed-use Total Loan Commitments10 $9.3Bn $9.4Bn 40% For Sale Condo 15% 15% Land Number of Loans
Slide 10: 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 Carrying % of Total Collateral Type Number of Loans West Northeast Southeast Mid Atlantic Southwest Midwest Other Value3 Carrying Value Multi-family 25 $3,012 40% $1,409 / 19%
Slide 11: Net Loan Fundings
Net Loan Fundings 1Q-2023 Net Loan Fundings $ amounts in millions $10,000 Total Commitments Total Commitments $9,434 $9,315 $9,000 Unfunded Unfunded Commitments Commitments $1,895 $1,659 $8,000 Advances on Existing Loans Repayments $226 $211 New Loans $101 $7,000 $6,000 $7,539 $7,655 $117 $5,000 Net
Slide 12: Loan Maturity Schedule
Loan Maturity Schedule Fully-Extended Maturities by Unpaid Principal Balance11,a $ amounts in millions $2,600 $2,551 $2,400 $2,200 $2,063 $2,000 $1,800 $1,600 $1,400 $1,200 $1,020 $1,000 $951 $800 $600 $371 $400 $224 $212 $200 $0 2023 2024 2025 2026 2027 2028 2029 a. Excludes $262 million of loans i
Slide 13: Conservative and Diversified Funding Strategy
Conservative and Diversified Funding Strategy ⚫ Total financing capacity of $8.0 billion with approximately $2.0 billion of undrawn capacity, compared to $7.8 billion and $2.1 billion respectively at December 31, 202212 ⚫ Unencumbered loan assets totaled $594 million (95% senior mortgages) Leverage
Slide 14: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Structure ($ amounts in millions) Weighted average advance rate of 69% on asset- specific financings (76% advance rate on multi- family loans and 64% on other loans) Other Other Debt Warehouse and Participation Asset-Debt
Slide 15: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 16: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of March 31, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 1 398.4 400.8 405.0 Dec-21 Mu
Slide 17: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of March 31, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 21 132.3 133.6 151.7 Apr-22 M
Slide 18: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of March 31, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 41a 78.2 78.5 115.3 Aug-22 Ho
Slide 19: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of March 31, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 61 30.0 30.0 30.0 Apr-19 Offi
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets March 31, 2023 and December 31, 2022 ($ amounts in thousands) March 31, 2023 December 31, 2022 Assets Cash and cash equivalents $ 426,503 $ 306,456 Restricted cash 39,598 41,703 Loan principal payments held by servicer 912 - Loans receivable held-for-investment 7,610,620
Slide 21: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended March 31, 2023 and December 31, 2022 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) March 31, 2023 December 31, 2022 Revenue Interest and related income $ 164,166 $ 154,461 Less: interes
Slide 22: Reconciliation of GAAP Net Income to Distributable Earnings
Reconciliation of GAAP Net Income to Distributable Earnings For the Three Months Ended March 31, 2023 GAAP Net Income Distributable ($ amounts in thousands) Attributable to Adjustments Earnings Common Stock Interest and related income $164,166 - $164,166 Interest and related expense (106,027) - (106
Slide 23: Endnotes
Endnotes 1. Calculated as the annualized quarterly dividend per share divided by book value per share. 2. All-in yield represents the weighted average annualized yield to initial maturity of each loan, inclusive of coupon and contractual fees, based on the applicable floating benchmark rate/floors (
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