Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q4 2025 Earnings Presentation
27 slides from Claros Mortgage Trust's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter 2025 Earnings Supplement
Fourth Quarter 2025 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) February 18, 2026 The properties above are not representative of all transactions. The information provided herein is as of December 31, 2025, unless otherwise noted.
Slide 2: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights GAAP net loss of $219.2 million, or $1.56 per share; distributable loss of $101.7 million, or $0.71 per share; and distributable earnings prior to realized gains and losses of $2.9 million, or $0.02 per share 1 Financial Provision for CECL reserves of $211.7 millio
Slide 3: Loan Resolution Activity
Loan Resolution Activity During the quarter, resolved five loans totaling $483.9 million of UPB. 2 - Two full repayments: $216.2 million of UPB - One discounted payoff: $150.0 million of UPB 2; watchlist loan, recovery of 69% - One loan sale: $30.0 million of UPB 2; previously classified as held-f
Slide 4: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification 3, 4, 12 December 31, September 30, 100% Key Portfolio Metrics 3, 12 2025 2025 80% 44% 44% Multifamily Total Loan Commitments 13 $4.3Bn $4.9Bn Hospitality 60% Office 16 Loan UPB $4.1Bn $4.5Bn Mixed-use 22% 19% 40% Land Loan Carrying Value 4 $3.7Bn $
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 13 $1,604 44% $9
Slide 6: Loan Portfolio Activity
Loan Portfolio Activity During the quarter: - Three loans repaid totaling $366 million of UPB, including one watchlist loan.12 - Resolved one watchlist loan through a UCC foreclosure on a land parcel valued at $94 million; loan UPB of $88 million. - Funded $45 million on existing loan commitments
Slide 7: Risk Rated 5 Loan Summary
Risk Rated 5 Loan Summary Risk rated 5 loans of $1.0 billion, net of specific CECL reserves of 26.0%; two loans resolved after year-end, reducing risk rated 5 loans to $950 million, net of specific CECL reserves. - The remaining risk rated 5 loans are primarily secured by multifamily, office and l
Slide 8: Risk Rated 4 Loan Summary
Risk Rated 4 Loan Summary Risk rated 4 loans have a general CECL reserve of 9.6%; one loan resolved after year-end, reducing risk rated 4 UPB to $546.7 million. Remaining risk rated 2 and 3 loans have a general CECL reserve of 0.9%. General CECL Reserve $ amounts in millions Number of Loans UPB
Slide 9: Real Estate Owned
Real Estate Owned Hotel Portfolio: Most significant REO contributor to distributable earnings. Mixed-use Property: Executed sales of signage and remaining office floors for an aggregate gross sales price of $24.1 million. Multifamily Properties A ($ amounts in Hotel Mixed-use millions, except La
Slide 10: Liquidity Overview
Liquidity Overview During 2025 and 2026 year-to-date: - Total available liquidity increased by $51 million, from $102 million at December 31, 2024 to $153 million at February 17, 2026. - Net financings outstanding have decreased by $2.0 billion, including $670 million of deleveraging payment (of w
Slide 11: Financing Activity
Financing Activity At December 31, 2025: - During the quarter, net financings outstanding decreased by $500 million, including $305 million of deleveraging payments. - During the year, net financings outstanding decreased by $1.7 billion, including $580 million of deleveraging payments. - $195 mil
Slide 12: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $5.2 billion, decrease from $6.0 billion at September 30, 2025. Total financing UPB of $3.2 billion, decrease from $3.7 billion at September 30, 2025. Unused capacity of $2.0 billion, decrease from $2.3 billion at September 30, 2025. Net
Slide 13: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward $15.17 $11.33 Adjusted BV per Adjusted BV per Share 14 Share 14 $17.00 Depreciation/ $16.00 Amortization $0.03 $15.00 General CECL $1.02 $0.24 $14.00 $13.00 $3.73 Depreciation/ $12.00 Amortization $0.10 $11.00 General $0.06 CECL $0.54 $14.12 $10.00 $9.00 $10.69 $8.0
Slide 14: Financial Overview
Financial Overview During the quarter, GAAP net loss of $219.2 million, or $1.56 per share; distributable loss of $101.7 million, or $0.71 per share; and distributable earnings prior to realized gains and losses of $2.9 million, or $0.02 per share. 1 Key Financial Metrics Q4 2025 Q3 2025 Q2 2025 Q
Slide 15: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 16: Watchlist Loans
Watchlist Loans CMTG Watchlist Loan Summary as of December 31, 2025 ($ 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 $405.0 12/16/20
Slide 17: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2025 ($ 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 $405.0 12/16/20
Slide 18: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2025 ($ 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 16 113.8 113.5 113.5 7/20/2021
Slide 19: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of December 31, 2025 ($ 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 31 36.3 36.3 36.3 4/5/2019 Othe
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets As of December 31, 2025 and September 30, 2025 ($ amounts in thousands) December 31, 2025 September 30, 2025 Assets Cash and cash equivalents $ 173,186 $ 339,518 Restricted cash 17,599 16,743 Loans receivable held-for-investment 4,054,152 4,515,170 Less: current expected
Slide 21: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended December 31, 2025 and September 30, 2025 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) December 31, 2025 September 30, 2025 Revenue Interest and related income $ 74,427 $ 88,904 Less: i
Slide 22: Reconciliation of GAAP Net Loss to Distributable Loss
Reconciliation of GAAP Net Loss to Distributable Loss Distributable Loss Reconciliation Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 ($ amounts in thousands, except share and per share data) Net loss $ (219,211) $ (9,528) $ (181,707) $ (78,623) $ (489,069) Adjustments: Non-cash stock-based compensation expe
Slide 23: 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, 2025 September 30, 2025 June 30, 2025 March 31, 2025 ($ amounts in thousands, except for per share data) Total Equity $ 1,531,895 $ 1,748,811 $ 1,757,030 $ 1,934,585 Nu
Slide 24: 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 25: 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 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. Refer to page 21 for a reconciliation of net income (loss) to distributable earnings (loss) and distributable earnings 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 principal ch
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