Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q3 2021 Earnings Presentation
24 slides from Claros Mortgage Trust's earnings presentation, Dec 14, 2021
Slide 1: Third Quarter 2021 Earnings Supplement
Third Quarter 2021 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) December 14, 2021 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”) does not undertake to update the information
Slide 3: Important Notices (cont’d)
Important Notices (cont’d) Determinations of Loan-to-Value / Loan-to-Cost LTV’s stated herein represent CMTG’s total loan commitment from time to time, as if fully funded, plus any financings that are pari passu with or senior to CMTG’s loan, divided by the Company’s estimate of either (i) the value
Slide 4: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights Scaled Portfolio Robust Balance Sheet Strong Performance 1.8x $6.4 billion Net Debt/Equity Ratio2 6.4% Investment Portfolio1 All-In Yield4 $382 million Cash and Available Liquidity3 $905 million $0.34 Net Distributable Earnings 3Q-2021 Originations5 $2.5 billion per Sha
Slide 5: Summary of Third Quarter 2021 Results
Summary of Third Quarter 2021 Results Financial GAAP net income of $52.9 million, or $0.40 per share, and Net Distributable Earnings of $45.3 million, or $0.34 per share1 Declared and paid a cash dividend of $0.37 per common share for the third quarter of 2021 CECL reserve decreased $9.3 milli
Slide 6: Summary of Third Quarter 2021 Results (cont’d)
Summary of Third Quarter 2021 Results (cont’d) Investment Portfolio1 $6.4 billion primarily senior loan portfolio with an unlevered all-in yield of 6.4% ― Residential investments (multifamily and for sale condo) represented 28.3% ― Senior loans represented 93.2% ― Weighted average risk rating of 3
Slide 7: Financial Overview
Financial Overview 3Q-2021 GAAP net income of $52.9 million, or $0.40 per share, and Net Distributable Earnings of $45.3 million, or $0.34 per share1 Declared a 3Q-2021 common dividend of $50.0 million, or $0.37 per share Dividend per Share Key Financial Metrics Q3-2021 $0.40 GAAP Net Income ($M
Slide 8: Book Value Walk
Book Value Walk Book Value per Share $20.00 $19.60 $19.20 $0.57 $0.50 CECL $0.40 $0.37 $0.01 CECL $18.80 $18.40 $18.00 $17.60 $18.76 $18.78 $17.20 $16.80 $16.40 $16.00 Book Value at GAAP Net Income Cash Dividend Other, Net Book Value at 6/30/2021 9/30/2021 CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2
Slide 9: Investment Portfolio Overview
Investment Portfolio Overview Key Portfolio Metrics1 Collateral Diversification3 2% 3% 100% Unpaid Principal Balance $6.4Bn 9% 10% Other 11% 11% 80% Land 32% 28% 21% 17% Total Loan Commitments $7.5Bn 60% For Sale Condo 15% 19% Multifamily Number of Investments 58 40% Hospitality 24% 20% 20% Mixed-Us
Slide 10: Portfolio Credit Summary
Portfolio Credit Summary Loan-to-Value (LTV)1,2 Risk Rating1 68.0% 4.0 66.0% 3.5 64.0% 3.0 66.4% 65.8% 65.9% 66.1% 62.0% 2.5 3.1 3.1 3.1 3.0 60.0% 2.0 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2020 Q1-2021 Q2-2021 Q3-2021 CECL Reserve3,4 Non-Accruals5 1.6% 10.0% 1.4% 8.0% 1.2% 6.0% 1.0% 4.0% 1.3% 1.3% 1.2%
Slide 11: Investment Maturity Schedule
Investment Maturity Schedule Fully Extended Maturities by Unpaid Principal Balance $ amounts in millions $2,400 $2,100 $1,848.0 $1,800 $1,500 $1,320.3 $1,200 $1,068.5 $950.2 $883.7 $900 $600 $300 $254.6 $121.2 $0 2021 2022 2023 2024 2025 2026 2027 CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2021 EARNI
Slide 12: 3Q-2021 Net Loan Fundings
3Q-2021 Net Loan Fundings 3Q-2021 Net Loan Fundings $ amounts in millions $7,500 Add-On Funding $7,000 $248.0 $676.1 $6,500 $745.0 $316.9 Net Change $6,000 in UPB New Loans $5,500 $5,000 $6,446.5 $4,500 $6,129.6 $4,000 $3,500 $3,000 Unpaid Principal Balance at Fundings Repayments 1 Unpaid Principal
Slide 13: 3Q-2021 Net Loan-Specific Financing Proceeds
3Q-2021 Net Loan-Specific Financing Proceeds 3Q-2021 Net Loan-Specific Financing Proceeds1 $ amounts in millions $5,000 $4,500 $4,000 $152.2 $276.5 $331.0 $3,500 $455.3 Net Change $3,000 in UPB $2,500 $2,000 $3,668.3 $3,337.3 $1,500 $1,000 $500 $0 Unpaid Principal Initial Financings of Existing Fina
Slide 14: Conservative, Diversified and Cost-Effective Funding Strategy
Conservative, Diversified and Cost-Effective Funding Strategy Total financing capacity of $6.0 billion with $1.3 billion of undrawn capacity Unencumbered assets totaled $458.9 million, excluding cash, as of September 30, 2021 Leverage levels remain at the low end of our targeted leverage of 2.
Slide 15: Conservative, Diversified and Cost-Effective Funding Strategy (cont’d)
Conservative, Diversified and Cost-Effective Funding Strategy (cont’d) Leverage Ratios1,2 Financing Sources3 3.0x 6.1% 2.8x 2.6x Target range 2.4x 2.0x – 3.0x 2.2x 12.1% 2.2x 2.1x 2.1x 2.0x 2.0x 1.8x 1.8x 1.7x 1.6x 1.5x 1.5x 16.2% 1.4x 1.2x 65.6% 1.0x 0.8x 0.6x 0.4x 0.2x 0.0x 4Q-2020 1Q-2021 2Q-2021
Slide 16: Summary of Warehouse Facilities
Summary of Warehouse Facilities Warehouse Facilities $ amounts in millions $1,500 $1,250 $1,250 $1,000 $1,000 $750 $750 $994 $860 $500 $500 $585 $201 $271 $300 $265 $250 $51 $30 $181 $198 $206 $272 $51 $236 $89 $135 $5 $27 $75 $73 $54 $13 $0 Bank 1 Bank 2 Bank 3 Bank 3 Sidecar Bank 4 Bank 5 Bank 6 U
Slide 17: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 18: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of September 30, 2021 ($ amounts in millions) Unpaid Floating Rate Loan Property Principal Coupon2 All-In Yield Location LTV3 Construction Loan Type Investments Commitment1 Type Balance Investment 1 $390.0 $390.0 L + 2.75% 4.35
Slide 19: Portfolio Overview (cont’d)
Portfolio Overview (cont’d) CMTG Portfolio Summary by Unpaid Principal Balance as of September 30, 2021 ($ amounts in millions) Unpaid Floating Rate Loan Property Principal Coupon2 All-In Yield Location LTV3 Construction Loan Type Investments Commitment1 Type Balance Investment 21 $263.0 $124.2 L +
Slide 20: Portfolio Overview (cont’d)
Portfolio Overview (cont’d) CMTG Portfolio Summary by Unpaid Principal Balance as of September 30, 2021 ($ amounts in millions) Unpaid Floating Rate Loan Property Principal Coupon2 All-In Yield Location LTV3 Construction Loan Type Investments Commitment1 Type Balance Investment 41 $70.0 $70.0 L + 3.
Slide 21: Portfolio Overview (cont’d)
Portfolio Overview (cont’d) CMTG Portfolio Summary by Unpaid Principal Balance as of September 30, 2021 ($ amounts in millions) Unpaid Fixed Rate Loan Property Principal Coupon2 All-In Yield Location LTV3 Construction Loan Type Investments Commitment1 Type Balance Investment 55 $43.9 $43.9 10.00% 10
Slide 22: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets September 30, 2021 and December 31, 2020 ($ amounts in thousands) September 30, 2021 December 31, 2020 Assets Cash and cash equivalents $ 235,596 $ 427,512 Restricted cash 24,236 3,462 Loans receivable held-for-investment 5,983,559 6,131,825 Less: allowance for
Slide 23: Income Statement
Income Statement For the Three and Nine Months Ended September 30, 2021 and 2020 Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended ($ amounts in thousands, except per share data) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Revenue Interest and
Slide 24: TTM Reconciliation of Net Income to Distributable Earnings
TTM Reconciliation of Net Income to Distributable Earnings and Net Distributable Earnings 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended TTM Ended September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2021 ($ amounts in thousands, except for share and per share
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