Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q2 2026 Earnings Presentation
25 slides from Claros Mortgage Trust's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter 2026 Earnings Supplement
Second Quarter 2026 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) July 29, 2026 The properties above are not representative of all transactions. The information provided herein is as of June 30, 2026, unless otherwise noted.
Slide 2: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights GAAP net loss of $255.4 million, or $1.81 per share, for the quarter - Provision for CECL reserves of $208.8 million, or $1.45 per share, primarily reflecting increased reserves to align with anticipated near- term resolution levels - Reclassified mixed-use REO asset
Slide 3: Loan Resolution Activity
Loan Resolution Activity During the quarter, resolved one watchlist loan with $25.4 million of UPB 2 through a mortgage foreclosure and received $20.9 million in partial loan repayments Subsequent to quarter-end, resolved four loans totaling $409.5 million of UPB 2 - Two full repayments: $223.1
Slide 4: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification 3, 4, 12 June 30, March 31, 100% Key Portfolio Metrics 3, 12 2026 2026 80% 44% 44% Multifamily Total Loan Commitments 13 $3.5Bn $3.7Bn Hospitality 60% Office 16 Loan UPB $3.4Bn $3.5Bn Mixed-use 21% 19% 40% Retail Loan Carrying Value 4 $2.8Bn $3.2Bn
Slide 5: Loan Portfolio Overview (cont’d)
Loan Portfolio Overview (cont’d) Region Exposure by Carrying Value and as a % of Total Carrying Value 3, 4, 12 ($ amounts in millions) Number of Carrying % of Total Collateral Type West Northeast Midwest Southeast Southwest Mid Atlantic Other Loans Value 4 Carrying Value Multifamily 10 $1,221 44% $6
Slide 6: Loan Portfolio Activity
Loan Portfolio Activity During the quarter: - Resolved one watchlist loan with $25.4 million of UPB 2 through a mortgage foreclosure - Reclassified one watchlist loan with $111.5 million of UPB 2 to held-for-sale; loan sold July 2026 - Funded $8.4 million on existing loan commitments and received
Slide 7: Risk Rated 5 Loan Summary
Risk Rated 5 Loan Summary Risk rated 5 loans of $1.1 billion, net of specific CECL reserves of 32.0% of UPB, are primarily secured by multifamily, office and land properties - Subsequent to quarter-end, resolved (i) one loan through a discounted payoff and (ii) one watchlist office loan classified
Slide 8: Real Estate Owned
Real Estate Owned Held-For-Investment and Held-For-Sale During the quarter: - Sold one multifamily REO asset for a gross sales price of $48.0 million, slightly above carrying value - Reclassified mixed-use REO asset and one multifamily REO asset to held-for-sale Multifamily Properties A ($ amounts
Slide 9: Liquidity Overview
Liquidity Overview At quarter-end, total liquidity of $103 million; at July 24, 2026, total liquidity of $168 million 7 Total Available Liquidity 7 ($ amounts in millions) $200 $185 $180 $12 $168 $160 $13 $140 $120 $103 $100 $13 $173 $80 $155 $60 $90 $40 $20 $- 12/31/25 6/30/26 7/24/26 Cash and Ca
Slide 10: Financing Activity
Financing Activity During the quarter, net financings outstanding decreased by $66 million, including $20 million of deleveraging payments Subsequent to quarter-end, net financings outstanding decreased by $299 million, including $93 million of deleveraging payments Q2 2026 – Financing Activity
Slide 11: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $4.3 billion, decrease from $4.4 billion at March 31, 2026 Total financing UPB of $2.6 billion, decrease from $2.7 billion at March 31, 2026 Unused capacity of $1.7 billion, unchanged from March 31, 2026 Net debt / equity ratio of 2.0x,
Slide 12: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward $11.33 $9.06 Adjusted BV per Adjusted BV per Share 14 Share 14 $12.00 Depreciation/ $11.50 Amortization, $0.10 $11.00 General CECL, $0.54 $0.12 $10.50 $10.00 $9.50 $2.08 Depreciation/ Amortization, $0.13 $9.00 $10.69 General $0.09 CECL, $0.35 $8.50 $8.00 $8.58 $7.50
Slide 13: Financial Overview
Financial Overview During the quarter, GAAP net loss of $255.4 million, or $1.81 per share; distributable loss of $90.8 million, or $0.63 per share; and distributable loss prior to realized gains and losses of $10.5 million, or $0.07 per share 1, 14 Key Financial Metrics Q2 2026 Q1 2026 2026 YTD G
Slide 14: Appendix
Appendix STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 15: Watchlist Loans
Watchlist Loans CMTG Watchlist Held-for-Investment Loan Summary as of June 30, 2026 ($ 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 $250.0 $402
Slide 16: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of June 30, 2026 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 3, 12 Origination Date Property Type 21 Location Loan Type Construction 21 Risk Rating Value 4 Balance Commitment 13 Loan 1 $250.0 $402.3 $405.0 12/16/
Slide 17: Portfolio Details (cont’d)
Portfolio Details (cont’d) CMTG Portfolio Details by Unpaid Principal Balance as of June 30, 2026 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 3, 12 Origination Date Property Type 21 Location Loan Type Construction 21 Risk Rating Value 4 Balance Commitment 13 Loan 21 B 70.1 74.9 74.9
Slide 18: Consolidated Balance Sheets
Consolidated Balance Sheets As of June 30, 2026 and March 31, 2026 ($ amounts in thousands) June 30, 2026 March 31, 2026 Assets Cash and cash equivalents $ 90,327 $ 116,782 Restricted cash 11,920 13,662 Loans receivable held-for-investment 3,355,833 3,504,010 Less: current expected credit loss reser
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended June 30, 2026 and March 31, 2026 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) June 30, 2026 March 31, 2026 Revenue Interest and related income $ 46,251 $ 58,999 Less: interest and rela
Slide 20: Reconciliation of GAAP Net Loss to Distributable Loss
Reconciliation of GAAP Net Loss to Distributable Loss Distributable Loss Reconciliation Q2 2026 Q1 2026 2026 YTD ($ amounts in thousands, except share and per share data) Net loss $ (255,431) $ (54,294) $ (309,725) Adjustments: Non-cash stock-based compensation expense 1,489 2,317 3,806 Provision fo
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 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 ($ amounts in thousands, except for per share data) Total Equity $ 1,237,982 $ 1,492,848 $ 1,531,895 $ 1,748,811 A
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) 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 accumulated depreciation and amortization on our real estate owned held-for- investment and our general CECL reserve is
Slide 24: 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 25: Endnotes
Endnotes 1. Refer to page 19 for a reconciliation of net income (loss) to distributable earnings (loss) and distributable earnings (loss) 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 princ
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