Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q4 2023 Earnings Presentation
24 slides from Claros Mortgage Trust's earnings presentation, Feb 21, 2024
Slide 1: Fourth Quarter 2023 Earnings Supplement
Fourth Quarter 2023 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) February 20, 2024 The properties above are not representative of all transactions. The information provided herein is as of December 31, 2023 unless otherwise noted.
Slide 2: Fourth Quarter 2023 Highlights
Fourth Quarter 2023 Highlights $6.9 billion $2.3 billion $238 million 9.1% Weighted Average Loan Portfolio 3 Equity Book Value Total Liquidity 1 All-In Yield 2 98% 98% 69.2% 2.4x Weighted Average Net Debt / Equity Senior Loans 3,14 Floating Rate Loans 3 Portfolio LTV 4 Ratio 5 See Endnotes in the Ap
Slide 3: Fourth Quarter 2023 Highlights (cont'd)
Fourth Quarter 2023 Highlights (cont’d) Financial ⚫ GAAP net income of $34.0 million, or $0.24 per share; distributable earnings of $36.9 million, or $0.26 per share; and distributable earnings prior to realized gains and principal charge-offs of $44.4 million, or $0.31 per share 6 ⚫ Paid a cash div
Slide 4: Liquidity Overview
Liquidity Overview Available liquidity at December 31, 2023 and February 16, 2024 $ in millions $300.0 As of December 31, 2023 As of February 16, 2024 $250.0 $48 $238 $51 $214 $200.0 $190 a $163 $150.0 $100.0 $50.0 $0.0 1 Cash Approved and Undrawn Credit Capacity Total Available Liquidity ⚫ Unencumb
Slide 5: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $20.00 $18.20 $17.03 Adjusted BV per Adjusted BV per Share Share $19.00 Depreciation, $0.11 $1.31 $1.03 $18.00 General CECL, $0.61 $0.26 Depreciation, $0.18 $17.00 $1.24 General CECL, $0.57 $0.02 $16.00 $15.00 $14.00 $17.48 $13.00 $16.28 $12.00
Slide 6: Financial Overview
Financial Overview ⚫ During the quarter: GAAP net income of $34.0 million, or $0.24 per share; distributable earnings of $36.9 million, or $0.26 per share; and distributable earnings prior to realized gain and principal charge-off of $44.4 million, or $0.31 per share 6 ⚫ Paid a cash dividend of $0.2
Slide 7: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification3,7 100% December 31, September 30, Key Portfolio Metrics7,b 2023 2023 80% 41% 41% Multi-family Hospitality Loan Portfolio3 $6.9Bn $7.1Bn 60% Office 19% 19% a Mixed-use 40% Total Loan Commitments10 $8.1Bn $8.5Bn Land 14% 13% For Sale Condo 20% 9% 8%
Slide 8: 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 Multifamily 22 $2,829 41% $1,388 / 20% $
Slide 9: Net Loan Fundings
Net Loan Fundings 4Q-2023 Net Loan Fundings $ amounts in millions $10,000 Total Total Commitments Commitments $8,528 $8,121 $9,000 $8,000 Unfunded a Commitments b Unfunded $1,342 Transfer to Held-for-sale $272 Commitments Advances on Existing Loans $1,077 $168 $7,000 Repayments $38 $6,000 $7,186 $(1
Slide 10: Loan Maturity Schedule
Loan Maturity Schedule Fully-Extended Maturities by Unpaid Principal Balance11,a $ amounts in millions $3,000 $2,820 $2,500 $2,000 $1,819 $1,500 $1,000 $916 $645 $582 $500 $0 2024 2025 2026 2027 Thereafter a. Excludes $262 million of loans in maturity default as of December 31, 2023. CLAROS MORTGAGE
Slide 11: Financing Mix
Financing Mix ⚫ Total financing capacity decreased to $7.3 billion from $7.8 billion at September 30, 2023; undrawn capacity decreased to $1.6 billion from $2.1 billion at September 30, 202312 ⚫ Unencumbered loan assets totaled $433 million (93% senior loans); unencumbered REO asset with a carrying
Slide 12: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Structure ($ amounts in millions) Weighted average advance rate of 68% on asset- specific financings (77% advance rate on multi- family loans and 62% on other loans) Other Other Debt Warehouse and Participation Asset-Debt
Slide 13: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 14: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 1 399.4 401.2 405.0 Dec-21
Slide 15: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 21 122.5 123.3 127.3 Jun-2
Slide 16: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 41 75.3 75.5 76.0 Jul-22 M
Slide 17: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of December 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 10.9 11.1 24.2 Apr-22 O
Slide 18: Consolidated Balance Sheets
Consolidated Balance Sheets December 31, 2023 and December 31, 2022 ($ amounts in thousands) December 31, 2023 December 31, 2022 Assets Cash and cash equivalents $ 187,301 $ 306,456 Restricted cash 27,588 41,703 Loan principal payments held by servicer 11,000 - Loans receivable held-for-investment 7
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended December 31 and September 30, 2023, and December 31, 2022 Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) December 31, 2023 September 30, 2023 December 31, 2022 Revenue
Slide 20: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) Distributable Earnings (Loss) Reconciliation Q4 2023 Q3 2023 Q2 2023 Q1 2023 Total 2023 (2) Net income (loss) attributable to common stock: $34,043 ($68,947) $4,253 $36,678 $6,027 Adjustments: Non-cash stock-based compensation
Slide 21: Adjusted Book Value per share, Debt-to-Equity and Total Leverage Calculations
Adjusted Book Value per share, Debt-to-Equity and Total Leverage Calculations Book Value per share Reconciliation Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Equity $ 2,299,900 $ 2,296,669 $ 2,400,426 $ 2,444,154 $ 2,456,471 Number of shares of common stock outstanding and RSUs 141,313,339 141,321,693 1
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) 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 24: Endnotes
Endnotes 1. Total Liquidity as of December 31, 2023, includes cash, loan principal payments held by servicer net of secured debt balance, and approved and undrawn credit capacity based on existing collateral. 2. All-in yield represents the weighted average annualized yield to initial maturity of eac
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