Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q1 2025 Earnings Presentation
27 slides from Claros Mortgage Trust's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Earnings Supplement
First Quarter 2025 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) May 7, 2025 The properties above are not representative of all transactions. The information provided herein is as of March 31, 2025 unless otherwise noted.
Slide 2: First Quarter 2025 Highlights
First Quarter 2025 Highlights GAAP net loss of $78.6 million, or $0.56 per share; distributable loss of $35.7 million, or $0.25 per share; and distributable earnings prior to realized losses of $11.6 million, or $0.08 per share 6 Provision for CECL reserves of $41.1 million, or $0.29 per share,
Slide 3: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification 3,7 Key Portfolio Metrics 7,b March 31, 2025 December 31, 2024 100% 80% 44% 43% Loan Portfolio 3 $5.9Bn $6.1Bn Multi-family 60% Hospitality Total Loan Commitments 10 $6.4Bn $6.7Bn 19% 19% Office 40% Mixed-use a 15% 14% Land Number of Loans 51 52 20%
Slide 4: 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 Number of Carrying % of Total Collateral Type West Northeast Mid Atlantic Southeast Southwest Midwest Other Loans Value 3 Carrying Value Multifamily 19 $2,606 44% $1,159 / 20%
Slide 5: Liquidity Overview
Liquidity Overview Total available liquidity increased by $13 million since year-end, from $102 million at December 31, 2024 to $115 million at May 6, 2025 Since 2023, we have deleveraged the portfolio by $734 million, with $35 million occurring during the quarter and $56 million occurring subse
Slide 6: Unfunded Loan Commitments
Unfunded Loan Commitments Unfunded loan commitments have declined from $1.9 billion at December 31, 2022 to $457 million at March 31, 2025, representing a reduction of ~76% Over the same period, our equity to be funded has been reduced by ~81%; we expect to fund such remaining amount over ~2 yea
Slide 7: Financial Overview
Financial Overview During the quarter, GAAP net loss of $78.6 million, or $0.56 per share; distributable loss of $35.7 million, or $0.25 per share; and distributable earnings prior to realized losses of $11.6 million, or $0.08 per share 6 Key Financial Metrics Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 20
Slide 8: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward $15.17 $14.64 Adjusted BV per Adjusted BV per Share Share $16.00 Depreciation/ Amortization $0.03 Depreciation/ $15.00 Amortization General $0.04 CECL $1.02 $0.08 General CECL $14.00 $1.00 $0.64 $0.04 $13.00 $12.00 $14.12 $13.60 $11.00 $10.00 Book Value Distributabl
Slide 9: Loan Realization Activity
Loan Realization Activity During the quarter, we received $316 million of loan repayment and sale proceeds net of principal charge-offs, including the full realization of two loans, generating $120 million in liquidity; $35 million of which was used to make deleveraging payments Subsequent to qu
Slide 10: Loan Portfolio Activity
Loan Portfolio Activity During the quarter: - Received loan repayments of $215 million - Received loan sale proceeds of $101 million (previously classified as held-for-sale) - Funded $42 million on existing loan commitments b Q1 2025 – Loan Portfolio Activity ($ in millions) $7,000 Total Total Com
Slide 11: Risk Rated 5 Loan Summary
Risk Rated 5 Loan Summary Risk rated 5 loans have an average specific CECL reserve of 16.4%; two loans with $64.3 million of UPB resolved after quarter end - Of remaining loans, ~50% of UPB is secured by multifamily properties with an average specific CECL reserve of 11.3%. We expect to foreclose
Slide 12: Risk Rated 4 Loan Summary
Risk Rated 4 Loan Summary Risk rated 4 loans have an average general CECL reserve of 5.0%; remaining risk rated 1 and 3 loans have an average general CECL reserve of 1.2% - Higher general CECL reserve of 5.4% on two multifamily assets with anticipated near-term repayments; average general CECL res
Slide 13: Real Estate Owned
Real Estate Owned Hotel Portfolio Mixed-Use In Q1 2021, we acquired legal title to a portfolio of seven limited- In Q2 2023, we acquired legal title to a mixed-use property located in service hotels located in New York, NY New York, NY; contains office, retail and signage components Underlying
Slide 14: Financing Activity
Financing Activity During the quarter: - Net financings outstanding decreased by $216 million - Closed a new financing facility with $214 million of capacity; $205 million of financing proceeds were advanced and used to repay $208 million of previously outstanding financings Since 2023, we have
Slide 15: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $6.8 billion, increase from $6.7 billion at December 31, 2024 Unused capacity of $2.1 billion, increase from $1.8 billion at December 31, 2024 12 Financing Balances and Weighted Average Spreads Leverage Ratios 5, 8 3.0x Weighted $ amounts in
Slide 16: Appendix A
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 17: Watchlist Loans
Watchlist Loans CMTG Watchlist Loan Summary as of March 31, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Basis Loan Origination Date Property Type Location Risk Rating Value 3 Balance Commitment 10 (Commitment/CV) a Loan 12 120.1 153.1 153.1 1/9/2018 Land VA $159/SF 5 Loan 22 118
Slide 18: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of March 31, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 3 Balance Commitment 10 Loan 1 401.9 402.3 405.0 12/16/2021 Multifami
Slide 19: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of March 31, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 3 Balance Commitment 10 Loan 21 120.3 120.3 122.1 4/29/2019 Mixed-Use
Slide 20: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of March 31, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 3 Balance Commitment 10 Loan 41 c 63.4 63.4 63.4 3/31/2020 Office TX
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets As of March 31, 2025 and December 31, 2024 ($ amounts in thousands) March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 127,829 $ 99,075 Restricted cash 21,043 34,425 Loans receivable held-for-investment 5,976,102 6,190,292 Less: current expected credit lo
Slide 22: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended March 31, 2025 and December 31, 2024 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) March 31, 2025 December 31, 2024 Revenue Interest and related income $ 118,038 $ 132,563 Less: interes
Slide 23: Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings
Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings Distributable (Loss) Earnings Reconciliation Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total 2024 ($ amounts in thousands, except share and per share data) Net loss $ (78,623) $ (100,698) $ (56,218) $ (11,554) $ (52,795) $ (221,265) Adju
Slide 24: 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 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ($ amounts in thousands, except share and per share data) Total Equity $ 1,934,585 $ 2,008,086 $ 2,103,959 $ 2,171,
Slide 25: 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 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. Total Liquidity includes cash and approved and undrawn credit capacity based on existing collateral. 2. All-in yield represents the weighted average annualized yield to initial maturity of each loan held-for-investment, inclusive of coupon and contractual fees, based on the applicable fl
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