Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Investor Presentation (December 2024)
28 slides from Claros Mortgage Trust's investor presentation, Dec 4, 2024
Slide 1: Investor Presentation Claros Mortgage Trust, Inc. (CMTG) December 2024
Investor Presentation Claros Mortgage Trust, Inc. (CMTG) December 2024 The properties above are not representative of all transactions.
Slide 2: CMTG Snapshot
CMTG Snapshot $6.3 billion Loan Portfolio 1 $2.1 billion Equity Book Value $116 million Total Liquidity 2 2.4x Net Debt / Equity Ratio 3 8.4% Weighted Average All-In Yield 4 98% Floating Rate Loans 1 98% Senior Loans 1,5 71.6% Weighted Average Portfolio Adjusted LTV 6 As of September 30, 2024. See E
Slide 3: Integrated real estate investor, operator, developer and lender
Integrated real estate investor, operator, developer and lender Mack Real Estate Group The firm’s principals have decades of global real estate investing experience Invests institutional and high net worth capital in real estate equity and debt assets
Slide 4: Mack Real Estate Group Businesses
Mack Real Estate Group Businesses Real Estate Credit (“MRECS”) Direct lending (first mortgage, mezzanine, preferred equity) and other debt investments Property Management (“MPM”) Property management of MREG and third-party owned residential and commercial assets Comprehensive Property Management Ser
Slide 5: MREG National Presence
MREG National Presence Includes employees across the firm’s credit, equity, and property management business as of the date on this presentation. Integrated platform with investment, development, property management and lending activities across the United States WA NV CA AZ CO TX IL MI TN NC FL VA
Slide 6: CMTG Overview
CMTG Overview KEY DIFFERENTIATORS “Ownership mindset” investment approach Well-capitalized, institutional borrowers Markets with local intelligence / experience / expertise Proactive asset management with a focus on staying ahead of the borrower Focus on downside protection; highly structured loans
Slide 7: Loan Portfolio Overview
Loan Portfolio Overview Key Portfolio Metrics 7,a September 30, 2024 June 30, 2024 Loan Portfolio 1 $6.3Bn $6.8Bn Total Loan Commitments 8 $7.0Bn $7.7Bn Number of Loans 57 62 Adjusted LTV 6 71.6% 69.3% Average Commitment Size ~$120MM ~$120MM Weighted Average All-In Yield 4 8.4% 9.0% Floating Rate Lo
Slide 8: Loan Portfolio Overview (cont'd)
Loan Portfolio Overview (cont’d) As of September 30, 2024. Totals may not foot due to rounding. At September 30, 2024, mixed-use comprises of 3% office, 3% multifamily, 1% retail, 1% hospitality, and immaterial amounts of for sale condo. Mixed-use allocations are based upon allocable square footage
Slide 9: Liquidity Overview and Unfunded Commitments
As of September 30, 2024 As of November 5, 2024 Liquidity Overview and Unfunded Commitments Reflects payment of dividend of $14 million which was paid on October 15, 2024. As of November 6, 2024, we plan to use $36.6 million of our cash and cash equivalents to make deleveraging payments to one of ou
Slide 10: Financial Overview
Financial Overview Key Financial Metrics 3Q-2024 2Q-2024 1Q-2024 YTD 2024 GAAP Net Loss ($MM) Per Share $(56.2) $(0.40) $(11.6) $(0.09) $(52.8) $(0.39) $(120.6) $(0.88) Distributable Earnings (Loss) ($MM) 9 Per Share $(24.6) $(0.17) $28.9 $0.20 $(16.8) $(0.12) $(12.5) $(0.09) Distributable Earnings
Slide 11: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Totals may not foot due to rounding. $17.03 Adjusted BV per Share $15.96 Adjusted BV per Share Book Value per Share Book Value at 12/31/2023 Distributable Earnings (Excl. Realized Losses) Realized Losses and Non-Cash Items Cash Dividend RSUs and Other Book Value at
Slide 12: Real Estate Owned
Real Estate Owned In Q1 2021, we acquired legal title to a portfolio of seven limited service hotels located in New York, NY Underlying asset performance continues to be strong, exceeding pre-COVID levels Hospitality Portfolio In Q2 2023, we acquired legal title to a mixed-use property located in Ne
Slide 13: Loan Portfolio Activity and Loan Maturity
Loan Portfolio Activity and Loan Maturity As of September 30, 2024. Totals may not foot due to rounding. Excludes $538 million of loans in maturity default as of September 30, 2024. Received $374 million in loan repayments and reclassified $356 million in loans to held-for-sale Acquired a $100 milli
Slide 14: Financing Activity and Leverage
During the quarter, we repaid $438 million in financings; net of advances, this resulted in a decrease in financing UPB of $197 million Stable leverage ratio levels; unchanged since Q4 2023 Financing Activity and Leverage Totals may not foot due to rounding. $(197) Net Change in UPB Leverage Ratios
Slide 15: Financing Mix
Financing Mix Total financing capacity of $6.7 billion at September 30, 2024 decreased from $7.1 billion at June 30, 2024; undrawn capacity of $1.6 billion at September 30, 2024 decreased from $1.7 billion at June 30, 2024 12 Summary of Outstanding Financing $ amounts in millions Capacity UPB at Sep
Slide 16: Appendix A
Appendix A The properties above are not representative of all transactions.
Slide 17: CMTG Leadership and Select MREG Personnel
Dave Germond** MD, Head of Capital Raising and Investor Relations, MREG Barden Gale* Vice Chairman, MREG Paul Keller*** Vice Chairman, MREG Richard Mack* CEO and Chairman, CMTG; Co-Founder and CEO, MREG Mike McGillis* President and CFO, CMTG; President, MREG Priyanka Garg* Executive Vice President,
Slide 18: Watchlist Loans
Watchlist Loans Investment Carrying Value 1 Unpaid Principal Balance Loan Commitment 8 Origination Date Property Type Location Loan Basis (Commitment / CV) a Risk Rating Investment 13 $120.1 $152.3 $152.3 Jan-18 Land VA $159/SF 5 Investment 25 $91.2 $111.5 $123.9 Feb-20 Office CA $564/SF 5 Investmen
Slide 19: Portfolio Details
Portfolio Details Investment Carrying Value 1 Unpaid Principal Balance Loan Commitment 8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 1 401.3 402.3 405.0 Dec-21 Multifamily CA Senior N 4 Investment 2 390.0 390.0 390.0 Nov-19 Multifamily NY Senior N 3 Investme
Slide 20: Portfolio Details
Portfolio Details Investment Carrying Value 1 Unpaid Principal Balance Loan Commitment 8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 21 122.9 123.3 127.3 Jun-22 Multifamily TX Senior N 3 Investment 22 120.3 120.3 122.1 Apr-19 Mixed-Use NY Senior N 3 Investme
Slide 21: Portfolio Details
Portfolio Details Investment Carrying Value 1 Unpaid Principal Balance Loan Commitment 8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 41 40.2 69.5 82.8 Aug-21 Office GA Senior N 5 Investment 42 67.0 67.0 67.0 Jul-19 Land NY Senior N 4 Investment 43 60.0 60.1
Slide 22: Consolidated Balance Sheets
($ amounts in thousands) September 30, 2024 March 31, 2022 June 30, 2024 March 31, 2022 Assets Cash and cash equivalents $ 113,920 $ 148,212 Restricted cash 30,466 21,185 Loans receivable held-for-investment 6,372,017 6,913,273 Less: current expected credit loss reserve (229,268) (203,756) Loans rec
Slide 23: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended September 30, 2024 and June 30, 2024 Source: CMTG financials. Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) March 31, 2022 Septe
Slide 24: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) a. Totals may not foot or cross-foot due to rounding. b. For the three months ended September 30, 2024, amount includes a $23.2 million charge-off of accrued interest receivable related to the reclassification of a for sale co
Slide 25: Book Value per share Reconciliation
Book Value per share Reconciliation Q3 2024 Q2 2024 Q1 2024 Q4 2023 ($ in 000’s except for per share data) Equity $2,103,959 $2,171,402 $2,215,883 $2,299,900 Number of shares of common stock outstanding and RSUs 141,903,667 142,164,611 142,486,624 141,313,339 Book Value per share a $14.83 $15.27 $15
Slide 26: Important Notices
Important Notices The information herein generally speaks as of September 30, 2024 or such other 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
Slide 27: 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 28: Endnotes
Endnotes Based on carrying value net of specific CECL reserves; excludes loans held-for-sale if applicable. Total Liquidity includes cash and approved and undrawn credit capacity based on existing collateral. Net Debt / Equity Ratio is calculated as the ratio of asset-specific debt and Secured Term
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