Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q3 2026 Earnings Presentation
25 slides from Claros Mortgage Trust's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Earnings Supplement
Third Quarter 2026 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) November 3, 2026 The properties above are not representative of all transactions. The information provided herein is as of September 30, 2026, unless otherwise noted.
Slide 2: Third Quarter 2026 Highlights
Financial GAAP net loss of $14.3 million, or $0.10 per share Distributable loss of $12.1 million, or $0.08 per share, and distributable loss prior to realized gains and losses of $7.9 million, or $0.05 per share 1, 13 Book value of $8.49 per share, net of $3.93 per share of CECL reserves on UPB 19 L
Slide 3: Seven Quarters of Focused Execution
Seven Quarters of Focused Execution See Endnotes in the Appendix. A. Watchlist loans include risk rated 4 and 5 loans. B. Cumulative unpaid principal balance resolved since January 1, 2025, prior to principal charge-offs; recovered UPB reflects unpaid principal balance resolved less principal charge
Slide 4: Turning Over the Loan Portfolio
During the quarter, resolved four loans totaling $409.5 million of UPB 2 and received $8.0 million in partial loan repayments Two full loan repayments: $223.1 million of UPB One loan sale: $111.5 million of UPB 2; watchlist loan, recovery of 63% of UPB One discounted loan payoff: $74.9 million of UP
Slide 5: Book Value per Share Composition
Book Value per Share Composition Book Value per Share Composition A, B (September 30, 2026) $0.93 $4.04 $1.99 $4.10 $0.90 ($3.47) Total: $8.49 A, B $6.96 Book Value of Cash, Performing Loans, and REO $0.93 – Cash $4.04 – Twelve risk rated 2 and 3 loans $1.99 – Eight real estate owned investments $1.
Slide 6: Loan Portfolio Overview
Loan Portfolio Overview See Endnotes in the Appendix. A. At September 30, 2026 and June 30, 2026, approximates 1%. B. At September 30, 2026 and June 30, 2026, approximates 0% and 2%, respectively. Held-for-investment loan portfolio of $2.5 billion across 23 loans, 95% floating-rate and 95% senior 4,
Slide 7: Third Quarter Loan Portfolio Activity
Third Quarter Loan Portfolio Activity See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding. A. Pro forma adjustments to September 30, 2026 UPB reflect resolutions of two loans receivable held-for-investment as of September 30, 2026 totaling $268.7 million of UPB. During th
Slide 8: Reduced Watchlist with Multiple Resolution Paths
($ in millions) Risk Rating Number of Loans UPB Carrying Value 4 Specific CECL Reserve Specific CECL Reserve (% of UPB) Multifamily (AZ / CA / CO / TX) 5 5 $996.2 $620.7 $374.8 37.6% Office (CA / GA) 5 3 387.8 286.5 100.5 25.9 Land (VA) 5 1 160.4 120.1 40.3 25.1 Other 16 5 1 1.5 1.5 - - Total Risk R
Slide 9: Real Estate Owned Portfolio
Held-for-Investment Held-for-Sale Hotel Portfolio Land Parcel Multifamily 1 A Multifamily 2 A Multifamily 3 A Multifamily 4 A Multifamily 5 A Mixed-use Property Total Acquisition Date February 2021 December 2025 May 2025 June 2025 July 2025 January 2026 May 2026 June 2023 Location New York, NY New Y
Slide 10: Greater Liquidity and Reduced Leverage
Greater Liquidity and Reduced Leverage See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding. A. Net of $52.6 million of in-place financings and $115.4 million of commitments on loans where conditions to funding are not currently met. B. Includes one risk rated 5 loan recei
Slide 11: Financial Overview and Book Value Roll-Forward
Financial Overview and Book Value Roll-Forward See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding. A. General CECL reserve as a percentage of UPB of loans subject to the general reserve; specific CECL reserve as a percentage of UPB of risk rated 5 loans. Book value of $8
Slide 12: Appendix A
Appendix A The properties above are not representative of all transactions.
Slide 13: Loan Portfolio Exposure by Region
($ in millions, as of September 30, 2026) Region Exposure by Carrying Value and as a % of Total Carrying Value 3, 4, 11 Collateral Type Loan Count Carrying Value 4 % of Total Carrying Value West Northeast Southeast Midwest Mid Atlantic Southwest Other Multifamily 7 $927 36% $440 / 17% - - $177 / 7%
Slide 14: Watchlist Held-for-Investment Loan Summary
CMTG Watchlist Held-for-Investment Loan Summary as of September 30, 2026 ($ in millions, except loan basis) Loan 3, 11 Carrying Value 4 Unpaid Principal Balance Loan Commitment 12 Origination Date Property Type Location Loan Basis (Commitment / CV) A Risk Rating Loan 1 $250.0 $402.3 $405.0 12/16/202
Slide 15: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2026 ($ in millions) Loan 3, 11 Carrying Value 4 Unpaid Principal Balance Loan Commitment 12 Origination Date Property Type 20 Location Loan Type Construction 20 Risk Rating Loan 1 $250.0 $402.3 $405.0 12/16/202
Slide 16: Portfolio Details (cont'd)
Portfolio Details (cont’d) CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2026 ($ in millions) Loan 3, 11 Carrying Value 4 Unpaid Principal Balance Loan Commitment 12 Origination Date Property Type 20 Location Loan Type Construction 20 Risk Rating Loan 18 A 78.5 78.5 115.3 8/
Slide 17: Consolidated Balance Sheets
Consolidated Balance Sheets ($ in thousands) September 30, 2026 June 30, 2026 Assets Cash and cash equivalents $ 133,764 $ 90,327 Restricted cash 15,558 11,920 Loans receivable held-for-investment 3,055,051 3,355,833 Less: current expected credit loss reserve (564,428) (565,554) Loans receivable hel
Slide 18: Reconciliation of Consolidated Balance Sheet to Book Value per Share Composition
Reconciliation of Consolidated Balance Sheet to Book Value per Share Composition ($ in thousands, except per share data) Cash Risk Rated 2 & 3 Loans Real Estate Owned Risk Rated 4 & 5 Loans and Equity Investment Other Assets, net Subtotal Secured Term Loan Principal Total September 30, 2026 Assets C
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended Three Months Ended ($ in thousands, except share and per share data) September 30, 2026 June 30, 2026 Revenue Interest and related income $ 41,536 $ 46,251 Less: interest and related expense 40,291 46,603 Net interest income (expense) 1,245 (3
Slide 20: Distributable Loss Reconciliation
Distributable Loss Reconciliation Q3 2026 Q2 2026 Q1 2026 2026 YTD ($ in thousands, except share and per share data) Net loss $ (14,257) $ (255,431) $ (54,294) $ (323,982) Adjustments: Non-cash stock-based compensation expense 1,442 1,489 2,317 5,248 Provision for current expected credit loss reserv
Slide 21: Book Value per Share Reconciliation
Book Value per Share Reconciliation September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 December 31, 2024 ($ in thousands, except per share data) Total Equity $ 1,225,186 $ 1,237,982 $ 1,492,848 $ 1,531,895 $ 2,008,086 Number of shares of common stock outstanding and RSUs A 144,245,923
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 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. Amount based on unpaid principal balance prior to principal charge-offs, if any. Refer to page 3 for further discussion of loan r
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