Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Investor Presentation (November 2023)
23 slides from Claros Mortgage Trust's investor presentation, Nov 3, 2023
Slide 1: Investor Presentation Claros Mortgage Trust, Inc. (CMTG) November 2023
Investor Presentation Claros Mortgage Trust, Inc. (CMTG) November 2023 The properties above are not representative of all transactions.
Slide 2: 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 3: Important Notices (cont'd)
Important Notices (cont’d) Determinations of Loan-to-Value / Loan-to-Cost LTV represents “loan-to-value” or “loan-to-cost”, which is calculated as our total loan commitment from time to time, as if fully funded, plus any financings that are pari passu with or senior to our loan, divided by our estim
Slide 4: CMTG Snapshot
CMTG Snapshot See Endnotes in the Appendix. $7.1 billion Loan Portfolio 1 $2.3 billion Equity Book Value $433 million Total Liquidity 2 9.5% Weighted Average All-In Yield 3 98% Senior Loans 1,4 98% Floating Rate Loans 1 68.8% Weighted Average Portfolio LTV 5 2.3x Net Debt / Equity Ratio 6
Slide 5: Mack Real Estate Group
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 6: 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 7: MREG National Presence
MREG National Presence Includes employees across the firm’s credit, equity, development, 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
Slide 8: 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 9: Loan Portfolio Overview
Loan Portfolio Overview Key Portfolio Metrics7 September 30, 2023 June 30, 2023 Loan Portfolio1 $7.1Bn $7.5Bn Total Loan Commitments8 $8.5Bn $9.1Bn Number of Loans 69 75 LTV5 68.8% 68.5% Average Commitment Size ~$120MM ~$120MM Weighted Average All-In Yield3 9.5% 9.2% Floating Rate Loans1 98% 98% Sen
Slide 10: Loan Portfolio Overview (cont'd)
$ amounts in millions Region Exposure by Carrying Value and as a % of Total Carrying Value Collateral Type Number of Loans Carrying Value1 % of Total Carrying Value West Northeast Southeast Mid Atlantic Southwest Midwest Other Multi-family 23 2,883 41% $1,358 / 19% $389 / 5% $75 / 1% $277 / 4% $503
Slide 11: Financial Overview
Financial Overview Key Financial Metrics 3Q-2023 2Q-2023 1Q-2023 YTD 2023 GAAP Net (Loss) Income ($MM) Per Share $(68.9) $(0.50) $4.3 $0.02 $36.7 $0.26 $(28.0) $(0.22) Distributable (Loss) Earnings ($MM)9 Per Share $(22.8) $(0.16) $(14.5) $(0.10) $40.3 $0.29 $3.0 $0.03 Distributable Earnings prior t
Slide 12: Financing Mix
Financing Mix Total financing capacity decreased to $7.8 billion from $8.0 billion at June 30, 2023; undrawn capacity increased to $2.1 billion from $2.0 billion at June 30, 202312 Unencumbered loan assets totaled $438 million (93% senior mortgages); unencumbered REO asset with a carrying value of $
Slide 13: Capital Structure Overview
Capital Structure Overview Conservative Capital Structure Capital Structure Composition ($ amounts in millions) 2.3x Net Debt / Equity Ratio6 $6.1 billion total warehouse and participation financing capacity across six counterparties with $4.2 billion outstanding12 Weighted average advance rate of 6
Slide 14: Appendix A
Appendix A The properties above are not representative of all transactions.
Slide 15: Leadership
Richard Mack14 CEO and Chairman, CMTG; Co-Founder and CEO, MREG Mike McGillis14 President, CMTG; President, MREG Jai Agarwal14 CFO, CMTG Kevin Cullinan14 Executive Vice President, CMTG; MD, Co-Head of Credit Strategies, Head of Originations, MREG Priyanka Garg14 Executive Vice President, CMTG; MD, C
Slide 16: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 1 399.2 401.2 405.0 Dec-21 Multifamily CA Senior N 3 Investment 2 389.4 390.0 390.0 Nov-19 Multifamily NY Senior N 3 Investmen
Slide 17: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 21 124.8 125.0 125.0 Dec-21 Office IL Subordinate N 3 Investment 22 122.3 123.3 127.3 Jun-22 Multifamily TX Senior N 3 Investm
Slide 18: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 41 75.2 75.5 76.0 Jul-22 Multifamily UT Senior N 3 Investment 42 75.4 75.5 75.5 Apr-19 Mixed-Use NY Senior N 3 Investment 43 7
Slide 19: Portfolio Overview
Portfolio Overview Investment Carrying Value1 Unpaid Principal Balance Loan Commitment8 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 61 14.2 14.0 14.0 Aug-19 For Sale Condo NY Senior N 3 Investment 62 12.9 13.4 54.0 Feb-22 Other GA Senior Y 3 Investment 63 10
Slide 20: Consolidated Balance Sheets
($ amounts in thousands) September 30, 2023 March 31, 2022 December 31, 2022 March 31, 2022 Assets Cash and cash equivalents $ 307,367 $ 306,456 Restricted cash 23,183 41,703 Loan principal payments held by servicer 689 - Loans receivable held-for-investment 7,155,231 7,489,074 Less: current expecte
Slide 21: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended September 30 and June 30, 2023, and September 30, 2022 Source: CMTG financials. Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and
Slide 22: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) For the Three Months Ended September 30, 2023 Refer to page 1 for definition of Distributable Earnings (Loss). ($ amounts in thousands) GAAP Net Income (Loss) Attributable to Common Stock Adjustments Distributable Earnings (Lo
Slide 23: Endnotes
Endnotes Based on carrying value net of specific CECL reserves. Total Liquidity as of September 30, 2023, includes cash and approved and undrawn credit capacity. Approved and undrawn credit capacity represents undrawn capacity available under financing facilities. While these amounts were previously
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