Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q2 2023 Earnings Presentation
23 slides from Claros Mortgage Trust's earnings presentation, Aug 2, 2023
Slide 1: Second Quarter 2023 Earnings Supplement
Second Quarter 2023 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) August 1, 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: Second Quarter 2023 Highlights
Second Quarter 2023 Highlights $7.5 billion $2.4 billion $407 million 9.2% Weighted Average Loan Portfolio 3 Equity Book Value Total Liquidity 1 All-In Yield 2 98% 98% 68.5% 2.3x Weighted Average Net Debt / Equity Senior Loans 3,14 Floating Rate Loans 3 Portfolio LTV 4 Ratio 5 See Endnotes in the Ap
Slide 5: Second Quarter 2023 Highlights (cont'd)
Second Quarter 2023 Highlights (cont’d) Financial ⚫ GAAP net income of $4.3 million, or $0.02 per share; distributable earnings prior to realized gain and principal charge-off of $50.3 million, or $0.35 per share; and a distributable loss of $14.5 million, or $0.10 per share 6 ⚫ Paid a cash dividend
Slide 6: Liquidity Overview
Liquidity Overview Available liquidity at June 30, 2023 and July 31, 2023 $ in millions $450.0 As of June 30, 2023 As of July 31, 2023 $153 $407 $400.0 $350.0 $173 $329 $300.0 $254 $250.0 $200.0 $157 $150.0 $100.0 $50.0 $0.0 1 Cash Approved and Undrawn Credit Capacity Total Available Liquidity ⚫ Une
Slide 7: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $19.00 $18.20 $17.64 Adjusted BV per Adjusted BV per Share Share $18.50 Depreciation, $0.11 $18.00 General CECL, Depreciation, $0.14 $0.61 $0.28 $17.50 $0.74 General CECL, $0.56 $17.00 $0.08 $16.50 $17.48 $16.94 $16.00 $15.50 Book Value at 12/31
Slide 8: Financial Overview
Financial Overview ⚫ GAAP net income of $4.3 million, or $0.02 per share; distributable earnings prior to realized gain and principal charge-off of $50.3 million, or $0.35 per share; and a distributable loss of $14.5 million, or $0.10 per share 6 ⚫ Paid a cash dividend of $0.37 per share for the sec
Slide 9: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification3,7 100% June 30, March 31, Key Portfolio Metrics7 2023 2023 80% 41% 40% Multi-family Loan Portfolio3 $7.5Bn $7.6Bn Hospitality 60% Office 20% 21% Land Total Loan Commitments10 $9.1Bn $9.3Bn 40% Mixed-use a 15% 15% For Sale Condo 20% 8% 6% Other Numb
Slide 10: 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 Multi-family 25 3,043 41% $1,423 / 19% $
Slide 11: Net Loan Fundings
Net Loan Fundings 2Q-2023 Net Loan Fundings $ amounts in millions $10,000 Total Commitments Total Commitments $9,315 $9,058 $9,000 Unfunded b Commitments Unfunded $1,659 Commitments a $1,499 $8,000 Advances on Existing Loans Transfer to REO $162 $209 Repayments $49 $7,000 $6,000 $(96) $7,655 Net Cha
Slide 12: Loan Maturity Schedule
Loan Maturity Schedule Fully-Extended Maturities by Unpaid Principal Balance11,a $ amounts in millions $2,800 $2,655 $2,600 $2,400 $2,200 $2,115 $2,000 $1,800 $1,600 $1,400 $1,200 $973 $1,000 $776 $800 $600 $400 $341 $224 $214 $200 $0 2023 2024 2025 2026 2027 2028 2029 a. Excludes $262 million of lo
Slide 13: Conservative and Diversified Funding Strategy
Conservative and Diversified Funding Strategy ⚫ Total financing capacity of $8.0 billion with approximately $2.0 billion of undrawn capacity, unchanged from March 31, 2023 12 ⚫ Unencumbered loan assets totaled $404 million (92% senior mortgages) ⚫ Unencumbered REO asset with a carrying value of $144
Slide 14: Capital Structure Overview
Capital Structure Overview Capital Structure Composition Conservative Capital Structure ($ amounts in millions) Weighted average advance rate of 68% on asset- specific financings (75% advance rate on multi- family loans and 63% on other loans) Other Other Debt Warehouse and Participation Asset-Debt
Slide 15: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 16: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of June 30, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 1 398.7 400.8 405.0 Dec-21 Mul
Slide 17: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of June 30, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 21 129.5 130.0 130.0 Dec-21 Mu
Slide 18: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of June 30, 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 76.4 76.4 Jul-18 Hospi
Slide 19: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of June 30, 2023 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 61 30.1 29.9 30.2 Jul-21 Land
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets June 30, 2023 and December 31, 2022 ($ amounts in thousands) June 30, 2023 December 31, 2022 Assets Cash and cash equivalents $ 253,055 $ 306,456 Restricted cash 32,035 41,703 Loan principal payments held by servicer 641 - Loans receivable held-for-investment 7,520,017 7,
Slide 21: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended June 30 and March 31, 2023, and June 30, 2022 Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) June 30, 2023 March 31, 2023 June 30, 2022 Revenue Interest and related in
Slide 22: Reconciliation of GAAP Net Income to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income to Distributable Earnings (Loss) For the Three Months Ended June 30, 2023 GAAP Net Income Distributable Earnings ($ amounts in thousands) Attributable to Common Adjustments (Loss) Stock Interest and related income $180,735 $180,735 Interest and related expense (119,
Slide 23: Endnotes
Endnotes 1. Total Liquidity as of June 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 contractually approved, in certain cases, the lender’s c
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