Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q2 2025 Earnings Presentation
28 slides from Claros Mortgage Trust's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Earnings Supplement
Second Quarter 2025 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) August 6, 2025 The properties above are not representative of all transactions. The information provided herein is as of June 30, 2025 unless otherwise noted.
Slide 2: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights GAAP net loss of $181.7 million, or $1.30 per share; distributable loss of $110.1 million, or $0.77 per share; and distributable earnings prior to realized losses of $14.8 million, or $0.10 per share 1 Financial Provision for CECL reserves of $189.5 million, or $1.
Slide 3: Loan Portfolio Overview
Loan Portfolio Overview Key Portfolio Metrics 9, 10 June 30, 2025 March 31, 2025 Collateral Diversification 4, 9, 10 100% Loan Portfolio 4 $5.0Bn $5.9Bn 80% Multifamily 48% 44% Hospitality 60% Office Total Loan Commitments 12 $5.6Bn $6.4Bn 15 Mixed-use 16% 19% 40% Land Number of Loans 42 51 16% 15%
Slide 4: Loan Portfolio Overview (cont’d)
Loan Portfolio Overview (cont’d) ($ 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 4 Carrying Value Multifamily 17 $2,390 48% $1,018 / 20
Slide 5: Liquidity Overview
Liquidity Overview Total available liquidity increased by $221 million since year-end, from $102 million at December 31, 2024 to $323 million at August 5, 2025 In 2025, we have deleveraged the portfolio by $237 million, with $188 million occurring during the quarter and $14 million occurring aft
Slide 6: Unfunded Loan Commitments
Unfunded Loan Commitments Unfunded loan commitments have declined from $1.9 billion at December 31, 2022 to $395 million at June 30, 2025, representing a reduction of ~79% Over the same period, our projected net equity to be funded has declined from $685 million to $123 million, representing a r
Slide 7: Financial Overview
Financial Overview During the quarter, GAAP net loss of $181.7 million, or $1.30 per share; distributable loss of $110.1 million, or $0.77 per share; and distributable earnings prior to realized losses of $14.8 million, or $0.10 per share 1 Key Financial Metrics Q2 2025 Q1 2025 2025 YTD GAAP Net L
Slide 8: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward $15.17 $13.27 Adjusted BV per Adjusted BV per Share 11 Share 11 $16.00 Depreciation/ Amortization $0.03 $15.00 General CECL $1.02 $0.18 $14.00 Depreciation/ Amortization $0.03 $2.04 $13.00 General CECL $0.97 $0.01 $12.00 $14.12 $12.27 $11.00 $10.00 Book Value Distri
Slide 9: Loan Resolution Activity
Loan Resolution Activity During the quarter, resolved ten loans totaling $1.0 billion of UPB - Four full repayments: $480.0 million of UPB - Two discounted payoffs: $88.6 million of UPB -- both watchlist loans; weighted average recovery of 73% A - Two loan sales: $303.9 million of UPB -- both watc
Slide 10: Loan Portfolio Activity
Loan Portfolio Activity During the quarter: - Resolved eight loans through loan repayment or sales totaling $873 million of UPB, including $223 million of UPB for a loan previously classified as held-for-sale - Resolved two risk rated 5 loans with a total UPB of $147 million through mortgage forec
Slide 11: Risk Rated 5 Loan Summary
Risk Rated 5 Loan Summary Risk rated 5 loans have a total UPB of $1.5 billion, and an average specific CECL reserve of 12.9%; three loans resolved after quarter end through a discounted payoff and mortgage foreclosures, reducing risk rated 5 loan UPB to $976.3 million - Of remaining loans, ~24% of
Slide 12: Risk Rated 4 Loan Summary
Risk Rated 4 Loan Summary Risk rated 4 loans have an average general CECL reserve of 9.8%; - Higher general CECL reserve of 11.5% on office assets; average general CECL reserve of 8.3% on the balance of these loans Remaining risk rated 3 loans have an average general CECL reserve of 1.2% General
Slide 13: Real Estate Owned
Real Estate Owned Hotel Portfolio: asset performance is strongest of ownership period; refinanced related debt with a $235 million non-recourse loan with up to five years of term (including extension options) Mixed-Use Property: completed commercial condominiumization; executed sale of five floo
Slide 14: Financing Activity
Financing Activity During the quarter: Net financings outstanding decreased by $652 million, including $188 million of deleveraging - Upsized one existing repurchase agreement to $664 million of capacity; $428 million of financing proceeds were advanced and - used to repay $425 million of previous
Slide 15: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $6.1 billion, decrease from $6.8 billion at March 31, 2025 Total financing UPB of $4.0 billion, decrease from $4.7 billion at March 31, 2025 Unused capacity of $2.1 billion, unchanged from March 31, 2025 Net debt / equity ratio of 2.2x,
Slide 16: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 17: Watchlist Loans
Watchlist Loans CMTG Watchlist Loan Summary as of June 30, 2025 ($ amounts in millions, except loan basis) Carrying Unpaid Principal Loan Loan Basis Loan Origination Date Property Type Location Risk Rating Value 4 Balance Commitment 12 (Commitment/CV) A Loan 1 $366.8 $402.3 $405.0 12/16/2021 Multifa
Slide 18: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of June 30, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 12 Loan 1 $366.8 $402.3 $405.0 12/16/2021 Multifa
Slide 19: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of June 30, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 12 Loan 21 88.9 111.5 123.9 2/13/2020 Office CA S
Slide 20: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of June 30, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 12 Loan 41 22.4 24.9 28.5 2/17/2022 Multifamily T
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets As of June 30, 2025 and March 31, 2025 ($ amounts in thousands) June 30, 2025 March 31, 2025 Assets Cash and cash equivalents $ 209,204 $ 127,829 Restricted cash 18,716 21,043 Loans receivable held-for-investment 5,207,518 5,976,102 Less: current expected credit loss rese
Slide 22: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended June 30, 2025 and March 31, 2025 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) June 30, 2025 March 31, 2025 Revenue Interest and related income $ 108,138 $ 118,038 Less: interest and re
Slide 23: Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings
Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings Distributable Earnings (Loss) Reconciliation Q2 2025 Q1 2025 2025 YTD Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total 2024 ($ amounts in thousands, except share and per share data) Net loss $ (181,707) $ (78,623) $ (260,330) $ (100,698) $ (56,21
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 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($ amounts thousands except for per share data) Total Equity $ 1,757,030 $ 1,934,585 $ 2,008,086 $ 2,103,959 Number
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) 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 our general current expected credit loss reserve and accumulated depreciation and amortization on our real estate owned
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 1. Refer to page 22 for a reconciliation of net income (loss) to distributable earnings (loss) and distributable earnings prior to realized gains and losses. 2. Refer to page 8 for further discussion of loan resolution activity. 3. Refer to pages 10 and 11 for further discussion of risk rat
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