Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Investor Presentation (May 2025)
32 slides from Claros Mortgage Trust's investor presentation, May 20, 2025
Slide 1: Investor Presentation Claros Mortgage Trust, Inc. (CMTG) May 2025
Investor Presentation Claros Mortgage Trust, Inc. (CMTG) May 2025 The properties above are not representative of all transactions.
Slide 2: First Quarter 2025 Highlights
First Quarter 2025 Highlights Financial GAAP net loss of $78.6 million, or $0.56 per share; distributable loss of $35.7 million, or $0.25 per share; and distributable earnings prior to realized losses of $11.6 million, or $0.08 per share 3 Provision for CECL reserves of $41.1 million, or $0.29 per s
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
b Collateral Diversification 1,2 Geographical Diversification 1,2 Loan Portfolio Overview Key Portfolio Metrics 2,a March 31, 2025 December 31, 2024 Loan Portfolio 1 $5.9Bn $6.1Bn Total Loan Commitments 8 $6.4Bn $6.7Bn Number of Loans 51 52 Adjusted LTV 9 72.8% 72.2% Average Commitment Size $126MM $
Slide 8: Loan Portfolio Overview (cont'd)
Loan Portfolio Overview (cont’d) Totals may not foot due to rounding. At March 31, 2025, mixed-use comprises of 3% office, 3% multifamily, 2% retail, 1% hospitality, and immaterial amounts of for sale condo. Mixed-use allocations are based upon allocable square footage except where another method is
Slide 9: Liquidity Overview
Liquidity Overview Total available liquidity increased by $159 million since year-end, from $102 million at December 31, 2024 to $261 million at May 6, 2025 a Since 2023, we have deleveraged the portfolio by $734 million, with $35 million occurring during the quarter and $56 million occurring subseq
Slide 10: Unfunded Loan Commitments
Unfunded Loan Commitments b Unfunded loan commitments have declined from $1.9 billion at December 31, 2022 to $457 million at March 31, 2025, representing a reduction of ~76% Over the same period, our equity to be funded has been reduced by ~81%; we expect to fund such remaining amount over ~2 years
Slide 11: Financial Overview
Financial Overview Totals may not foot due to rounding See page 11 for book value bridge. During the quarter, GAAP net loss of $78.6 million, or $0.56 per share; distributable loss of $35.7 million, or $0.25 per share; and distributable earnings prior to realized losses of $11.6 million, or $0.08 pe
Slide 12: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Totals may not foot due to rounding. $15.17 Adjusted BV per Share $14.64 Adjusted BV per Share Book Value 12/31/24 Distributable Earnings Prior to Realized Losses Realized Losses and Non-Cash Items RSUs and Other Book Value 3/31/25
Slide 13: Loan Realization Activity
Loan Realization Activity During the quarter, we received $316 million of loan repayment and sale proceeds net of principal charge-offs, including the full realization of two loans, generating $120 million in liquidity; $35 million of which was used to make deleveraging payments Subsequent to quarte
Slide 14: Loan Portfolio Activity
During the quarter: Received loan repayments of $215 million Received loan sale proceeds of $101 million (previously classified as held-for-sale) Funded $42 million on existing loan commitments a Loan Portfolio Activity Totals may not foot due to rounding. Reflects fundings on loans receivable held-
Slide 15: Risk Rated Loan Summary
Risk Rated 5 Loan Summary Totals may not foot due to rounding Reflects loan for which no specific reserve is recorded as amounts deemed uncollectible have been charged-off as of March 31, 2025. Risk rated 5 loans have an average specific CECL reserve of 16.4%; two loans with $64.3 million of UPB res
Slide 16: Risk Rated Loan Summary
Risk Rated 4 Loan Summary Totals may not foot due to rounding. Risk rated 4 loans have an average general CECL reserve of 5.0%; remaining risk rated 1 and 3 loans have an average general CECL reserve of 1.2% Higher general CECL reserve of 5.4% on two multifamily assets with anticipated near-term rep
Slide 17: 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 Classified as held-for-sale at March 31, 2025, expected to generate ~$50 million of liquidity
Slide 18: Financing Activity
Financing Activity Totals may not foot due to rounding. During the quarter: Net financings outstanding decreased by $216 million Closed a new financing facility with $214 million of capacity; $205 million of financing proceeds were advanced and used to repay $208 million of previously outstanding fi
Slide 19: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $6.8 billion, increase from $6.7 billion at December 31, 2024 Unused capacity of $2.1 billion, increase from $1.8 billion at December 31, 2024 11 $ amounts in millions Capacity UPB Weighted Average Spread 12 Repurchase agreements and term partic
Slide 20: Appendix A
Appendix A The properties above are not representative of all transactions.
Slide 21: 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, CM
Slide 22: CMTG Watchlist Loan Summary
CMTG Watchlist Loan Summary as of March 31, 2025 ($ amounts in millions) Loan Carrying Value 1 Unpaid Principal Balance Loan Commitment 8 Origination Date Property Type Location Loan Basis (Commitment/CV) a Risk Rating Loan 12 120.1 153.1 153.1 1/9/2018 Land VA $159/SF 5 Loan 22 118.7 119.1 122.0 3/
Slide 23: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of March 31, 2025 ($ amounts in millions) Loan Carrying Value 1 Unpaid Principal Balance Loan Commitment 8 Origination Date Property Type Location Loan Type Construction Risk Rating Loan 1 401.9 402.3 405.0 12/16/2021 Multifamil
Slide 24: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of March 31, 2025 ($ amounts in millions) Loan Carrying Value 1 Unpaid Principal Balance Loan Commitment 8 Origination Date Property Type Location Loan Type Construction Risk Rating Loan 21 120.3 120.3 122.1 4/29/2019 Mixed-Use
Slide 25: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of March 31, 2025 ($ amounts in millions) Loan Carrying Value 1 Unpaid Principal Balance Loan Commitment 8 Origination Date Property Type Location Loan Type Construction Risk Rating Loan 41 a 63.4 63.4 63.4 3/31/2020 Office TX S
Slide 26: Consolidated Balance Sheets
Consolidated Balance Sheets As of March 31, 2025 and December 31, 2024 ($ amounts in thousands) March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 127,829 $ 99,075 Restricted cash 21,043 34,425 Loans receivable held-for-investment 5,976,102 6,190,292 Less: current expected credit lo
Slide 27: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended March 31, 2025 and December 31, 2024 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) March 31, 2025 December 31, 2024 Revenue Interest and related income $ 118,038 $ 132,563 Less: interes
Slide 28: Distributable (Loss) Earnings Reconciliation
Distributable (Loss) Earnings Reconciliation Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total 2024 ($ amounts in thousands, except share and per share data) Net loss $ (78,623) $ (100,698) $ (56,218) $ (11,554) $ (52,795) $ (221,265) Adjustments: Non-cash stock-based compensation expense 5,074 4,777 4,
Slide 29: Book Value per share Reconciliation
Book Value per share Reconciliation March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 ($ amounts in thousands, except share and per share data) Total Equity $ 1,934,585 $ 2,008,086 $ 2,103,959 $ 2,171,402 Number of shares of common stock outstanding and RSUs 142,196,774 142,187,015 1
Slide 30: 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 31: 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 32: Endnotes
Endnotes Based on carrying value net of specific CECL reserves; excludes loans held-for-sale if applicable. Excludes our real estate owned (REO) investments, unless otherwise noted. Refer to page 27 for a reconciliation of net income (loss) to distributable earnings (loss) and distributable earnings
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