Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q3 2025 Earnings Presentation
28 slides from Claros Mortgage Trust's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings Supplement
Third Quarter 2025 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) November 5, 2025 The properties above are not representative of all transactions. The information provided herein is as of September 30, 2025 unless otherwise noted.
Slide 2: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights GAAP net loss of $9.5 million, or $0.07 per share; distributable loss of $21.5 million, or $0.15 per share; and distributable earnings prior to realized gains and losses of $5.9 million, or $0.04 per share 1 Financial Provision for CECL reserves of $24.2 million, or
Slide 3: Loan Portfolio Overview
Loan Portfolio Overview Key Portfolio Metrics 9, 10 September 30, 2025 June 30, 2025 Collateral Diversification 4, 9, 10 100% Loan Portfolio 4 $4.3Bn $5.0Bn 80% 44% Multifamily 48% Hospitality 60% Office Total Loan Commitments 12 $4.9Bn $5.6Bn 15 19% 16% Mixed-use 40% Land Number of Loans 37 42 18%
Slide 4: Loan Portfolio Overview (cont’d)
Loan Portfolio Overview (cont’d) ($ amounts in millions) Region Exposure by Carrying Value and as a % of Total Carrying Value 4, 9 Number of Carrying % of Total Collateral Type West Northeast Mid Atlantic Southeast Southwest Midwest Other Loans Value 4 Carrying Value Multifamily 14 $1,909 44% $1,033
Slide 5: Liquidity Overview
Liquidity Overview Total available liquidity increased by $283 million since year end, from $102 million at December 31, 2024 to $385 million at November 4, 2025 In 2025, we have deleveraged the portfolio by $317 million, with $52 million occurring during the quarter and $42 million occurring af
Slide 6: Unfunded Loan Commitments
Unfunded Loan Commitments Unfunded loan commitments have declined from $1.9 billion at December 31, 2022 to $348 million at September 30, 2025, representing a reduction of ~82% Over the same period, our projected net equity to be funded has declined from $685 million to $105 million, representin
Slide 7: Financial Overview
Financial Overview During the quarter, GAAP net loss of $9.5 million, or $0.07 per share; distributable loss of $21.5 million, or $0.15 per share; and distributable earnings prior to realized gains and losses of $5.9 million, or $0.04 per share 1 Key Financial Metrics Q3 2025 Q2 2025 Q1 2025 2025
Slide 8: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward $15.17 $13.28 Adjusted BV per Adjusted BV per Share 11 Share 11 $18.00 Depreciation/ $16.00 Amortization $0.03 General CECL $0.23 $1.02 Depreciation/ $14.00 Amortization $0.06 $2.15 General $0.04 CECL $0.98 $12.00 $10.00 $14.12 $12.24 $8.00 $6.00 Book Value Distribu
Slide 9: Loan Resolution Activity
Loan Resolution Activity During the quarter, resolved four loans totaling $716.0 million of UPB - One full repayment: $167.6 million of UPB - One discounted payoff: $390.0 million of UPB; watchlist loan, recovery of 90% - Two mortgage foreclosures: $158.4 million of UPB; watchlist loans, weighted
Slide 10: Loan Portfolio Activity
Loan Portfolio Activity During the quarter: - Two loans repaid totaling $558 million of UPB, including one watchlist loan - Resolved two risk rated 5 loans through mortgage foreclosures on multifamily properties totaling $158 million of UPB - Funded $33 million on existing loan commitments and rec
Slide 11: Risk Rated 5 Loan Summary
Risk Rated 5 Loan Summary Risk rated 5 loans have a total UPB of $978 million, and an average specific CECL reserve of 17.2% - After extensive discussions with the borrower, we intend to foreclose on the risk rated 5 multifamily loan with $402.3 million of UPB; as a result, 65% of total risk rated
Slide 12: Risk Rated 4 Loan Summary
Risk Rated 4 Loan Summary Risk rated 4 loans have an average general CECL reserve of 9.9% Remaining risk rated 3 loans have an average general CECL reserve of 1.3% General CECL Reserve $ amounts in millions Number of Loans UPB General CECL Reserve (% of UPB) Office 4 $536.7 $57.9 10.8% (CA / CT
Slide 13: Real Estate Owned
Real Estate Owned Hotel Portfolio: most significant REO contributor to distributable earnings Mixed-Use Property: executed sale of two additional floors of office space, resulting in gross proceeds of $13.8 million; in October 2025, executed sale of signage component, resulting in gross proceeds
Slide 14: Financing Activity
Financing Activity During the quarter, net financings outstanding decreased by $376 million, including $52 million of deleveraging Year-to-date, net financings outstanding decreased by $1.4 billion, including $317 million of deleveraging $198 million of our repurchase agreement financings at q
Slide 15: Financing Mix and Leverage
Financing Mix and Leverage Total financing capacity of $6.0 billion, decrease from $6.1 billion at June 30, 2025 Total financing UPB of $3.7 billion, decrease from $4.0 billion at June 30, 2025 Unused capacity of $2.3 billion, increase from $2.1 billion at June 30, 2025 Net debt / equity rat
Slide 16: Appendix A
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 17: Watchlist Loans
Watchlist Loans CMTG Watchlist Loan Summary as of September 30, 2025 ($ 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 $405.0 12/16/2021 Mu
Slide 18: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 10 Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 12 Loan 1 $366.8 $402.3 $405.0 12/16/2021
Slide 19: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 10 Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 12 Loan 19 88.2 111.5 123.9 2/13/2020 Off
Slide 20: Portfolio Details
Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2025 ($ amounts in millions) Carrying Unpaid Principal Loan Loan 10 Origination Date Property Type Location Loan Type Construction Risk Rating Value 4 Balance Commitment 12 Loan 37 1.6 1.6 1.6 7/1/2019 Other Oth
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets As of September 30, 2025 and June 30, 2025 ($ amounts in thousands) September 30, 2025 June 30, 2025 Assets Cash and cash equivalents $ 339,518 $ 209,204 Restricted cash 16,743 18,716 Loans receivable held-for-investment 4,515,170 5,207,518 Less: current expected credit l
Slide 22: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended September 30, 2025 and June 30, 2025 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) September 30, 2025 June 30, 2025 Revenue Interest and related income $ 88,904 $ 108,138 Less: interest
Slide 23: Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings
Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings Distributable Earnings (Loss) Reconciliation Q3 2025 Q2 2025 Q1 2025 2025 YTD ($ amounts in thousands, except share and per share data) Net loss $ (9,528) $ (181,707) $ (78,623) $ (269,858) Adjustments: Non-cash stock-based compensatio
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 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 ($ amounts thousands except for per share data) Total Equity $ 1,748,811 $ 1,757,030 $ 1,934,585 $ 2,008,086 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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