Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q2 2024 Earnings Presentation
24 slides from Claros Mortgage Trust's earnings presentation, Aug 6, 2024
Slide 1: Second Quarter 2024 Earnings Supplement
Second Quarter 2024 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) August 5, 2024 The properties above are not representative of all transactions. The information provided herein is as of June 30, 2024 unless otherwise noted.
Slide 2: Second Quarter 2024 Highlights
Second Quarter 2024 Highlights $6.8 billion $2.2 billion $191 million 2.4x Net Debt / Equity Loan Portfolio 3 Equity Book Value Total Liquidity 1 Ratio 5 9.0% 69.3% 98% 98% Weighted Average Weighted Average Floating Rate Loans 3 Senior Loans 3,14 Portfolio Adjusted All-In Yield 2 LTV 4 See Endnotes
Slide 3: Second Quarter 2024 Highlights (cont'd)
Second Quarter 2024 Highlights (cont’d) Financial ⚫ GAAP net loss of $11.6 million, or $0.09 per share; distributable earnings of $28.9 million, or $0.20 per share; and distributable earnings prior to realized losses of $30.4 million, or $0.21 per share 6 ⚫ Book value per share of $15.27; general CE
Slide 4: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification 3,7 100% June 30, March 31, Key Portfolio Metrics 7,b 2024 2024 80% 40% 40% Multi-family Hospitality Loan Portfolio 3 $6.8Bn $6.7Bn 60% Office 18% 18% a Mixed-use 40% Total Loan Commitments 10 $7.7Bn $7.7Bn 14% 14% Land For Sale Condo 9% 9% 20% 8% 8
Slide 5: 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 Southeast Mid Atlantic Southwest Midwest Other Loans Value 3 Carrying Value Multifamily 21 $2,721 40% $1,269 / 19%
Slide 6: Liquidity Overview & Unfunded Commitments
Liquidity Overview & Unfunded Commitments Available Liquidity at June 30, 2024 and August 2, 2024 Unfunded Commitments and Source of Funds b ($ in millions) ($ in millions) $250.0 As of June 30, 2024 $749 As of August 2, 2024 $200.0 $43 $191 $235 Equity Required $24 $171 a $148 $147 $150.0 $71 Not E
Slide 7: Financial Overview
Financial Overview ⚫ GAAP net loss of $11.6 million, or $0.09 per share; distributable earnings of $28.9 million, or $0.20 per share; and distributable earnings prior to realized losses of $30.4 million, or $0.21 per share 6 ⚫ Paid a cash dividend of $0.25 per share for the second quarter of 2024 Ke
Slide 8: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $17.03 $16.44 Adjusted BV per Adjusted BV per $18.00 Share Share Depreciation, $0.18 $17.00 Depreciation, $0.22 General CECL, $0.57 $0.41 $0.89 $16.00 General CECL, $0.95 $0.50 $0.03 $15.00 $14.00 $16.28 $13.00 $15.27 $12.00 $11.00 $10.00 Book V
Slide 9: Real Estate Owned
Real Estate Owned Hospitality Portfolio Mixed-Use ⚫ In Q1 2021, we acquired legal title to a portfolio of seven limited ⚫ In Q2 2023, we acquired legal title to a mixed-use property located in service hotels located in New York, NY New York, NY ⚫ Underlying asset performance continues to be strong,
Slide 10: Loan Portfolio Activity and Loan Maturity
Loan Portfolio Activity and Loan Maturity ⚫ During the quarter, funded $143 million on existing loan commitments and received $41 million in loan repayments; net increase in unpaid principal balance of $103 million ⚫ Average loan commitment of ~$120 million ⚫ 83% of loans with maturities 2026 or lat
Slide 11: Financing Activity and Leverage
Financing Activity and Leverage ⚫ During the second quarter, we significantly expanded and restructured our relationship with our largest financing counterparty, resulting in a realignment of certain of our assets to this facility ⚫ Stable leverage levels; leverage ratios have remained unchanged sin
Slide 12: Financing Mix
Financing Mix ⚫ Total financing capacity of $7.1 billion decreased from $7.2 billion at March 31, 2024; undrawn capacity of $1.7 billion unchanged from March 31, 2024 12 ⚫ Weighted average spread of 3.01% at June 30, 2024, decreased from 3.03% at March 31, 2024 Summary of Outstanding Financing Finan
Slide 13: Appendix
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 14: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of June 30, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value 3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment 10 Investment 1 400.9 402.2 405.0 Dec-21 M
Slide 15: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of June 30, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value 3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment 10 Investment 21 122.5 122.5 122.5 Sep-19
Slide 16: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of June 30, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value 3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment 10 Investment 41 75.4 75.5 76.0 Jul-22 Mul
Slide 17: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of June 30, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value 3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment 10 Investment 61 1.9 1.9 1.9 Jul-19 Other
Slide 18: Consolidated Balance Sheets
Consolidated Balance Sheets June 30, 2024 and March 31, 2024 ($ amounts in thousands) June 30, 2024 March 31, 2024 Assets Cash and cash equivalents $ 148,212 $ 232,514 Restricted cash 21,185 19,256 Loans receivable held-for-investment 6,913,273 6,806,606 Less: current expected credit loss reserve (2
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended June 30, 2024 and March 31, 2024 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) June 30, 2024 March 31, 2024 Revenue Interest and related income $ 155,131 $ 160,845 Less: interest and re
Slide 20: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) Distributable Earnings (Loss) Reconciliation Q2 2024 Q1 2024 Total 2024 b Q4 2023 Q3 2023 Q2 2023 Q1 2023 Total 2023 b Net income (loss) attributable to common stock: ($11,554) ($52,795) ($64,349) $34,043 ($68,947) $4,253 $36,
Slide 21: Adjusted Book Value per share, Net Debt-to-Equity and Total Leverage Calculations
Adjusted Book Value per share, Net Debt-to- Equity and Total Leverage Calculations Book Value per share Reconciliation Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 ($ in 000’s except for per share data) Equity $ 2,171,402 $ 2,215,883 $ 2,299,900 $ 2,296,669 $ 2,400,426 $ 2,444,154 Number of share
Slide 22: 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 23: 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 24: Endnotes
Endnotes 1. Total Liquidity includes cash and approved and undrawn credit capacity based on existing collateral. 2. All-in yield represents the weighted average annualized yield to initial maturity of each loan held-for-investment, inclusive of coupon and contractual fees, based on the applicable fl
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