Claros Mortgage Trust : CMTG Investor Presentation May 2025
CMTG
Published on 05/20/2025 at 09:31
Investor Presentation
Claros Mortgage Trust, Inc. (CMTG)
May 2025
The properties above are not representative of all transactions.
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 share, for the quarter
CECL reserves of $260.8 million, or $1.83 per share as of quarter end
Valuation adjustment for loan receivable held-for-sale of ($42.6) million, or ($0.30) per share, for the quarter
Book value of $13.60 per share
Operations from REO investments generated a distributable loss of $0.03 per share for the quarter primarily due to expected seasonality of the REO hotel portfolio
Loan Portfolio 1,2
$5.9 billion held-for-investment loan portfolio of which 98% are floating-rate and 98% are senior loans 1,4
Received $316 million of loan repayment and sale proceeds during the quarter, including two fully realized loans; funded
$42 million on existing loan commitments a
Subsequent to quarter-end, received $437 million of loan repayment and sale proceeds, including four fully realized loans, of which two were risk rated 5 and one was classified as held-for-sale and non-accrual b
Loans with a risk rating of 4 or higher were 46% of the loan portfolio as of March 31, 2025, compared to 45% at December 31, 2024 1,b
CECL reserve stands at 4.4% of UPB at March 31, 2025, comprised of (i) specific reserves of 16.4% on risk rated 5 loans and (ii) general reserves of 2.7% (5.0% on risk rated 4 loans and 1.2% on remaining loans)
Liquidity and Capitalization
At March 31, 2025:
Total liquidity of $136 million, including $128 million of cash 5
Unencumbered loan UPB of $468 million, including $223 million classified as held-for-sale
Net unfunded loan commitments declined to $132 million
Warehouse financing capacity totaled $5.1 billion across five counterparties; $3.0 billion outstanding at March 31, 2025
Closed a new financing facility with $214 million of capacity
Outstanding financings decreased by $216 million during the quarter, including $35 million of deleveraging payments
Net debt / equity ratio of 2.4x and total leverage ratio of 2.8x as of March 31, 2025 6,7
See Endnotes in the Appendix.
Reflects fundings on loans receivable held-for-investment.
See pages 14 and 15 for further discussion of risk rated 4 and 5 loans.
Mack Real Estate Group
Integrated real estate investor, operator, developer and lender
Invests institutional and high net worth capital in real estate equity and debt assets
The firm's principals have decades of global real estate investing experience
Mack Real Estate Group Businesses
Real Estate Equity ("MREG")
Development and ownership of multifamily, industrial, office, retail, and other asset classes
Multifamily and Industrial Investments a
31 ~11,000 ~7.2
investments potential units b million industrial SF b
Property
Management ("MPM")
Property management of MREG and third-party owned residential and commercial assets
Comprehensive Property Management Services
~4,200 units 4.3M SF 150+ staff
under management of commercial and industrial space located across the U.S. under management
Real Estate Credit ("MRECS")
Direct lending (first mortgage, mezzanine, preferred equity) and other debt investments
Levered Transitional Credit Investments
Unlevered Transitional Credit Investments
High Yield Levered Transitional
Credit Investments
~$3.0B
of investor capital raised since inception
$18.1B
of credit investments originated,
co-originated or acquired
$450M
of investor capital raised since inception
$146.5M
of credit investments originated,
co-originated or acquired
~$900M
of investor capital raised since inception
$2.0B
of credit investments originated,
co-originated or acquired
As of March 31, 2025. Not intended to represent the legal structure of MREG or MRECS. Includes businesses related by common control.
Includes realized investments.
unit count, square footage, and other figures concerning development characteristics reflect assets in various stages of development, including actual unit count for completed construction as well as estimated unit count for development projects that are not yet completed or in some cases begun. Such estimated figures are based on expectations, estimates, and projections and no party provides any guarantee or assurance that these projections are accurate. Actual results may vary significantly from those reflected or contemplated. Similarly, there is no guarantee that MREG will ultimately develop the assets in accordance with the development plans contemplated herein, or at all.
MREG National Presence
offices
Integrated platform with investment, development,
property management and lending activities across the United States
employees
CO
UT
MD New York City
Mack Real Estate Group, LLC Office
Includes employees across the firm's credit, equity, and property management business as of the date on this presentation.
Disclaimer
Claros Mortgage Trust Inc. published this content on May 20, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 20, 2025 at 13:30 UTC.