Financial Data and Key Metrics Changes - For Q4 2023, the company reported distributable earnings per share of $0.26, down from $0.35 in the previous quarter, while GAAP net income was $0.24 per share [30][31] - The total portfolio size decreased to $6.9 billion from $7.1 billion, primarily due to the reclassification of loans to held for sale and loan repayments [31][32] - The weighted average risk rating on the portfolio increased to 3.3 from 3.2 in the prior quarter [15] Business Line Data and Key Metrics Changes - The multifamily sector remains the largest exposure at 41% of the portfolio's carrying value, with anticipated near-term pressure due to higher benchmark rates affecting floating rate borrowers [13][14] - The company placed one loan on non-accrual during the quarter, which was collateralized by two under-construction multifamily properties [16] Market Data and Key Metrics Changes - The commercial real estate (CRE) market has been constrained for the last 18 months due to higher borrowing costs and muted transaction volumes, leading to increased cap rates [6][7] - The expectation of rate cuts in 2024 is anticipated to be a critical inflection point for investors, potentially leading to increased transaction volumes [27][28] Company Strategy and Development Direction - The company is adopting a conservative approach to liquidity management, prioritizing liquidity preservation over new loan originations until market conditions improve [44][36] - The focus is on managing liabilities and maintaining frequent communication with counterparties to navigate the current challenging environment [36][64] Management's Comments on Operating Environment and Future Outlook - Management expressed that the resilience of the US economy and persistent inflation complicate the outlook for rapid monetary easing, suggesting a slow recovery for the CRE market [25][26] - The company anticipates a more active but challenging 2024 for the commercial real estate industry, with expectations of price discovery and reduced bid-ask spreads [28][29] Other Important Information - The company reported total liquidity of $238 million at year-end, which includes cash and undrawn credit capacity [17] - The future funding commitment has decreased from $1.9 billion at year-end 2022 to $1.1 billion at year-end 2023 [44] Q&A Session Summary Question: Dividend Policy Considerations - Management acknowledged the balancing act of maintaining a sustainable dividend while considering the need to retain capital for potential opportunities in the current environment [45] Question: Liquidity Sources for Funding Commitments - The company outlined its liquidity sources, including near-term repayments, unencumbered assets, and existing financing commitments [50][51] Question: Active Loan Modifications - Management indicated that loan modifications are being approached on a deal-by-deal basis, emphasizing the importance of borrower commitment and operational expertise [53][66] Question: CECL Reserves and Risk Ratings - The company explained that the flat CECL reserves despite an increase in risk-rated loans is due to prior loss factors already being applied to those loans [60][76]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40993 Claros Mortgage Trust, Inc. (Exact name of Registrant as specified in its Charter) | Maryland | 47-4074900 | | --- | --- | | (S ...

NEW YORK--(BUSINESS WIRE)--Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today announced the tax treatment of its 2023 common stock dividends. The following table summarizes CMTG’s common stock dividend payments per share for the tax year ended December 31, 2023: Record Date Payment Date Cash Distribution Adjustment Dividend Ordinary Dividends(1) Qualified Dividends Capital Gain Dividends Non Dividend Distributions 12/30/2022 1/13/2023 $0.00 ...

Claros Mortgage Trust, Inc. (NYSE:CMTG) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET Company Participants Anh Huynh - Vice President, Investor Relations Richard Mack - Chief Executive Officer and Chairman Mike McGillis - President and Director, Claros Mortgage Trust Jai Agarwal - Chief Financial Officer Kevin Cullinan - Executive Vice President, MRECS Originations Priyanka Garg - Executive Vice President, MRECS Portfolio and Asset Management Conference Call Participants Sarah Barcomb - BTIG ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40993 Claros Mortgage Trust, Inc. (Exact Name of Registrant as Specified in its Charter) Maryland 47-4074900 (State or other ...

Claros Mortgage Trust, Inc. (NYSE:CMTG) Q2 2023 Results Conference Call August 2, 2023 11:00 AM ET Company Participants Anh Huynh - VP, IR Richard Mack - Chairman and CEO Michael McGillis - President and Director Jai Agarwal - CFO Kevin Cullinan - EVP, Emric Originations Priyanka Garg - EVP, MREG Portfolio and Asset Management Conference Call Participants Don Fandetti - Wells Fargo Vilas Abraham - UBS Richard Shane - JPMorgan Jade Rahmani - KBW Sarah Barcomb - BTIG Operator Hello, everyone, and welcome to C ...

Financial Performance - Net income attributable to common stock for the three months ended June 30, 2023, was $4.253 million, a decrease from $36.678 million for the three months ended March 31, 2023[192]. - Basic and diluted net income per share of common stock was $0.02 for the three months ended June 30, 2023, compared to $0.26 for the previous quarter[192]. - The company recognized a net income of $4.3 million for the three months ended June 30, 2023, a decrease of $32.4 million from the previous quarter[208]. - Net income for the six months ended June 30, 2023, was $40,931,000, a decrease of 56% compared to $92,560,000 in the prior year[241]. - Basic and diluted net income per share of common stock was $0.28, down from $0.66 in the previous year[241]. - The net income attributable to common stock for the three months ended June 30, 2023, was $40.9 million, a decrease of $51.7 million compared to the same period last year[241]. Earnings and Revenue - Distributable Earnings for the three months ended June 30, 2023, excluded a $41.5 million provision for CECL reserve, which was not included in the Distributable Earnings calculation[193]. - The company believes that Distributable Earnings provide meaningful information for assessing overall performance, excluding certain non-cash items and GAAP adjustments[193]. - Total net revenue for the three months ended June 30, 2023, was $80.9 million, up $11.8 million compared to the previous quarter[208]. - Revenue increased by $11.8 million during the three months ended June 30, 2023, primarily due to an increase in revenue for real estate owned of $8.9 million and net interest income of $2.9 million[237]. - Total net revenue for the six months ended June 30, 2023, was $150,027,000, an increase of 18% from $127,167,000 for the same period in 2022[241]. Expenses and Losses - Total expenses for the six months ended June 30, 2023, were $74,760,000, an increase of 31% from $56,902,000 in the same period last year[241]. - Expenses increased by $0.8 million during the three months ended June 30, 2023, primarily due to increased operating expenses from real estate owned and stock-based compensation[238]. - Total expenses increased by $17.9 million to $74.8 million for the three months ended June 30, 2023, primarily due to increased operating expenses and interest expenses[238]. - The company recorded a provision for current expected credit losses of $41.5 million during the three months ended June 30, 2023, primarily due to a $44.6 million increase in specific CECL reserves[240]. Assets and Liabilities - The total debt as of June 30, 2023, was $5.88 billion, an increase from $5.66 billion as of December 31, 2022[215]. - The net debt-to-equity ratio increased to 2.3x as of June 30, 2023, compared to 2.2x at the end of 2022[215]. - The company has total obligations of $8.59 billion, with $2.43 billion due within one year[217]. - The company had $5.9 billion in outstanding borrowings under secured financings as of June 30, 2023[243]. - As of June 30, 2023, the company had 138,385,904 shares of common stock outstanding, representing $2.4 billion of equity[243]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $253,055,000 as of June 30, 2023, down from $306,456,000 at the end of 2022[244]. - Total sources of liquidity as of June 30, 2023, were $406,580,000, a decline from $519,569,000 at the end of 2022[244]. - Net cash flows provided by operating activities for the six months ended June 30, 2023, were $41,910, compared to $72,118 for the same period in 2022, representing a decrease of approximately 42%[248]. - Net cash flows used in investing activities were $(204,106) for the six months ended June 30, 2023, compared to $(372,520) for the same period in 2022, indicating a reduction in investment outflows[248]. - Net cash flows provided by financing activities were $99,127 for the six months ended June 30, 2023, down from $463,997 in the same period in 2022, reflecting a significant decrease of approximately 79%[248]. Credit Losses and Reserves - The company recorded a provision for current expected credit losses of $38.2 million for the six months ended June 30, 2023, which included a $44.6 million increase in specific CECL reserves[201]. - The company recorded an additional specific CECL reserve of $24.9 million during the three months ended June 30, 2023, prior to a principal charge-off of $66.9 million[201]. - The fair market values used to determine specific CECL reserves included discount rates ranging from 7.3% to 7.5%[201]. - The company recorded a provision for current expected credit losses recorded was $41.5 million, primarily due to a $44.6 million increase in specific CECL reserves[240]. Portfolio Management and Acquisitions - The loan portfolio summary as of June 30, 2023, is detailed in the financial report, indicating ongoing portfolio management[196]. - The company acquired legal title to a portfolio of seven hotel properties in New York, NY, through foreclosure, recognizing real estate owned of $414.0 million[199]. - The hotel portfolio was previously collateral for a $103.9 million mezzanine loan that was in default due to non-payment of debt service[199]. - On June 30, 2023, the company acquired legal title to a mixed-use property in New York, NY, with an unpaid principal balance of $208.8 million[199]. - The mixed-use property was previously collateral for a senior loan that defaulted during the fourth quarter of 2022, leading to a specific CECL reserve of $42.0 million[199]. Risk Management - The company emphasizes prudent risk management and capital preservation by primarily originating senior loans with conservative loan-to-value ratios[256]. - The company monitors the performance of its loan portfolio and maintains regular contact with borrowers to manage credit risk effectively[256]. - There have been no material changes to the principal risks that could affect the company's business and financial condition from those disclosed in the Annual Report[265].

Claros Mortgage Trust, Inc. (NYSE:CMTG) Q1 2023 Earnings Conference Call May 3, 2023 9:00 AM ET Company Participants Richard Mack - Chairman & CEO Jai Agarwal - CFO Mike McGillis - President & Director Kevin Cullinan - EVP, Originations & MD of MRECS Priyanka Garg - EVP, Portfolio and Asset Management & MD of MRECS Anh Huynh - VP, IR Conference Call Participants Don Fandetti - Wells Fargo Rick Shane - JPMorgan Vilas Abraham - UBS Sarah Barcomb - BTIG Jade Rahmani - KBW Operator Welcome to Claros Mortgage Tr ...

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 herein. No legal commitment or obligation shall arise by the provision of this presentation. All financial information is provided for general reference purposes only and is superseded by, and is qualified in its entirety by refere ...

Loan Maturities | --- | --- | --- | --- | --- | --- | --- | |------------|-------|-------|-------|--------------------------|---------------|-----------------| | Year | | | | Unpaid Balance Principal | | Loan Commitment | | 2023 | | | | | 370,927 | 370,927 | | 2024 | | | | | 951,186 | 990,836 | | 2025 | | | | | 1,020,112 | 1,061,494 | | 2026 | | | | | 2,063,475 | 2,694,437 | | 2027 | | | | | 2,551,275 | 3,478,816 | | Thereafter | | | | | 435,823 | 455,594 | | Total | | | | $ | 7,392,798 $ | 9,052,104 | (1) ...