0001666291false00016662912024-02-202024-02-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Date of Report (Date of earliest event reported): February 20, 2024 |
Claros Mortgage Trust, Inc.
(Exact name of Registrant as Specified in Its Charter)
|
|
|
|
|
Maryland |
001-40993 |
47-4074900 |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
|
|
|
|
|
c/o Mack Real Estate Credit Strategies, L.P. 60 Columbus Circle 20th Floor |
|
New York, New York |
|
10023 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
|
Registrant’s Telephone Number, Including Area Code: (212) 484-0050 |
(Former Name or Former Address, if Changed Since Last Report)
N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
Title of each class
|
|
Trading
Symbol(s) |
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value per share |
|
CMTG |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 20, 2024, Claros Mortgage Trust, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2023 and distributed certain supplemental financial information. Copies of the press release and supplemental financial information are furnished herewith as Exhibits 99.1 and 99.2, respectively. The press release and supplemental financial information have also been posted in the investor relations/presentations section of the Company’s website at www.clarosmortgage.com.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Furthermore, the information contained in the press release and supplemental financial information attached to this report as Exhibits 99.1 and 99.2, respectively, shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 7.01. Regulation FD Disclosure.
As discussed in Item 2.02 above, the Company issued a press release announcing its earnings for the quarter and year ended December 31, 2023 and distributed certain supplemental information. The press release and supplemental financial information have also been posted in the investor relations/presentations section of the Company’s website at www.clarosmortgage.com.
The information in this Item 7.01 (including Exhibits 99.1 and 99.2 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Furthermore, the information contained in the press release and supplemental financial information attached to this report as Exhibits 99.1 and 99.2, respectively, shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
|
|
|
|
CLAROS MORTGAGE TRUST, INC. |
|
|
|
|
Date: |
February 20, 2024 |
By: |
/s/ J. Michael McGillis |
|
|
|
J. Michael McGillis
Chief Financial Officer, President and Director
(Principal Financial and Accounting Officer) |
Claros Mortgage Trust, Inc.
Reports Fourth Quarter and Full Year 2023 Results
New York, NY, February 20, 2024 – Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today reported its financial results for the quarter and year ended December 31, 2023. The Company reported GAAP net income of $34.0 million and $6.0 million, or $0.24 and $0.02 per diluted share of common stock, for the quarter and year ended December 31, 2023, respectively. Distributable Earnings (a non-GAAP financial measure defined below) were $36.9 million and $39.9 million, or $0.26 and $0.28 per diluted share, for the quarter and year ended December 31, 2023, respectively. Distributable Earnings prior to realized gains and principal charge-offs were $44.4 million and $184.5 million, or $0.31 and $1.31 per diluted share, for the quarter and year ended December 31, 2023, respectively.
Fourth Quarter 2023 Highlights
•$6.9 billion loan portfolio with a weighted average all-in yield of 9.1%.
•Received loan repayment proceeds of $38 million.
•Funded approximately $168 million of follow-on fundings related to the existing loan portfolio.
•Reclassified three loans to held-for-sale, representing unpaid principal balance of $272 million and unfunded commitments of $107 million.
oSubsequent to year-end, sold the three loans for $262 million, or 96% of unpaid principal balance; after the repayment of senior financing and closing costs, the loan sales generated net liquidity of $77 million.
•Total CECL reserves stood at 2.2% of unpaid principal balance at December 31, 2023, unchanged from September 30, 2023.
•Total liquidity of $238 million consisting of $190 million of cash and net principal proceeds held by servicer and $48 million of approved and undrawn credit capacity based on existing collateral.
•Paid a cash dividend of $0.25 per share of common stock for the fourth quarter of 2023.
Full Year 2023 Loan Portfolio Highlights
•Originated a $101 million hospitality loan, which was fully funded at closing.
•Follow-on fundings on existing loan commitments totaled $730 million.
•Received $585 million in loan repayments.
•Executed two loan sales generating proceeds of $187 million.
“Throughout 2023, the CMTG team maintained a strong focus on asset management execution,” said Richard Mack, Chief Executive Officer and Chairman of CMTG. “We have been proactive in working with our borrowers, bringing to bear our Sponsor’s decades of expertise in developing and managing commercial real estate assets across varied cycles. In this elevated interest rate environment, challenges are widespread. We embrace challenges as an opportunity to actively create value for our shareholders.”
Teleconference Details
A conference call to discuss CMTG’s financial results will be held on Wednesday, February 21, 2024, at 11:00 a.m. ET. The conference call may be accessed by dialing 1-833-470-1428 and referencing the Claros Mortgage Trust, Inc. teleconference call; access code 451993.
The conference call will also be broadcast live over the internet and may be accessed through the Investor Relations section of CMTG’s website at www.clarosmortgage.com. The earnings presentation
accompanying this release and containing supplemental information about the Company’s financial results may also be accessed through this website in advance of the call.
For those unable to listen to the live broadcast, a webcast replay will be available on CMTG’s website or by dialing 1-866-813-9403, access code 903272, beginning approximately two hours after the event.
About Claros Mortgage Trust, Inc.
CMTG is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. Additional information can be found on the Company’s website at www.clarosmortgage.com.
Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CMTG intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by CMTG’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of CMTG’s performance in future periods. Except as required by law, CMTG does not undertake any obligation to update or revise any forward-looking statements contained in this release.
Definitions
Distributable Earnings (Loss):
Distributable Earnings (Loss) is a non-GAAP measure used to evaluate the Company’s performance excluding the effects of certain transactions, non-cash items, and GAAP adjustments, as determined by our Manager. Distributable Earnings (Loss) is a non-GAAP measure, which the Company defines as net income (loss) in accordance with GAAP, excluding (i) non-cash stock-based compensation expense, (ii) real estate depreciation and amortization, (iii) any unrealized gains or losses from mark-to-market valuation changes (other than permanent impairments) that are included in net income (loss) for the applicable period, (iv) one-time events pursuant to changes in GAAP and (v) certain non-cash items, which in the judgment of our Manager, should not be included in Distributable Earnings (Loss). Furthermore, the Company presents Distributable Earnings prior to realized gains and losses, which includes principal charge-offs, as the Company believes this more easily allows our Board, Manager, and investors to compare our operating performance to our peers, to assess our ability to declare and pay dividends, and to determine our compliance with certain financial covenants. Pursuant to the Management Agreement, we use Core Earnings, which is substantially the same as Distributable Earnings (Loss), excluding incentive fees, to determine the incentive fees we pay our Manager.
The Company believes that Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses provide meaningful information to consider in addition to our net income (loss) and cash flows from operating activities in accordance with GAAP. Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses do not represent net income (loss) or cash
flows from operating activities in accordance with GAAP and should not be considered as an alternative to GAAP net income (loss), an indication of our cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. In addition, the Company’s methodology for calculating these non-GAAP measures may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures and, accordingly, the Company’s reported Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses may not be comparable to the Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses reported by other companies.
In order to maintain the Company’s status as a REIT, the Company is required to distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain, as dividends. Distributable Earnings (Loss), Distributable Earnings prior to realized gains and losses, and other similar measures, have historically been a useful indicator over time of a mortgage REIT’s ability to cover its dividends, and to mortgage REITs themselves in determining the amount of any dividends to declare. Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses are key factors, among others, considered by the Board in setting the dividend each quarter and as such the Company believes Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses are also useful to investors.
While Distributable Earnings (Loss) excludes the impact of our provision for or reversal of current expected credit loss reserve, principal charge-offs are recognized through Distributable Earnings (Loss) when deemed non-recoverable. Non-recoverability is determined (i) upon the resolution of a loan (i.e., when the loan is repaid, fully or partially, or when the Company acquires title in the case of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure), or (ii) with respect to any amount due under any loan, when such amount is determined to be uncollectible.
Contact Information
Investor Relations:
Claros Mortgage Trust, Inc.
Anh Huynh
212-484-0090
cmtgIR@mackregroup.com
Media Relations:
Financial Profiles
Kelly McAndrew
203-613-1552
Kmcandrew@finprofiles.com
Claros Mortgage Trust, Inc.
Reconciliation of Net Income Attributable to Common Stock to Distributable Earnings (Loss) and Distributable Earnings Prior to Realized Gains and Principal Charge-Offs
(Amounts in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, 2023 |
|
|
December 31, 2023 |
|
Net income attributable to common stock: |
|
$ |
34,043 |
|
|
$ |
6,027 |
|
Adjustments: |
|
|
|
|
|
|
Non-cash stock-based compensation expense |
|
|
4,469 |
|
|
|
16,599 |
|
Provision for current expected credit loss reserve |
|
|
5,247 |
|
|
|
153,683 |
|
Depreciation and amortization expense |
|
|
2,579 |
|
|
|
9,287 |
|
Amortization of above and below market lease values, net |
|
|
354 |
|
|
|
708 |
|
Unrealized loss on interest rate cap |
|
|
1,835 |
|
|
|
5,157 |
|
Gain on extinguishment of debt |
|
|
- |
|
|
|
(2,217 |
) |
Gain on sale of loan |
|
|
- |
|
|
|
(575 |
) |
Gain on foreclosure of real estate owned |
|
|
(4,162 |
) |
|
|
(4,162 |
) |
Distributable Earnings prior to realized gains and principal charge-offs |
|
$ |
44,365 |
|
|
$ |
184,507 |
|
Gain on sale of loan |
|
|
- |
|
|
|
575 |
|
Gain on extinguishment of debt |
|
|
- |
|
|
|
2,217 |
|
Principal charge-offs |
|
|
(7,468 |
) |
|
|
(147,361 |
) |
Distributable Earnings (Loss) |
|
$ |
36,897 |
|
|
$ |
39,938 |
|
Weighted average diluted shares - Distributable Earnings (Loss) |
|
|
141,321,572 |
|
|
|
141,254,760 |
|
Diluted Distributable Earnings per share prior to realized gains and principal charge-offs |
|
$ |
0.31 |
|
|
$ |
1.31 |
|
Diluted Distributable Earnings (Loss) per share |
|
$ |
0.26 |
|
|
$ |
0.28 |
|
Fourth Quarter 2023 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) February 20, 2024 The properties above are not representative of all transactions. The information provided herein is as of December 31, 2023 unless otherwise noted.
Fourth Quarter 2023 Highlights See Endnotes in the Appendix. $6.9 billion Loan Portfolio 3 $2.3 billion Equity Book Value $238 million Total Liquidity 1 9.1% Weighted Average All-In Yield 2 98% Senior Loans 3,14 98% Floating Rate Loans 3 69.2% Weighted Average Portfolio LTV 4 2.4x Net Debt / Equity Ratio 5
Financial GAAP net income of $34.0 million, or $0.24 per share; distributable earnings of $36.9 million, or $0.26 per share; and distributable earnings prior to realized gains and principal charge-offs of $44.4 million, or $0.31 per share 6 Paid a cash dividend of $0.25 per share for the fourth quarter of 2023 REO investments contributed $0.05 per share to distributable earnings for the quarter Loan Portfolio3,7 $6.9 billion loan portfolio of which 98% are floating-rate and 98% are senior loans14 During the quarter: Received loan repayments of $38 million Funded $168 million on existing loan commitments Reclassified three loans to held-for-sale; UPB of $272 million and unfunded commitments of $107 million Subsequent to year-end, sold the three loans for $262 million (96% of UPB); after repayment of senior financing and closing costs, the sale generated net liquidity of $77 million Loans with a risk rating of 4 or higher increased to 26% of the loan portfolio as of December 31, 2023, compared to 17% at September 30, 20233 Driven by increased 4 rated loans; no change to 5 rated loans from September 30, 2023 CECL reserve stands at 2.2% of UPB at December 31, 2023, comprised of (i) specific reserves of 21.5% on 5 rated loans and (ii) general reserve of 1.2% (3.0% on 4 rated loans and 0.6% on remaining loans) Liquidity and Capitalization At December 31, 2023: Total liquidity of $238 million consisting of $190 million of cash and net principal proceeds held by servicer, and $48 million of approved and undrawn credit capacity1 Unencumbered loan assets totaled $433 million (93% senior loans) Unencumbered REO asset with a carrying value of $147.1 million a Warehouse financing capacity totaled $5.1 billion across six counterparties; $3.8 billion outstanding at December 31, 2023 Net debt / equity ratio of 2.4x and total leverage ratio of 2.8x as of December 31, 2023, increased slightly from September 30, 20235,8 Fourth Quarter 2023 Highlights (cont’d) See Endnotes in the Appendix. a. Total carrying value includes acquired lease intangibles, net of accumulated depreciation.
As of December 31, 2023 As of February 16, 2024 Liquidity Overview a. Reflects payment of dividend of $35 million which was paid on January 12, 2024. b. Total carrying value includes acquired lease intangibles, net of accumulated depreciation. Cash Approved and Undrawn Credit Capacity Total Available Liquidity Unencumbered loan assets totaled $433 million (93% senior loans) Unencumbered REO asset with a carrying value of $147.1 million b 1 a
Book Value per Share Roll-Forward Totals may not foot due to rounding. $18.20 Adjusted BV per Share $17.03 Adjusted BV per Share 6
Financial Overview a. See page 4 for book value bridge. Key Financial Metrics 4Q-2023 3Q-2023 2Q-2023 1Q-2023 Total 2023 GAAP Net Income (Loss) ($MM) Per Share $34.0 $0.24 $(68.9) $(0.50) $4.3 $0.02 $36.7 $0.26 $6.0 $0.02 Distributable Earnings (Loss) ($MM)6 Per Share $36.9 $0.26 $(22.8) $(0.16) $(14.5) $(0.10) $40.3 $0.29 $39.9 $0.28 Distributable Earnings prior to realized gains and principal charge-offs ($MM)6 Per Share $44.4 $0.31 $49.6 $0.35 $50.3 $0.35 $40.3 $0.29 $184.5 $1.31 Dividends ($MM) Per Share $35.3 $0.25 $35.3 $0.25 $52.4 $0.37 $52.4 $0.37 $175.5 $1.24 Book Value ($MM) Per Share Adjusted Book Value per Sharea $2,299.9 $16.28 $17.03 $2,296.7 $16.25 $17.00 $2,400.4 $16.94 $17.64 $2,444.2 $17.26 $17.96 Net Debt / Equity Ratio5 Total Leverage Ratio8 2.4x 2.8x 2.3x 2.7x 2.3x 2.7x 2.2x 2.6x During the quarter: GAAP net income of $34.0 million, or $0.24 per share; distributable earnings of $36.9 million, or $0.26 per share; and distributable earnings prior to realized gain and principal charge-off of $44.4 million, or $0.31 per share 6 Paid a cash dividend of $0.25 per share for the fourth quarter of 2023
Loan Portfolio Overview Key Portfolio Metrics7,b December 31, 2023 September 30, 2023 Loan Portfolio3 $6.9Bn $7.1Bn Total Loan Commitments10 $8.1Bn $8.5Bn Number of Loans 65 69 LTV4 69.2% 68.8% Average Commitment Size ~$120MM ~$120MM Weighted Average All-In Yield2 9.1% 9.5% Floating Rate Loans3 98% 98% Senior Loans3,14 98% 98% a At December 31, 2023, mixed-use comprises of 3% office, 2% retail, 2% multifamily, 1% hospitality, and immaterial amounts of for sale condo. . Mixed-use allocations are based upon allocable square footage except where another method is deemed more appropriate under the applicable facts and circumstances. b. Excludes three loans held-for-sale.
$ amounts in millions Region Exposure by Carrying Value and as a % of Total Carrying Value Collateral Type Number of Loans Carrying Value3 % of Total Carrying Value West Northeast Southeast Mid Atlantic Southwest Midwest Other Multifamily 22 $2,829 41% $1,388 / 20% $390 / 6% - $266 / 4% $505 / 7% $282 / 4% - Hospitality 9 $1,339 19% $605 / 9% $450 / 6% $284 / 4% - - - - Office 9 $962 14% $251 / 4% $272 / 4% $225 / 3% - $88 / 1% $125 / 2% - Mixed-use a 5 $597 9% - $195 / 3% $103 / 1% $299 / 4% - - - Land 6 $518 7% - $368 / 5% $30 / 0% $120 / 2% - - - For Sale Condo 2 $220 3% $209 / 3% $11 / 0% - - - - - Other b 12 $483 7% $66 / 1% $176 / 3% $93 / 1% $76 / 1% - $70 / 1% $2 / 0% Total 65 $6,948 100% $2,519 / 35% $1,861 / 27% $735 / 11% $762 / 11% $592 / 9% $477 / 7% $2 / 0% Loan Portfolio Overview (cont’d) Totals may not foot due to rounding. At December 31, 2023, mixed-use comprises of 3% office, 2% retail, 2% multifamily, 1% hospitality, and immaterial amounts of for sale condo. . Mixed-use allocations are based upon allocable square footage except where another method is deemed more appropriate under the applicable facts and circumstances. Includes five loans secured by a portfolio of build-to-rent homes, representing $166 million in loan commitments and $94 million in unpaid principal balance.
Net Loan Fundings Totals may not foot due to rounding. a. As of December 31, 2023, we have $672.5 million of expected or in-place financings to fund our remaining commitments, excluding $48.1 million of approved and undrawn credit capacity 1. b. UPB of loans transferred to held-for-sale. $(141) Net Change in UPB a b UPB at September 30, 2023 Fundings Repayments UPB at December 31, 2023 Total Commitments $8,121 Total Commitments $8,528
Loan Maturity Schedule Excludes $262 million of loans in maturity default as of December 31, 2023.
Financing Mix Total financing capacity decreased to $7.3 billion from $7.8 billion at September 30, 2023; undrawn capacity decreased to $1.6 billion from $2.1 billion at September 30, 202312 Unencumbered loan assets totaled $433 million (93% senior loans); unencumbered REO asset with a carrying value of $147.1 million a Net debt / equity ratio of 2.4x and total leverage ratio of 2.8x as of December 31, 2023, increased slightly from September 30, 2023 5,8 Summary of Outstanding Financing $ amounts in millions Capacity UPB at December 31, 2023 Weighted Average Spread13 Repurchase agreements and term participation facility $5,710 $4,271 2.76% Asset Specific Financing $541 $407 3.41% Secured Term Loan $725 $725 4.50% Debt Related to REO $290 $290 2.83% Total as of 4Q-2023 $7,266 $5,694 3.03% a. Total carrying value includes acquired lease intangibles, net of accumulated depreciation.
Capital Structure Overview Conservative Capital Structure Capital Structure Composition ($ amounts in millions) 2.4x Net Debt / Equity Ratio5 $5.7 billion total warehouse and participation financing capacity across six counterparties with $4.3 billion outstanding12 Weighted average advance rate of 68% on asset-specific financings (77% advance rate on multi-family loans and 62% on other loans) For illustrative and discussion purposes only. Not intended to illustrate order of priority. Warehouse Facilities $3,919 Other Asset- Specific Financings $375 Debt Related to REO $290 Unencumbered loan assets totaled $433 million (93% senior loans) Equity $2,300 Secured Term Loan $725 Warehouse and Participation Facilities $4,271 Debt Related to REO $290 Other Asset-Specific Financings $407
Appendix A The properties above are not representative of all transactions.
Portfolio Overview Investment Carrying Value3 Unpaid Principal Balance Loan Commitment10 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 1 399.4 401.2 405.0 Dec-21 Multifamily CA Senior N 3 Investment 2 389.5 390.0 390.0 Nov-19 Multifamily NY Senior N 3 Investment 3 266.4 265.0 265.0 Jul-18 Hospitality NY Senior N 3 Investment 4 224.8 225.0 225.0 Jul-21 Hospitality GA Senior N 3 Investment 5 214.9 216.2 227.0 Jun-22 Hospitality CA Senior N 3 Investment 6 212.9 214.5 262.1 Feb-22 Multifamily CA Senior Y 4 Investment 7 212.8 213.8 235.0 Aug-22 Hospitality CA Senior N 3 Investment 8 208.9 208.9 247.3 Oct-19 For Sale Condo CA Senior N 3 Investment 9 188.8 189.0 197.3 Oct-19 Mixed-Use DC Senior N 3 Investment 10 182.7 183.0 183.0 Sep-18 Land NY Senior N 3 Investment 11 174.2 174.2 319.9 Sep-19 Office GA Senior N 4 Investment 12 169.4 170.0 170.0 Jan-22 Multifamily CO Senior N 3 Investment 13 168.1 168.9 193.4 Apr-22 Multifamily MI Senior N 3 Investment 14 154.1 155.0 160.0 Sep-22 Multifamily AZ Senior N 3 Investment 15 120.1 151.3 151.3 Jan-18 Land VA Senior N 5 Investment 16 149.9 150.0 150.0 Feb-19 Office CT Senior N 4 Investment 17 136.2 136.5 136.5 Dec-21 Multifamily PA Senior N 3 Investment 18 132.8 133.6 151.7 Apr-22 Multifamily TX Senior N 3 Investment 19 129.7 130.0 130.0 Dec-21 Multifamily VA Senior N 3 Investment 20 124.8 125.0 125.0 Dec-21 Office IL Subordinate N 3 CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2023 ($ amounts in millions)
Portfolio Overview Investment Carrying Value3 Unpaid Principal Balance Loan Commitment10 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 21 122.5 123.3 127.3 Jun-22 Multifamily TX Senior N 3 Investment 22 122.5 122.5 122.5 Sep-19 Office NY Senior N 4 Investment 23 119.5 119.6 122.1 Apr-19 Mixed-Use NY Senior N 3 Investment 24 118.5 119.1 122.0 Mar-22 Multifamily TX Senior N 4 Investment 25 114.8 115.0 115.0 Aug-22 Multifamily CO Senior N 3 Investment 26 113.6 113.5 113.5 Jul-21 Multifamily IL Senior N 3 Investment 27 91.6 112.4 124.8 Feb-20 Office CA Senior N 5 Investment 28 110.4 112.3 202.5 May-22 Mixed-Use VA Senior Y 3 Investment 29 105.3 104.3 104.3 Jun-18 Hospitality NY Senior Y 4 Investment 30 102.7 103.0 103.0 Dec-21 Mixed-Use TN Senior N 3 Investment 31 100.9 101.1 101.1 Mar-23 Hospitality CA Senior N 3 Investment 32 98.6 99.1 148.3 Mar-21 Other MA Senior N 3 Investment 33 97.8 98.2 100.0 Aug-21 Office CA Senior N 4 Investment 34 96.1 96.5 100.8 Jan-22 Multifamily NV Senior N 3 Investment 35 87.8 87.8 87.8 Mar-20 Office TX Senior N 4 Investment 36 88.2 87.7 87.7 Dec-18 Land NY Senior N 4 Investment 37 a 78.4 78.5 115.3 Aug-22 Hospitality NY Senior Y 4 Investment 38 77.0 78.0 140.0 Nov-22 Other MA Senior Y 3 Investment 39 76.5 77.6 130.5 Jan-22 Other PA Senior N 3 Investment 40 76.4 76.4 76.4 Jul-18 Hospitality CA Senior N 4 CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2023 ($ amounts in millions)
Portfolio Overview Investment Carrying Value3 Unpaid Principal Balance Loan Commitment10 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 41 75.3 75.5 76.0 Jul-22 Multifamily UT Senior N 3 Investment 42 75.5 75.5 75.5 Apr-19 Mixed-Use NY Senior N 3 Investment 43 51.1 71.5 84.8 Aug-21 Office GA Senior N 5 Investment 44 70.4 70.7 79.6 Jun-21 Other MI Senior N 3 Investment 45 67.4 67.7 83.9 Dec-21 Multifamily TX Senior N 4 Investment 46 67.0 67.0 67.0 Jul-19 Land NY Senior N 4 Investment 47 65.6 66.6 106.5 Oct-22 Other NV Senior Y 3 Investment 48 64.3 66.0 176.3 Sep-22 Multifamily UT Senior Y 3 Investment 49 61.9 62.7 90.0 Feb-22 Office WA Senior N 3 Investment 50 59.2 59.6 73.7 Jan-22 Hospitality TN Senior N 3 Investment 51 52.7 53.0 60.3 Nov-21 Multifamily NV Senior N 3 Investment 52 50.0 50.2 53.3 Mar-22 Multifamily AZ Senior N 4 Investment 53 38.6 38.8 44.8 Feb-22 Multifamily TX Senior N 4 Investment 54 30.3 30.2 30.2 Jul-21 Land FL Subordinate N 3 Investment 55 30.0 30.0 30.0 Apr-19 Land MA Senior N 3 Investment 56 29.3 29.5 32.8 Jan-22 Other GA Senior Y 3 Investment 57 24.8 24.9 28.5 Feb-22 Multifamily TX Senior N 3 Investment 58 21.9 22.4 54.0 Feb-22 Other GA Senior Y 3 Investment 59 16.0 16.2 23.4 Apr-22 Other GA Senior Y 3 Investment 60 14.6 14.9 32.1 Feb-22 Other FL Senior Y 3 CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2023 ($ amounts in millions)
Portfolio Overview Investment Carrying Value3 Unpaid Principal Balance Loan Commitment10 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 61 10.9 11.1 24.2 Apr-22 Other GA Senior Y 3 Investment 62 10.9 10.6 10.6 Aug-19 For Sale Condo NY Senior N 3 Investment 63 1.9 1.9 1.9 Jul-19 Other Other Senior N 5 Investment 64 (0.0) 0.9 0.9 Aug-18 Other NY Subordinate N 5 Investment 65 (1.1) - 112.1 Dec-22 Multifamily WA Senior Y 3 Total / Wtd. Average9 $6,947.8 $7,044.5 $8,121.4 17% Investment in unconsolidated joint venture a $42.5 Real Estate Owned – Hospitality, net 394.9 Real Estate Owned – Mixed-Use, net b 147.1 Portfolio Total $7,532.2 CMTG Portfolio Summary by Unpaid Principal Balance as of December 31, 2023 ($ amounts in millions) Comprised of loans backed by the same property. Total carrying value includes acquired lease intangibles, net of accumulated depreciation.
($ amounts in thousands) December 31, 2023 March 31, 2022 December 31, 2022 March 31, 2022 Assets Cash and cash equivalents $ 187,301 $ 306,456 Restricted cash 27,588 41,703 Loan principal payments held by servicer 11,000 - Loans receivable held-for-investment 7,020,383 7,489,074 Less: current expected credit loss reserve (142,958) (128,647) Loans receivable held-for-investment, net 6,877,425 7,360,427 Loans receivable held-for-sale 261,709 - Equity method investment 42,474 41,880 Real estate owned, net 522,959 401,189 Other assets 138,905 89,858 Total assets $ 8,069,361 $ 8,241,513 Liabilities and Equity Repurchase agreements $ 3,805,678 $ 3,966,859 Term participation facility 465,434 257,531 Loan participations sold, net 120,508 263,798 Notes payable, net 283,341 149,521 Secured term loan, net 712,576 736,853 Debt related to real estate owned, net 289,913 289,389 Other liabilities 47,368 59,223 Dividends payable 35,328 52,001 Management fee payable – affiliate 9,315 9,867 Total liabilities $ 5,769,461 $ 5,785,042 Equity Common stock, $0.01 par value, 500,000,000 shares authorized, 138,475,357 and 140,055,714 shares issued and 138,745,357 and 138,376,144 shares outstanding at December 31, 2023 and December 31, 2022, respectively 1,387 1,400 Additional paid-in capital 2,725,217 2,712,316 Accumulated deficit (426,704) (257,245) Total equity 2,299,900 2,456,471 Total liabilities and equity $ 8,069,361 $ 8,241,513 Consolidated Balance Sheets December 31, 2023 and December 31, 2022 Source: CMTG financials.
Consolidated Statements of Operations For the Three Months Ended December 31 and September 30, 2023, and December 31, 2022 Source: CMTG financials. Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) December 31, 2023 March 31, 2022 September 30, 2023 March 31, 2022 December 31, 2022 March 31, 2022 Revenue Interest and related income $ 170,929 $ 182,044 $ 154,461 Less: interest and related expense 121,191 123,611 92,501 Net interest income 49,738 58,433 61,960 Revenue from real estate owned 26,241 22,120 21,657 Total net revenue 75,979 80,553 83,617 Expenses Management fees – affiliate 9,315 9,541 9,867 General and administrative expenses 3,631 3,565 4,776 Stock-based compensation expense 4,469 4,369 3,427 Real estate owned: Operating expenses 14,528 13,706 12,300 Interest expense 6,184 6,137 4,964 Depreciation and amortization 2,579 2,558 2,039 Total expenses 40,706 39,876 37,373 Gain on sale of loan - 575 - Proceeds from interest rate cap 1,732 1,691 495 Unrealized (loss) gain on interest rate cap (1,836) (1,659) 429 Gain on foreclosure of real estate owned 4,162 - - (Loss) income from equity method investment (41) (33) 1,556 Provision for current expected credit loss reserve (5,247) (110,198) (71,377) Net income (loss) attributable to common stock $ 34,043 $ (68,947) $ (22,653) Net income (loss) per share of common stock Basic and diluted $ 0.24 $ (0.50) $ (0.17) Weighted-average shares of common stock outstanding Basic and diluted 138,776,355 138,899,168 138,457,076
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) Refer to page 21 for definition of Distributable Earnings. Distributable Earnings (Loss) Reconciliation Q4 2023 Q3 2023 Q2 2023 Q1 2023 Total 2023 (2) Net income (loss) attributable to common stock: $34,043 ($68,947) $4,253 $36,678 $6,027 Adjustments: Non-cash stock-based compensation expense 4,469 4,369 4,395 3,366 16,599 Provision for (reversal of) current expected credit loss reserve 5,247 110,198 41,476 (3,239) 153,682 Depreciation and amortization expense 2,579 2,558 2,092 2,058 9,287 Amortization of above and below market lease values, net 354 354 - - 708 Unrealized loss on interest rate cap 1,835 1,659 259 1,404 5,157 Gain on extinguishment of debt - - (2,217) - (2,217) Gain on sale of loan - (575) - - (575) Gain on foreclosure of real estate owned (1) (4,162) - - - (4,162) Distributable Earnings prior to realized gains and principal charge-offs $44,365 $49,616 $50,258 $40,267 $184,506 Gain on sale of loan - 575 - - 575 Gain on extinguishment of debt - - 2,217 - 2,217 Principal charge-offs (7,468) (72,957) (66,935) - (147,361) Distributable Earnings (Loss) $ 36,897 $ (22,766) $ (14,460) $ 40,267 $ 39,937 Weighted average diluted shares - Distributable Earnings (Loss) 141,321,572 141,469,161 141,648,701 140,568,979 141,254,760 Diluted Distributable Earnings per share prior to realized gains and principal charge-offs $ 0.31 $ 0.35 $ 0.35 $ 0.29 $ 1.31 Diluted Distributable Earnings (Loss) per share $ 0.26 $ (0.16) $ (0.10) $ 0.29 $ 0.28 1. Represents an adjustment to previously recognized gain on foreclosure of real estate owned in 2021. 2. Totals may not foot or cross-foot due to rounding.
Book Value per share Reconciliation Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Equity $ 2,299,900 $ 2,296,669 $ 2,400,426 $ 2,444,154 $ 2,456,471 Number of shares of common stock outstanding and RSUs 141,313,339 141,321,693 141,687,697 141,632,654 140,542,274 Book Value per share(1) $ 16.28 $ 16.25 $ 16.94 $ 17.26 $ 17.48 Add back: accumulated depreciation on real estate owned and accumulated amortization of related lease intangibles 0.18 0.16 0.14 0.12 0.11 Add back: general CECL reserve 0.57 0.59 0.56 0.58 0.61 Adjusted Book Value per share $ 17.03 $ 17.00 $ 17.64 $ 17.96 $ 18.20 Debt-to-Equity and Total Leverage Reconciliation Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Asset-specific debt $ 4,964,874 $ 4,935,633 $ 5,162,229 $ 5,182,328 $ 4,927,098 Secured term loan, net 712,576 713,276 713,975 736,190 736,853 Total debt 5,677,450 5,648,909 5,876,204 5,918,518 5,663,951 Less: cash and cash equivalents (187,301) (307,367) (253,055) (426,503) (306,456) Net Debt $ 5,490,149 $ 5,341,542 $ 5,623,149 $ 5,492,015 $ 5,357,495 Total Equity $ 2,229,900 $ 2,296,669 $ 2,400,426 $ 2,444,154 $ 2,456,471 Net Debt-to-Equity Ratio 2.4x 2.3x 2.3x 2.2x 2.2x Non-consolidated senior loans 887,300 887,300 916,616 915,623 968,302 Total Leverage $ 6,377,449 $ 6,228,842 $ 6,539,765 $ 6,407,638 $ 6,325,797 Total Leverage Ratio 2.8x 2.7x 2.7x 2.6x 2.6x Adjusted Book Value per share, Debt-to-Equity and Total Leverage Calculations 1. Calculated as (i) total equity divided by (ii) number of shares of common stock outstanding and RSUs at period end.
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 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 reference to, CMTG’s financial statements. No Offer or Solicitation This document does not constitute (i) an offer to sell or a solicitation of an offer to purchase any securities in CMTG, (ii) a means by which any other investment may be offered or sold or (iii) advice or an expression of our view as to whether an investment in CMTG is suitable for any person. Portfolio Metrics; Basis of Accounting The performance information set forth in this document has generally been prepared on the basis of generally accepted accounting principles in the United States (U.S. GAAP). The basis on which CMTG’s operating metrics are presented in this document may vary from other reports or documents that CMTG prepares from time to time for internal or external use. Net Debt / Equity Ratio, Total Leverage Ratio, and Distributable Earnings (Loss) Net Debt / Equity Ratio, Total Leverage Ratio, and Distributable Earnings (Loss) are non-GAAP measures used to evaluate the Company’s performance excluding the effects of certain transactions, non-cash items and GAAP adjustments, as determined by our Manager. Net Debt / Equity Ratio is a non-GAAP measure, which the Company defines as the ratio of asset-specific debt and Secured Term Loan, less cash and cash equivalents, to total equity. Total Leverage Ratio is a non-GAAP measure, which the Company defines as the ratio of asset-specific debt and Secured Term Loan, plus non-consolidated senior interests held by third parties, less cash and cash equivalents, to total equity. Distributable Earnings (Loss) is a non-GAAP measure, which the Company defines as net income (loss) in accordance with GAAP, excluding (i) non-cash stock-based compensation expense, (ii) real estate depreciation and amortization, (iii) any unrealized gains or losses from mark-to-market valuation changes (other than permanent impairments) that are included in net income (loss) for the applicable period, (iv) one-time events pursuant to changes in GAAP and (v) certain non-cash items, which in the judgment of our Manager, should not be included in Distributable Earnings (Loss). Furthermore, the Company presents Distributable Earnings prior to realized gains and losses, which includes principal charge-offs, as the Company believes this more easily allows our Board, Manager, and investors to compare our operating performance to our peers, to assess our ability to declare and pay dividends, and to determine our compliance with certain financial covenants. Pursuant to the Management Agreement, we use Core Earnings, which is substantially the same as Distributable Earnings (Loss) excluding incentive fees, to determine the incentive fees we pay our Manager. The Company believes that Net Debt / Equity Ratio and Total Leverage Ratio provide meaningful information to consider in addition to the Company’s total liabilities and balance sheets. Net Debt / Equity Ratio and Total Leverage Ratio are used to evaluate the Company’s financial leverage. The Company believes that Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses provide meaningful information to consider in addition to our net income (loss) and cash flows from operating activities in accordance with GAAP. Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses do not represent net income (loss) or cash flows from operating activities in accordance with GAAP and should not be considered as an alternative to GAAP net income (loss), an indication of our cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. In addition, the Company’s methodology for calculating these non-GAAP measures may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures and, accordingly, the Company’s reported Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses may not be comparable to the Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses reported by other companies. In order to maintain the Company’s status as a REIT, the Company is required to distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain, as dividends. Distributable Earnings (Loss), Distributable Earnings prior to realized gains and losses, and other similar measures, have historically been a useful indicator over time of a mortgage REIT’s ability to cover its dividends, and to mortgage REITs themselves in determining the amount of any dividends to declare. Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses are key factors, among others, considered by the Board in setting the dividend each quarter and as such the Company believes Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses are also useful to investors. While Distributable Earnings (Loss) excludes the impact of our provision for or reversal of current expected credit loss reserve, principal charge-offs are recognized through Distributable Earnings (Loss) when deemed non-recoverable. Non-recoverability is determined (i) upon the resolution of a loan (i.e., when the loan is repaid, fully or partially, or when the Company acquires title in the case of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure), or (ii) with respect to any amount due under any loan, when such amount is determined to be uncollectible. Determinations of Loan-to-Value / Loan-to-Cost LTV represents “loan-to-value” or “loan-to-cost”, which is calculated as our total loan commitment from time to time, as if fully funded, plus any financings that are pari passu with or senior to our loan, divided by our estimate of either (1) the value of the underlying real estate, determined in accordance with our underwriting process (typically consistent with, if not less than, the value set forth in a third-party appraisal) or (2) the borrower’s projected, fully funded cost basis in the asset, in each case, as we deem appropriate for the relevant loan and other loans with similar characteristics. Loans with specific current expected credit loss (“CECL”) reserves are reflected as having an LTV of 100%. Underwritten values and projected costs should not be assumed to reflect our judgment of current market values or project costs, which may have changed materially since the date of origination. LTV is updated only in connection with a partial loan paydown and/or release of collateral, material changes to expected project costs, the receipt of a new appraisal (typically in connection with financing or refinancing activity) or a change in our loan commitment. Totals represent weighted average based on loan commitment, including non-consolidated senior interests and pari passu interests.
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 include statements that include words such as “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “plan,” “intend” and similar words or expressions. Forward-looking statements in this presentation include, but are not limited to, statements regarding future operations, business strategy, cash flows, income, costs, expenses, liabilities and profits of CMTG. These statements are based on numerous assumptions and are subject to risks, uncertainties or change in circumstances that are difficult to predict or quantify. Actual future results may vary materially from those expressed or implied in these forward-looking statements, and CMTG’s business, financial condition and results of operations could be materially and adversely affected by numerous factors, including such known and unknown risks and uncertainties. As a result, forward-looking statements should be understood to be only predictions and statements of our current beliefs, and are not guarantees of performance. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; changes in interest rates and their impact on our borrowers and on the availability and cost of our financing; our projected operating results; defaults by borrowers in paying debt service on outstanding loans; the timing of cash flows, if any, from our investments; the state of the U.S. and global economy generally or in specific geographic regions; reduced demand for office, multifamily or retail space, including as a result of the increase in remote and/or hybrid work trends which allow work from remote locations other than the employer’s office premises; governmental actions and initiatives and changes to government policies; the amount of commercial mortgage loans requiring refinancing; our ability to obtain and maintain financing arrangements on attractive terms, or at all; our ability to maintain compliance with covenants under our financing arrangements; current and prospective financing costs and advance rates for our target assets; our expected leverage; general volatility of the capital markets and the markets in which we may invest; the impact of a protracted decline in the liquidity of capital markets on our business; the state of the regional, national, and global banking systems; the uncertainty surrounding the strength of the national and global economies; the return on or impact of current and future investments, including our loan portfolio and real estate owned investments; allocation of investment opportunities to us by our Manager and our Sponsor; changes in the market value of our investments; effects of hedging instruments on our target assets; rates of default, decreased recovery rates, and/or increased loss severity rates on our target assets and related impairment charges, including as it relates to our real estate owned investments; the degree to which our hedging strategies may or may not protect us from interest rate volatility; changes in governmental regulations, tax law and rates, and similar matters (including interpretation thereof); our ability to maintain our qualification as a real estate investment trust (“REIT”); our ability to maintain our exclusion from registration under the 1940 Act; availability and attractiveness of investment opportunities we are able to originate in our target assets; the ability of our Manager to locate suitable investments for us, monitor, service and administer our investments and execute our investment strategy; availability of qualified personnel from our Sponsor and its affiliates, including our Manager; estimates relating to our ability to pay dividends to our stockholders in the future; our understanding of our competition; impact of increased competition on projected returns; geopolitical or economic conditions or uncertainty, which may include military conflicts and activities (including the military conflicts between Russia and Ukraine, Israel and Hamas, and elsewhere throughout the Middle East and North Africa more broadly), tensions involving Russia, China, and Iran, political instability, social unrest, civil disturbances, terrorism, natural disasters and pandemics; and market trends in our industry, interest rates, real estate values, the debt markets generally, the CRE debt market or the general economy. The forward-looking statements are based on beliefs, assumptions, and expectations about future performance, taking into account all information currently available. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known. If a change occurs, CMTG’s business, financial condition, liquidity, and results of operations may vary materially from those expressed in any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect CMTG. Except as required by law, CMTG is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Endnotes Total Liquidity as of December 31, 2023, includes cash, loan principal payments held by servicer net of secured debt balance, and approved and undrawn credit capacity based on existing collateral. 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 floating benchmark rate/floors (if applicable), in place as of December 31, 2023. For loans placed on non-accrual, the annualized yield to initial maturity used in calculating the weighted average annualized yield to initial maturity is 0%. Based on carrying value net of specific CECL reserves; excludes loans held-for-sale. LTV represents underwritten “loan-to-value” or “loan-to-cost.” Underwriting is generally not updated after origination and generally does not take into consideration the potential impact of market conditions and other factors on asset values or project costs. See Important Notices beginning on page 21 for additional information. Net Debt / Equity Ratio is calculated as the ratio of asset-specific debt and Secured Term Loan, less cash and cash equivalents, to total equity. For further information, please refer to Item 7 (MD&A) of our 10-K. Refer to page 19 for a reconciliation of net income (loss) attributable to common stock to distributable earnings (loss) and distributable earnings prior to realized gains and principal charge-offs. Excludes our real estate owned (REO) investments, unless otherwise noted. Total Leverage Ratio is calculated as the ratio of asset-specific debt and Secured Term Loan, plus non-consolidated senior interests held by third parties, less cash and cash equivalents, to total equity. Based on total loan commitments. Loan commitment represents principal outstanding plus remaining unfunded loan commitments. Fully extended maturity assumes all extension options are exercised by the borrower upon satisfaction of the applicable conditions. Subject to approval of financing counterparty as well as pledging of additional unencumbered assets. Weighted average spreads exclude LIBOR / SOFR floors. Fixed-rate financings are presented as a spread over the relevant floating benchmark rate. Senior loans include senior mortgages and similar loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans.
v3.24.0.1
Document And Entity Information
|
Feb. 20, 2024 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Feb. 20, 2024
|
| Entity Registrant Name |
Claros Mortgage Trust, Inc.
|
| Entity Central Index Key |
0001666291
|
| Entity Emerging Growth Company |
false
|
| Entity File Number |
001-40993
|
| Entity Incorporation, State or Country Code |
MD
|
| Entity Tax Identification Number |
47-4074900
|
| Entity Address, Address Line One |
c/o Mack Real Estate Credit Strategies, L.P.
|
| Entity Address, Address Line Two |
60 Columbus Circle
|
| Entity Address, Address Line Three |
20th Floor
|
| Entity Address, City or Town |
New York
|
| Entity Address, State or Province |
NY
|
| Entity Address, Postal Zip Code |
10023
|
| City Area Code |
(212)
|
| Local Phone Number |
484-0050
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common Stock, $0.01 par value per share
|
| Trading Symbol |
CMTG
|
| Security Exchange Name |
NYSE
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 2 such as Street or Suite number
| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 3 such as an Office Park
| Name: |
dei_EntityAddressAddressLine3 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Claros Mortgage (NYSE:CMTG)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Claros Mortgage (NYSE:CMTG)
Historical Stock Chart
Von Mai 2023 bis Mai 2024
