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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.
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PAGE 1CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT 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 Provision for CECL reserves of $24.2 million, or $0.17 per share, for the quarter Book value of $12.24 per share REO investments generated distributable earnings prior to gains and losses of $0.01 per share for the quarter, net of financing costs Financial Loan resolutions year-to-date of $2.2 billion of UPB and partial loan repayments of $80.8 million of UPB 2, 9 Loan and REO Portfolio Resolutions Loan resolutions during the quarter: $716.0 million of UPB 2, 9 $167.6 million of UPB- One full repayment: $390.0 million of UPB 2, watchlist loan- One discounted payoff: $158.4 million of UPB 2, watchlist loans collateralized by multifamily properties in Dallas MSA- Two mortgage foreclosures: REO resolutions during the quarter: $13.8 million of gross proceeds related to sales of two floors of office space- Mixed-use REO: Resolutions subsequent to quarter end: $136.5 million of UPB- One full repayment: $30.0 million of UPB 2, classified as held-for-sale as of quarter end- One loan sale: $12.2 million of gross proceeds related to sale of signage component- Mixed-use REO: $4.3 billion loan portfolio, of which 97% are floating-rate and 97% are senior loans 4, 5, 14 Loans with a risk rating of 4 or 5 were 44% of the loan portfolio ($2.1 billion of UPB, 17 loans) as of September 30, 2025, compared to 48% of the loan portfolio ($2.6 billion of UPB, 20 loans) as of June 30, 2025 3, 4 CECL reserves of $307.7 million on loans receivable, or $2.15 per share as of quarter end - Approximates 6.8% of UPB at September 30, 2025, comprised of (i) specific reserves of 17.2% on UPB of risk rated 5 loans and (ii) general reserves of 3.9% on UPB (9.9% on UPB of risk rated 4 loans and 1.3% on UPB of remaining loans) Loan Portfolio 3,7 At September 30, 2025: - Total liquidity increased to $353 million, including $340 million of cash 6 - Unencumbered assets of $502 million, consisting of $398 million of loan UPB (including a $30 million loan classified as held-for-sale) and $104 million of REO carrying value - Net unfunded loan commitments decreased to $105 million, with the remaining balance representing primarily “good news” funding for the lease-up of currently vacant space - Outstanding financings decreased by $376 million during the quarter, including $52 million of deleveraging payments - Net debt / equity ratio decreased to 1.9x and total leverage ratio decreased to 2.4x 7, 8 At November 4, 2025, total liquidity of $385 million, including $369 million of cash 6 Liquidity and Capitalization Third Quarter 2025 Highlights See Endnotes in the Appendix.
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PAGE 2CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Loan Portfolio Overview June 30, 2025September 30, 2025Key Portfolio Metrics 9, 10 $5.0Bn$4.3BnLoan Portfolio 4 $5.6Bn$4.9BnTotal Loan Commitments 12 4237Number of Loans 74.8%74.6%Adjusted LTV 11 $134MM$132MMAverage Commitment Size 7.0%6.7%Weighted Average All-In Yield 13 98%97%Floating Rate Loans 4 98%97%Senior Loans 4, 14 See Endnotes in the Appendix. 6% 7%6% 6% 7% 7% 18% 16% 19% 16% 44% 48% 0% 20% 40% 60% 80% 100% Multifamily Hospitality Office Mixed-use Land Other 15 28% 25% 5% 5% 5% 4% 6% 5% 6% 5% 6% 8% 7% 9% 14% 19% 23% 20% 0% 20% 40% 60% 80% 100% CA NY TX VA / DC GA UT PA IL Other Collateral Diversification 4, 9, 10 Geographical Diversification 4, 9, 10 6/30/259/30/25 6/30/259/30/25
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PAGE 3CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Region Exposure by Carrying Value and as a % of Total Carrying Value 4, 9($ amounts in millions) OtherMidwestSouthwestSoutheastMid AtlanticNortheastWest% of Total Carrying Value Carrying Value 4 Number of LoansCollateral Type -$291 / 7%$319 / 7%-$266 / 6%-$1,033 / 24%44%$1,90914Multifamily ---$60 / 1%-$309 / 7%$446 / 10%19%$8155Hospitality -$125 / 3%-$260 / 6%-$150 / 3%$254 / 6%18%$7897Office ---$86 / 2%-$224 / 5%-7%$310 3Mixed-use 15 ----$120 / 3%$155 / 4%-6%$275 3Land $39 / 1%---$78 / 2%$131 / 3%-6%$2485Other $39 / 1%$416 / 10%$319 / 7%$406 / 9%$464 / 11%$971 / 22%$1,733 / 40%100%$4,347 37Total 4, 9 Loan Portfolio Overview (cont’d) See Endnotes in the Appendix. Totals may not foot due to rounding.
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PAGE 4CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT $99 $340 $369 $3 $13 $16 $102 $353 $385 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 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 $42 million occurring after quarter end Liquidity Overview 11/4/259/30/2512/31/24 Total Available Liquidity ($ in millions) Cash and Cash Equivalents Approved and Undrawn Credit Capacity 6 See Endnotes in the Appendix.
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PAGE 5CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT $1,183 $671 $299 $191 $27 $79 $41 $51 $685 $327 $158 $105 $1,895 $1,077 $498 $348 $- $500 $1,000 $1,500 $2,000 9/30/2512/31/2412/31/2312/31/22 Unfunded Loan Commitments b 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 $105 million, representing a reduction of ~85%, and is primarily for “good news” funding for the lease-up of currently vacant space Unfunded Loan Commitments and Source of Funds16 ($ in millions) Expected or In-Place Financings Equity Expected to be FundedNot Expected to Fund 17 See Endnotes in the Appendix. Totals may not foot due to rounding.
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PAGE 6CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Financial Overview 2025 YTDQ1 2025Q2 2025Q3 2025Key Financial Metrics $ (269.9) $ (1.93) $ (78.6) $ (0.56) $ (181.7) $ (1.30) $ (9.5) $ (0.07) GAAP Net Loss ($MM) Per Share $ (167.3) $ (1.17) $ (35.7) $ (0.25) $ (110.1) $ (0.77) $ (21.5) $ (0.15) Distributable Loss ($MM) 1 Per Share $ 32.3 $ 0.23 $ 11.6 $ 0.08 $ 14.8 $ 0.10 $ 5.9 $ 0.04 Distributable Earnings prior to realized gains and losses ($MM) 1 Per Share - - - - - - - - Dividends ($MM) Per Share $ 1,934.6 $ 13.60 $ 14.64 $ 1,757.0 $ 12.27 $ 13.27 $ 1,748.8 $ 12.24 $ 13.28 Book Value ($MM) Per Share Adjusted Book Value per Share 11, 18 2.4x 2.8x 2.2x 2.6x 1.9x 2.4x Net Debt / Equity Ratio 7 Total Leverage Ratio 8 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 See Endnotes in the Appendix. Totals may not foot due to rounding.
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PAGE 7CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Book Value per Share Roll-Forward $15.17 Adjusted BV per Share 11 $13.28 Adjusted BV per Share 11 Book Value 9/30/25 RSUs and OtherRealized Losses and Non-Cash Items Distributable Earnings Prior to Realized Gains and Losses 11 Book Value 12/31/24 Totals may not foot due to rounding. $14.12 $12.24 General CECL $1.02 General CECL $0.98 Depreciation/ Amortization $0.03 Depreciation/ Amortization $0.06 $0.23 $2.15 $0.04 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00
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PAGE 8CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Loan Resolution Activity Loan Resolution and Repayment Activity (unpaid principal balance) FY 2022 – 2025 YTD ($ in billions) $2.3 billion 2025 YTD During the quarter, resolved four loans totaling $716.0 million of UPB $167.6 million of UPB- One full repayment: $390.0 million of UPB; watchlist loan, recovery of 90%- One discounted payoff: $158.4 million of UPB; watchlist loans, weighted average REO value relative to loan UPB of 86%- Two mortgage foreclosures: Subsequent to quarter end, resolved two loans totaling $167 million of UPB $136.5 million of UPB- One full repayment: $30.0 million of UPB; recovery of 94%- One loan sale: Year-to-date, resolved 18 loans totaling $2.2 billion of UPB and received $80.8 million in partial loan repayments - Resolved nine watchlist loans totaling $1.1 billion of UPB Full Repayments 35% Loan Sales at 100% of UPB 4%Partial Repayments 4% Discounted Payoffs 29% Loan Sales below 100% of UPB 15% Mortgage Foreclosures 13% $1.6 $1.1 $1.4 $2.3 $- $0.5 $1.0 $1.5 $2.0 $2.5 2022 2023 2024 2025 YTD
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PAGE 9CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT $5,213 $4,518 $33 $563 $30 $135 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 $6,000 $6,500 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 received $5 million of partial loan repayments 10 Loan Portfolio Activity ($695) Net Change in UPB Total Commitments $4,866 Total Commitments $5,608 Q3 2025 – Loan Portfolio Activity ($ in millions) UPB 10 9/30/25 Transfer to REO Loan Sale 10Repayments 10Fundings 10UPB 10 6/30/25 Unfunded Commitments $348 See Endnotes in the Appendix. Totals may not foot due to rounding. Unfunded Commitments $395
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PAGE 10CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Specific CECL Reserve (% of UPB)Specific CECL ReserveUPBNumber of Loans$ amounts in millions 12.6%$80.4$640.34 Anticipated REO Multifamily (CA / TX) 26.0% $50.9$179.42Office (CA / GA) $36.6$156.71Land (VA) $-$1.61Other 19 (Other) 17.2%$167.9$978.08Total 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 $402.3 million of UPB; as a result, 65% of total risk rated 5 UPB is secured by multifamily properties on which we expect to foreclose over the coming quarters. These loans have an average specific CECL reserve of 12.6%. - The remaining risk rated 5 loans are primarily secured by office and land properties with an average specific CECL reserve of 26.0% See Endnotes in the Appendix. Totals may not foot due to rounding.
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PAGE 11CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Risk Rated 4 Loan Summary General CECL Reserve (% of UPB)General CECL ReserveUPBNumber of Loans$ amounts in millions 10.8%$57.9$536.74Office (CA / CT / GA / WA) 9.1%$51.0 $325.02Multifamily (AZ / CO) $154.72Land (NY) $78.51Hospitality (NY) 9.9%$108.9$1,094.99Total Risk rated 4 loans have an average general CECL reserve of 9.9% Remaining risk rated 3 loans have an average general CECL reserve of 1.3% Totals may not foot due to rounding.
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PAGE 12CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Real Estate Owned Multifamily Properties A Multifamily 4Multifamily 3 BMultifamily 2Multifamily 1Mixed-Use PropertyHotel Portfolio($ amounts in millions, except asset basis) July 2025July 2025June 2025May 2025June 2023February 2021Acquisition Date Dallas, TXDallas, TXHenderson, NVPhoenix, AZNew York, NYNew York, NYLocation $25.2$109.9$78.2$42.1$104.2$320.7Carrying Value 20 370239 & 316 (555 Total)37620634K (Office), 31K (Retail), Signage C1,087Units / Keys / NSF $68,000 / Unit$198,000 / Unit$208,000 / Unit$204,000 / Unit-D$295,000 / KeyAsset Basis $25.6$77.4$62.7$32.6-$235.0Debt Outstanding ($0.4)$32.5$15.5$9.5$104.2$85.7Net Equity Improve operating performance for eventual asset sale Evaluating partial monetization Evaluating monetization Improve operating performance for eventual asset sale Commercial condominiumization, pursuing unit sales Continue to evaluate market conditions for eventual asset sale Strategy See Endnotes in the Appendix. A. Assets are financed through a repurchase agreement and are cross collateralized. B. Comprised of two multifamily properties which previously served as the collateral for one loan. C. Signage component sold in October 2025. D. Not determinable as asset component includes signage. 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 of $12.2 million
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PAGE 13CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT $4,032 $3,656 $17 $393 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 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 quarter end are secured by our multifamily real estate owned assets Financing Activity $(376) Net Change in UPB Q3 2025 – Financing Activity ($ in millions) UPB 9/30/25 RepaymentsAdvancesUPB 6/30/25 Totals may not foot due to rounding.
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PAGE 14CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT 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 $2.1 billion at June 30, 2025 Net debt / equity ratio of 1.9x, decrease from 2.2x at June 30, 2025 7 Total leverage ratio of 2.4x, decrease from 2.6x at June 30, 2025 8 Weighted Average Spread 21 UPBCapacity$ amounts in millions 2.88%$2,532$4,855Repurchase agreements and term participation facility 3.22%$177$196Asset specific financing 4.50%$712$712Secured term loan 3.18%$235$235Debt related to real estate owned hotel portfolio 3.23%$3,656$5,998Total as of September 30, 2025 Financing Balances and Weighted Average Spreads Leverage Ratios 7, 8 See Endnotes in the Appendix. 2.4x 2.4x 2.2x 1.9x 2.8x 2.8x 2.6x 2.4x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 12/31/24 3/31/25 6/30/25 9/30/25 Net Debt / Equity Ratio Total Leverage Ratio
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STRICTLY CONFIDENTIAL Appendix A The properties above are not representative of all transactions.
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PAGE 16CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT CMTG Watchlist Loan Summary as of September 30, 2025 ($ amounts in millions, except loan basis) Risk RatingLoan Basis (Commitment/CV) ALocationProperty TypeOrigination DateLoan Commitment 12 Unpaid Principal Balance Carrying Value 4Loan 5$1,473,092 / Unit CA Multifamily 12/16/2021$405.0$402.3$366.8Loan 1 5$159 / SF VA Land 1/9/2018156.7156.7120.1Loan 9 5$116,683 / Unit TX Multifamily 4/26/2022151.7136.4121.0Loan 13 5$423 / SF CA Office 2/13/2020123.9111.588.2Loan 19 5$75,077 / Unit TX Multifamily 12/22/202183.976.348.8Loan 28 5$114 / SF GA Office 8/27/202181.267.939.7Loan 31 5$96,552 / Unit TX Multifamily 2/17/202228.525.322.4Loan 36 5n/a Other Other 7/1/20191.61.61.6Loan 37 4$294 / SF GA Office 9/26/2019319.9220.2220.2Loan 4 4$373,626 / Unit CO Multifamily 1/14/2022170.0170.0170.0Loan 8 4$484,848 / Unit AZ Multifamily 9/8/2022160.0155.0155.0Loan 10 4$190 / SF CT Office 2/28/2019150.0150.0150.0Loan 11 4$299 / SF CA Office 8/2/202197.095.294.8Loan 23 4$235 / SF NY Land 12/21/201887.787.788.2Loan 24 4$341,197 / Key NY Hospitality 8/1/2022115.378.578.5Loan 26 4$618 / SF WA Office 2/2/202290.071.371.1Loan 30 4$93 / SF NY Land 7/31/201967.067.067.0Loan 32 Watchlist Loans A. For risk rated 5 loans, based on carrying value net of specific CECL reserves. For risk rated 4 loans, based on whole loan commitment value.
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PAGE 17CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2025 ($ amounts in millions) Risk RatingConstructionLoan TypeLocationProperty TypeOrigination DateLoan Commitment 12 Unpaid Principal Balance Carrying Value 4Loan 10 5-Senior CA Multifamily 12/16/2021$405.0$402.3$366.8Loan 1 3-Senior NY Hospitality 7/12/2018230.0230.0231.4Loan 2 3-Senior CA Hospitality 6/30/2022227.0224.9225.5Loan 3 4-Senior GA Office 9/26/2019319.9220.2220.2Loan 4 3-Senior CA Hospitality 8/17/2022235.0220.0220.3Loan 5 3-Senior MI Multifamily 4/14/2022187.5177.6177.5Loan 6 3-Senior UT Multifamily 9/2/2022176.3171.2170.5Loan 7 4-Senior CO Multifamily 1/14/2022170.0170.0170.0Loan 8 5-Senior VA Land 1/9/2018156.7156.7120.1Loan 9 4-Senior AZ Multifamily 9/8/2022160.0155.0155.0Loan 10 4-Senior CT Office 2/28/2019150.0150.0150.0Loan 11 3-Senior PA Multifamily 12/30/2021136.5136.5136.4Loan 12 A 5-Senior TX Multifamily 4/26/2022151.7136.4121.0Loan 13 3-Senior VA Multifamily 12/10/2021130.0130.0130.0Loan 14 3-Senior TX Multifamily 6/17/2022126.5126.5126.5Loan 15 3-Subordinate IL Office 12/9/2021125.0125.0124.9Loan 16 3-Senior NY Mixed-Use 4/29/2019117.3115.5114.6Loan 17 3-Senior IL Multifamily 7/20/2021113.5113.5113.8Loan 18
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PAGE 18CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2025 ($ amounts in millions) Risk RatingConstructionLoan TypeLocationProperty TypeOrigination DateLoan Commitment 12 Unpaid Principal Balance Carrying Value 4Loan 10 5-Senior CA Office 2/13/2020123.9111.588.2Loan 19 3YSenior MA Mixed-Use 11/4/2022135.0109.9109.8Loan 20 3-Senior NJ Other 7/30/2024104.5102.4101.3Loan 21 3YSenior WA Multifamily 12/21/2022112.195.395.0Loan 22 4-Senior CA Office 8/2/202197.095.294.8Loan 23 4-Senior NY Land 12/21/201887.787.788.2Loan 24 3-Senior TN Mixed-Use 12/15/202186.086.086.0Loan 25 4YSenior NY Hospitality 8/1/2022115.378.578.5Loan 26 B 3-Senior PA Other 1/10/2022118.078.377.9Loan 27 5-Senior TX Multifamily 12/22/202183.976.348.8Loan 28 3-Senior UT Multifamily 7/27/202275.675.675.5Loan 29 4-Senior WA Office 2/2/202290.071.371.1Loan 30 5-Senior GA Office 8/27/202181.267.939.7Loan 31 4-Senior NY Land 7/31/201967.067.067.0Loan 32 3-Senior TN Hospitality 1/19/202273.759.859.6Loan 33 3-Senior Other Other 4/5/201937.337.337.3Loan 34 3-Senior NY Other 4/5/201930.030.030.0Loan 35 5-Senior TX Multifamily 2/17/202228.525.322.4Loan 36
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PAGE 19CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Portfolio Details CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2025 ($ amounts in millions) Risk RatingConstructionLoan TypeLocationProperty TypeOrigination DateLoan Commitment 12 Unpaid Principal Balance Carrying Value 4Loan 10 5-Senior Other Other 7/1/20191.61.61.6Loan 37 7%$4,866.0$4,518.2$4,347.3Total / Wtd. Avg. 9, 10 $28.1Loan Receivable, held-for-sale $28.1Loan Receivable, Held-for-sale Total $42.2 Investment in unconsolidated joint venture B 320.7Real Estate Owned, net – Hotel Portfolio 104.2Real Estate Owned, net - Mixed Use 20 255.3Real Estate Owned, net - Multifamily 20 $722.4Non-Loan Investment Total $5,097.8Portfolio Total See Endnotes in the Appendix. Totals may not foot due to rounding. A. Loan repaid in October 2025. B. Comprised of loans secured by the same property.
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PAGE 20CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Consolidated Balance Sheets As of September 30, 2025 and June 30, 2025 June 30, 2025September 30, 2025($ amounts in thousands) Assets 209,204$339,518 $Cash and cash equivalents 18,716 16,743 Restricted cash 5,207,518 4,515,170 Loans receivable held-for-investment (326,072)(302,000)Less: current expected credit loss reserve 4,881,446 4,213,170 Loans receivable held-for-investment, net -28,069 Loans receivable held-for-sale 42,259 42,227 Equity method investment 218,503 661,608 Real estate owned held-for-investment, net 307,020 -Real estate owned held-for-sale 145,974 140,192 Other assets 5,823,122 $5,441,527 $Total assets Liabilities and Equity 2,440,057 $2,184,899 $Repurchase agreements 472,473 347,289 Term participation facility 168,999 175,750 Notes payable, net 708,378 707,678 Secured term loan, net 229,577 230,284 Debt related to real estate owned hotel portfolio, net 38,411 39,083 Other liabilities 8,197 7,733 Management fee payable - affiliate 4,066,092 3,692,716 Total liabilities Equity 1,398 1,402Common stock 2,749,284 2,750,589Additional paid-in capital (993,652)(1,003,180)Accumulated deficit 1,757,030 1,748,811 Total equity 5,823,122 $5,441,527 $Total liabilities and equity
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PAGE 21CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Consolidated Statements of Operations For the Three Months Ended September 30, 2025 and June 30, 2025 Three Months EndedThree Months Ended June 30, 2025September 30, 2025($ amounts in thousands, except share and per share data) Revenue 108,138$ 88,904$ Interest and related income 81,995 71,839 Less: interest and related expense 26,143 17,065 Net interest income 25,489 29,009 Revenue from real estate owned 51,632 46,074 Total net revenue Expenses 8,197 7,733 Management fees - affiliate 5,036 4,812 General and administrative expenses 4,762 2,061 Stock-based compensation expense Real Estate Owned: 15,696 18,489 Operating expenses 8,164 9,416 Interest expense 845 3,740 Depreciation and amortization 42,700 46,251 Total expenses -(71) Unrealized loss on interest rate cap (1,640) 2,006 Gain (loss) on partial sales of real estate owned (24)(32)Loss from equity method investment (313)12,980Valuation adjustment for real estate owned held-for-sale (189,489)(24,234)Provision for current expected credit loss reserve 827 -Valuation adjustment for loan receivable held-for-sale (181,707)$ (9,528)$ Net loss Net loss per share of common stock: (1.30)$ (0.07)$ Basic and diluted Weighted-average shares of common stock outstanding: 140,105,546 140,563,026 Basic and diluted
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PAGE 22CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT 2025 YTDQ1 2025Q2 2025Q3 2025Distributable Earnings (Loss) Reconciliation ($ amounts in thousands, except share and per share data) $ (269,858)$ (78,623)$ (181,707)$ (9,528)Net loss Adjustments: 11,897 5,074 4,762 2,061 Non-cash stock-based compensation expense 254,846 41,123 189,489 24,234 Provision for current expected credit loss reserve 5,023 438 845 3,740 Depreciation and amortization expense 946 354 334 258 Amortization of above and below market lease values, net 71--71Unrealized loss on interest rate cap 547 547 --Loss on extinguishment of debt 41,767 42,594 (827)-Valuation adjustment for loan receivable held-for-sale (12,618) 49 313 (12,980)Valuation adjustment for real estate owned held-for-sale (366) -1,640 (2,006)(Gain) loss on partial sales of real estate owned 32,255 11,556 14,849 5,850 Distributable Earnings prior to realized gains and losses (547)(547)--Loss on extinguishment of debt (209,795)(46,653)(120,817)(42,325)Principal charge-offs A 12,618(49)(313)12,980Valuation adjustment for real estate owned held-for-sale 366-(1,640)2,006Gain (loss) on partial sales of real estate owned (2,198)-(2,140)(58)Previously recognized depreciation and amortization on portion of real estate owned B $ (167,301)$ (35,693)$ (110,061)$ (21,547)Distributable Loss 143,082,634 142,192,694 142,922,632 143,082,634 Weighted average diluted shares - Distributable Loss $ 0.23 $ 0.08 $ 0.10 $ 0.04 Diluted Distributable Earnings per share prior to realized gains and losses $ (1.17)$ (0.25)$ (0.77)$ (0.15)Diluted Distributable Loss per share Reconciliation of GAAP Net Loss to Distributable (Loss) Earnings Totals may not foot or cross-foot due to rounding. Refer to page 24 for definition of Distributable Earnings (Loss). A. For the three months ended June 30, 2025, amount includes a $2.9 million charge off of accrued interest receivable related to the mortgage foreclosu res on multifamily properties in July 2025. For the three months ended March 31, 2025, amount includes a $3.5 million charge off of accrued interest receivable and a $0.5 million charge-off of an exit fee relat ed to the discounted payoff of a land loan. B. Reflects previously recognized depreciation and amortization on the p ortions of our mixed-use real estate owned asset that were sold during the ni ne months ended September 30, 2025. Amount not previously recognized in Distributable Earnings (Loss).
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PAGE 23CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT December 31, 2024March 31, 2025June 30, 2025September 30, 2025Book Value per share Reconciliation ($ amounts thousands except for per share data) $ 2,008,086 $ 1,934,585 $ 1,757,030 $ 1,748,811Total Equity 142,187,015 142,196,774 143,188,717 142,933,527 Number of shares of common stock outstanding and RSUs $ 14.12 $ 13.60 $ 12.27 $ 12.24 Book Value per share 22 0.03 0.04 0.03 0.06 Add back: accumulated depreciation and amortization on real estate owned and related lease intangibles 1.02 1.00 0.97 0.98 Add back: general CECL reserve $ 15.17 $ 14.64 $ 13.27 $ 13.28 Adjusted Book Value per share December 31, 2024March 31, 2025June 30, 2025September 30, 2025Net Debt-to-Equity and Total Leverage Reconciliation ($ amounts thousands except for per share data) $ 4,179,372 $ 3,966,778 $ 3,311,106 $ 2,938,222Asset specific debt 709,777 709,078 708,378 707,678 Secured term loan, net 4,889,149 4,675,856 4,019,484 3,645,900 Total debt (99,075)(127,829)(209,204)(339,518)Less: cash and cash equivalents $ 4,790,074 $ 4,548,027 $ 3,810,280 $ 3,306,382 Net Debt $ 2,008,086 $ 1,934,585 $ 1,757,030 $ 1,748,811 Total Equity 2.4x 2.4x 2.2x 1.9x Net Debt-to-Equity Ratio $ 830,000 $ 830,000 $ 830,000 $ 830,000 Non-consolidated senior loans $ 5,620,074 $ 5,378,027 $ 4,640,280 $ 4,136,382 Total Leverage 2.8x 2.8x 2.6x 2.4x Total Leverage Ratio Adjusted Book Value per share, Net Debt-to- Equity and Total Leverage Calculations See Endnotes in the Appendix.
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PAGE 24CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT 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, C laros 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 pre sentation. 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 s ell or a solicitation of an offer to purchase any securities in CMTG, (ii) a means by which any other inv estment 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 Un ited 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 pr epares 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 Distr ibutable Earnings (Loss) are non- GAAP measures used to evaluate the Company’s performance ex cluding the effects of certain transactions, non-cash items and GAAP adjustments, as determined by our M anager. 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 meas ure, which the Company defines as the ratio of asset-specific debt and Se cured Term Loan, plus non-consolidated senior interests held by third parties, less cash and cash equivalents, to total equity. Distri butable Earnings (Loss) is a non-GAAP measure, which the Company define s as net income (loss) in accordance with GAAP, excluding (i) non-cash stock-based compensation expense, (ii) real estate owned held-for-investment depreciation and amortization, (iii) any unrealized gain s or losses from mark-to-market valuation changes (other than permanent impairments) that are included in net income (loss) for the app licable period, (iv) one-time events pursuant to changes in GAAP and (v) cert ain non-cash items, which in the judgment of the Company’s Manager, should not be included in Distributable Earnings (Loss). Furthermo re, the Company presents Distributable Earnings prior to realized gain s and losses, which such gains and losses include charge-offs of principal, accrued interest receivable, and/or exit fees as the Company believes this more easily allows the Board, Manager, and investors to compar e the Company’s 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 Agreem ent, the Company uses Core Earnings, which is substantially the same as Distributable Earnings (Loss) excluding incentive fees, to determine the incentive fees the Company pays our Manager. The Company believes that Distributable Earnings ( Loss) and Distributable Earnings prior to realized gains and losses provide meaningful informat ion to consider in addition to 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 n ot represent net income (loss) or cash flows from operating activities in accordance with GAAP and should not be considered as an altern ative to GAAP net income (loss), an indication of cash flows from operating activities, a measure of liquidity or an indication of funds available for cash needs. In addition, the Company’s methodology for calculat ing these non-GAAP measures may differ from the methodologies employe d by other companies to calculate the same or similar supplemental performance measures and, accordingly, the Company’s repor ted Distributable Earnings (Loss) and Distributable Earnings prior to re alized 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 tax able income, determined without regard to the deduction for dividends paid and excluding net capital gain, as dividends. Distributable Earnings (Loss), Distribut able 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 Earning s (Loss) and Distributable Earnings prior to realized gains and losses are key factors, among others, considered by the Company’s Board in det ermining the dividend each quarter and as such the Company believes Dist ributable 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, charge-offs of pri ncipal, accrued interest receivable, and/or exit fees 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, when we acquire title in the case of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of f oreclosure, or when the loan is sold or anticipated to be sold for an amou nt less than its carrying value), or (ii) with respect to any amount due under any loan, when such amount is determined to be uncollectible. In determining Distributable Earnings (Loss) per share and Distributabl e Earnings per share prior to realized gains and losses, the dilutive effect of unvested RSUs is considered. The weighted average diluted shares outstanding used for Distributable Earnings (Loss) and Distribut able Earnings per share prior to realized gains and losses have been adjuste d from weighted average diluted shares under GAAP to include weighted average unvested RSUs.
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PAGE 25CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Important Notices (cont’d) Adjusted Book Value Per Share Adjusted Book Value per Share is a non-GAAP financial measure. We believe t hat presenting book value per share adjusted for our general current expect ed credit loss reserve and accumulated depreciation and amortization on our real estate owned held-for-investment is useful for investors as it enhances the comparability to our peers who may not hold real e state investments. Further, we believe that our investors and lenders consider book value excluding these items as an important metric related to our overall capitalization. Determinations of Loan-to-Value / Loan-to-Cost Adjusted LTV represents “loan-to-value” or “loan-to-cost” upon origination and updated only in connection with a partial loan paydown and/or relea se of collateral, material changes to expected project costs, the receipt of a new appraisal (typically in connection with financing or refi nancing activity) or a change in our loan commitment. LTV determined upon or igination is calculated as our total loan commitment upon origination, 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 va lue 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. Adjuste d LTV, origination LTV, underwritten values, and/or project costs shoul d not be assumed to reflect our judgment of current market values or project costs, which may have changed materially since the date of the most r ecent determination of LTV and/or origination. Weighted average adjuste d LTV is based on loan commitment, including non- consolidated senior interests and pari passu interests, and includes risk rated 5 loans. Loans with specific CECL reserves are reflected as 100% LTV.
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PAGE 26CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT Important Notices (cont’d) Forward-Looking Statements This document and oral statements made in connection therewith contain for ward-looking statements within the meaning of U.S. federal securities la ws. Forward-looking statements express CMTG’s views regarding future plans and expectations. They include statements that incl ude 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 prese ntation include, but are not limited to, statements regarding future ope rations, business strategy, cash flows, income, costs, expenses, liabilities and profits of CMTG. These statements are based on numerous a ssumptions and are subject to risks, uncertainties or change in circumstanc es that are difficult to predict or quantify. Actual future results may vary materially from those expressed or implied in these forward-lookin g 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 re sult, forward-looking statements should be understood to be only predicti ons 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 financial covenants under our financing arrangements; • current and prospective financing costs and advance rates for our existing and target assets; • our expected leverage; • general volatility of the capital markets and the markets in which we may invest and our borrowers operate in; • 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 investment s, including our loan portfolio and real estate owned assets; • 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 existing and target assets; • rates of default, decreased recovery rates, and/or increased loss severity rates on our existing and target assets and related impairment charges, i ncluding as it relates to our real estate owned assets; • 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; our ability to maintain our exclusion from registration under the Invest ment Company Act of 1940, as amended; • 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 strateg y; • 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; • the risk of securities class action litigation or stockholder activism; • geopolitical or economic conditions or uncertainty, which may include military conflicts and activities (including the military conflicts betwee n 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 disturbanc es, terrorism, natural disasters and pandemics; and • market trends in our industry, interest rates, real estate val ues, the debt markets generally, the CRE debt market or the general economy. The forward-looking statements are based on CMTG’s beliefs, assumptions and expectations of CMTG’s future performance, taking into account all inf ormation currently available. You should not place undue reliance on these forward-looking statements. These beliefs, assumption s, and expectations can change as a result of many possible events or factor s, not all of which are known to CMTG. If a change occurs, CMTG’s business, financial condition, liquidity, results of operations and prospects may vary materially from those expressed in any forward-look ing 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 i s not possible for CMTG to predict those events or how they may affect CMTG. E xcept 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.
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PAGE 27CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2025 EARNINGS SUPPLEMENT 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 los ses. 2. Refer to page 8 for further discussion of loan resolution activity. 3. Refer to pages 10 and 11 for further discussion of risk rated 4 and 5 loans. 4. Based on carrying value net of specific CECL reserves; excludes loans held-for-sale if applicable. 5. Based on total loan commitments. 6. Total Liquidity includes cash and approved and undrawn credit capacity based on existing collateral. 7. Net Debt / Equity Ratio is a non-GAAP measure and is calculated as the ratio of asset-specific debt and Secured Term Loan, less cash and cash equivalents , to total equity. Refer to page 23 for a reconciliation of Net Debt / Equity Ratio. For further information, please refer to Item 7 (MD&A) of our Form 10-Ks and/or Item 2 (MD&A) of ou r Form 10-Qs. 8. Total Leverage Ratio is a non-GAAP measure and is calculated as the ratio of asset-specific debt and Secured Term Loan, plus non-consolidated senior i nterests held by third parties, less cash and cash equivalents, to total equity. Refer to page 23 for a reconciliation of Total Leverage Ratio. For further information, plea se refer to Item 7 (MD&A) of our Form 10-Ks and/or Item 2 (MD&A) of our Form 10-Qs. 9. Excludes our real estate owned (REO) investments, unless otherwise noted. 10. Excludes loans receivable held-for-sale. 11. See Important Notices beginning on page 24 for additional information on this metric. 12. Loan commitment represents principal outstanding plus remaining unfunded loan commitments. 13. All-in yield represents the weighted average annualized yield to initial maturity of each loan held-for-investment, inclusive of coupon and contra ctual fees, based on the applicable floating benchmark rate/floors (if applicable), in place as of September 30, 2025. For loans placed on non-accrual, the annualized yield to initial m aturity used in calculating the weighted average annualized yield to initial maturity is 0%. 14. Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu par ticipations in senior mortgage loans. 15. At September 30, 2025, mixed-use comprises of 2% office, 1% multifamily, 1% retail, and 1% hospitality. Mixed-use allocations are based upon allocable square footage except where another method is deemed more appropriate under the applicable facts and circumstances. 16. At September 30, 2025, we had unfunded loan commitments of $348 million and $191 million of in-place or expected financing, ex cluding $13 million of ap proved and undrawn credit capacity based on existing collateral, resulting in net unfunded loan commitments of $105 million. 17. Not expected to fund is comprised of unfunded loan commitments relating to loans on non-accrual status, loans in maturity default, loans risk rated 5 a nd/or delinquent loans. 18. See page 7 for book value bridge. 19. Reflects loan for which no specific reserve is recorded as amounts deemed uncollectible have been charged-off as of September 30, 2025. 20. Carrying value includes lease related intangible assets and liabilities, if applicable, included in other assets and other liabilities on the Compa ny’s consolidated balance sheets. 21. Weighted average spreads exclude SOFR floors and is based upon unpaid principal balance. 22. Total carrying value includes acquired lease intangibles, net of accumulated depreciation and amortization. 23. Calculated as (i) total equity divided by (ii) number of shares of common stock outstanding and RSUs at period end.