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Third Quarter 2026 Earnings SupplementClaros Mortgage Trust, Inc. (CMTG)November 3, 2026The properties above are not representative of all transactions. The information provided herein is as of September 30, 2026, unless otherwise noted.
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PAGE 1CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT GAAP net loss of $14.3 million, or $0.10 per shareDistributable loss of $12.1 million, or $0.08 per share, and distributable loss prior to realized gains and losses of $7.9 million, or $0.05 per share1, 13Book value of $8.49 per share, net of $3.93 per share of CECL reserves on UPB19Financial$2.5 billion held-for-investment loan portfolio4Watchlist loans of $1.1 billion of carrying value (11 loans), down $547.2 million from year-end 2025 4-No loans added to the watchlist and no additional loans placed on non-accrual status during the quarter-In October, agreements to sell two risk rated 5 loans for $310.7 million of combined gross proceeds, or 97% of current combined carrying values, each became binding with nonrefundable purchaser deposits; if completed, incremental combined losses of $10.4 million, or ~$0.07 per share, expected upon Q4 2026 closingsCECL reserves of $566.2 million on UPB (18.5%)19Loan resolutions year-to-date of $1.3 billion of UPB2, 3, including six full loan repayments of $732.5 million, and partial loan repayments of $33.4 million of UPB-Resolved seven watchlist loans year-to-date totaling $646.8 million of UPB2, 3; gross proceeds of 79% of UPB$700.7 million REO portfolio consisting of eight investments8-In October, an agreement to sell two of the seven hotels in our REO hotel portfolio for $44.5 million of gross proceeds (a slight premium to current allocated carrying value) became binding with a nonrefundable purchaser deposit; closing expected by Q1 2027Loan and REO Portfolio 3, 4 Total liquidity of $146.9 million at quarter-end, including $133.8 million of cash7-At November 2, 2026, total liquidity of $142.7 million, including $136.8 million of cash7Unencumbered assets of $664.5 million, consisting of $517.1 million of loan UPB ($401.6 million of loan carrying value4) and $147.4 million of REO carrying value8; includes one loan that was fully deleveraged in OctoberFinancings outstanding decreased by $330.1 million, including $99.9 million of deleveraging paymentsNet debt-to-equity ratio of 1.7x; 1.5x after adjusting for fourth quarter loan resolutions and deleveraging of $268.7 million9, 13Total leverage ratio of 2.4x; 2.2x after adjusting for fourth quarter loan resolutions and deleveraging of $268.7 million10, 13Liquidity and Capitalization Third Quarter 2026 Highlights See Endnotes in the Appendix.
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PAGE 2CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Q2 2025 Q4 2025 Q2 2026 Q3 2026 Seven Quarters of Focused Execution See Endnotes in the Appendix.A. Watchlist loans include risk rated 4 and 5 loans.B. Cumulative unpaid principal balance resolved since January 1, 2025, prior to principal charge-offs; recovered UPB reflects unpaid principal balance resolved less principal charge-offs.C. Pro forma adjustments to September 30, 2026 metrics reflect loan resolutions and deleveraging totaling $268.7 million subsequent to September 30, 2026.D. Unpaid principal balance; December 31, 2024 includes loans classified as held-for-sale. Since January 1, 2025, CMTG has made meaningful progress in turning over the portfolio and strengthening and de-risking the balance sheet, with term loan financing extended through 2030-Of four loans downgraded to watchlist since January 1, 2025, three have been resolved at 86% of UPBResolving Watchlist Loan UPBA, BCumulative recovery of UPBCumulative principal charge-offs($ in billions)$0.5$0.4(72%of UPB)$0.1$1.3$1.0(81%of UPB)$0.3$1.8$1.5(81%of UPB)$0.3$2.0$1.6(80%of UPB)$0.4Execution Over Seven Quarters12/31/249/30/26 11/2/26Reduced Watchlist Loan CountA−1324 loans11 loans11 loansCReduced Watchlist Loan UPBA−$1.2Bn$2.8Bn$1.6Bn$1.6BnCTurning Over the Loan PortfolioD−$3.7Bn$6.5Bn$3.1Bn$2.8BnCGreater Liquidity+$41MM$102MM$147MM $143MMReduced Indebtedness−$2.9BnIncluding $973 million of deleveraging$4.9Bn$2.3Bn$2.0BnCReduced Net Debt-to-Equity Ratio−0.9x2.4x1.7x1.5xC80%Recovery of watchlistloan UPBB Pro FormaC
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PAGE 3CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT During the quarter, resolved four loans totaling $409.5 million of UPB2and received $8.0 million in partial loan repayments$223.1 million of UPB-Two full loan repayments:$111.5 million of UPB2; watchlist loan, recovery of 63% of UPB-One loan sale:$74.9 million of UPB2;watchlist loan, recovery of 94% of UPB-One discounted loan payoff:Subsequent to quarter-end, received two full loan repayments totaling $268.7 million of UPB and $0.6 million in partial loan repaymentsTurning Over the Loan Portfolio $3.9 billion280% recovery ofwatchlist loan UPBASee Endnotes in the Appendix.A. Watchlist loans include risk rated 4 and 5 loans. Loan Resolution and Partial Repayment Activity2($ in unpaid principal balance prior to principal charge-offs)2025 – 2026 YTD2023 – 2026 YTD($ in billions)Full Loan Repayments40%Loan Sales at 100% of UPB3%Partial Repayments3%Discounted Loan Payoffs22%Loan Sales below 100% of UPB17%Foreclosures13%Settlement with financing counterparty2%$0.7$0.9$1.3$0.6$0.4$0.5$1.3$0.72023 2024 2025 2026 YTD$2.6$1.3Risk rated 2 and 3 loansWatchlist loansA$1.1$1.4
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PAGE 4CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Book Value per Share CompositionBook Value per Share CompositionA, B(September 30, 2026)$0.93$4.04$1.99$4.10$0.90($3.47) Total: $8.49A, B$6.96Book Value of Cash, Performing Loans, and REO$0.93 – Cash$4.04 – Twelve risk rated 2 and 3 loans$1.99 – Eight real estate owned investments– $1.02: Represents two unencumbered REO investments$4.10 – Eleven risk rated 4 and 5 loans and one JV equity investment– Carrying values on risk rated 4 and 5 loans are net of $3.64 per share of CECL reserves– $2.52: Six risk rated 4 or 5 loans expected to have longer resolutions due to lender-driven value creation efforts ($0.49 unencumbered)– $0.29: One JV equity investment in a non-accrual loan$0.90 – Other assets, net($3.47) – Less: secured term loan principal$4.04Book value attributable to risk rated 2 and 3 loans, net of allocated general CECL reserves of $0.29.Over seven quarters, only four loans have been downgraded to watchlist, three of which have been resolved at 86% of UPB.$6.09Book value attributable to REO investments, watchlist loans, and JV equity investment. In price discovery process on $2.27 of book value ($1.03 unencumbered), including:-Three REO investments ($0.98 of book value, $0.37 unencumbered)-Five watchlist loans ($1.29 of book value, $0.66 unencumbered) Book value of $8.49 per share presented below reflects total GAAP equity attributed to components of our balance sheet, including our loans and REO investments A, B The various components of Book Value presented represent an attribution of total GAAP equity and are not an estimate of fair value or realizable value. See Important Notices beginning on page 21.A. Based on 144,245,923 shares of common stock outstanding and RSUs as of September 30, 2026. Excludes 7,542,227 warrants outstanding as the exercise price of $4.00 per share exceeds the closing price of our common stock.B. See page 17 for reconciliation of balance sheet to book value per share composition as of September 30, 2026.
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PAGE 5CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Loan Portfolio Overview See Endnotes in the Appendix.A. At September 30, 2026 and June 30, 2026, approximates 1%.B. At September 30, 2026 and June 30, 2026, approximates 0% and 2%, respectively. Held-for-investment loan portfolio of $2.5 billion across 23 loans, 95% floating-rate and 95% senior4, 6Key Portfolio Metrics3, 11June 30,2026September 30,2026$3.5Bn$3.2BnTotal Loan Commitments12$3.4Bn$3.1BnLoan UPB$2.8Bn$2.5BnLoan Carrying Value42623Loan Count3.83.8Weighted Average Risk Rating480.3%80.6%Weighted Average Adjusted LTV13$135MM$140MMAverage Commitment Size5.8%5.7%Weighted Average Yield to Maturity1496%95%Floating Rate Loans496%95%Senior Loans4, 6 Portfolio Diversification3, 4, 11Collateral Type5%4%6%5%13%11%16%14%23%21%36%44%9/30/26 6/30/26Geography31%32%5%8%7%6%8%8%10%9%18%16%21%19%9/30/26 6/30/26MultifamilyHospitalityOfficeMixed-use15RetailLandOtherACANYVA / DCGATXILUTBOther
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PAGE 6CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Third Quarter Loan Portfolio Activity See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding.A. Pro forma adjustments to September 30, 2026 UPB reflect resolutions of two loans receivable held-for-investment as of September 30, 2026 totaling $268.7 million of UPB. During the quarter, received $298.0 million of loan repayments2, 11, including one watchlist loan, and $8.0 million of partial loan repayments; funded $4.5 million on existing loan commitmentsSold one watchlist loan with $111.5 million of UPB, previously held-for-sale2Q3 2026 Held-for-Investment Loan Portfolio Activity2, 11($ in millions)Loan UPB Unfunded loan commitmentsFundingsRepayments $175$171$166($301)$2,000$2,200$2,400$2,600$2,800$3,000$3,200$3,400$3,6006/30/26 Fundings Repayments and PrincipalCharge-Offs9/30/26 Pro Forma$3,357UPB$3,055UPB$2,786UPBTotal commitments: $3,532Total commitments: $3,226Total commitments: $2,952$5Net change in UPB: ($302)2 A Principal charge-offs($5)
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PAGE 7CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Specific CECL Reserve(% of UPB)Specific CECLReserveCarrying Value4UPBNumberof LoansRiskRating($ in millions)37.6%$374.8$620.7$996.255Multifamily(AZ / CA / CO / TX)25.9100.5286.5387.835Office(CA / GA)25.140.3120.1160.415Land(VA)--1.51.515Other16 33.4%$515.6$1,028.8$1,545.910Total Risk Rated 5 Loans1178.578.514Hospitality(NY)$1,107.3$1,624.411TotalWatchlist Loans11(At September 30, 2026) Reduced Watchlist with Multiple Resolution PathsRisk rated 5 loans with a carrying value of $1.0 billion are net of specific CECL reserves of 33.4% of UPB, and are primarily secured by multifamily, office, and land propertiesResolution paths include loan sales, discounted loan payoffs, and foreclosures, each executed on watchlist loans in 2025 and 2026-In October, agreements to sell a risk rated 5 multifamily loan and a risk rated 5 unencumbered office loan for $310.7 million of combined gross proceeds, or 97% of current combined carrying values, each became binding with nonrefundable purchaser deposits; if completed, incremental combined losses of $10.4 million expected upon Q4 2026 closings See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding.
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PAGE 8CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Held-for-SaleHeld-for-InvestmentTotalMixed-usePropertyMultifamily 5AMultifamily 4AMultifamily 3AMultifamily 2AMultifamily 1ALandParcelHotelPortfolioJune 2023May 2026January 2026July 2025June 2025May 2025December 2025February 2021Acquisition DateNew York, NYDallas, TXDallas, TXDallas, TXHenderson, NVPhoenix, AZNew York, NYNew York, NYLocation$700.7$53.1$22.3$36.4$62.4$73.4$39.9$94.3$318.9Carrying ValueB, 831,000 SF(Retail Only)232650316376206373,270Buildable SF1,087Units / Keys / SF$1,714 / SF$96,005 / Unit$55,936 / Unit$197,350 / Unit$195,341 / Unit$193,852 / Unit$253 /Buildable SF$293,366 / KeyAsset BasisB $413.6–$14.2A$32.7A$36.4A$62.7A$32.6A–$235.0CDebtOutstandingB $287.1$53.1$8.1$3.7$26.0$10.7$7.3$94.3$83.9Net EquityB, DPursuing sale, classified as held-for-saleImprove operating performance for eventual saleEvaluating monetizationImprove operating performance for eventual saleImprove operating performance for eventual saleImprove operating performance for eventual saleMaximizing value for eventual salePursuing partial sale, evaluating monetization for remaining hotelsStrategy Repositioning REO for Disposition See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding.A. Assets are financed through a repurchase agreement and are cross-collateralized.B. Values as of September 30, 2026. For REO classified as held-for-sale, amounts reflect held-for-sale carrying values.C. Excludes $1.9 million of related deferred financing costs.D. Net equity represents carrying value less unpaid principal balance of debt outstanding attributed to each asset. Excluding assets classified as held-for-sale, amount is not an estimate of the proceeds the Company would realize upon disposition. During the quarter, sold one multifamily REO investment for gross proceeds of $22.5 millionTotal equity in REO investments held-for-investment and held-for-sale of $287.1 million, or $1.99 per share8Real Estate Owned($ in millions, except units and asset basis)
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PAGE 9CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Greater Liquidity and Reduced Leverage See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding.A. Net of $52.6 million of in-place financings and $115.4 million of commitments on loans where conditions to funding are not currently met.B. Includes one risk rated 5 loan receivable that was fully deleveraged in October 2026. The loan has $155.0 million of UPB and $100.9 million of carrying value, net of specific CECL reserves. C. Adjusted for loan resolutions and deleveraging of $268.7 million subsequent to September 30, 2026. Financings outstanding decreased by $330.1 million during the quarter, including $99.9 million of deleveraging payments, and by $268.7 million subsequent to quarter-end, including $131.5 million of deleveraging paymentsWeighted average financing spread of +3.74%17: secured term loan +6.75%, hotel REO debt +3.18%, and repurchase agreements and term participation facility +2.85%$142.7MMTotal Liquidity7At November 2, 2026, including $136.8million of cash$664.5MMUnencumbered AssetsB$517.1 million of loan UPB and $147.4 million of REO carrying value$3.0MMNet Unfunded CommitmentsAMinimal future funding needs where conditions to fund are met2030Secured Term Loan Matures January 2030Q3 2026 Financing Activity($ in millions)Secured term loanHotel REO debtTerm participation facilityRepurchase agreements Repurchase agreements secured by multifamily REO$1Leverage RatiosNet debt-to-equityTotal leverage2.4x1.9x1.7x1.5xC2.8x2.5x2.4x2.2xC$12 $500 $500 $500$235 $235 $235$329($118)$212$1,338($213)$1,145$1,100$199$179$155Total: $2,6016/30/26Advances Repayments Total: $2,2719/30/26Total: $2,002Pro FormaC12/31/24 12/31/25 9/30/26 Pro FormaC
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PAGE 10CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Financial Overview and Book Value Roll-Forward See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding.A. General CECL reserve as a percentage of UPB of loans subject to the general reserve; specific CECL reserve as a percentage of UPB of risk rated 5 loans. Book value of $8.49 per share at September 30, 2026 is net of $3.58 per share of specific CECL reservesKey MetricsQ3 2026Per ShareAmount($ in millions, except per share data))(0.10$)(14.3$GAAP Net Loss)(0.08$)(12.1$Distributable Loss1, 13)(0.05$)(7.9$Distributable Loss Prior to Realized Gains and Losses1, 138.49$1,225.2$Book Value9.00$Adjusted Per Share13, 180.35$50.6$General CECL Reserve19%3.4% of UPBA3.58$515.6$Specific CECL Reserve%33.4% of UPBAx1.7Net Debt-to-Equity Ratio9, 13x2.4Total Leverage Ratio10, 13 Book Value per Share Roll-Forward13$5$6$7$8$9$10$11Book Value12/31/25Distributable LossPrior to RealizedGains andLossesRealized Losses,CECL and OtherNon-Cash ItemsRSUs, Warrantsand OtherBook Value9/30/26$10.69($0.17)($2.13)$0.10$8.49$8.49Book value per share$10.690.35Add back: general CECL reserve0.540.16Add back: accumulated depreciation and amortization on REO0.10$9.00Adjusted book value per share13$11.33
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STRICTLY CONFIDENTIAL AppendixThe properties above are not representative of all transactions.
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PAGE 12CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Region Exposure by Carrying Value and as a % of Total Carrying Value3, 4, 11($ in millions, as of September 30, 2026)OtherSouthwestMid AtlanticMidwestSoutheastNortheastWest% of Total Carrying ValueCarrying Value 4Loan CountCollateral Type-$181 / 7%$130 / 5%$177 / 7%--$440 / 17%36%$9277Multifamily ----$69 / 3%$280 / 11%$225 / 9%23%$5734Hospitality ---$125 / 5%$215 / 8%-$71 / 3%16%$4114Office ----$86 / 4%$236 / 9%-13%$322 3Mixed-use 15 -----$152 / 6%-6%$152 2Retail--$120 / 5%----5%$1201Land$33 / 1%------1%$332Other$33 / 1%$181 / 7%$250 / 10%$302 / 12%$370 / 15%$668 / 26%$736 / 29%100%$2,53923Total3, 4, 11 Loan Portfolio Exposure by Region See Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding.
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PAGE 13CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT CMTG Watchlist Held-for-Investment Loan Summary as of September 30, 2026($ in millions, except loan basis)Risk RatingLoan Basis(Commitment / CV)ALocationProperty TypeOrigination DateLoan Commitment12Unpaid Principal BalanceCarrying Value4Loan3, 115$1,004,016 / Unit CA Multifamily 12/16/2021$405.0$402.3$250.0Loan 15$172 / SF GA Office 9/26/2019319.9230.7190.8Loan 25$195,385 / Unit CO Multifamily 1/14/2022170.0170.088.9Loan 65$140 / SF VA Land 1/9/2018160.4160.4120.1Loan 75$305,758 / Unit AZ Multifamily 9/8/2022160.0155.0100.9Loan 85$86,789 / Unit TX Multifamily 4/26/2022151.7142.390.0Loan 95$97,219 / Unit TX Multifamily 6/17/2022126.5126.590.9Loan 115$212 / SF CA Office 8/2/202192.290.471.1Loan 165$70 / SF GA Office 8/27/202180.066.624.6Loan 205n/a Other Other 7/1/20191.51.51.5Loan 234$341,197 / Key NY Hospitality 8/1/2022115.378.578.5Loan 18 Watchlist Loans See Endnotes in the Appendix.A. For risk rated 5 loans, based on carrying value net of specific CECL reserves. For risk rated 4 loans, based on whole loan commitment value.Loans with a nonrefundable purchaser deposit as of October 2026
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PAGE 14CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Portfolio DetailsCMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2026($ in millions)Risk RatingConstruction20Loan TypeLocationProperty Type20Origination DateLoan Commitment12Unpaid Principal BalanceCarrying Value4Loan3, 115-Senior CA Multifamily 12/16/2021$405.0$402.3$250.0Loan 15-Senior GA Office 9/26/2019319.9230.7190.8Loan 23-Senior CA Hospitality 6/30/2022224.9224.9224.6Loan 33-Senior NY Hospitality 7/12/2018200.0200.0201.4Loan 43-Senior MI Multifamily 4/14/2022176.8176.8176.8Loan 55-Senior CO Multifamily 1/14/2022170.0170.088.9Loan 65-Senior VA Land 1/9/2018160.4160.4120.1Loan 75-Senior AZ Multifamily 9/8/2022160.0155.0100.9Loan 85-Senior TX Multifamily 4/26/2022151.7142.390.0Loan 92-Senior VA Multifamily 12/10/2021130.0130.0129.9Loan 105-Senior TX Multifamily 6/17/2022126.5126.590.9Loan 113-Subordinate IL Office 12/9/2021125.0125.0125.0Loan 123YSenior MA Mixed-use 11/4/2022124.2120.1120.7Loan 133-Senior NY Mixed-use 4/29/2019117.3115.5115.5Loan 143-Senior NJ Retail 7/30/2024104.5102.4102.3Loan 155-Senior CA Office 8/2/202192.290.471.1Loan 163-Senior TN Mixed-use 12/15/202186.086.086.0Loan 17See Endnotes in the Appendix.Loan repaid in full after quarter-end
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PAGE 15CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Portfolio Details (cont’d)CMTG Portfolio Details by Unpaid Principal Balance as of September 30, 2026($ in millions)Risk RatingConstruction20Loan TypeLocationProperty Type20Origination DateLoan Commitment12Unpaid Principal BalanceCarrying Value4Loan3, 114YSenior NY Hospitality 8/1/2022115.378.578.5Loan 18A 3-Senior TN Hospitality 1/19/202273.768.768.6Loan 195-Senior GA Office 8/27/202180.066.624.6Loan 203-Senior NY Retail 4/5/201950.050.050.0Loan 213-Senior Other Other 4/5/201931.331.331.3Loan 225-Senior Other Other 7/1/20191.51.51.5Loan 237%5$3,226.2$3,055.2$2,539.4Total / Wtd. Avg. 3, 11$42.1Investment in unconsolidated joint ventureA318.9Real Estate Owned, net – Hotel Portfolio853.1Real Estate Owned, net – Mixed-use8234.4Real Estate Owned, net - Multifamily894.3Real Estate Owned, net – Land Parcel$742.8Non-Loan Investment Total$3,282.2Portfolio TotalSee Endnotes in the Appendix. Totals may not foot or cross-foot due to rounding.A. Consisting of loans secured by the same property.Loan repaid in full after quarter-end
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PAGE 16CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Consolidated Balance SheetsJune 30, 2026September 30, 2026($ in thousands)Assets90,327$133,764$Cash and cash equivalents11,92015,558Restricted cash3,355,8333,055,051Loans receivable held-for-investment(565,554)(564,428)Less: current expected credit loss reserve2,790,2792,490,623Loans receivable held-for-investment, net69,854-Loans receivable held-for-sale42,11542,080Equity method investment647,348646,740Real estate owned held-for-investment, net75,28953,141Real estate owned held-for-sale108,226113,941Other assets3,835,358$3,495,847$Total assetsLiabilities and Equity1,536,906$1,323,921$Repurchase agreements329,113211,968Term participation facility467,693469,947Secured term loan, net232,406233,114Debt related to real estate owned hotel portfolio, net24,18124,888Other liabilities7,0776,823Management fee payable - affiliate2,597,3762,270,661Total liabilitiesEquity1,4111,411Common stock2,768,6872,770,148Additional paid-in capital(1,532,116)(1,546,373)Accumulated deficit1,237,9821,225,186Total equity3,835,358$3,495,847$Total liabilities and equity
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PAGE 17CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Reconciliation of Consolidated Balance Sheet to Book Value per Share CompositionTotalSeptember 30,2026SecuredTerm Loan PrincipalSubtotalOther Assets, netRisk Rated 4 & 5 Loans and Equity InvestmentReal Estate OwnedRisk Rated2 & 3 LoansCash($ in thousands, except per share data)Assets133,764$-$133,764$-$-$-$-$133,764$Cash and cash equivalents15,558-15,55815,558----Restricted cash3,055,051-3,055,051-1,622,947-1,432,104-Loans receivable held-for-investment(564,428)-(564,428)-A(522,603)-A(41,825)-Less: current expected credit loss reserve2,490,623-2,490,623-1,100,344-1,390,279-Loans receivable held-for-investment, net42,080-42,080-42,080---Equity method investment646,740-646,740--646,740--Real estate owned held-for-investment, net53,141-53,141--53,141--Real estate owned held-for-sale113,941-113,941112,932-B1,009--Other assets3,495,847$-$3,495,847$128,490$1,142,424$700,890$1,390,279$133,764$Total assets24.24$-$24.24$0.89$7.92$4.86$9.64$0.93$Total assets per shareDLiabilities1,323,921$-$1,323,921$-$500,692$178,634$644,595$-$Repurchase agreements211,968-211,968-48,486-163,482-Term participation facility469,947C500,000(30,053)C(30,053)----Secured term loan, net233,114-233,114C(1,886)-C235,000--Debt related to real estate owned hotel portfolio, net24,888-24,88822,869A1,690B216A113-Other liabilities6,823-6,8236,823----Management fee payable - affiliate2,270,661500,0001,770,661(2,247)550,868413,850808,190-Total liabilities15.75$3.47$12.28$(0.01)$3.82$2.87$5.60$-$Total liabilities per shareD 1,225,186$(500,000)$1,725,186$130,737$591,556$287,040$582,089$133,764$Total equity / book value8.49$(3.47)$11.96$0.90$4.10$1.99$4.04$0.93$Book value per shareDThe various components of Book Value presented represent an attribution of total GAAP equity and are not an estimate of fair value or realizable value. See Important Notices beginning on page 21.A. Reflects an allocation of general CECL reserve on both funded and unfunded portions of risk rated 2, 3, and 4 loans.B. Reflects lease intangibles, net and deferred leasing costs, net related to real estate owned assets and included within other assets and other liabilities.C. Financing balance reflects unpaid principal balance. Related deferred financing costs, net, included within Other Assets, net.D. Based on 144,245,923 shares of common stock outstanding and RSUs as of September 30, 2026. Excludes 7,542,227 warrants outstanding as the exercise price of $4.00 per share exceeded the closing share price of our common stock. Per share amounts may not foot due to rounding.
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PAGE 18CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Consolidated Statements of OperationsThree Months EndedThree Months EndedJune 30, 2026September 30, 2026($ in thousands, except share and per share data)Revenue46,251$ 41,536$ Interest and related income46,60340,291Less: interest and related expense(352)1,245Net interest income (expense)30,06531,394Revenue from real estate owned29,71332,639Total net revenueExpenses7,0776,822Management fees - affiliate4,7223,582General and administrative expenses1,4891,442Stock-based compensation expenseReal estate owned:20,55022,216Operating expenses8,9478,688Interest expense6,1444,453Depreciation and amortization48,92947,203Total expenses341-Gain on sale of real estate owned(43)(35)Loss from equity method investment--Loss on extinguishment of debt(29,623)(4)Valuation adjustment for real estate owned held-for-sale(208,839)(387)Provision for current expected credit loss reserve1,949733Recovery of principal charge-offs(255,431)$ (14,257)$ Net lossNet loss per share of common stock:(1.81)$ (0.10)$ Basic and dilutedWeighted-average shares of common stock outstanding:141,419,175141,380,300Basic and diluted
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PAGE 19CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT 2026 YTDQ1 2026Q2 2026Q3 2026Distributable Loss Reconciliation($ in thousands, except share and per share data)$ (323,982)$ (54,294)$ (255,431)$ (14,257)Net lossAdjustments:5,248 2,3171,4891,442Non-cash stock-based compensation expense240,598 31,372208,839387Provision for current expected credit loss reserve(2,682)-(1,949)(733)Recovery of principal charge-offs16,996 6,3996,1444,453Depreciation and amortization expense477 258257(38)Amortization of above and below market lease values, net2,255569843843Amortization of discount on secured term loan5,898 5,898--Loss on extinguishment of debt29,627-29,6234Valuation adjustment for real estate owned held-for-sale(341) -(341)-Gain on sale of real estate owned(25,906) (7,481)(10,526)(7,899)Distributable Loss prior to realized gains and losses13 (5,898)(5,898)--Loss on extinguishment of debt(110,728)(61,861)(43,983)(4,884)Principal charge-offsA 2,682 -1,949733Recovery of principal charge-offs(29,627)-(29,623)(4)Valuation adjustment for real estate owned held-for-sale341-341-Gain on sale of real estate owned(1,346)-(1,346)-Previously recognized depreciation and amortization on real estate owned B (7,636)-(7,636)-Previously recognized depreciation and amortization on real estate owned held-for-saleC $ (178,118)$ (75,240)$ (90,824)$ (12,054)Distributable Loss13 144,031,019 143,460,120144,355,385144,268,666Weighted average diluted shares - Distributable Loss$ (0.17)$ (0.05) $ (0.07) $ (0.05) Diluted Distributable Loss per share prior to realized gains and losses$ (1.23)$ (0.52)$ (0.63)$ (0.08)Diluted Distributable Loss per share Reconciliation of GAAP Net Loss toDistributable Loss Totals may not foot or cross-foot due to rounding. Refer to page 21 for definition of Distributable Earnings (Loss).A. For the three months ended September 30, 2026, amount includes a $0.1 million charge-off of an exit fee related to the discounted payoff of a multifamily loan in July 2026. For the three months ended June 30,2026, amount includes a $0.4 million charge-off of accrued interest receivable related to the mortgage foreclosure on a multifamily property in May 2026. For the three months ended March 31, 2026, amountincludes a $12.9 million charge-off of accrued interest receivable and a $0.3 million charge-off of an exit fee related to the sale of a hospitality loan in March 2026.B. Reflects previously recognized depreciation and amortization on the multifamily real estate owned asset that was sold during the three months ended June 30, 2026. Amounts recorded were not previouslyrecognized in Distributable Earnings (Loss).C. Reflects previously recognized depreciation and amortization on (i) the mixed-use real estate owned asset and (ii) one of the multifamily real estate owned assets upon reclassification of the respective assets to held-for-sale during the three months ended June 30, 2026. Amounts recorded were not previously recognized in Distributable Earnings (Loss).
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PAGE 20CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT December 31,2024December 31,2025March 31,2026June 30,2026September 30,2026Book Value per Share Reconciliation($ in thousands, except per share data)2,008,086$1,531,895$1,492,848$1,237,982$1,225,186$Total Equity142,187,015143,285,119144,487,311144,295,867144,245,923Number of shares of common stock outstanding and RSUsA 14.12$10.69$10.33$8.58$8.49$Book Value per ShareB 0.030.100.150.130.16Add back: accumulated depreciation and amortization on real estate owned held-for-investment and related lease intangibles1.020.540.350.350.35Add back: general CECL reserve15.17$11.33$10.83$9.06$9.00$Adjusted Book Value per Share13 December 31,2024December 31,2025March 31,2026June 30,2026September 30,2026Net Debt-to-Equity Ratio and Total Leverage Ratio Reconciliation($ in thousands, except ratios)4,179,372$2,595,580$2,163,973$2,098,425$1,769,003$Asset specific debt709,777549,447465,577467,693469,947Secured term loan, net4,889,1493,145,0272,629,5502,566,1182,238,950Total debt(99,075)(173,186)(116,782)(90,327)(133,764)Less: cash and cash equivalents4,790,074$2,971,841$2,512,768$2,475,791$2,105,186$Net Debt2,008,086$1,531,895$1,492,848$1,237,982$1,225,186$Total Equity2.4x1.9x1.7x2.0x1.7xNet Debt-to-Equity Ratio C, 9, 13830,000$830,000$830,000$830,000$830,000$Non-consolidated senior loans5,620,074$3,801,841$3,342,768$3,305,791$2,935,186$Total Leverage2.8x2.5x2.2x2.7x2.4xTotal Leverage Ratio C, 10, 13 Adjusted Book Value per Share, Net Debt-to-Equity and Total Leverage Calculations See Endnotes in the Appendix.A. As of September 30, 2026, June 30, 2026 and March 31, 2026, amount excludes 7,542,227 warrants outstanding as the exercise price of $4.00 per share exceeded the closing share price of our common stock.B. Calculated as (i) total equity divided by (ii) number of shares of common stock outstanding and RSUs at period end.C. September 30, 2026 metrics adjusted for fourth quarter loan resolutions and deleveraging of $268.7 million, net debt-to-equity and total leverage ratios declined to 1.5x and 2.2x, respectively.
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PAGE 21CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Important NoticesThe 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 generalreference purposes only and is superseded by, and is qualified in its entirety by reference to, CMTG’s financial statements.No Offer or SolicitationThis 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 anexpression of our view as to whether an investment in CMTG is suitable for any person.Portfolio Metrics; Basis of AccountingThe 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’soperating 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-to-Equity Ratio, Total Leverage Ratio, and Distributable Earnings (Loss)Net Debt-to-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-cashitems and GAAP adjustments, as determined by our Manager. Net Debt-to-Equity Ratio is a non-GAAP measure, which the Company defines as the ratio of asset-specific debt and secured term loan, less cashand 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 interestsheld by third parties, less cash and cash equivalents, to total equity. Refer to page 20 for a reconciliation of Net Debt-to-Equity Ratio and Total Leverage Ratio. For further information, please refer to Item 7(MD&A) of our Form 10-Ks and/or Item 2 (MD&A) of our Form 10-Qs.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 estateowned held-for-investment 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) forthe applicable period, (iv) one-time events pursuant to changes in GAAP and (v) certain non-cash items, which in the judgment of the Company’s Manager, should not be included in Distributable Earnings (Loss).For both the Company’s entire portfolio and its real estate owned assets, the Company presents Distributable Earnings (Loss) prior to realized gains and losses, which such gains and losses include, as applicable,(i) charge-offs and recoveries of principal, accrued interest receivable, and/or exit fees and (ii) gains, losses, and components thereof recognized in connection with real estate owned assets, as the Companybelieves this more easily allows the Board, Manager, and investors to compare the Company’s operating performance to our peers, to assess our ability to declare and pay dividends, and to determine ourcompliance with certain financial covenants. Pursuant to the Management Agreement, 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 (Loss) prior to realized gains and losses provide meaningful information to consider in addition to net income (loss) and cashflows from operating activities in accordance with GAAP. Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses do not represent net income (loss) or cash flows fromoperating activities in accordance with GAAP and should not be considered as an alternative to GAAP net income (loss), an indication of cash flows from operating activities, a measure of liquidity or an indicationof funds available for 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 orsimilar supplemental performance measures and, accordingly, the Company’s reported Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses may not be comparable tothe Distributable Earnings (Loss) and Distributable Earnings (Loss) 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 netcapital gain, as dividends. Distributable Earnings (Loss), Distributable Earnings (Loss) prior to realized gains and losses, and other similar measures, have historically been a useful indicator over time of amortgage 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 (loss) prior torealized gains and losses are key factors, among others, considered by the Company’s Board in determining the dividend each quarter and as such the Company believes Distributable Earnings (Loss) andDistributable Earnings (Loss) 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 principal, accrued interest receivable, and/or exit fees are recognizedthrough Distributable Earnings (Loss) when deemed non-recoverable and/or recognized. Non-recoverability is determined (i) upon the resolution of a loan (i.e., when the loan is repaid, fully or partially, when weacquire title in the case of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure, or when the loan is sold or anticipated to be sold for an amount less than its carrying value), or (ii) withrespect to any amount due under any loan, when such amount is determined to be uncollectible.In determining Distributable Earnings (Loss) per share and Distributable Earnings per share prior to realized gains and losses, the dilutive effects of unvested RSUs and warrants outstanding are considered. Theweighted average diluted shares outstanding used for Distributable Earnings (Loss) and Distributable Earnings per share prior to realized gains and losses have been adjusted from weighted average dilutedshares under GAAP to include weighted average unvested RSUs and warrants outstanding, if the exercise price of the warrants outstanding exceeds the average share price of our common stock during suchperiod.
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PAGE 22CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Important Notices (cont’d)Adjusted Book Value Per ShareAdjusted Book Value per Share is a non-GAAP financial measure. We believe that presenting book value per share adjusted for accumulated depreciation and amortization on our real estate owned held-for-investment and our general CECL reserve is useful for investors as it enhances the comparability to our peers who may not hold real estate investments and excludes the impact of our general CECL reserve, whichmay fluctuate from quarter-to-quarter as the composition and size of our loan portfolio varies. Further, we believe that our investors and lenders consider book value excluding these items as an important metricrelated to our overall capitalization. Refer to page 20 for a reconciliation of book value per share to adjusted book value per share. For further information, please refer to Item 7 (MD&A) of our Form 10-Ks and/orItem 2 (MD&A) of our Form 10-Qs.Determinations of Loan-to-Value / Loan-to-CostAdjusted LTV represents “loan-to-value” or “loan-to-cost” upon origination and updated only in connection with a partial loan paydown and/or release of collateral, material changes to expected project costs, thereceipt of a new appraisal (typically in connection with financing or refinancing activity) or a change in our loan commitment. LTV determined upon origination is calculated as our total loan commitment uponorigination, 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 ourunderwriting 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 appropriatefor the relevant loan and other loans with similar characteristics. Adjusted LTV, origination LTV, underwritten values, and/or project costs should not be assumed to reflect our judgment of current market values orproject costs, which may have changed materially since the date of the most recent determination of LTV. Weighted average adjusted LTV is based on loan commitment, including non-consolidated senior interestsand pari passu interests, and includes risk rated 5 loans. Loans with specific CECL reserves are reflected as 100% LTV.Book Value per Share CompositionThe book value per share composition presented on page 4 and reconciled on page 17 attributes the Company’s total GAAP equity among categories of assets. For each category, the Company presents the GAAPcarrying value of the assets in that category (net of specific CECL reserves for risk rated 5 loans and general CECL reserves for risk rated 2, 3, and 4 loans), less the asset-specific financing and other liabilities thatmanagement has attributed to those assets. Financings are presented at unpaid principal balance. Where assets are financed under cross-collateralized arrangements, management has allocated the financingamong those assets based on the amounts attributed to each asset under the applicable facility. The secured term loan is presented at its unpaid principal balance and is not attributed to any asset category.Differences between the unpaid principal balance and the GAAP carrying value of our indebtedness related to deferred financing costs, together with all remaining assets and liabilities, are included in "Other assets,net." The sum of all categories equals total GAAP equity and GAAP book value per share. The amount attributed to each category, and any subtotal of those amounts, are non-GAAP financial measures and shouldnot be considered as an alternative to total GAAP book value per share. We believe these measures are useful to investors because they show how the Company’s equity is distributed across assets with differentcredit profiles and expected resolution paths and may be used by management in evaluating and determining capital allocation priorities. The attribution methodology reflects management's judgment, and otherreasonable methods could produce different results. Our methodology may differ from that used by other companies, and these measures may not be comparable to similarly titled measures reported by othercompanies. These measures are based on GAAP carrying values as of the date presented. They do not represent (i) fair value, (ii) the amounts that the Company may realize upon the sale, repayment, foreclosureor other resolution of any asset, or (iii) the amounts that would be available to repay the secured term loan or other indebtedness, to fund operations or to make distributions to stockholders. Amounts realized maybe materially lower than carrying value, including as a result of additional losses on loans and REO, transaction costs, and market conditions. The attribution of assets and liabilities to categories does notnecessarily reflect their legal segregation. The Company's assets generally remain subject to the claims of its creditors, and assets in one category may be pledged under financing arrangements that include cross-collateralization, cross-default, margin call and mandatory prepayment provisions, among other features. The composition does not reflect future management fees, general and administrative expenses, interestexpense, funding of unfunded loan commitments, or other costs the Company will incur or pay. Per share amounts are based on shares of common stock outstanding and RSUs and exclude warrants as they areanti-dilutive.
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PAGE 23CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Important Notices (cont’d)Forward-Looking StatementsThis 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 viewsregarding future plans and expectations. They include statements that include words such as “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” andsimilar 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, liabilitiesand 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 varymaterially from those expressed or implied in these forward-looking statements, and CMTG’s business, financial condition, liquidity, results of operations and prospects could be materially and adversely affected bynumerous 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 notguarantees 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;•anticipated timing, amount, and pace of resolutions of our investments;•the timing of cash flows, if any, from our investments;•our ability to maintain levels of liquidity that meet or exceed our liquidity needs;•the state of and uncertainty surrounding 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 regulations and policies, including changes in monetary policy;•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 existing and target assets;•our expected leverage;•general volatility of the capital markets and the markets in which we may invest and in which our borrowers;•the state of the regional, national, and global banking systems;•the return on or impact of current and future investments, including our loan portfolio and real estate owned assets;•allocation of investment opportunities to us by our Manager and our Sponsor;•changes in the markets in which we and our borrowers operate and the impacts thereof;•changes in the market value of our investments and collateral underlying our investments;•The 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, including as these relate 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 laws and rates, and similar matters (including the interpretation thereof);•our ability to maintain our qualification as a real estate investment trust; our ability to maintain our exclusion from registration under the Investment Company Act of 1940, as amended;•the 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;•the availability of qualified personnel from our Sponsor and its affiliates, including our Manager;•estimates relating to our ability to pay or resume paying 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 between Russia and Ukraine, Israel and Hamas, and elsewhere throughoutthe Middle East, North Africa, and South America 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 CMTG’s beliefs, assumptions and expectations of CMTG’s future performance, taking into account all information currently available. You should not place unduereliance 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 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-looking statements. Any forward-looking statement speaks only as of thedate on which it is made. New risks and uncertainties arise over time, and it is not possible for CMTG to predict those events or how they may affect CMTG. Except as required by law, CMTG is not obligated to, anddoes 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 24CLAROS MORTGAGE TRUST, INC. THIRD QUARTER 2026 EARNINGS SUPPLEMENT Endnotes1.Refer to page 19 for a reconciliation of net income (loss) to distributable earnings (loss) and distributable earnings (loss) prior to realized gains and losses.2.Amount based on unpaid principal balance prior to principal charge-offs, if any. Refer to page 3 for further discussion of loan resolution activity.3.Excludes our real estate owned (REO) assets, unless otherwise noted.4.Based on carrying value net of specific CECL reserves; excludes loans receivable classified as held-for-sale if applicable.5.Based on total loan commitments.6.Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans (if any), and pari passu participations in senior mortgage loans.7.Total liquidity includes cash and approved and undrawn credit capacity based on existing collateral.8.Carrying value includes lease related intangible assets and liabilities, if applicable, included in other assets and other liabilities on the consolidated balance sheets, and is net ofrelated accumulated depreciation and amortization. For real estate owned assets classified as held-for-sale, amounts reflect held-for-sale carrying values as of September 30, 2026.9.Net Debt-to-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. Referto page 20 for a reconciliation of Net Debt-to-Equity Ratio. Pro forma adjustments to September 30, 2026 ratios reflect deleveraging subsequent to September 30, 2026 of $268.7million from proceeds received from the resolution of loans receivable. For further information, please refer to Item 7 (MD&A) of our Form 10-Ks and/or Item 2 (MD&A) of our Form10-Qs.10.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 interests held by thirdparties, less cash and cash equivalents, to total equity. Refer to page 20 for a reconciliation of Total Leverage Ratio. Pro forma adjustments to September 30, 2026 ratios reflectdeleveraging subsequent to September 30, 2026 of $268.7 million from proceeds received from the resolution of loans receivable. For further information, please refer to Item 7(MD&A) of our Form 10-Ks and/or Item 2 (MD&A) of our Form 10-Qs.11.Excludes loans receivable classified as held-for-sale, if any.12.Loan commitment represents principal outstanding plus remaining unfunded loan commitments.13.See Important Notices beginning on page 21 for additional information on this metric.14.Yield to maturity represents the weighted average annualized yield to initial maturity of each loan held-for-investment, inclusive of coupon and contractual fees, based on theapplicable floating benchmark rate/floors (if applicable), in place as of September 30, 2026. For loans placed on non-accrual, the annualized yield to initial maturity used incalculating the weighted average annualized yield to initial maturity is 0%.15.At September 30, 2026, mixed-use consists of 3% office, 3% life science, 3% hospitality, 2% multifamily, and 2% retail. Mixed-use allocations are based upon allocable squarefootage except where another method is deemed more appropriate under the applicable facts and circumstances.16.Reflects loan for which no specific reserve is recorded as amounts deemed uncollectible have been charged-off as of September 30, 2026.17.Weighted average spread excludes SOFR floors and is based upon unpaid principal balance.18.See pages 10 and 20 for book value bridge.19.Includes CECL reserves on unfunded loan commitments. Such reserves are included within other liabilities on the consolidated balance sheet.20.Classification of property type and construction status reflect the state of collateral as of September 30, 2026.