Claros Mortgage Trust (CMTG) Investor presentation summary

Financial performance and key metrics

• Reported a GAAP net loss of $219.2 million ($1.56 per share) and distributable loss of $101.7 million ($0.71 per share) for Q4 2025; distributable earnings prior to realized gains/losses were $2.9 million ($0.02 per share).

• Book value per share at year-end was $10.69, with adjusted book value per share at $11.33.

• CECL reserves on loans receivable totaled $443.1 million, or $3.09 per share, representing 10.9% of UPB.

• Net debt/equity ratio stood at 1.9x and total leverage ratio at 2.5x at year-end.

• Total liquidity was $185 million at year-end, decreasing to $153 million by February 2026.

Loan portfolio and resolutions

• Loan portfolio at year-end was $3.7 billion, with 97% floating-rate and 97% senior loans.

• Five loans totaling $483.9 million UPB resolved in Q4 2025; four more totaling $388.7 million resolved after year-end.

• In 2025, 21 loans totaling $2.5 billion UPB were resolved, including 11 watchlist loans ($1.3 billion UPB).

• Watchlist loans declined to $1.5 billion (13 loans) after Q1 2026 resolutions, a 45% net decrease from prior year-end.

• Portfolio diversified by collateral: 44% multifamily, 22% hospitality, 16% office, 8% mixed-use, 5% land, 4% retail, 1% other.

Risk ratings and reserves

• Risk rated 5 loans totaled $1.0 billion (net of 26% specific CECL reserves); primarily secured by multifamily, office, and land.

• Risk rated 4 loans had a general CECL reserve of 9.6%; one resolved after year-end, reducing UPB to $546.7 million.

• Remaining risk rated 2 and 3 loans had a general CECL reserve of 0.9%.