{
 "markdown": "Important Notices\n\n\nCMTG\nCLAROS\nMORTGAGE\nTRUST\n\n\nThe 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\n(the \"Company\" or \"CMTG\") do not undertake to update the information herein. No legal commitment or obligation shall arise by the provision of this presentation. All financial information is provided for general\nreference purposes only and is superseded by, and is qualified in its entirety by reference to, CMTG's financial statements.\n\n\n**No Offer or Solicitation**\nThis document does not constitute (i) an offer to sell or a solicitation of an offer to purchase any securities in CMTG, (ii) a means by which any other investment may be offered or sold or (iii) advice or an\nexpression of our view as to whether an investment in CMTG is suitable for any person.\n\n\n**Portfolio Metrics; Basis of Accounting**\nThe performance information set forth in this document has generally been prepared on the basis of generally accepted accounting principles in the United States (U.S. GAAP). The basis on which CMTG's\noperating 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.\n\n\n**Net Debt / Equity Ratio, Total Leverage Ratio, and Distributable Earnings (Loss)**\nNet Debt / Equity Ratio, Total Leverage Ratio, and Distributable Earnings (Loss) are non-GAAP measures used to evaluate the Company\u2019s performance excluding the effects of certain transactions, non-cash\nitems and GAAP adjustments, as determined by our Manager. Net Debt / Equity Ratio is a non-GAAP measure, which the Company defines as the ratio of asset-specific debt and Secured Term Loan, less cash\nand cash equivalents, to total equity. Total Leverage Ratio is a non-GAAP measure, which the Company defines as the ratio of asset-specific debt and Secured Term Loan, plus non-consolidated senior interests\nheld by third parties, less cash and cash equivalents, to total equity. Distributable Earnings (Loss) is a non-GAAP measure, which the Company defines as net income (in accordance with GAAP, excluding (i)\nnon-cash stock-based compensation expense, (ii) real estate owned held-for-investment depreciation and amortization, (iii) any unrealized gains or losses from mark-to-market valuation changes (other than\npermanent impairments) that are included in net income (loss) for the applicable period, (iv) one-time events pursuant to changes in GAAP and (v) certain non-cash items, which in the judgment of the Company\u2019s\nManager, should not be included in Distributable Earnings (Loss). Furthermore, the Company presents Distributable Earnings (Loss) prior to realized gains and losses, which such gains and losses include charge-\noffs of principal, accrued interest receivable, and/or exit fees, as the Company believes this more easily allows the Board, Manager, and investors to compare the Company\u2019s operating performance to our peers,\nto assess our ability to declare and pay dividends, and to determine our compliance with certain financial covenants. Pursuant to the Management Agreement, the Company uses Core Earnings, which is\nsubstantially the same as Distributable Earnings (Loss) excluding incentive fees, to determine the incentive fees the Company pays our Manager.\n\n\nThe 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 cash\nflows 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 from\noperating 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 indication\nof 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 or\nsimilar 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 to\nthe Distributable Earnings (Loss) and Distributable Earnings (Loss) prior to realized gains and losses reported by other companies.\n\n\nIn order to maintain the Company's status as a REIT, the Company is required to distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net\ncapital 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 a\nmortgage 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 to\nrealized 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) and\nDistributable Earnings (Loss) prior to realized gains and losses are also useful to investors.\n\n\nWhile 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 recognized\nthrough 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\ncase 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) with respect to any amount\ndue under any loan, when such amount is determined to be uncollectible.\n\n\nIn 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. The\nweighted 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 diluted\nshares 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 such\nperiod.\n\n\nCLAROS MORTGAGE TRUST, INC. FIRST QUARTER 2026 EARNINGS SUPPLEMENT\n\n\nPAGE 22\n\n<!-- doc_id=parse-01m3d76bma651k8b18yt8bhaa3 -->",
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