{ "markdown": "Important Notices (cont'd)\n\n\nCMTG\nCLAROS\nMORTGAGE\nTRUST\n\n\n**Adjusted Book Value Per Share**\nAdjusted Book Value per Share is a non-GAAP financial measure. We believe that presenting book value per share adjusted for our general current expected credit loss reserve and accumulated depreciation and\namortization 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 estate investments. Further, we believe that our investors and\nlenders consider book value excluding these items as an important metric related to our overall capitalization.\n\n\n**Determinations of Loan-to-Value / Loan-to-Cost**\nAdjusted LTV represents \u201cloan-to-value\u201d or \u201cloan-to-cost\u201d upon origination and updated only in connection with a partial loan paydown and/or release of collateral, material changes to expected project costs, the\nreceipt 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 upon\norigination, 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\nunderwriting process (typically consistent with, if not less than, the value set forth in a third-party appraisal) or (2) the borrower\u2019s projected, fully funded cost basis in the asset, in each case as we deem appropriate\nfor 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 or\nproject 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 interests\nand pari passu interests, and includes risk rated 5 loans. Loans with specific CECL reserves are reflected as 100% LTV.\n\n\nCLAROS MORTGAGE TRUST, INC. 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