{
 "markdown": "Important Notices (cont'd)\n\n\nCMTG\nCLAROS\nMORTGAGE\nTRUST\n\n\n**Forward-Looking Statements**\nThis 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 views\nregarding future plans and expectations. They include statements that include words such as \"may,\" \"could,\" \"would,\" \"should,\" \"believe,\" \"expect,\" \"anticipate,\" \"plan,\" \"estimate,\" \"target,\" \"project,\" \"plan,\" \"intend\"\nand similar 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,\nliabilities and 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\nmay vary materially 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\naffected by numerous 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,\nand are not guarantees of performance. Statements regarding the following subjects, among others, may be forward-looking:\n - our business and investment strategy;\n - changes in interest rates and their impact on our borrowers and on the availability and cost of our financing;\n - our projected operating results;\n - defaults by borrowers in paying debt service on outstanding loans;\n - anticipated timing, amount, and pace of resolutions of our investments;\n - the timing of cash flows, if any, from our investments;\n - our ability to maintain levels of liquidity that meet or exceed our liquidity needs;\n - the state of and uncertainty surrounding the U.S. and global economy generally or in specific geographic regions;\n - 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;\n - governmental actions and initiatives and changes to government regulations and policies, including changes in monetary policy;\n - the amount of commercial mortgage loans requiring refinancing;\n - our ability to obtain and maintain financing arrangements on attractive terms, or at all;\n - our ability to maintain compliance with covenants under our financing arrangements;\n - current and prospective financing costs and advance rates for our existing and target assets;\n - our expected leverage;\n - general volatility of the capital markets and the markets in which we may invest and in which our borrowers;\n - the state of the regional, national, and global banking systems;\n - the return on or impact of current and future investments, including our loan portfolio and real estate owned assets;\n - allocation of investment opportunities to us by our Manager and our Sponsor;\n - changes in the markets in which we and our borrowers operate and the impacts thereof;\n - changes in the market value of our investments and collateral underlying our investments;\n - The effects of hedging instruments on our existing and target assets;\n - 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;\n - the degree to which our hedging strategies may or may not protect us from interest rate volatility;\n - changes in governmental regulations, tax laws and rates, and similar matters (including the interpretation thereof);\n - 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;\n - the availability and attractiveness of investment opportunities we are able to originate in our target assets;\n - the ability of our Manager to locate suitable investments for us, monitor, service and administer our investments and execute our investment strategy;\n - the availability of qualified personnel from our Sponsor and its affiliates, including our Manager;\n - estimates relating to our ability to pay or resume paying dividends to our stockholders in the future;\n - our understanding of our competition;\n - impact of increased competition on projected returns;\n - the risk of securities class action litigation or stockholder activism;\n - 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 throughout\nthe 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\n - market trends in our industry, interest rates, real estate values, the debt markets generally, the CRE debt market or the general economy.\n\n\nThe 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 undue\nreliance 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,\nCMTG'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 the\ndate 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, and\ndoes not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.\n\n\nCLAROS MORTGAGE TRUST, INC. FIRST QUARTER 2026 EARNINGS SUPPLEMENT\n\n\nPAGE 24\n\n<!-- doc_id=parse-01m3d76fnehzsrsqqjhthbhy03 -->",
 "structure": {
  "type": "document",
  "markdown": null,
  "children": [
   {
    "type": "page",
    "page": null,
    "span": null,
    "width": null,
    "height": null,
    "dpi": null,
    "grounding": {
     "page": 1,
     "range": {
      "start": 0,
      "end": 6324
     },
     "box": {
      "xmin": 0.0,
      "ymin": 0.0,
      "xmax": 1.0,
      "ymax": 1.0
     }
    },
    "markdown": null,
    "status": "ok",
    "reason": null,
    "children": [
     {
      "type": "text",
      "id": "text-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 0,
        "end": 27
       },
       "box": {
        "xmin": 0.03611,
        "ymin": 0.13007,
        "xmax": 0.39357,
        "ymax": 0.17983
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 0,
         "end": 27
        },
        "box": {
         "xmin": 0.03774,
         "ymin": 0.1348,
         "xmax": 0.39253,
         "ymax": 0.17911
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "logo",
      "id": "logo-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 29,
        "end": 56
       },
       "box": {
        "xmin": 0.75811,
        "ymin": 0.08125,
        "xmax": 0.9821,
        "ymax": 0.14718
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 29,
         "end": 34
        },
        "box": {
         "xmin": 0.76257,
         "ymin": 0.09322,
         "xmax": 0.88848,
         "ymax": 0.13711
        }
       },
       {
        "page": 1,
        "range": {
         "start": 34,
         "end": 41
        },
        "box": {
         "xmin": 0.89582,
         "ymin": 0.09031,
         "xmax": 0.95651,
         "ymax": 0.10552
        }
       },
       {
        "page": 1,
        "range": {
         "start": 41,
         "end": 50
        },
        "box": {
         "xmin": 0.8964,
         "ymin": 0.10671,
         "xmax": 0.97634,
         "ymax": 0.12159
        }
       },
       {
        "page": 1,
        "range": {
         "start": 50,
         "end": 56
        },
        "box": {
         "xmin": 0.89662,
         "ymin": 0.12266,
         "xmax": 0.94445,
         "ymax": 0.13718
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 58,
        "end": 5269
       },
       "box": {
        "xmin": 0.03252,
        "ymin": 0.18546,
        "xmax": 0.96661,
        "ymax": 0.8542
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 58,
         "end": 89
        },
        "box": {
         "xmin": 0.03684,
         "ymin": 0.18843,
         "xmax": 0.17623,
         "ymax": 0.20434
        }
       },
       {
        "page": 1,
        "range": {
         "start": 89,
         "end": 287
        },
        "box": {
         "xmin": 0.0361,
         "ymin": 0.20375,
         "xmax": 0.96347,
         "ymax": 0.21858
        }
       },
       {
        "page": 1,
        "range": {
         "start": 287,
         "end": 507
        },
        "box": {
         "xmin": 0.03605,
         "ymin": 0.21886,
         "xmax": 0.96213,
         "ymax": 0.23425
        }
       },
       {
        "page": 1,
        "range": {
         "start": 507,
         "end": 718
        },
        "box": {
         "xmin": 0.03589,
         "ymin": 0.23403,
         "xmax": 0.9621,
         "ymax": 0.249
        }
       },
       {
        "page": 1,
        "range": {
         "start": 718,
         "end": 934
        },
        "box": {
         "xmin": 0.03625,
         "ymin": 0.24896,
         "xmax": 0.96261,
         "ymax": 0.26406
        }
       },
       {
        "page": 1,
        "range": {
         "start": 934,
         "end": 1146
        },
        "box": {
         "xmin": 0.03649,
         "ymin": 0.26402,
         "xmax": 0.96301,
         "ymax": 0.27923
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1146,
         "end": 1357
        },
        "box": {
         "xmin": 0.03625,
         "ymin": 0.27922,
         "xmax": 0.96276,
         "ymax": 0.29455
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1357,
         "end": 1479
        },
        "box": {
         "xmin": 0.0363,
         "ymin": 0.29448,
         "xmax": 0.57997,
         "ymax": 0.30985
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1479,
         "end": 1520
        },
        "box": {
         "xmin": 0.03572,
         "ymin": 0.31009,
         "xmax": 0.22492,
         "ymax": 0.32504
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1520,
         "end": 1634
        },
        "box": {
         "xmin": 0.03572,
         "ymin": 0.32522,
         "xmax": 0.52399,
         "ymax": 0.34052
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1634,
         "end": 1670
        },
        "box": {
         "xmin": 0.03617,
         "ymin": 0.3405,
         "xmax": 0.19466,
         "ymax": 0.35516
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1670,
         "end": 1740
        },
        "box": {
         "xmin": 0.03621,
         "ymin": 0.35508,
         "xmax": 0.3465,
         "ymax": 0.37016
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1740,
         "end": 1815
        },
        "box": {
         "xmin": 0.03718,
         "ymin": 0.36996,
         "xmax": 0.3664,
         "ymax": 0.38496
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1815,
         "end": 1874
        },
        "box": {
         "xmin": 0.03752,
         "ymin": 0.38491,
         "xmax": 0.29106,
         "ymax": 0.40006
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1874,
         "end": 1962
        },
        "box": {
         "xmin": 0.0379,
         "ymin": 0.39996,
         "xmax": 0.39926,
         "ymax": 0.41527
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1962,
         "end": 2079
        },
        "box": {
         "xmin": 0.03685,
         "ymin": 0.41529,
         "xmax": 0.54765,
         "ymax": 0.43048
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2079,
         "end": 2294
        },
        "box": {
         "xmin": 0.03828,
         "ymin": 0.43021,
         "xmax": 0.95987,
         "ymax": 0.44543
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2294,
         "end": 2424
        },
        "box": {
         "xmin": 0.03795,
         "ymin": 0.44554,
         "xmax": 0.61006,
         "ymax": 0.46114
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2424,
         "end": 2490
        },
        "box": {
         "xmin": 0.03716,
         "ymin": 0.46063,
         "xmax": 0.33709,
         "ymax": 0.47575
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2490,
         "end": 2583
        },
        "box": {
         "xmin": 0.0358,
         "ymin": 0.47555,
         "xmax": 0.42962,
         "ymax": 0.49078
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2583,
         "end": 2670
        },
        "box": {
         "xmin": 0.0365,
         "ymin": 0.49059,
         "xmax": 0.42436,
         "ymax": 0.50558
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2670,
         "end": 2767
        },
        "box": {
         "xmin": 0.03602,
         "ymin": 0.50558,
         "xmax": 0.46006,
         "ymax": 0.52101
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2767,
         "end": 2793
        },
        "box": {
         "xmin": 0.03685,
         "ymin": 0.5206,
         "xmax": 0.16132,
         "ymax": 0.53554
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2793,
         "end": 2905
        },
        "box": {
         "xmin": 0.03595,
         "ymin": 0.53594,
         "xmax": 0.52303,
         "ymax": 0.55154
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2905,
         "end": 2973
        },
        "box": {
         "xmin": 0.03497,
         "ymin": 0.55123,
         "xmax": 0.33084,
         "ymax": 0.56655
        }
       },
       {
        "page": 1,
        "range": {
         "start": 2973,
         "end": 3094
        },
        "box": {
         "xmin": 0.03488,
         "ymin": 0.56625,
         "xmax": 0.55648,
         "ymax": 0.58142
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3094,
         "end": 3174
        },
        "box": {
         "xmin": 0.03483,
         "ymin": 0.58127,
         "xmax": 0.39461,
         "ymax": 0.5965
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3174,
         "end": 3263
        },
        "box": {
         "xmin": 0.03412,
         "ymin": 0.59625,
         "xmax": 0.44114,
         "ymax": 0.61153
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3263,
         "end": 3356
        },
        "box": {
         "xmin": 0.03423,
         "ymin": 0.61142,
         "xmax": 0.44905,
         "ymax": 0.62678
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3356,
         "end": 3429
        },
        "box": {
         "xmin": 0.03522,
         "ymin": 0.62666,
         "xmax": 0.35787,
         "ymax": 0.64181
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3429,
         "end": 3638
        },
        "box": {
         "xmin": 0.03638,
         "ymin": 0.64149,
         "xmax": 0.9347,
         "ymax": 0.65702
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3638,
         "end": 3741
        },
        "box": {
         "xmin": 0.03621,
         "ymin": 0.65664,
         "xmax": 0.47898,
         "ymax": 0.67204
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3741,
         "end": 3861
        },
        "box": {
         "xmin": 0.03583,
         "ymin": 0.67176,
         "xmax": 0.5517,
         "ymax": 0.68733
        }
       },
       {
        "page": 1,
        "range": {
         "start": 3861,
         "end": 4051
        },
        "box": {
         "xmin": 0.03394,
         "ymin": 0.68687,
         "xmax": 0.84964,
         "ymax": 0.70227
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4051,
         "end": 4165
        },
        "box": {
         "xmin": 0.03597,
         "ymin": 0.70205,
         "xmax": 0.51545,
         "ymax": 0.7175
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4165,
         "end": 4319
        },
        "box": {
         "xmin": 0.03611,
         "ymin": 0.71698,
         "xmax": 0.70471,
         "ymax": 0.73233
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4319,
         "end": 4422
        },
        "box": {
         "xmin": 0.03497,
         "ymin": 0.7321,
         "xmax": 0.46996,
         "ymax": 0.74766
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4422,
         "end": 4528
        },
        "box": {
         "xmin": 0.03417,
         "ymin": 0.74739,
         "xmax": 0.48654,
         "ymax": 0.76272
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4528,
         "end": 4569
        },
        "box": {
         "xmin": 0.03484,
         "ymin": 0.7627,
         "xmax": 0.22388,
         "ymax": 0.77804
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4569,
         "end": 4626
        },
        "box": {
         "xmin": 0.03481,
         "ymin": 0.77771,
         "xmax": 0.29102,
         "ymax": 0.79293
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4626,
         "end": 4701
        },
        "box": {
         "xmin": 0.03459,
         "ymin": 0.79265,
         "xmax": 0.3448,
         "ymax": 0.80777
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4701,
         "end": 4913
        },
        "box": {
         "xmin": 0.03423,
         "ymin": 0.80741,
         "xmax": 0.96395,
         "ymax": 0.82292
        }
       },
       {
        "page": 1,
        "range": {
         "start": 4913,
         "end": 5127
        },
        "box": {
         "xmin": 0.04891,
         "ymin": 0.82265,
         "xmax": 0.95617,
         "ymax": 0.83739
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5127,
         "end": 5269
        },
        "box": {
         "xmin": 0.03453,
         "ymin": 0.83763,
         "xmax": 0.65466,
         "ymax": 0.85334
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-2",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 5271,
        "end": 6243
       },
       "box": {
        "xmin": 0.03425,
        "ymin": 0.85468,
        "xmax": 0.96569,
        "ymax": 0.93483
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 5271,
         "end": 5474
        },
        "box": {
         "xmin": 0.03656,
         "ymin": 0.85573,
         "xmax": 0.96266,
         "ymax": 0.87156
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5474,
         "end": 5680
        },
        "box": {
         "xmin": 0.03584,
         "ymin": 0.87171,
         "xmax": 0.96196,
         "ymax": 0.8872
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5680,
         "end": 5893
        },
        "box": {
         "xmin": 0.03605,
         "ymin": 0.887,
         "xmax": 0.96245,
         "ymax": 0.90195
        }
       },
       {
        "page": 1,
        "range": {
         "start": 5893,
         "end": 6106
        },
        "box": {
         "xmin": 0.03609,
         "ymin": 0.902,
         "xmax": 0.963,
         "ymax": 0.91723
        }
       },
       {
        "page": 1,
        "range": {
         "start": 6106,
         "end": 6243
        },
        "box": {
         "xmin": 0.03655,
         "ymin": 0.91701,
         "xmax": 0.62245,
         "ymax": 0.93199
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-3",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 6245,
        "end": 6312
       },
       "box": {
        "xmin": 0.03393,
        "ymin": 0.95979,
        "xmax": 0.4309,
        "ymax": 0.98276
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 6245,
         "end": 6312
        },
        "box": {
         "xmin": 0.03597,
         "ymin": 0.96376,
         "xmax": 0.43062,
         "ymax": 0.98203
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 6314,
        "end": 6322
       },
       "box": {
        "xmin": 0.93028,
        "ymin": 0.96209,
        "xmax": 0.97951,
        "ymax": 0.98202
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 6314,
         "end": 6322
        },
        "box": {
         "xmin": 0.93478,
         "ymin": 0.96624,
         "xmax": 0.97649,
         "ymax": 0.97851
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     }
    ]
   }
  ]
 },
 "grounding": null,
 "metadata": {
  "req_id": null,
  "job_id": "parse-01m3d76fnehzsrsqqjhthbhy03",
  "model_version": "dpt-3-pro-20260710",
  "page_count": 1,
  "markdown_chars": null,
  "output_markdown_chars": 6371,
  "range_units": "unicode_codepoints",
  "openapi_spec": "https://api.ade.landing.ai/openapi.json",
  "failed_pages": [],
  "duration_ms": 12628,
  "billing": {
   "service_tier": "standard",
   "total_credits": 2.1
  }
 }
}