{ "chunks": [ { "id": "b2880851-91cb-4d27-95c5-b78d4b34e997", "grounding": { "box": { "bottom": 0.18109504878520966, "left": 0.0345323383808136, "right": 0.43044501543045044, "top": 0.12825115025043488 }, "page": 0 }, "markdown": "\n\nFinancing Mix and Leverage", "type": "text" }, { "id": "eb28d538-7784-4425-8fdb-2d81c77b065c", "grounding": { "box": { "bottom": 0.1834806203842163, "left": 0.7382076978683472, "right": 0.9988852739334106, "top": 0.04399248957633972 }, "page": 0 }, "markdown": "\n\n<::logo: Claros Mortgage Trust\nCMTG CLAROS MORTGAGE TRUST\nThe logo features the letters \"CMTG\" in dark blue, with \"CLAROS MORTGAGE TRUST\" in a lighter blue to the right, separated by a vertical line.::>", "type": "logo" }, { "id": "fb71eb3d-b0fb-466e-bf68-e1c0024269f2", "grounding": { "box": { "bottom": 0.4180431663990021, "left": 0.05111056566238403, "right": 0.9698808789253235, "top": 0.2068828046321869 }, "page": 0 }, "markdown": "\n\n- Total financing capacity of $4.3 billion, decrease from $4.4 billion at March 31, 2026\n- Total financing UPB of $2.6 billion, decrease from $2.7 billion at March 31, 2026\n- Unused capacity of $1.7 billion, unchanged from March 31, 2026\n- Net debt / equity ratio of 2.0x, increase from 1.7x at March 31, 2026 primarily due to declines in book value as a result of increased specific CECL reserves and losses on REO held-for-sale; including Q3 loan resolutions and deleveraging to-date, ratio of 1.7x 10, 14\n- Total leverage ratio of 2.7x, increase from 2.2x at March 31, 2026 primarily due to declines in book value as a result of increased specific CECL reserves and losses on REO held-for-sale; including Q3 loan resolutions and deleveraging to-date, ratio of 2.4x 11, 14", "type": "text" }, { "id": "43edf016-0e0f-4750-aff3-e6e1c3437c24", "grounding": { "box": { "bottom": 0.7827829122543335, "left": 0.03260400891304016, "right": 0.4780711233615875, "top": 0.4431760311126709 }, "page": 0 }, "markdown": "\n\nFinancing Balances and Weighted Average Spreads\n\n\n\n\n\n\n
$ amounts in millionsCapacityUPBWeighted Average Spread 18
Repurchase agreements and term participation facility$3,577$1,8662.87%
Debt related to real estate owned hotel portfolio$235$2353.18%
Secured term loan$500$5006.75%
Total as of June 30, 2026$4,312$2,6013.64%
", "type": "table" }, { "id": "9c2a49ba-4afa-4e72-8681-f9e8a1b23aaf", "grounding": { "box": { "bottom": 0.8985798358917236, "left": 0.5133072137832642, "right": 0.9398725032806396, "top": 0.4401390552520752 }, "page": 0 }, "markdown": "\n\n<::bar chart titled \"Leverage Ratios 10, 11, 14\".\nY-axis represents ratio values from 1.4x to 2.8x.\nX-axis represents dates and categories.\n\nLegend:\noption Net Debt / Equity Ratio: [x]\noption Total Leverage Ratio: [x]\n\nData points:\n- Date: 9/30/25\n - Net Debt / Equity Ratio: 1.9x\n - Total Leverage Ratio: 2.4x\n- Date: 12/31/25\n - Net Debt / Equity Ratio: 1.9x\n - Total Leverage Ratio: 2.5x\n- Date: 3/31/26\n - Net Debt / Equity Ratio: 1.7x\n - Total Leverage Ratio: 2.2x\n- Date: 6/30/26\n - Net Debt / Equity Ratio: 2.0x\n - Total Leverage Ratio: 2.7x\n- Date: Pro-Forma A\n - Net Debt / Equity Ratio: 1.7x\n - Total Leverage Ratio: 2.4x\n: bar chart::>", "type": "figure" }, { "id": "28adb50d-5593-4e3a-9e1d-e2362b140aff", "grounding": { "box": { "bottom": 0.9576227068901062, "left": 0.03451961278915405, "right": 0.79853755235672, "top": 0.9230759739875793 }, "page": 0 }, "markdown": "\n\nSee Endnotes in the Appendix.\nA. Pro-forma adjustments to June 30, 2026 ratios reflect deleveraging subsequent to June 30, 2026 of $299 million of UPB and proceeds from the resolution of loans receivable", "type": "text" }, { "id": "a3f39c81-24da-4c67-a17c-ca917c9602ac", "grounding": { "box": { "bottom": 0.9821562170982361, "left": 0.03411516547203064, "right": 0.44472452998161316, "top": 0.9602629542350769 }, "page": 0 }, "markdown": "\n\nCLAROS MORTGAGE TRUST, INC. SECOND QUARTER 2026 EARNINGS SUPPLEMENT", "type": "marginalia" }, { "id": "b9c7c5e0-8289-49c5-a76d-2ec00041f8a9", "grounding": { "box": { "bottom": 0.9827682971954346, "left": 0.929773211479187, "right": 0.9808387756347656, "top": 0.9616228342056274 }, "page": 0 }, "markdown": "\n\nPAGE 10", "type": "text" } ], "markdown": "\n\nFinancing Mix and Leverage\n\n\n\n<::logo: Claros Mortgage Trust\nCMTG CLAROS MORTGAGE TRUST\nThe logo features the letters \"CMTG\" in dark blue, with \"CLAROS MORTGAGE TRUST\" in a lighter blue to the right, separated by a vertical line.::>\n\n\n\n- Total financing capacity of $4.3 billion, decrease from $4.4 billion at March 31, 2026\n- Total financing UPB of $2.6 billion, decrease from $2.7 billion at March 31, 2026\n- Unused capacity of $1.7 billion, unchanged from March 31, 2026\n- Net debt / equity ratio of 2.0x, increase from 1.7x at March 31, 2026 primarily due to declines in book value as a result of increased specific CECL reserves and losses on REO held-for-sale; including Q3 loan resolutions and deleveraging to-date, ratio of 1.7x 10, 14\n- Total leverage ratio of 2.7x, increase from 2.2x at March 31, 2026 primarily due to declines in book value as a result of increased specific CECL reserves and losses on REO held-for-sale; including Q3 loan resolutions and deleveraging to-date, ratio of 2.4x 11, 14\n\n\n\nFinancing Balances and Weighted Average Spreads\n\n\n\n\n\n\n
$ amounts in millionsCapacityUPBWeighted Average Spread 18
Repurchase agreements and term participation facility$3,577$1,8662.87%
Debt related to real estate owned hotel portfolio$235$2353.18%
Secured term loan$500$5006.75%
Total as of June 30, 2026$4,312$2,6013.64%
\n\n\n\n<::bar chart titled \"Leverage Ratios 10, 11, 14\".\nY-axis represents ratio values from 1.4x to 2.8x.\nX-axis represents dates and categories.\n\nLegend:\noption Net Debt / Equity Ratio: [x]\noption Total Leverage Ratio: [x]\n\nData points:\n- Date: 9/30/25\n - Net Debt / Equity Ratio: 1.9x\n - Total Leverage Ratio: 2.4x\n- Date: 12/31/25\n - Net Debt / Equity Ratio: 1.9x\n - Total Leverage Ratio: 2.5x\n- Date: 3/31/26\n - Net Debt / Equity Ratio: 1.7x\n - Total Leverage Ratio: 2.2x\n- Date: 6/30/26\n - Net Debt / Equity Ratio: 2.0x\n - Total Leverage Ratio: 2.7x\n- Date: Pro-Forma A\n - Net Debt / Equity Ratio: 1.7x\n - Total Leverage Ratio: 2.4x\n: bar chart::>\n\n\n\nSee Endnotes in the Appendix.\nA. Pro-forma adjustments to June 30, 2026 ratios reflect deleveraging subsequent to June 30, 2026 of $299 million of UPB and proceeds from the resolution of loans receivable\n\n\n\nCLAROS MORTGAGE TRUST, INC. SECOND QUARTER 2026 EARNINGS SUPPLEMENT\n\n\n\nPAGE 10", "metadata": { "credit_usage": 3.0, "duration_ms": 7732, "filename": "p11.pdf", "job_id": "cmsgvctvz0688eq019f8lzrb2", "org_id": "dlh8mka28ml4", "page_count": 1, "version": "dpt-2-20260410", "failed_pages": [] }, "splits": [ { "chunks": [ "b2880851-91cb-4d27-95c5-b78d4b34e997", "eb28d538-7784-4425-8fdb-2d81c77b065c", "fb71eb3d-b0fb-466e-bf68-e1c0024269f2", "43edf016-0e0f-4750-aff3-e6e1c3437c24", "9c2a49ba-4afa-4e72-8681-f9e8a1b23aaf", "28adb50d-5593-4e3a-9e1d-e2362b140aff", "a3f39c81-24da-4c67-a17c-ca917c9602ac", "b9c7c5e0-8289-49c5-a76d-2ec00041f8a9" ], "class_": "full", "identifier": "full", "markdown": "\n\nFinancing Mix and Leverage\n\n\n\n<::logo: Claros Mortgage Trust\nCMTG CLAROS MORTGAGE TRUST\nThe logo features the letters \"CMTG\" in dark blue, with \"CLAROS MORTGAGE TRUST\" in a lighter blue to the right, separated by a vertical line.::>\n\n\n\n- Total financing capacity of $4.3 billion, decrease from $4.4 billion at March 31, 2026\n- Total financing UPB of $2.6 billion, decrease from $2.7 billion at March 31, 2026\n- Unused capacity of $1.7 billion, unchanged from March 31, 2026\n- Net debt / equity ratio of 2.0x, increase from 1.7x at March 31, 2026 primarily due to declines in book value as a result of increased specific CECL reserves and losses on REO held-for-sale; including Q3 loan resolutions and deleveraging to-date, ratio of 1.7x 10, 14\n- Total leverage ratio of 2.7x, increase from 2.2x at March 31, 2026 primarily due to declines in book value as a result of increased specific CECL reserves and losses on REO held-for-sale; including Q3 loan resolutions and deleveraging to-date, ratio of 2.4x 11, 14\n\n\n\nFinancing Balances and Weighted Average Spreads\n\n\n\n\n\n\n
$ amounts in millionsCapacityUPBWeighted Average Spread 18
Repurchase agreements and term participation facility$3,577$1,8662.87%
Debt related to real estate owned hotel portfolio$235$2353.18%
Secured term loan$500$5006.75%
Total as of June 30, 2026$4,312$2,6013.64%
\n\n\n\n<::bar chart titled \"Leverage Ratios 10, 11, 14\".\nY-axis represents ratio values from 1.4x to 2.8x.\nX-axis represents dates and categories.\n\nLegend:\noption Net Debt / Equity Ratio: [x]\noption Total Leverage Ratio: [x]\n\nData points:\n- Date: 9/30/25\n - Net Debt / Equity Ratio: 1.9x\n - Total Leverage Ratio: 2.4x\n- Date: 12/31/25\n - Net Debt / Equity Ratio: 1.9x\n - Total Leverage Ratio: 2.5x\n- Date: 3/31/26\n - Net Debt / Equity Ratio: 1.7x\n - Total Leverage Ratio: 2.2x\n- Date: 6/30/26\n - Net Debt / Equity Ratio: 2.0x\n - Total Leverage Ratio: 2.7x\n- Date: Pro-Forma A\n - Net Debt / Equity Ratio: 1.7x\n - Total Leverage Ratio: 2.4x\n: bar chart::>\n\n\n\nSee Endnotes in the Appendix.\nA. Pro-forma adjustments to June 30, 2026 ratios reflect deleveraging subsequent to June 30, 2026 of $299 million of UPB and proceeds from the resolution of loans receivable\n\n\n\nCLAROS MORTGAGE TRUST, INC. 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