CMTG - Earnings call transcript Q1 2022 | Claros Mortgage Trust, Inc.

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Operator

Welcome to Claros Mortgage Trust First Quarter 2022 Earnings Conference Call. My name is Jordan, and I will be your conference facilitator today. [Operator Instructions] I would now like to hand over the call to Anh Huynh, Vice President of Investor Relations for Claros Mortgage Trust. Please proceed.

Anh Huynh

Thank you. Agarwal, Richard Trust; Executive Director Mike Mortgage and by of and of joined Officer. Trust Mortgage Financial Claros McGillis, Jai am Mack, Officer Chief Chairman Claros I Chief CMTG’s President and

conjunction We these also President, MRECS and the who and supplement. with originations; distributed asset President, encourage Executive documents management. Garg, to Vice this MRECS We who CMTG's on call, Executive we leads presented Priyanka leads today's Kevin have Cullinan, in Vice portfolio reference Prior you information to earnings call.

result may represents statements following forward-looking have as SEC. any call views the of indicated important call, forward-looking you within filings in call factors I And of XXXX. discussed to And Private If differ me. these forward-looking Reform results undertake like as include remind this including questions the our materially other today's on today's various that from no Litigation please those by the obligation we of update of with Securities everyone them. those contact meaning today. only statements to statements Act made may Actual a

believe investors as to will today’s be such We financial which net may to to we measures distributable referring non-GAAP important assess call our earnings performance. on also certain be operating

please reconciliations, supplement. I the Richard. to would the non-GAAP refer For earnings turn to over now like call to

Richard Mack

for of to an perspective. you us for quarter the today Thank from were everyone. joining the and quarter excellent and that asset share pleased morning, first originations the call. second Good I'm CMTG's first management quarter earnings beginning

an of of loans, and CMTG resulting billion $X.X of and $X.X $X.X Our ending billion volume drove total first of high originations the commitments. with quarter portfolio growth, in all-time loans billion portfolio quarter

financial market ourselves come however, significant of an intersection collectively also and find least. equity securitization and lead an that backed to at strong interest great for volatility outcomes the strong opportunities Our inflation, slowdown markets, we continue credit have originations the at rising economic have individually a and make But created economic and uncertainty of across volatility. events of create the say Today, market or up time rates positions. origination, the possibility to unpredictable

these classes with asset end focused markets our of business in resulted enhanced with environment. rate markets. Seattle markets In particularly exposure. that environment, the follow has had Nashville, activity are second stable been Miami, our asset lead that keeping to we of a pleased the we and equity Deploying this what will investment opinions markets Short about while estate spreads opportunities has And this sectors scaled this moment, are are coming reduction, to there transitional lending up capitalized range and year, asset the values high in be growth our in increasing, continue real to lenders value believe rising, for CMTG. unfold increasing lending rent and greatest at that demonstrate the instructed origination diversification into to returns. may this Although, rising markets Dallas, creates growth, lending in like We've stable is there real estate term values the CMTG Phoenix, rates such also usually in been well the of on strong in asset inflation attractive portfolio and many as continue and these defined first light in quarters. of interest capital and

interest potential historically provide materials shortages lease benefited environment. multifamily seeing the inflationary of Class growth hospitality that home. That with continue offer sector decrease Further, are markets relative represented result supply and opportunistic single besides we the focused to the backdrop And demand is for-sale are no and quality rate originations. constraints are as an luxury longer a from favor reprice office rent be of quarter adjusted but we on on on sector strong high value make more for build-to-rent the market. bearish rents the like migrating operators benefit keep yearly to are the consider and create defensive, demand inflationary sector, life. are reasons in remain play. seeing returns and stable such select multifamily, and even it increases. first as relates drivers reliant and in family we tailwind same and fundamental we lending outperform and from the sector may of XX% office said in on in share similar The hotels risk certain been a why Those we've a segment affordability corporate dynamic classes finding renewals We hospitality to we we working travel, to to valuation Annual are upside. generally should rebounding A increasingly single-family cities labor sectors as The well. on In of these of there. are and basis. to the for basis Additionally, that supply attractive on asset seeing we high homes office Work a People opportunity with out asset reasons hospitality. our has that

credit believe prudent. we allocation Given be an that economic to to estate the continues backdrop today, real

because infrastructure. our will a perform will equity like However, stress-tested. believe We equally and deep platform ownership our well equity that real estate managers all mindset experience not of outperform ours credit when and

of market. at who on have in attracting today's and meaningful leveraging experienced Our significant assets, invest borrowers quality institutional subordination equity strongest in infrastructure high focuses and equity our team CMTG experience many

far The another in origination second for million up quarter $XXX approximately shaping executed through us, strong originations with is X. May to be so quarter

gain a also I approximately made on call. thunder, sale turn percentage on the to non-accrual detail I drive I recognizing value in to significant highlight later for his stockholders. on call this progress quarter the over touch in further management while Having to X%. like the to during reducing would second continues in loans. that now to while sizable asset our quarter be steal don't Our the will And to Mike. we our would second our non-accrual Jai like resolving want will

Mike McGillis

Thank you thank us for all morning. you, joining Richard. this And

During floating originated rate the our first XX multifamily origination driving billion across X% multifamily quarter-over-quarter of investments, senior we quarter March loans of XX% portfolio’s in a at transitional first UPB XX. activity, exposure quarter, XX% of to comprise $X.X increase our the

even first to pullback observe a continued year markets In ended late addition, repayments. quarter York XX%. in we continues quarter and the as and New exposure declined result opportunity step in deploy this securitization Construction wide it's yields been represented our of at And capital an last The a our loan what have us third CLO normal provided at the multifamily further sector market. quarter loans in through and the priced of the a which securitization to XXXX, of more first of would multifamily that roughly core decline originations. they in

of fundamentals multifamily in the believe we're liking given uniquely this additional sponsors’ manage and In long the multifamily we management. history positioned to class, development, sector, our asset

quarter, origination we of built-to-rent build-to-rent loan quarter family to also the XX% $XXX related first more our several loans originated commitments activity. than During or single- represented million home portfolios,

sector we have for And sector. outlook a As the been Richard BTR at looking we've mentioned, on some the time now. positive

to financing the via The inside an participate point entry sector first portfolio quarter us format. in provided

In focusing industrial. and by such types rounding on as select the been LifeSciences asset our addition, year we've out over past portfolio

rent relatively an million at sub risk for the is The growth. attractive borrower University development represents during and market low quarter an and and sector demand development experience Philadelphia. with originated As with loan an return $XXX adjusted of we the LifeSciences sponsor example institutional in the investment extensive City the LTVs strong

turning us unlevered that the to assets, the leveraged as of which the Before cash lines, to I capacity available and originate as our Jai, loans over available that due would balance adjusted of now sheet should on low loans significant market us period with in should over capacity financing in spread rate originate capacity or collectively well balance a like to our we risk like to provide review at benchmark leveraged call I Jai? highlight widening new increases. results. sheet have under returns investment provide the uncertainty, Jai on would turn a call to financial to to form favorable ability to

Jai Agarwal

Richard. and morning, Mike good you, Thank everyone. And

we GAAP per net or share share, income slight general the during distributable reserve of million $XX.X a first end. decline value of or $X.XX million, earnings reported CECL quarter, $XX.XX, $XX.X and the was $X.XXper per For share. year from Book

reserve remains unchanged approximately season specific Our million. at $X

This $XX Subsequent loan in a approximately Our total quarter-over-quarter a asset million XXXX. April. advantage XX. the levered was at on York by land delinquent since XX.X% reported the March increased a of or successfully gain $X.XX and quarter a to end be at compared the outstanding as amount nonaccrual quarter X.X% portfolio second sale. loans managing reduces of We a developer in resolution gain of X.X% and The speaks shares to significantly business in $XX.X $XXX of million investment New on million numbers portfolio. in share to first will underwriting of believe transitional our This The the year. per and to our end, the management million manager’s competitive was resolved owner, that as nonaccrual reserve of return the generated model. based route us loan that resolution a largest CECL provides our team loans. X% with strength the The an quarter of to $X.X operator City

first quarter to back Moving numbers.

increased by to portfolio repayment. $XXX funding by loan $X.X and origination of outpaced billion funding million the initial and $XXX quarter, During our first in million new loan driven loans

at million. billion. $XXX assets by We billion warehouse have liquidity of over $X of $XXX upsize unencumbered bringing a We of end of with two availability and total quarter facilities with banks approximately million capacity $XXX $X million

increase Our time capital, X.Xx range is this as will line additional leverage quarter be industry. to and at more Xx ratio deploy ratio the at over in we X.Xx with expected low end the to is to

estimate in yields of interest In loans floors, has of repayments. terms on rising forward to to prior positively An our from the benefited part result become originated will with origination latter loan of the continue year the benefit correlated profile outside they and earnings curve, their rates, earnings rates as with the XXXX. on interest in-place a

just four, remaining of several ahead, our up of $XXX Operator, One we call like in at can assets performance ramp And nonaccrual cash for boost essentially two, of I three Looking go have could now drivers I'd the a see the Three, referenced. to questions. please assets. open quarter dissolve million resolution that potential assets. ahead. you REO earnings. nonaccrual we end,

Operator

first comes Shane Instructions] from of question Morgan. J.P. Richard Our [Operator

Richard Shane

to taking and second to for quarter, asset floors. through your that you sort sensitivity? we my the view opportunity optimal and Good timeframe? And much morning, bit. the story really moved a two the with so of is the balance you for to to Thanks achieve off on one of Is a about your sheet things, your second, do that revert would leverage? little consider the what horizon available question. What that to think and forward rates disclosure Is guys. grow is be Really is then, start realistic thank liquidity you you lever the

Jai Agarwal

interest one supplement of Jai. a based I’ll explains at first, is that guess you rates, take I And static This portfolio, is it net terms of I'd our XX, in if XX. look say, think. I March the in portfolio on the page first expenses static there well as chart on

forward of quarter If based But quarter static sensitive. when the on is somewhere a beginning portfolio. third the asset you that just curve, second with become I the say juxtapose we that's would of end

second somewhere could the towards If sensitive. when you the we quarters end become new add be of in asset it loans,

Richard Mack

lower significantly depends to market stepped and Rich, backup an what gives securitization allocation question, opportunity market, trend flowing second capital, slowly been we us trying our perspective. positive. just it we And If scale. to equivalent as to likely increase is been with very risk cash think, on increase I our as multi, we we've from it result returns in and to of a the answer And as has able will create leverage the that continues, assets. then the deploy

investing, going may to some of we that might where transitional opportunistic, are Kevin comment transitional spreads the assets it this the we that improvement want as to leverage will increase market. to the invest. actually relates may sheet at we loans we and clearly likely where and the be we And going about loans seeing of experience where And we our moment. relates as more and the as to see most these therefore seems we're are on all balance we level heavier we're if do it in And scale. on types shift it originations try to certain CLO market However, we're that, is given widening slowly loans, heavier

Richard Shane

of appreciate driven, levering forward That's your then driven helpful. you balance terms sort look balance the And I context, sake in it hear last objective simply this nice the in opportunity of it. that for again, sheets with Jai, comment, again. the of Got to I And to is working not and sheet. leveraging voice

Operator

Our DeLaney Securities. of next Steven JMP question comes from

Steven DeLaney

everyone. morning, Good Thanks.

So in from the decline question net sequential first I interest is to million about in have the $XX $XX million. XQ income

comment maybe related just if that income suspicion you. you comments on XQ, Thank So to what I'd love heavier that. is could your you My repayment that just in curious NII. on had the but hear first quarter drove

Jai Agarwal

Steve, this Jai. is

– think I

Richard Mack

Jai, take this. Mike let

Jai Agarwal

quarter. Sure, off exactly we is if right. in It that's yes, we speaking the first add, of fourth Mike, Steve, I'll you the quarter and start to being loans want -- had in

subordinated Some loans. of those were

high loans in in of in floors us, someone lower interest able quarter benefits but Some first were the the catch the up LIBOR That to and QX. redeploy continue capital, high biggest was towards half. those rate coupons, latter culprit off we NII to as curve we loans and be high, should paid with as terms

Steven DeLaney

Credit Right. healing. be to seems

have sure to that. you I it some of previously of accrued non-accruals didn't or make interest or reversals wasn't new that like any So wanted something just impact

Jai Agarwal

That's exactly right.

We are planned the resolution in that the loan known articles. is actually decreased -- non-accrual after were our large,

Steven DeLaney

you And of continue you're up like loan expect a great. just picture Okay, opportunities growth, grow that it going my with market would CLO to now you're especially kind multifamily to, the be down, question, seeing portfolio. to bigger net in shutting strong follow sounds

So you to more finance your when As as do do see acquire And to is, far needing my looks move the Thank capital? could as as of envision you of as different question they? on you of what maybe one It options that had what type And notes to forward are comment capital? notes types like you. on payable. the, portfolio? you you small just payable $XXX million

Mike McGillis

me want to Jai, you cover one? this

Jai Agarwal

Mike. Sure,

Mike McGillis

thanks, Sure, again. hear Steve. voice to yes. Nice your Sure,

notes a certain just the the payable I'll our assets typically, So payable, heavier item few loans. things. those transitional notes on financings are address of first so specific

tend So those to repo finance we on lines. not

shifting started that facility heavier the point. may capital But items. with of assets, stages see bank we're activity, we of working more although through those that sort more create we to a a to in of source early transitional So some of are this to we finance working at

as I able our the But course due think repo a start significant on we've as balance we I Jai have we comfort increase with some us those to work And capacity have our some sheet. level the these think, amount have obviously, seen to lines. over And low bank of of ability been that through our partners our capacity leverage counterparty of of the emerge. quarter our to situations they the on back. to pull highlighted, with

in there. structure. a The extent we work effectively market I have back that would think CLO a I CRE comes tool -- the are collateral assembled we think well, financing

three are engines those right there. are So those

continue The in never. there's there capital. right to but Whether, the don't say source the think us – equity anytime as near opportunities I we market, corporate the but continue market never the a on in we an incremental common future, on things see other eye we going keep of monitor But obviously now, to that I market to great TLP are bond

Steven DeLaney

of have you plenty like Sounds options.

Mike McGillis

can Other the sources as of certainly financing and that evolves portfolio we tap grows.

Jai Agarwal

also term And have balance also significant of coming sheet. maturities we on we don't amount would I any Steve, Yes, have near cash add, the up.

-- cash. in not raise not desperate we're So we're to

Steven DeLaney

couple it. the you you're in see sell both portfolio like you thank can to so going comments. quarters anyway, next fund, your right, for what Yes, Appreciate of which sounds

Richard Mack

feel And of Steve, about sitting. going our remark cash lot what's we feel it I on given that are, and like does the in right now. might we pretty sheet good market on where a we're the balance opportunities there's

Operator

Keefe, Jade Bruyette from comes Woods. question of next Our Rahmani &

Jade Rahmani

But Richard, sectors Thank where targeting just What comments? very expecting the you on also rates Sounds you mentioned on the output? growth interest you like what's then primarily market? overall indicated your light side. commercial to much. expecting the for not inflation of residential your on expand widen is. in that could comments you rent elaborate you're based you on the please estate prices real rate is you Could in are cap

Richard Mack

this so would Yes, is try long, be my with best to let fairly and answer any do it. nuanced complicated and me

that and the are flows expansion we that think extent associated I an rate with to seeing asset, cap relatively are cash static.

if but were really growth moves. in and interest multifamily take rate seeing appreciation, there's market, rent right place between you multifamily every that the areas, growth so strong is just And growth a lower battle lower the now, to in and rent

think I cap so rent in especially are And growth where is down markets values less are a bit, coming expensive. rates expanding

this generally and stable. down the and asset with value I of is if to to the are bit. think location, it's Because markets, you want just curve be people's high going. to can think, where growth think inflation, is by rent mark rates so quickly, And little come market probably there's assets where it, to really cap assumptions But up that those have for about acceleration location hard, rents simple by a asset. keep yield I But I

and if sub is, where you And And of so rates. supply market see impact demand category or each and and how you yield part cap about believe growth to that's of not, the curve in you this think going rent assets.

very it's broad the to that's So helpful brush market. very, that hard I hope answer,

Jade Rahmani

a something prices or rent Less would growth? around And I with magnitude, to about something XX which believe basis Are pricing, you X% those you for correction in severe and of to that? than XX% XX are thinking talking in more probably about imply thinking power? like points, less terms classes, something asset

Richard Mack

now that's to today, very types think these and and to really subordination to spreads loans, it's a investor assets, given but the right, it's say I given X% much an our like we going those all lender, between dynamics, in where absolutely sitting equity that me, and that given are widening, have it's hard I on let's equity as probably transitional we're be, of XX% think be brush better that equity the because the in like, of the broad right risk relative investment lending equity transitional with risk in and recession have, this adjusted as dynamics, hard, to returns very investing really, subordination all well. now, rate, out risk the interest I of equity, me, given strong to equity than I look right very, really but that's there we

Jade Rahmani

REIT Thank the mortgage cause in you I out says, REITs, think for usually fresh that know, is a these mortgage business. liability you bring particular, the what puts main of to Barry the space that. Sternlicht structure I commercial often perspective and of as companies

act balancing think leverage So stack you are sources fully leverage to the and where the you profile, as financing that available, of focused A in sources about do increasing note get of non-repurchase that the will catalyst? deployed and toward sales alongside non-mark-to-market, lean

Richard Mack

Mike and I transitional warehouse today part were made A&F. to the not to have for economic banks we this to let lines as lot anything two, they sense. opposed warehouse me the have generally the been Jade, hand be the regulatory are in want when heavy And of business, that's XX% think were because super notes has but where A&F. the to cost than with more favorable a of than other just But we XX% -- A much going And warehouse line push incentives I past. number of started to off say we we what that thought

capacity A was equation we we every do that the so the worried Because in we financially liability, part are everything about to viable, with the more do notes way had would And if a day. so. of

by want to tremendous avoid us we we it's leverage And warehouse a run live right. continue with look to lines warehouse don't careful best duration to absolute a a fixed to either than long tend about provisions perspective, side capital, -- leverage. And less is our will to on have business a get The modest to this. deal what's where Jai that do job. try use to a absolutely the that but like term, or you make lines being think our through we're to liability But basis. for fixed can problem, we're rate a I our floating all So capacity but use from balance. term don't have to deal going from hurt want long the get has we Mike And And sure available possible to worry where continue the further meltdown. rate, perspective, where liability is in we side a and done yes,

over So it Mike, can I turn you? to

Mike McGillis

of Nice from to cost, event value, this hear it Yes, to financing loan have, effectively we in Thanks, our it profile, has just Sure. hit of a each philosophy to senior it's our stabilized service for look think their the business, where when still risk of really finance the decline, senior Richard position way that debt of whole debt Jade. the doesn't profile on call projected always that we sponsor really way going merits of in even by we based yields you. the a so risk can individual trying a and that started the whether back to sort still background, stabilized I loan, on at to financing. the we asset loan really, sort and yields, and cushion finance to been with

slightly same we'll leverage less and the we'll great be power But leverage space, we those see, see are if the situations So But drive always in loans achieve returns. the ROE. the on incremental do still trying opportunities environment, ramp loans, those more it's probably in leverage so capacity, and heavier leverage transitional our be in there we higher increase slower. that a if to apply I may current obviously, think we have you'll increase, to lighter, very yield do think ideal lot I lighter our of transitional specific,

the set positions. in So we're function, how Jade, what and to any time, at be of point it's going like really a in terms looks opportunity financing those

Operator

of Our comes next from Vandervliet UBS. Brock question

Brock Vandervliet

Good you. something Thank commitments, similar volatile. level the this if of going we fundings funding morning. cadence up should the and to of a about if just you funding wondering to to just forward, kind or could step are talk thinking it's over pretty billion plus. Jai, between the be going back And

Jai Agarwal

That's of kind of just things hard don't screen. answer to we Bloomberg because question buy off

between somewhere to XX take loans XX close. to days Our

we first So had out to quarter turning a quarter is this fairly very thus year, strong fourth of be strong, quarter, strong reasonably the second and far.

cadence, about think down deployed it a a to we sizes. $X It's as for So year, can to you $X hard buy break in between billion. billion full somewhere quarterly just

Just for we from don't a or if rate. and think it as a of control to that I helps full run because predict of billion should know But to something perspective. can't modeling timing $X time billion amount takes of year, you close the moving. the us of $X

Brock Vandervliet

loan other an that? there, Sure. mix questions just the And higher-yielding be at going What's kind It an backing lower and loan or crack to what back just such one yield. your payoffs Is to the appears into it. driving another NII driving on was what's of of that yield to paper shift. of take asset

Jai Agarwal

sure. Yes,

yield. level we did quarter, the which will you in first cash whole bunch of have as lower flowing a asset loans, can multifamily So a imagine,

X.X%. in reported those average we weighted yield supplement, as on on us a So was

LIBOR very LIBOR loans because that low. was to it's Now, had mention lower floors, fair those

are So those vintage the don't LIBOR that have loans XXXX or had. high XXXX floors

in loans had higher loans And quarter would part actually and is up the yields. curve yield through goes off forward that the steepness that first also those So naturally right the catch fourth increase. the as paid the should

this a is will. So period, you if transitional

Mike McGillis

also color. let look Brock, so transitional multifamily lighter was our I’ll Jai originations bit Yes, of heavily little And and if me just in that a towards weighted we provide QX QX, loans. at additional

subordinate of are That So lower floors the had a financings as the obviously, those risk off spreads pretty of yields and yielding place due LIBOR had as subordinate quarter. higher some paid more in and were loans. lot but that given that at higher much those risk to we of yielding loans end significant, profile much fourth the high lower well

So multifamily fourth the the it portfolio deals shift, Jai the transitional during quarter of with is that and the occurred quarter components through quarter fourth repayments combined receive first of highlighted, the a of function at heavier we of end, over the as XXXX. end lighter the

Operator

believe we Jade I Keefe, Woods. & a follow have Rahmani from up question Bruyette of

Jade Rahmani

types Thank flavors of single-family very I've the just any the much. with a The for color that? is one space? build-to-rent you given background very interesting, And built-to-rent are is you while followed to of day, something rental comfortable you company's quite and in did space How on sponsors get the of can the you give multifamily. lending in the

Richard Mack

second. that first and Kevin do maybe one, take can going of I'm Jade, that So,

Jade, two we're actually, filling we on housing homes. building one multifamily. We're side, in lending lending of disparate one are be on of Phoenix kind building They're a of right not we're could is considered And what on those horizontal basis. ourselves rental on entitlements. most what and So, now, horizontal projects the equity purpose,

pretty about, not But look just sponsors. we're a say little to So should when multifamily. a to take about very that. feel I'm talk little our want good to built, allowed want talk the sure what have they're sense maybe and bit you need bit about to a how second these as we do like things And and to Kevin, how what they be they much operated. really

Kevin Cullinan

in group in they're brush broad would of local the to second very we portfolios. agreement transactions set expect stabilization sort forward with quarter, who a that the these want Jade, And doing infrastructure But add we've develop assets meaningful a experienced of really backing what in one operator that assets some I of first and market both It's risk. that obviously Yes, risk. to don't more we're the of put pretty in is, to the developer meaningful space, portfolio in amassed some has about private every that form with significant instance, significant as mark-to-market of that together upon that two didn't, the have the formation added for equity they and and sort to no the with that quarter, I'm it's developing a well. purchase say capital to in the space talking that they've

a as asset -- forward middle of takeout degree the would trying is holder they're to And scale class. the a a is really, say, beginning at term up portfolio. So significant the the of to I or this stages to that other exposure long

ourselves really think we've deep pocketed strong as it with as combination boots So backers. very of aligned the expertise, private equity on local with development well on we a

Jade Rahmani

do And to wider pricing that opportunity an the the CLO SFR believe you creates in space? market, land

Kevin Cullinan

is space be view, to short little some long stabilized. more the so quite completion. we're the agency doing not very oriented, that not development is that doing of The that everything long-term taken or But to nuanced in out that things monetize to either space likely the we're after But right are is answer through BTR bit that answer yes. financing more now,

on necessarily see to looking impacted the securitization that's any positions broadly, to But to little attractive, all when or may have be which a these I be thing backup space, we're future growth, a to a the these to scale, for fairly I but become capital more underwriting at what in spreads to position, so heavier scarce tie for one seeing in as getting development traditional an that of cost directly we premium multifamily thing position it's I space hasn't we relevant your think our And difficult And relative to more seen right us deals. think market. opportunity without isn't at able rent we're where or developed. because to healthy to question, get unfunded market, yields close multifamily. move are the that borrowers nascent to our we're directly So that necessarily that fairly it these still the development, BTR looking transactions very The more tie up to the see add, or and we're bit the led we transitional working certainly we of a now. result

to additional like us what, of things we to how before that's something that it's we'd well. between and concern So buffer of perform, as expect sort

sponsors fairly position the rent capital still and a be comfortable differently, inflation, meaningful absorb needed stack. said costs So in growth, very can at

Operator

question and Richard this to gentlemen, conference closing turn any back to the our and session. like over concludes I'd answer Ladies for Mack remarks.

Richard Mack

I Well, for us want everyone just to thank today. joining

for probably team, the forward our is great a and now. the nonaccrual can get we're about to given from us. given of looking what you where we down, We're to to market right tell pretty opportunity, showing And excited thrilled be of sit lot As we to very, where everyone and is proud very and team great really the how the a here day continuing your doing. company appreciate And what compliment just the I company we're positioned. being do and to job want support and every

So us. thank for you joining all

Operator

Thank you for joining today's call.

You may now lines. disconnect your

Claros Mortgage Trust (CMTG) 15 May 222022 Q1 Earnings call transcript