Claros Mortgage Trust, Inc. (NYSE:CMTG) Q1 2023 Earnings Conference Call May 3, 2023 9:00 AM ET

Company Participants

Richard Mack - Chairman & CEO

Jai Agarwal - CFO

Mike McGillis - President & Director

Kevin Cullinan - EVP, Originations & MD of MRECS

Priyanka Garg - EVP, Portfolio and Asset Management & MD of MRECS

Anh Huynh - VP, IR

Conference Call Participants

Don Fandetti - Wells Fargo

Rick Shane - JPMorgan

Vilas Abraham - UBS

Sarah Barcomb - BTIG

Jade Rahmani - KBW

Operator

Welcome to Claros Mortgage Trust First Quarter 2023 Earnings Conference Call. My name is Alicia, 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. I'm joined by Richard Mack, Chief Executive Officer and Chairman of Claros Mortgage Trust; Mike McGillis, President and Director of Claros Mortgage Trust; and Jai Agarwal, CMTG's Chief Financial Officer. We also have Kevin Cullinan, Executive Vice President, who leads MRECS Originations; and Priyanka Garg, Executive Vice President, who leads the MRECS Portfolio and Asset Management. Prior to this call, we distributed CMTG's earnings supplement. We encourage you to reference these documents in conjunction with the information presented on today's call. If you have any questions following the call, please contact me.

I'd like to remind everyone that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our other filings with the SEC. Any forward-looking statements made on this call represent our views only as of today, and we undertake no obligation to update them. We will also be referring to certain non-GAAP financial measures on today’s call, such as net distributable earnings, which we believe may be important to investors to assess our operating performance. For non-GAAP reconciliations, please refer to the earnings supplement.

I would now like to turn the call over to Richard.

Richard Mack

Good morning, everyone. Thank you for joining us for CMTG's first quarter earnings call. Before I get into my broader observations on the macroeconomic environment and as certain factors are impacting the commercial real estate market, let me provide a few comments on CMTG's performance in the first quarter. Our first quarter results were in line with our expectations, which reflects our team's solid execution. It was a relatively quiet quarter in terms of new originations and repayments, and the underlying credit quality of our portfolio has remained consistent since the start of the year. That continues to be driven by our focus on active asset management in a time of substantial market uncertainty and volatility.