Claros Mortgage Trust, Inc. (NYSE:CMTG) Q3 2022 Earnings Conference Call November 10, 2022 10:00 AM ET

Company Participants

Anh Huynh - VP IR

Richard Mack - Chairman and CEO

Mike McGillis - President and Director

Jai Agarwal - CFO

Priyanka Garg - EVP, Portfolio and Asset Management

Kevin Cullinan - EVP, Originations

Conference Call Participants

Don Fandetti - Wells Fargo

Rick Shane - JPMorgan

Steve Delaney - JMP Securities

Jade Rahmani - KBW

Operator

Welcome to the Claros Mortgage Trust Third Quarter 2022 Earnings Conference Call. My name is Elliot, and I'll 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.

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 Claris Mortgage Trust; and Jai Agarwal, CMTG's Chief Financial Officer. We also have Kevin Cullinan, Executive Vice President, who leads MREC Originations; and Priyanka Garg, Executive Vice President, who leads MREC 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 today's 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 such as 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, and thank you, everyone, for joining us for our third quarter earnings call. It may be an understatement to note that market volatility and uncertainty continue to be the prevailing themes as investors and borrowers grapple with high inflation, rising interest rates, supply chain disruptions, geopolitical risk overseas and political division and uncertainty at home. Economic data remains mixed and valuations widely distributed as investors across all asset classes assess the Fed's interest rate policy and debate its ability to engineer a soft landing. Despite these factors, we believe that the U.S. economy is stronger and more resilient compared to prior recessions. That it is the healthiest major economy in the world and that the U.S. property sector will be more resilient than international markets. However, it is now our view that a recession is likely to occur sometime in 2023 as the Fed attempts to resolve the current inflationary environment.