Claros Mortgage Trust, Inc. (NYSE:CMTG) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET
Company Participants
Anh Huynh - Vice President, Investor Relations
Richard Mack - Chief Executive Officer and Chairman
Mike McGillis - President and Director, Claros Mortgage Trust
Jai Agarwal - Chief Financial Officer
Kevin Cullinan - Executive Vice President, MRECS Originations
Priyanka Garg - Executive Vice President, MRECS Portfolio and Asset Management
Conference Call Participants
Sarah Barcomb - BTIG
Rick Shane - JPMorgan
Jason Sabshon - KBW
Operator
Hello, everyone and welcome to Claros Mortgage Trust Third Quarter 2023 Earnings Conference Call. My name is Nadia 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 am 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 MRECS Portfolio and Asset Management. Prior to this call, we distributed CMTG’s earnings release and supplement. We encourage you to reference these documents in conjunction with the information presented on today’s call. If you have any questions, 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 those 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 distributable earnings, which we believe maybe important to investors to assess our operating performance. For reconciliations of non-GAAP measures to their nearest GAAP equivalent, please refer to the earnings supplement.
I would now like to turn the call over to Richard.
Richard Mack
Thank you, Anh and thank you everyone for joining us for CMTG’s third quarter earnings call.
At this time last year, the conversation among investors centered around the timing and depth of a 2023 recession, but it now looks like the U.S. may close this year without one. And while this appears to be positive news, there continues to be much capital market uncertainty as bond rates climb, especially in interest rate-sensitive industries. So it’s a confusing time, where good news about economic growth can be bad news for asset values and where headline economic data is subject to multiple interpretations. Add to this the elevated geopolitical risk unseen since the depths of the Cold War, punctuated by the ongoing Russia-Ukraine war and a renewed and rapidly evolving war in the Middle East, and you have the basis for persistent market volatility as investors struggle to price capital and underwrite future economic growth, corporate earnings and inflation.