Claros Mortgage Trust, Inc. (NYSE:CMTG) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET

Company Participants

Anh Huynh - VP, IR
Richard Mack - CEO and Chairman
Mike McGillis - President, CFO and Director
Priyanka Garg - EVP, Portfolio and Asset Management

Conference Call Participants

Rick Shane - JPMorgan
Doug Harter - UBS
Don Fandetti - Wells Fargo
Steve Delaney - JMP Securities
Jade Rahmani - KBW

Operator

Welcome to Claros Mortgage Trust's First Quarter 2024 Earnings Conference Call. My name is Elliot, and I will be your conference facilitator today. [Operator Instructions]

I would now like to hand the call over to Anh Huynh, Vice President of Investor Relations of Claros Mortgage Trust. Please proceed.

Anh Huynh

Thank you. I'm joined by Richard Mack, Chief Executive Officer and Chairman of Claros Mortgage Trust; and Mike McGillis, President and Chief Financial Officer and Director of Claros Mortgage Trust. 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 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 distributable earnings, which we believe may be 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 all for joining us this morning for CMTG's first quarter earnings call. The meaningful decline in inflation at the beginning of the year provided rate sense to investors much optimism. Unfortunately, the last several months have revealed a different narrative.

Recent inflation frames have been volatile, and have generally come in higher than expectations, making what seemed to be all, but certain Fed rate cuts now very uncertain. As it relates to commercial real estate, we believe the general outlook for the industry will remain challenging for the remainder of the year and into 2025.