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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2021
Mortgage Loans On Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate

Claros Mortgage Trust, Inc.

Schedule IV - Mortgage Loans on Real Estate

As of December 31, 2021

(in thousands, except for number of loans)

 

Type of Loan (1)

 

Description/Location

 

Number of

investments

 

Interest

Payment

Rates

 

 

Maximum

Maturity

Date (2)

 

Periodic

Payment

Terms (3)

 

Prior

Liens (4)

 

 

Face

Amount of

Loans

 

 

Carrying

Amount of

Loans (5)

 

 

Principal

Amount of

Loans

Subject to

Delinquent

Principal

or Interest

 

Senior Mortgage Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior loans in excess of 3% of the carrying amount of total loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior mortgage loan

 

Multifamily/Northeast

 

 

 

L + 2.75%

 

 

2026

 

I/O

 

$

-

 

 

$

390,000

 

 

$

388,336

 

 

$

-

 

Senior mortgage loan

 

Multifamily/West

 

 

 

L + 2.90%

 

 

2027

 

I/O, P

 

 

-

 

 

 

359,066

 

 

 

355,655

 

 

 

-

 

Senior mortgage loan

 

Hospitality/Northeast

 

 

 

L + 5.35%

 

 

2023

 

I/O

 

 

-

 

 

 

290,000

 

 

 

290,783

 

 

 

-

 

Senior mortgage loan

 

For Sale Condo/West

 

 

 

L + 4.95%

 

 

2024

 

I/O

 

 

-

 

 

 

290,139

 

 

 

289,032

 

 

 

-

 

Senior mortgage loan

 

Multifamily/Mid Atlantic

 

 

 

L + 2.85%

 

 

2026

 

I/O, P

 

 

-

 

 

 

257,963

 

 

 

256,516

 

 

 

-

 

Senior mortgage loan

 

Mixed/Northeast

 

 

 

L + 2.70%

 

 

2025

 

I/O

 

 

-

 

 

 

207,548

 

 

 

207,474

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

1,794,716

 

 

 

1,787,796

 

 

 

-

 

Senior loans less than 3% of the carrying amount of total loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior mortgage loan

 

Multifamily/Diversified

 

10

Floating:

L + 2.85% - L + 4.85%

 

 

2023 - 2026

 

I/O

 

 

 

 

 

 

993,530

 

 

 

986,121

 

 

 

-

 

Senior mortgage loan

 

Hospitality/Diversified

 

7

Floating:

L + 3.85% - L + 4.95%

 

 

2022 - 2027

 

I/O

 

 

 

 

 

 

892,755

 

 

 

886,059

 

 

 

 

 

Senior mortgage loan

 

Office/Diversified

 

11

Floating:

L + 2.75% - L + 7.49%

 

 

2022 - 2026

 

I/O

 

 

 

 

 

 

994,500

 

 

 

989,112

 

 

 

-

 

Senior mortgage loan

 

Mixed Use/Diversified

 

6

Floating:

L + 3.15% - L + 5.50%

 

 

2023 - 2026

 

I/O

 

 

 

 

 

 

528,980

 

 

 

527,139

 

 

 

-

 

Senior mortgage loan

 

Land/Northeast

 

5

Floating:

L + 5.25% - L + 8.00%

 

 

2021 - 2024

 

I/O

 

 

 

 

 

 

497,370

 

 

 

498,161

 

 

 

183,020

 

Senior mortgage loan

 

For Sale Condo/Diversified

 

5

Floating:

L + 4.90% - L + 9.16%

 

 

2022 - 2026

 

I/O

 

 

 

 

 

 

423,966

 

 

 

421,628

 

 

 

-

 

 

 

 

 

 

Fixed:

10.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior mortgage loan

 

Other/Diversified

 

5

Floating:

L + 3.70% - L + 4.50%

 

 

2020 - 2026

 

I/O

 

 

 

 

 

 

217,941

 

 

 

213,981

 

 

 

15,000

 

Total senior loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,549,042

 

 

 

4,522,201

 

 

 

198,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinate Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinate loans less than 3% of the carrying amount of total loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine loan

 

Office/Midwest

 

1

Fixed:

8.50%

 

 

2027

 

I/O

 

 

 

 

 

 

125,000

 

 

 

124,693

 

 

 

-

 

Mezzanine loan

 

Land/Northeast

 

3

Floating:

L + 9.76% - L + 12.75%

 

 

2021 - 2024

 

I/O

 

 

 

 

 

 

133,119

 

 

 

133,552

 

 

 

75,579

 

Mezzanine loan

 

Other/Northeast

 

1

Fixed:

7.15%

 

 

2023

 

I/O

 

 

 

 

 

 

927

 

 

 

927

 

 

 

-

 

Total subordinate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259,046

 

 

 

259,172

 

 

 

75,579

 

Total loans

 

 

 

 

 

 

 

 

 

 

 

 

 

$

-

 

 

$

6,602,804

 

 

$

6,569,169

 

 

$

273,599

 

Allowance for loan losses

 

 

 

 

 

 

 

 

N/A

 

 

N/A

 

 

$

(67,024

)

 

N/A

 

Total loans after allowance for loan losses

 

 

 

 

 

 

 

 

$

-

 

 

$

6,602,804

 

 

$

6,502,145

 

 

$

273,599

 

 

(1)

Includes loans receivable held-for-investment and interests in loans receivable held-for-investment

 

(2)

Maximum maturity date assumes all extension options are exercised.

 

(3)

I/O = interest only until final maturity unless otherwise noted, P = Loans are subject to spread maintenance premiums or other prepayment penalty if paid before date specified within the loan agreement.

 

(4)

Represents third party liens only

 

(5)

The tax basis of the loans included above is $6,574,010 as of December 31, 2021.

 

 

Reconciliation of Mortgage Loans on Real Estate

 

 

 

2021

 

 

2020

 

Balance at January 1,

 

$

6,464,095

 

 

$

6,163,159

 

Additions during period:

 

 

 

 

 

 

 

 

Loan fundings

 

 

3,056,293

 

 

 

914,010

 

Payment in kind interest

 

 

88,024

 

 

 

103,847

 

Amortization of deferred fees and expenses

 

 

26,487

 

 

 

28,310

 

Deductions during period:

 

 

 

 

 

 

 

 

Collections of principal, including sales proceeds

 

 

(2,926,566

)

 

 

(732,969

)

Deferred origination fees and expenses

 

 

(39,361

)

 

 

(6,262

)

Realized loss on sale of investments

 

 

(141

)

 

 

—

 

Transfer to real estate owned

 

 

(103,901

)

 

 

—

 

Provision for loan losses (1)

 

 

(62,785

)

 

 

(6,000

)

Balance at December 31,

 

$

6,502,145

 

 

$

6,464,095