Claros Mortgage Trust, Inc. Appoints Jai Agarwal Chief Financial Officer

Rhea-AI Summary

Claros Mortgage Trust, Inc. (NYSE: CMTG) has appointed Jai Agarwal as Chief Financial Officer, succeeding J. Michael McGillis, who remains President. This leadership change is set to take effect post-filing of the Company’s Annual Report on Form 10-K for the fiscal year 2021, anticipated around March 15, 2022. Agarwal brings over two decades of experience from leading roles in commercial real estate finance, notably at Apollo Commercial Real Estate Finance, Inc. His expertise is expected to aid CMTG in advancing its business strategy and optimizing shareholder returns.

Positive

• Appointment of Jai Agarwal as CFO expected to enhance leadership with his extensive industry experience.
• Jai Agarwal has over two decades of experience in commercial real estate, which could advance CMTG's business strategy.

Negative

• Transitioning to a new CFO may lead to initial disruptions in company operations.
• There may be concerns about continuity and the experience gap left by the outgoing CFO.

NEW YORK--(BUSINESS WIRE)-- Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today announced the appointment of Jai Agarwal as its Chief Financial Officer. Mr. Agarwal will succeed J. Michael McGillis, who will continue in his role as President of CMTG. This appointment will be effective following the filing of the Company’s Annual Report on Form 10-K for the 2021 fiscal year, which currently is estimated to occur around March 15, 2022.

“Jai brings over two decades of industry experience and relationships in the commercial real estate sector to CMTG,” said Richard Mack, Chairman and Chief Executive Officer of CMTG. “Jai’s business acumen and financial markets expertise is widely recognized across the commercial real estate industry, and we are excited to welcome him to our leadership team. He will play a key role in helping us to advance our business strategy and deliver attractive returns to our shareholders.”

Mr. Agarwal most recently served as the Chief Financial Officer, Treasurer and Secretary of Apollo Commercial Real Estate Finance, Inc., a role he assumed in May 2016. Prior to joining Apollo, he was Chief Financial Officer and Treasurer of CM Finance Inc. for two years. Mr. Agarwal also held several senior roles at Blackstone’s real estate finance group and Capital Trust, Inc., the predecessor to Blackstone Mortgage Trust. Earlier in his career, Mr. Agarwal held positions in finance and investments at iStar Inc. Mr. Agarwal graduated from the University of Mumbai with a Bachelor of Commerce degree.

About Claros Mortgage Trust, Inc.

CMTG is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. Additional information can be found on the Company’s website at www.clarosmortgage.com.

Forward-Looking Statements

Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CMTG intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by CMTG’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of CMTG’s performance in future periods. Except as required by law, CMTG does not undertake any obligation to update or revise any forward-looking statements contained in this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220225005225/en/

Investor Relations:

Claros Mortgage Trust, Inc.

Anh Huynh

212-484-0090

cmtgIR@mackregroup.com



Media Relations:

Financial Profiles

Kelly McAndrew

203-613-1552

Kmcandrew@finprofiles.com

Source: Claros Mortgage Trust, Inc.

FAQ

Who is the new CFO of Claros Mortgage Trust, Inc. (CMTG)?

Jai Agarwal has been appointed as the new Chief Financial Officer of CMTG.

When will Jai Agarwal officially take over as CFO of CMTG?

Jai Agarwal's appointment as CFO will be effective following the filing of the Company's Annual Report on Form 10-K, estimated around March 15, 2022.

What experience does Jai Agarwal bring to Claros Mortgage Trust, Inc. (CMTG)?

Jai Agarwal brings over two decades of experience in commercial real estate finance, previously serving as CFO at Apollo Commercial Real Estate Finance, Inc.

What role will J. Michael McGillis continue to have at CMTG?

J. Michael McGillis will continue to serve as President of Claros Mortgage Trust, Inc.