Claros Mortgage Trust, Inc. Pauses Common Stock Dividend
December 16 2024 - 5:58PM
Business Wire
Claros Mortgage Trust, Inc. (NYSE: CMTG) (“the Company” or
“CMTG”) today announced that its Board of Directors suspended the
Company’s quarterly dividend on its common stock commencing with
the fourth quarter dividend that would have otherwise been paid in
January 2025. CMTG paid three regular quarterly dividends during
the year totaling $0.60 per share of common stock, which exceeds
its 2024 taxable income estimate.
“Taking into consideration that CMTG has fulfilled its REIT
taxable income distribution requirements for the 2024 calendar
year, the Board of Directors suspended the quarterly dividend to
preserve capital and create added financial flexibility for capital
allocation decisions with the objective of enhancing stockholder
value over the long-term,” said Richard Mack, Chief Executive
Officer and Chairman of CMTG.
“Looking ahead, the Board of Directors will determine whether to
reinstate the quarterly dividend based on broader market
conditions, the Company’s financial performance and estimated REIT
taxable income.”
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241216174542/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
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