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Claros Mortgage Trust (NYSE: CMTG) announced the suspension of its quarterly common stock dividend starting with the fourth quarter dividend scheduled for January 2025. The company has already paid three quarterly dividends in 2024, totaling $0.60 per share, which exceeds its 2024 taxable income estimate.
CEO Richard Mack explained that having fulfilled REIT taxable income distribution requirements for 2024, the dividend suspension aims to preserve capital and enhance financial flexibility for future capital allocation decisions. The Board will consider reinstating the quarterly dividend based on market conditions, company performance, and estimated REIT taxable income.
Claros Mortgage Trust (NYSE: CMTG) ha annunciato la sospensione del suo dividendo trimestrale sulle azioni ordinarie a partire dal dividendo del quarto trimestre previsto per gennaio 2025. L’azienda ha già pagato tre dividendi trimestrali nel 2024, per un totale di $0,60 per azione, che supera la sua stima di reddito imponibile per il 2024.
Il CEO Richard Mack ha spiegato che, avendo soddisfatto i requisiti di distribuzione del reddito imponibile per i REIT nel 2024, la sospensione del dividendo mira a preservare il capitale e migliorare la flessibilità finanziaria per future decisioni di allocazione del capitale. Il Consiglio valuterà la possibilità di ripristinare il dividendo trimestrale in base alle condizioni di mercato, alle performance aziendali e all’entrata imponibile stimata dei REIT.
Claros Mortgage Trust (NYSE: CMTG) anunció la suspensión de su dividendo trimestral de acciones comunes a partir del dividendo del cuarto trimestre programado para enero de 2025. La compañía ya ha pagado tres dividendos trimestrales en 2024, totalizando $0.60 por acción, que supera su estimación de ingresos imponibles para 2024.
El CEO Richard Mack explicó que, habiendo cumplido con los requisitos de distribución de ingresos imponibles para REIT en 2024, la suspensión del dividendo tiene como objetivo preservar el capital y mejorar la flexibilidad financiera para decisiones futuras de asignación de capital. La Junta considerará reintegrar el dividendo trimestral en función de las condiciones del mercado, el rendimiento de la empresa y los ingresos imponibles estimados de REIT.
Claros Mortgage Trust (NYSE: CMTG)는 2025년 1월에 예정된 4분기 배당금부터 보통주 배당금을 중단한다고 발표했습니다. 회사는 2024년에 이미 $0.60 per share에 해당하는 세 번의 분기 배당금을 지급했으며, 이는 2024년 예상 과세 소득을 초과하는 금액입니다.
CEO 리차드 맥(Richard Mack)은 2024년 REIT 과세 소득 배당 요건을 충족했기 때문에 배당금 중단이 자본을 보존하고 향후 자본 배분 결정을 위한 재정적 유연성을 높이는 데 목표가 있다고 설명했습니다. 이사회는 시장 상황, 회사 성과 및 예상 REIT 과세 소득에 따라 분기 배당금 재개를 고려할 것입니다.
Claros Mortgage Trust (NYSE: CMTG) a annoncé la suspension de son dividende trimestriel sur les actions ordinaires à compter du dividende du quatrième trimestre prévu pour janvier 2025. La société a déjà versé trois dividendes trimestriels en 2024, totalisant 0,60 $ par action, ce qui dépasse son estimation de revenu imposable pour 2024.
Le PDG Richard Mack a expliqué qu’ayant satisfait aux exigences de distribution de revenu imposable REIT pour 2024, la suspension du dividende vise à préserver le capital et à améliorer la flexibilité financière pour de futures décisions d’allocation de capital. Le conseil d’administration envisage de rétablir le dividende trimestriel en fonction des conditions du marché, de la performance de l’entreprise et du revenu imposable estimé des REIT.
Claros Mortgage Trust (NYSE: CMTG) hat die Aussetzung seiner vierteljährlichen Dividende auf Stammaktien ab der im Januar 2025 geplanten Dividende für das vierte Quartal bekannt gegeben. Das Unternehmen hat bereits drei vierteljährliche Dividenden im Jahr 2024 gezahlt, die insgesamt $0,60 pro Aktie betragen und damit die Schätzung des zu versteuernden Einkommens für 2024 übersteigen.
CEO Richard Mack erklärte, dass die Aussetzung der Dividende, nachdem die Anforderungen an die Verteilung des zu versteuernden Einkommens für REIT im Jahr 2024 erfüllt wurden, darauf abzielt, das Kapital zu erhalten und die finanzielle Flexibilität für zukünftige Kapitalallokationsentscheidungen zu erhöhen. Der Vorstand wird die Wiederherstellung der vierteljährlichen Dividende auf der Grundlage der Marktbedingungen, der Unternehmensleistung und des geschätzten zu versteuernden Einkommens des REIT in Betracht ziehen.
Positive
- Company has already fulfilled 2024 REIT taxable income distribution requirements
- Strategic move to preserve capital for future opportunities
- Maintains flexibility for future capital allocation decisions
Negative
- Suspension of quarterly dividend payments starting Q4 2024
- Indicates potential concerns about future cash flow or market conditions
- May impact income-focused investors who rely on regular dividend payments
NEW YORK–(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241216174542/en/
Investor Relations:
Claros Mortgage Trust, Inc.
Anh Huynh
212-484-0090
Media Relations:
Financial Profiles
Kelly McAndrew
203-613-1552
Source: Claros Mortgage Trust, Inc.
FAQ
When will CMTG suspend its quarterly dividend payments?
CMTG will suspend its quarterly dividend starting with the fourth quarter dividend that would have been paid in January 2025.
How much in dividends has CMTG paid in 2024?
CMTG has paid three regular quarterly dividends totaling $0.60 per share of common stock in 2024.
Why is CMTG suspending its dividend payments?
CMTG is suspending dividends to preserve capital and create added financial flexibility for capital allocation decisions aimed at enhancing long-term stockholder value.
What conditions will CMTG consider before reinstating dividends?
CMTG’s Board will consider broader market conditions, the Company’s financial performance, and estimated REIT taxable income before reinstating the quarterly dividend.
Has CMTG met its REIT taxable income distribution requirements for 2024?
Yes, CMTG has fulfilled its REIT taxable income distribution requirements for the 2024 calendar year through the three quarterly dividends paid.
