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.
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
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
