Claros Mortgage shares crater on suspending dividend

Claros Mortgage Trust

17/12/2024 19:11

** Claros Mortgage Trust's  CMTG.N  shares tumble 22.6% to
record low $4.86 on Tues after suspending its dividend
** New York-based commercial mortgage REIT late Mon said board
suspended qtrly cash dividend that would have otherwise been
paid in Jan 2025
    ** CMTG said move intended to preserve capital and create
added financial flexibility, noting it has fulfilled its REIT
taxable income distribution requirements for 2024
    **  CEO Richard Mack said the board "will determine whether
to reinstate the quarterly dividend based on broader market
conditions, the Company’s financial performance and estimated
REIT taxable income"
    ** In Q3, CMTG paid a dividend of 10 cents/sh, a reduction
from the four prior qtrly payouts of 25 cents/sh
    ** With move on the session, CMTG shares have lost about
two-thirds of their value YTD
** CMTG debuted after Nov 2021 IPO priced at $18.65

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))