Claros Mortgage Trust shares drop to record low after halting quarterly dividend

Investing.com -- Shares of Claros Mortgage Trust fell to a record low on Tuesday, dropping by as much as 11% after the company announced a suspension of its quarterly dividend.

The Real Estate Investment Trust (REIT) said on Monday that the board of directors decided to halt the payment for the fourth quarter, which was originally scheduled for January 2025.

CMTG paid three regular quarterly dividends during the year totaling $0.60 per share of common stock.

“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,” Richard Mack, Chief Executive Officer and Chairman of CMTG said in a press release.

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Source: Investing.com