By Sarina Isaacs
Shares of Claros Mortgage Trust plunged after the real estate investment trust suspended its quarterly dividend.
The stock was down about 18% to $5.14 in midday trading.
Claros' board suspended its quarterly common-stock payout ahead of a dividend that otherwise would have been distributed in January, said the REIT.
The firm said the move was intended to preserve capital and create further financial flexibility in order to enhance long-term stockholder value, noting that it has fulfilled its requirements for REIT taxable income distribution in 2024.
"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," said Chief Executive Richard Mack.
In the third quarter, the REIT paid a 10-cent dividend per share, a reduction from the two prior quarterly per-share payouts of 25 cents each.
Write to Sarina Isaacs at sarina.isaacs@wsj.com
(END) Dow Jones Newswires
December 17, 2024 11:53 ET (16:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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