Claros Mortgage Trust Shares Plunge to Record Low After Quarterly Dividend Suspension

Claros Mortgage Trust's shares fell to a record low on Tuesday, dropping by up to 11% following the announcement that the company is suspending its quarterly dividend payment. The Real Estate Investment Trust (REIT) disclosed on Monday that its Board of Directors has decided to halt the fourth-quarter payment, which was initially planned for January 2025. CMTG has paid a total of $0.60 per common share in three regular quarterly dividends throughout the year. "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 projected REIT taxable income," Richard Mack, CEO and Chairman of CMTG, stated in a press release.