Summit Midstream Corporation announced on February 28, 2025, that its board of directors declared a quarterly cash dividend on its Series A fixed-to-floating rate cumulative redeemable perpetual preferred stock. This marks the resumption of cash dividends for the preferred shares. The dividend is for the period ended March 14, 2025.
A cash dividend of $51.27 per share will be paid on the outstanding 65,508 shares on March 15, 2025. The payment will be made to preferred shareholders of record as of the close of business on March 3, 2025. All unpaid dividends on the Series A Preferred Stock from prior periods remain accrued.
The resumption of the preferred dividend is a step towards enhancing shareholder returns and reflects the company's improving financial position. Management has indicated that achieving its target leverage ratio of 3.5 times is a key step towards potentially resuming a common dividend in the future.
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