| That's a nice, low 72% payout ratio for 2022 and 65% for 2023. A low payout ratio means a company has plenty of cash to support the dividend. I like to see companies pay out 75% or less of their cash flow or, in this case, NII. That's a comfortable level where we can be fairly sure the dividend won't be lowered if a company hits a rough patch. The mortgage provider has paid a dividend since 2012 and never cut it. The dividend has been raised several times over the past 10 years. If you include the supplemental dividend, that adds another roughly $4 million in dividends, which pushes 2022's payout ratio to just above my 75% threshold. For 2023, the payout ratio is 69%, below my 75% cut off. Ares Commercial Real Estate should have no problem paying its regular dividend this year. As long as the company's performance doesn't deteriorate in 2023, I'd expect the supplemental dividend to continue as well. Dividend Safety Rating: A If you have a stock whose dividend safety you'd like me to analyze, leave the ticker symbol in the comments section. Correction A few weeks ago, we published an analysis of Icahn Enterprises (Nasdaq: IEP) with incorrect numbers. We apologize for the error. Using the right numbers, the Dividend Safety Rating is "B." The one issue is that 2022 net income is expected to be below what the company will pay in dividends. However, I forecast the payout ratio for 2023 to be 69% of net income, so the dividend should be safe. Good investing, Marc | 
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