The boards of Colony Capital Inc. and NorthStar Realty Finance Corp. each declared a pro rata dividend of 0.44 cents per common share per day in connection with the merger agreement among Colony Capital, NorthStar Realty and NorthStar Asset Management Group Inc.

The pro rata dividend, which is the daily equivalent of the current quarterly dividend of 40 cents per share, will accrue from Jan. 1, 2017, up to and including the closing date of the merger. Colony Capital and NorthStar Realty will each pay the dividend to their shareholders of record as of Jan. 9, 2017, after the closing of the merger.

The merger is expected to close Jan. 10, 2017, subject to closing conditions.