RMR Mortgage Trust (Nasdaq: RMRM) has completed the redemption of all its auction rate preferred shares, paying approximately $16.7 million for the transaction, which includes both the aggregate liquidation preference and accrued dividends. This move is part of RMRM's transition from a registered investment company to a commercial mortgage REIT. The company is currently realigning its portfolio and seeking a Deregistration Order from the SEC to pursue its new business strategy.
RMR Mortgage Trust (Nasdaq: RMRM) announced the redemption of all its auction rate preferred shares (ARPS), totaling approximately $16.7 million at $25,000 per share, plus accrued dividends. The redemptions will occur between November 2 and November 6, 2020, across five series of ARPS, including Series T and Series W. This move comes as RMRM transitions from a registered investment company to a commercial mortgage real estate investment trust, pending a Deregistration Order from the SEC. Shareholders should be aware of potential delays in redemptions and the transition process.
RMR Mortgage Trust (RMRM) has announced the closing of a $30 million first mortgage bridge loan for the acquisition of Finley Point, a 223,771 square-foot office building in Downers Grove, IL. The loan includes initial funding of approximately $29.5 million and a future funding allowance of about $0.5 million. This marks a significant step in RMRM's transition to a Mortgage REIT, converting its portfolio from securities to first mortgage whole loans. The company plans to provide monthly net asset value data starting September 30, 2020, until the deregistration process is complete.