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Tremont Mortgage Trust (TRMT) reported a net income of $2.6 million or $0.32 per diluted share for Q3 2020, increasing from $2.1 million or $0.25 per diluted share in Q3 2019. Core Earnings for the quarter were $2.7 million, compared to $2.1 million in the prior year. For the nine months ended September 30, 2020, net income reached $6.7 million, up from $3.5 million in 2019. The company maintains a strong relationship with Citibank, extending its repurchase facility to November 2022. TRMT plans a one-time cash distribution to shareholders in December 2020 to maintain its REIT status.
Tremont Mortgage Trust (Nasdaq: TRMT) has announced the extension of its Master Repurchase Facility with Citibank, N.A. by one year, now set to mature in November 2022. The CFO, Doug Lanois, expressed confidence in TRMT's loan portfolio and emphasized the strong relationship with Citibank. This move is expected to bolster TRMT's financial stability, providing the company with continued access to capital for its investments in middle market commercial real estate.
Tremont Mortgage Trust (Nasdaq: TRMT) announced a quarterly cash distribution of $0.01 per common share, equating to $0.04 annually. Shareholders on record as of October 26, 2020 will receive this payment on or about November 19, 2020. The Board will assess TRMT's financial performance and economic outlook to determine future distributions. The company primarily focuses on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate.
Tremont Mortgage Trust (Nasdaq: TRMT) has appointed Thomas J. Lorenzini as President, effective January 1, 2021. Lorenzini has over 25 years in commercial real estate finance, previously serving as Managing Director at Tremont Realty Capital. Additionally, Matthew P. Jordan has been named Managing Trustee, effective the same date, continuing his roles as Executive VP, CFO, and Treasurer at RMR. The changes follow the retirement of David M. Blackman on June 30, 2021, after a significant tenure since 2017. These appointments aim to enhance TRMT's loan portfolio and growth prospects.
Tremont Mortgage Trust (Nasdaq: TRMT) announced it will release its third quarter 2020 financial results before Nasdaq opens on November 3, 2020. A conference call will follow at 10:00 a.m. ET with CEO David Blackman and CFO Doug Lanois discussing the results. Participants can join the call at (833) 366-1119 for U.S. calls or (412) 902-6771 internationally. A live audio webcast will be available on the company's website. Tremont Mortgage Trust focuses on first mortgage loans in middle market and transitional commercial real estate.