Business
RMR Mortgage Trust Announces Full Redemption of Auction Rate Preferred Shares
To Redeem $16.7 Million Aggregate Liquidation Preference of ARPS NEWTON, Mass.--(BUSINESS WIRE)-- RMR Mortgage Trust (Nasdaq: RMRM) today announced the
About this update from The Rmr Group Inc.
[{"type":"text","content":"\nTo Redeem $16.7 Million Aggregate Liquidation Preference of ARPS\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nRMR Mortgage Trust (Nasdaq: RMRM) today announced the redemption of all of its issued and outstanding auction rate preferred shares (“ARPS”).\n\nThe redemptions announced today represent 100% of RMRM’s ARPS currently outstanding and will be conducted at a liquidation preference of $25,000 per share, for a total liquidation preference of approximately $16.7 million, plus accrued and unpaid dividends thereon to the redemption date, if applicable.\n\nPlease see redemption details for RMRM’s respective series of ARPS below:\n\n\n\nSeries\n\n\n\n\nCUSIP\n\n\n\n\nRedemption Date\n\n\n\n\nTotal Shares to\nbe Redeemed\n\n\n\n\nAggregate Principal Amount\nto be Redeemed\n\n\n\n\n\nSeries T\n\n\n\n\n74965J403\n\n\n\n\nNovember 2, 2020\n\n\n\n\n438\n\n\n\n \n\n\n\n$10,950,000\n\n\n\n\n\nSeries W\n\n\n\n\n74965J502\n\n\n\n\nNovember 3, 2020\n\n\n\n\n47\n\n\n\n \n\n\n\n$1,175,000\n\n\n\n\n\nSeries Th\n\n\n\n\n74965J601\n\n\n\n\nNovember 4, 2020\n\n\n\n\n91\n\n\n\n \n\n\n\n$2,275,000\n\n\n\n\n\nSeries F\n\n\n\n\n74965J205\n\n\n\n\nNovember 5, 2020\n\n\n\n\n27\n\n\n\n \n\n\n\n$675,000\n\n\n\n\n\nSeries M\n\n\n\n\n74965J304\n\n\n\n\nNovember 6, 2020\n\n\n\n\n64\n\n\n\n \n\n\n\n$1,600,000\n\n\n\n\nAbout RMR Mortgage Trust (Nasdaq: RMRM)\n\nRMRM has historically operated as a closed end investment company advised by RMR Advisors LLC (the “Advisor”). The Advisor is a wholly owned subsidiary of The RMR Group LLC, an alternative asset management company. The RMR Group LLC is the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), which is headquartered in Newton, MA. On April 16, 2020, shareholders approved RMRM’s conversion from a registered investment company to a commercial mortgage real estate investment trust and amended RMRM’s fundamental investment policies and restrictions to permit RMRM to pursue its new business. RMRM is in the process of realigning its portfolio so that it is no longer an “investment company” under the Investment Company Act of 1940 (the “1940 Act”) and has applied to the Securities and Exchange Commission (the “SEC”) for an order under the 1940 Act declaring that RMRM has ceased to be a registered investment company (the “Deregistration Order”). RMRM is in the process of selling its existing inves...