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RMR Mortgage Trust Completes Full Redemption of Auction Rate Preferred Shares
Redeemed $16.7 Million Aggregate Liquidation Preference of ARPS NEWTON, Mass.--(BUSINESS WIRE)-- RMR Mortgage Trust (Nasdaq: RMRM) today announced that it
About this update from Seven Hills Realty Trust
[{"type":"text","content":"\nRedeemed $16.7 Million Aggregate Liquidation Preference of ARPS\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nRMR Mortgage Trust (Nasdaq: RMRM) today announced that it completed its previously announced redemption of all of its issued and outstanding auction rate preferred shares (“ARPS”). The company paid approximately $16.7 million to fully redeem the aggregate liquidation preference of the ARPS, plus accrued and unpaid dividends. This redemption is part of RMRM’s ongoing conversion from a registered investment company to a commercial mortgage real estate investment trust.\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 investments and transitioning its portfolio into commercial mortgage loans. If the SEC issues the Deregistration Order, the Board of Trustees anticipates RMRM would thereafter terminate its existing investment advisory agreement and enter into a new management agreement with its Advisor or an affiliate of the Advisor to provide day-to-day management.\n\nWARNINGS REGARDING FORWARD-LOOKING STATEMENTS\n\nThis press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon RMRM’s present intent, beliefs and expectations, but forward-looking statements are not guaran...