Tremont Mortgage Trust (TRMT) Tops Q1 EPS by 2c

Tremont Mortgage Trust (NASDAQ: TRMT) reported Q1 EPS of $0.21, $0.02 better than the analyst estimate of $0.19.

David Blackman, President and Chief Executive Officer of TRMT, made the following statement:

“During the first quarter, we closed two loans totaling $36.8 million, fully committing our investment capital. As a result of the impact from the COVID-19 pandemic on all parts of the economy, we have focused our attention on protecting our existing investments. We have taken proactive measures to preserve our capital, including reducing our quarterly distributions, as previously announced, and by actively engaging with Citibank, the lender under our master repurchase facility. We are also actively engaging with our borrowers to assess the performance of their business plans. Though one borrower whose full recourse loan is secured by a retail property in Coppell, TX failed to make its April 2020 debt service payment resulting in a default, we have executed a loan modification agreement with this borrower and ultimately expect to collect payment on this loan. To date we have collected April debt service from all our other borrowers, do not have any other loans in default and have not received a margin call under our master repurchase facility. While we are not immune to the economic challenges imposed by the COVID-19 pandemic, we are actively managing our investments to minimize the impact.”

For earnings history and earnings-related data on Tremont Mortgage Trust (TRMT) click here.

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