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TREMONT MORTGAGE TRUST Two Newton Place 255 Washington Street , Suite 300 Newton , MA 02458 617-796-8317 www.trmtreit.com FOR IMMEDIATE RELEASE Tremont Mortgage Trust Announces Second Quarter 2021 Results Second Quarter Net Income Per Diluted Share of $ 0.01 Net Income Includes Merger Related Transaction Expenses of $ 0.22 per Diluted Share Second Quarter Adjusted Distributable Earnings Per Diluted Share of $ 0.25 Newton , MA ( July 27 , 2021 ) : Tremont Mortgage Trust ( Nasdaq : TRMT ) today announced financial results for the quarter and six months ended June 30 , 2021 . Tom Lorenzini , President of TRMT , made the following statement : " TRMT's portfolio continues to perform well as we execute on our business objective of investing capital in first mortgage loans secured by middle market and transitional commercial real estate . All our loans remain current on debt service and our portfolio risk ratings remain stable , which speaks to the strong credit quality of our borrowers and our manager's ability to originate high quality loans . Our deal pipeline remains active with more than $ 600 million in transactions in various stages of review , underwriting and diligence , and we are focused on reinvesting capital as additional loans repay during the second half of 2021 . Furthermore , we remain on track to complete our merger with RMR Mortgage Trust during the third quarter of 2021. We believe this strategic transaction will provide compelling benefits to TRMT shareholders while creating a larger , more diversified commercial mortgage REIT approaching $ 1 billion in assets when fully invested . " Quarterly Results ( dollars in thousands , except per share data ) Net income Net income per diluted share Adjusted Distributable Earnings Adjusted Distributable Earnings per diluted share Income from investments , net Book value per share June 30 , 2021 $ 98 $ 0.01 $ 2,048 $ 0.25 $ 3,160 $ 10.81 Three Months Ended June 30 , 2020 $ 2,362 $ 0.29 $ 2,433 $ 0.30 $ 3,128 $ 10.72 Change ( 95.9 % ) ( 96.6 % ) ( 15.8 % ) ( 16.7 % ) 1.0 % 0.8 % Additional information and a reconciliation of net income determined in accordance with U.S. generally accepted accounting principles , or GAAP , to Distributable Earnings and Adjusted Distributable Earnings for the quarters and six months ended June 30 , 2021 and 2020 , appear later in this press release . A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq . No shareholder , Trustee or officer is personally liable for any act or obligation of the Trust .