RMRM - Tremont Mortgage Trust to combine with RMR Mortgage in all-stock merger

Tremont Mortgage Trust (TRMT) shares rise 2.1% in after-hours trading after agreeing to combine with RMR Mortgage Trust (RMRM) in an all-stock transaction that's intended to create a more diversified commercial mortgage REIT focused on middle-market transitional bridge loans.RMR Mortgage Trust shares gain 1.0%.Assets of the combined company are expected to approach $1B when fully invested. They expect it will result in improved access to capital markets with the potential to reduce its cost of capital.Each TRMT common share will be converted into 0.520 of one RMRM common share; the implied offer price is ~$6.55 per TRMT common share, representing a 6% premium to TRMT's closing price on April 23 and based on RMRM's closing price on the same day.The merger is expected to add to distributable earnings in 2022 with the potential for annual expense savings of $1.4M-$1.6M, or 10 cents-11 cents per common share.Conference call on April 28 at 10:00

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Tremont Mortgage Trust to combine with RMR Mortgage in all-stock merger