NEWTON, Mass.--(BUSINESS WIRE)--Tremont Mortgage Trust (Nasdaq: TRMT) today announced financial results for the quarter ended March 31, 2018.

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

“Tremont Mortgage Trust continued building origination momentum since the beginning of 2018. We closed on a $18.1 million first mortgage bridge loan in April and commenced diligence on two accepted loan applications for first mortgage bridge loans totaling $30 million. In aggregate, we evaluated 106 prospective financing opportunities for approximately $2.7 billion in gross loan volume during the quarter.”

Results for First Quarter 2018:

For the quarter ended March 31, 2018, net loss was $949,000, or $0.31 per diluted share.

Recent Investment Activities:

In April 2018, TRMT announced the closing of a $18.1 million first mortgage bridge loan to finance the acquisition of a 184,000 square foot, 14-story office tower located in Metairie, LA. This floating rate loan includes initial funding of approximately $15.8 million and an as-is loan to value ratio, or LTV ratio, of approximately 80%. This loan also includes a future funding allowance of up to $2.3 million for tenant improvements, leasing commissions, marketing and capital expenditures and has a three year initial term and two one year borrower extension options.

In March 2018, TRMT entered a loan application with a borrower for a first mortgage bridge loan totaling $15.2 million to refinance a 136,000 square foot office building located in Houston, TX.

In May 2018, TRMT entered a loan application with a borrower for a first mortgage bridge loan totaling $14.8 million to refinance a 62,000 square foot office building located in Westchester County, NY.

Dividend:

TRMT plans to declare and pay its first distribution to common shareholders after successfully deploying the capital raised in its initial public offering, or IPO, and concurrent private placement.