Author Topic: TRMT - Tremont Mortgage Trust  (Read 1109 times)

MarkS

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TRMT - Tremont Mortgage Trust
« on: May 04, 2018, 11:11:05 AM »
Is anyone looking at this name. It's a busted IPO, which came public in the fall of last year. This REIT raised a bit over 50M to invest in short term floating rate CRMs.    According to their latest 10K, they have about 62M in cash and only about 1M in debt.  With 3,126,439 in shares issued this translates into book value per share of 19.50. The current price of the stock is about 12.40.  I realize that this is a blank check company,which should trade at a discount. But this seems excessive. Any thoughts.
Thanks
Mark


paperwerks

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Re: TRMT - Tremont Mortgage Trust
« Reply #1 on: May 05, 2018, 07:35:28 AM »
Itís a Portnoy bad governance reit. It deserves to trade at a large discount imo.

MarkS

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Re: TRMT - Tremont Mortgage Trust
« Reply #2 on: May 05, 2018, 09:49:54 AM »
Fair point!  Adam Portnoy does control about 600,000 shares.  His dad recently passed. But the son doesn't have a great reputation.   I'm looking at it like I would any other ugly net net opportunity.  Not much to look at but awfully cheap.
Thanks
Mark