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Standard Mercantile Acquisition Corp. (Formerly, Trees Capital Senior Real Estate Investment Company) announces results for the second quarter of 2021

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TorontoAnd August. 6, 2021 /CNW/ – Standard Mercantile Acquisition Corp. (TSX: SMA) (the “Company”) today released its financial results for the quarter ended June 30, 2021. Financial and MD&A statements can be found at or

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Financial Profiles and Business Update

On May 6, 2021, the Company’s shareholders have approved a Special Resolution at the 2021 Annual and Special Meeting (the “2021 Meeting”) of the Company authorizing an amendment (the “Structured Liquidation Amendment”) to the previously approved structured liquidation of the Company’s assets and the return of capital to shareholders. The purpose of the Final Structured Amendment is to provide the Company’s Board of Directors (the “Board of Directors”) with additional flexibility to explore a transaction or series of transactions that could increase the value of the Company as a publicly listed entity, while continuing to pursue the orderly disposition of the Company’s assets and the distribution of cash when available. , and as it is decided to be in the interest of the company and its shareholders.

At the 2021 meeting, the company’s shareholders also approved a exceptional resolution to allow amendments to the articles (“Articles”) of the company to: (i) change the company’s name from “Trez Capital Senior Mortgage Investment Corporation” to “Standard Mercantile Acquisition Corp.” (“Name Change”), or such other name as the Board of Directors deems appropriate and acceptable to applicable regulatory authorities; (ii) To authorize the Board of Directors to appoint one or more additional directors between shareholder meetings up to a greatest of one-third of the number of directors elected at the previous shareholder meeting; and (iii) change the province in which the registered office of the company is located British Columbia NS Ontario. Name change and other modifications have been made to the materials June 4, 2021.

During the ending quarter March 31, 2020The COVID-19 outbreak has been declared a pandemic by the World Health Organization. Since that time, the situation has remained dynamic and the duration and extent of the impact on the economy and our entire business is not known at this time. These effects could include further declines in the sincere value of our mortgage investments or potential coming declines in revenue or profitability of our continuing operations. It is not conceivable to reliably estimate the length and severity of these developments and their impact on the financial results and condition of the Company as they relate to its aptitude to conclude the Company’s orderly liquidation plan, as amended by Regulatory Wind. Adjustments -Up.

Income from operations for the three months ended June 30, 2021 It was lower than the alike quarter final year due to lower revenue from the reduced mortgage portfolio as the mortgage monetization strategy continued, and higher expenses driven by equity-based compensation expense. For the three months ending June 30, 2021 There was a decrease of $0.15 million In income from operations compared to the alike period in 2020 due to inventory-based expenses 73 thousand dollars in the second quarter of 2021 and a higher average mortgage portfolio in the second quarter of 2020. Income from operations for the six months ended June 30, 2021 It was lower than the alike period final year $0.6 million Due to lower revenue from the reduced mortgage portfolio and favorable stimulus fee refunds $0.26 million.

Basic income per share for the three months ended June 30, 2021 she was 0.01 dollar Compared to 0.03 dollars In the alike period in 2020, mainly due to lower revenue from the reduced mortgage portfolio as the mortgage monetization strategy continues, and higher expenses driven by equity-based compensation expense. Basic income per share for the six months ended June 30, 2021 she was 0.01 dollar Compared to $ (0.08) In the alike period in 2020, mainly due to lower revenue from the reduced mortgage portfolio with continued mortgage monetization strategy, higher expenses driven by equity-based compensation expense and sincere value loss adjustment on mortgage loan investment (1.3) million dollars.

in a June 30, 2021The company had two distinguished mortgage loans. Among the remaining mortgages, the most significant is set to mature in December 2022. During the second quarter of 2020, the borrower requested a three-month postponement of mortgage payments, due to the tenants’ inability to pay rent as a result of the economic and health crisis of Covid-19. A postponement has been granted. Regular payments resumed during the third quarter of 2020, and the company made some adjustments to this mortgage in December 2020, including extending the term of this mortgage through December 2022 For some whole payments that started on December 2020. From June 30, 2021The Company has not made any sincere market value adjustments based on management’s assessment of the sincere market value of its investments in both mortgages.

Regular monthly and exceptional distributions

In the third quarter of 2017, the Board of Directors made a resolution to suspend the routine monthly distributions until further notice. This decision was based on a review of the final remaining mortgages and anticipated cash requirements at the time, as well as the fact that one of the remaining mortgages is being shared with a big external loan sharing partner.

There were no routine distributions for the three months ending June 30, 2021 (June 30, 2020 – no thing).

The company made a exceptional distribution for $0.478 For each Class A share of the company in whole, $3,510,819 On March 29, 2021.

The Board expects from time to time to make other exceptional distributions as the remaining mortgages in the portfolio mature or are sold, or if the Board decides otherwise that it is appropriate to do so on the basis of cash balances, taking into account the reasonable operating and repayment expenses expected of the senior participants in the loan on a mortgage remaining real estate.

forward-looking statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by terms such as “expects”, “plans”, “suggests”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. Forward-looking statements are based on expectations and assumptions made by the company. Details of risk factors relating to the Company and its business are discussed under the heading “Business Risks and Uncertainties” in the Company’s annual management discussions and analyzes for the year ended. December 31, 2020 and under the heading “Risk Factors” in the company’s dated annual information form March 31, 2021Copies of which are available in the company’s SEDAR profile at Most of these factors are outside the control of the company. Investors are cautioned not to place undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities laws or regulations, the Company expressly disclaims any intention or obligation to update the forward-looking information to the public, whether as a result of unused information, coming events or otherwise.

About company

The company owns a portfolio of mortgages in Canada. At the 2021 meeting, the company sought and obtained shareholder approval to change its name to “Standard Mercantile Acquisition Corp.” , among other modifications to the articles. The company is focused on monetizing its remaining mortgage assets and is considering options to enable its shareholders to participate in the company’s potential coming value through transactions that could benefit from the company’s public listing. The Board of Directors has experience in sourcing, evaluating and executing transactions of this nature.

SOURCE Standard Mercantile Acquisition Corp.



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