2025 Stock Repurchase Announcement

To First Commonwealth Mortgage Trust Shareholders:

 Pursuant to the Stock Repurchase Program approved by shareholders in 2017, the Trust Managers have approved for 2025 a repurchase program for the Trust to repurchase up to 5% of the outstanding shares of the Trust’s stock for a price of $5.77 per share, which is 90% of the Net Book Value of the shares as of December 31, 2024, less the recent 2025 dividend paid of $0.16 per share. If the amount of shares tendered exceeds 5% of the Trust’s outstanding shares, the purchase will be prorated amongst the participating shareholders, subject to certain exceptions.

 If you are not interested in selling your shares to the Trust at this time, you do not have to do anything and can disregard this Notice of Voluntary Stock Repurchase Offer (the “Notice”).

 All Repurchase Request Forms must be completed in proper form and received by 4:00 p.m. Central Time on Monday, June 30, 2025 (the “Expiration Date”), to be effective. 

 Please follow the instructions on the forms and mailed to you by the EQ Shareowner Services or your broker if your shares are held through your broker. 

If you have not received communications and transmittal instructions by June 7th 2025, contact your Broker or EQ Shareowner Services.

If you have any questions, please contact the Depositary Agent, Equiniti Trust Company, LLC, at 1-800-468-9716. We greatly appreciate your trust in us, and we thank you for investing in the Trust.

 Robert W. Scharar

President   

First Commonwealth Mortgage Trust (the "Trust") is a Texas real estate investment trust. It was originally organized as a Massachusetts business trust in 1984 and was reformed in Texas as a real estate investment trust in 2008. The Trust was formed for the purpose of originating and purchasing real estate loans, trust deeds, mortgages or real estate lien promissory notes associated with real properties ("Mortgage Loans") located in the continental United States.

The Trust's primary investment objective is to maximize cash distributions to its shareholders based on funds available for distribution, which includes funds provided from operations and, from time to time, gains realized on the sale of investments.

The Trust was organized and has qualified as a real estate investment trust ("REIT") in accordance with federal tax laws and regulations. So long as the Trust complies with such laws and regulations, with limited exceptions, the Trust will not be taxed under federal income tax laws on that portion of its taxable income that it distributes to its shareholders. The Trust intends to distribute substantially all of its real estate investment trust taxable income to its shareholders.