Tremont Mortgage Trust Announces Final Cash Distribution and Adjustment to Exchange Ratio for Previously Announced Merger with RMR Mortgage Trust

Tremont Mortgage Trust (Nasdaq: TRMT) today announced that it has declared a final cash distribution to its shareholders of $0.17 per TRMT common share in order to satisfy its distribution requirements as a real estate investment trust, or REIT, and in order to avoid income and excise taxation as a REIT prior to the closing of its previously announced merger with RMR Mortgage Trust (Nasdaq: RMRM), in accordance with the Agreement and Plan of Merger, dated as of April 26, 2021, or the Merger Agreement. TRMT’s distribution will be paid to its common shareholders of record as of the close of business on September 7, 2021, on or about September 29, 2021. RMRM also announced today that it has declared a cash distribution to its shareholders of $0.15 per RMRM common share that will be paid to RMRM’s common shareholders of record as of the close of business on September 7, 2021, on or about September 29, 2021. These distributions are being paid in lieu of TRMT and RMRM’s respective regular quarterly distribution to shareholders for the quarter ending September 30, 2021.

In connection with these distributions and pursuant to the Merger Agreement, TRMT and RMRM have adjusted the Merger exchange ratio from 0.52 of one (1) RMRM common share for each issued and outstanding TRMT common share, to 0.516 of one (1) RMRM common share for each issued and outstanding TRMT common share. The Merger is expected to close on September 30, 2021, following payment of the TRMT and RMRM distributions, subject to the satisfaction or waiver of the closing conditions specified in the Merger Agreement, including the receipt of the requisite approvals by RMRM’s and TRMT’s shareholders.

TRMT is a real estate finance company that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate. TRMT is managed by an affiliate of The RMR Group Inc. (Nasdaq: RMR). Substantially all of RMR’s business is conducted by its majority owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $32 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about TRMT, please visit www.trmtreit.com.