TRMT is managed by Tremont Realty Advisors LLC, a registered investment adviser subsidiary of The
RMR Group LLC, the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR). RMR is an alternative
asset management company that was founded in 1986 to manage real estate companies and related
businesses. RMR primarily provides management services to four publicly traded equity real estate
investment trusts, or REITs, and three real estate related operating businesses. In addition to
managing TRMT, RMR manages Service Properties Trust, a REIT that owns a diverse portfolio of hotels
and net lease service and necessity-based retail properties, Industrial Logistics Properties Trust, a REIT
that owns industrial and logistics properties, Office Properties Income Trust, a REIT that owns buildings
primarily leased to single tenants and those with high credit quality characteristics such as government
entities, and Diversified Healthcare Trust, a REIT that owns high-quality, private-pay healthcare
properties like medical office and life science properties, senior living communities and wellness
centers. RMR also provides management services to Five Star Senior Living Inc., a publicly traded
operator of senior living communities, Sonesta International Hotels Corporation, a privately owned
operator and franchisor of hotels and cruise ships, and TravelCenters of America Inc., a publicly traded
operator and franchisor of travel centers along the U.S. Interstate Highway System and restaurants.
RMR also advises the RMR Mortgage Trust, which is in the process of converting from a registered
investment company to a publicly traded mortgage REIT, and focuses on originating and investing in
floating rate first mortgage whole loans, secured by middle market and transitional commercial real
estate, through wholly owned Securities and Exchange Commission, or SEC, registered investment
advisory subsidiaries. As of September 30, 2020, RMR had $32.1 billion of real estate assets under
management and the combined RMR managed companies had approximately $12 billion of annual
revenues, over 2,100 properties and approximately 42,500 employees. We believe that being
managed by RMR is a competitive advantage for TRMT because of RMR’s depth of management and
experience in the real estate industry. We also believe RMR provides management services to us at
costs that are lower than we would have to pay for similar quality services if we were self-managed.
TRMT, through its manager Tremont Realty Advisors LLC, is supported by the depth of The RMR Group LLC, which has: