RMR Mortgage Trust (Nasdaq: RMRM), formerly known as RMR Real Estate Income Fund, has historically operated as a closed end investment company advised by RMR Advisors LLC. RMR Advisors LLC is a wholly owned subsidiary of The RMR Group LLC. As of June 30, 2020, The RMR Group LLC had approximately $32 billion of total assets under management.

On April 16, 2020, shareholders approved a change in RMRM’s business from a registered investment company to a commercial mortgage REIT and amended RMRM’s fundamental investment policies and restrictions to permit RMRM to pursue its new business (the “Business Change Plan”). Among other investment policy changes, RMRM’s fundamental investment objectives of earning and paying a high level of current income to common shareholders, with capital appreciation as a secondary objective, have been replaced with a non-fundamental primary objective to balance capital preservation with generating attractive risk adjusted returns. RMRM has begun the process of realigning its portfolio so that it is no longer an “investment company” under the Investment Company Act of 1940 and has filed an application with the Securities and Exchange Commission for a Deregistration Order. RMRM intends to sell its existing investments and transition its portfolio into commercial mortgages as opportunities within its new business mandate arise and subject to applicable compliance requirements and other business considerations. After deregistration, the Board of Trustees anticipates RMRM will terminate its existing investment advisory agreement and enter into a new management agreement with its investment adviser or an affiliate of the investment adviser to provide day-to-day management.

Manager & Platform

RMRM’s investment adviser, RMR Advisors LLC, is an SEC registered investment adviser founded in 2002 and a wholly owned subsidiary of The RMR Group LLC, an alternative asset manager founded in 1986 to manage commercial real estate companies and related businesses. As of March 31, 2020, RMR Advisors had approximately $276 million of assets under management.

After RMRM receives the Deregistration Order, the Board anticipates that RMRM will enter into a new management agreement with its investment adviser or an affiliate of its investment adviser, who would continue to provide the day-to-day management of RMRM’s operations, subject to the oversight and direction of the Board.

RMR Logo

The RMR Group Inc. (Nasdaq: RMR) is a holding company and substantially all of its business is conducted by its majority-owned subsidiary, The RMR Group LLC. 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 five publicly traded real estate investment trusts, or REITs, and three real estate related operating businesses. RMR or its subsidiaries provide management services to Tremont Mortgage Trust, a REIT that primarily originates and invests in first mortgage loans secured by middle market and transitional commercial real estate, Services Properties Trust, a REIT that owns hotels and net lease service and 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 like government entities, and Diversified Healthcare Trust, a REIT that primarily owns healthcare, senior living and medical office buildings. 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 manages the RMR Office Property Fund LP, a private, open end core plus fund focused on the acquisition, ownership and leasing of a diverse portfolio of multi-tenant office properties throughout the U.S. As of June 30, 2020, RMR had $32 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 nearly 45,000 employees.

RMRM, through its investment adviser RMR Advisors LLC, is supported by the depth and experience of the The RMR Group LLC, which has:

$32Billion

In Assets Under Management

More Than

600

Real Estate Professionals

Nationwide reach with more than

30Offices

Across the U.S.

Over

30Years

of Commercial Real Estate Experience

* As of June 30, 2020

RMR Advisors' Leadership

RMR Advisors LLC and its affiliates have significant experience and expertise in managing REITs and in investing in commercial properties that have values up to $75.0 million. An affiliate of the investment adviser currently manages a mortgage REIT, and RMRM expects that the same personnel that conduct the business of that mortgage REIT would conduct RMRM’s business as a commercial mortgage REIT.

RMRM's Board of Trustees

Carefully consider RMRM’s investment objectives, risk factors and expenses. This and other information can be found in RMRM’s SEC filings which may be obtained by visiting the SEC Edgar database or the “SEC Filings” section of this website. Read these filings carefully before investing.

On April 16, 2020, shareholders approved a change in RMRM’s business from a registered investment company to a commercial mortgage REIT and amended RMRM’s fundamental investment policies and restrictions to permit RMRM to pursue its new business. For further details please click here. For a discussion of the risks associated with RMRM's operation as a commercial mortgage REIT, please click here. For a discussion of the risks associated with RMRM’s legacy assets that it is beginning to transition into commercial mortgages consistent with its new business strategy, please click here.

RMRM is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. RMRM is not a complete investment program and you may lose money investing in RMRM. An investment in RMRM may not be appropriate for all investors.

RMRM is a closed-end fund and its common shares are only available for purchase and sale at current market price on the The Nasdaq Stock Market LLC. A closed-end fund’s dividend yield, market price and net asset value will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV, but often trade at a discount, and RMRM has historically traded at a discount to NAV. Information for RMRM is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell RMRM shares.

There can be no assurance that RMRM’s investment objectives will be achieved or that the RMRM's investment program will be successful.