Adam Portnoy
Adam Portnoy Managing Trustee

Mr. Portnoy is a Managing Trustee of RMR Mortgage Trust (Nasdaq: RMRM), and has been a member of the RMRM's portfolio management team since 2007 and serves on the board of RMR Advisors LLC. Mr. Portnoy is a Managing Director, President and Chief Executive Officer of The RMR Group Inc. (Nasdaq: RMR) and President and Chief Executive Officer of The RMR Group LLC. Mr. Portnoy also serves on the Boards of several companies managed by The RMR Group LLC, including: Service Properties Trust (Nasdaq: SVC), Diversified Healthcare Trust (Nasdaq: DHC), Office Properties Income Trust (Nasdaq: OPI), Tremont Mortgage Trust (Nasdaq: TRMT), Industrial Logistics Properties Trust (Nasdaq: ILPT), Five Star Senior Living Inc. (Nasdaq: FVE), TravelCenters of America Inc. (Nasdaq: TA) and Sonesta International Hotels Corporation (Private). Mr. Portnoy is also a Director of Tremont Realty Advisors LLC, a wholly owned SEC registered investment adviser subsidiary of The RMR Group LLC. Prior to joining The RMR Group in 2003, Mr. Portnoy held various positions in the finance industry and public sector, including working as a banker at Donaldson, Lufkin & Jenrette and ABN AMRO, working in private equity at the International Finance Corporation (a member of The World Bank Group) and DLJ Merchant Banking Partners, as well as serving as Chief Executive Officer of a telecommunications company. Mr. Portnoy currently serves on the Board of Directors of the Pioneer Institute, as the Honorary Consul General of the Republic of Bulgaria to the Commonwealth of Massachusetts, and he is formerly a member of the Board of Trustees of Occidental College and the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT). Mr. Portnoy graduated with a Bachelor’s degree in Public Policy from Occidental College in 1993.

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.