Letter dated as of March 9, 2018 between the Company and Tremont Realty Advisors LLC regarding Management Agreement

Re:    Tremont Mortgage Trust (the “Trust”)

Gentlemen:

Reference is made to the Management Agreement dated as of September 18, 2017 by and between the Trust and Tremont Realty Advisors LLC (the “Manager”), a registered investment adviser.

The death of Mr. Barry M. Portnoy, a former Trustee of the Trust and an indirect controlling shareholder of the Manager, may be deemed an “assignment” of the Management Agreement within the meaning of the Investment Advisers Act of 1940 (the “Advisers Act”). The Management Agreement provides that it may not be assigned without the written consent of the Trust.

This letter shall confirm that, notwithstanding the provisions of the Advisers Act and the Management Agreement, the Trustees of the Trust wish to continue the Management Agreement on and in accordance with its current terms.

If the foregoing accurately reflects our understandings and agreements, please confirm your agreement by signing below and returning a copy of this letter so signed to Jennifer Clark via email at ***@*** or via fax at ###-###-####.

TREMONT MORTGAGE TRUST