# RMR GROUP INC. (RMR)

Informational only - not investment advice.

CIK: 0001644378
SIC: 8742 Services-Management Consulting Services
SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 87](/major-group/87/) > [SIC 8742 Services-Management Consulting Services](/industry/8742/)
Latest 10-K filed: 2025-11-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=1644378
Filing source: https://www.sec.gov/Archives/edgar/data/1644378/000164437825000043/rmr-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-12 · accession 0001644378-25-000043 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001644378.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 700,284,000 USD | 2025 | verified |
| Net income | 17,596,000 USD | 2025 | verified |
| Assets | 718,245,000 USD | 2025 | verified |
| Net margin | 2.51% | 2025 | computed |
| Operating margin | 5.97% | 2025 | computed |
| Revenue YoY | -21.98% | 2025 | computed |
| ROE | 7.73% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RMR | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.5% | 4.6% | 23 | 14 |
| Operating margin | 6.0% | 7.5% | 38 | 14 |
| Revenue growth | -22.0% | 5.4% | 0 | 14 |
| FCF margin | 6.4% | 9.3% | 23 | 14 |
| ROE | 7.7% | 12.7% | 31 | 14 |
| ROA | 2.4% | 5.4% | 31 | 14 |
| Liabilities / equity | 1.39 | 1.34 | 54 | 14 |
| Current ratio | 1.64 | 1.60 | 62 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 8742 Services-Management Consulting Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 700284000 | USD | 2025 | 2025-11-12 |
| Net income | 17596000 | USD | 2025 | 2025-11-12 |
| Assets | 718245000 | USD | 2025 | 2025-11-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001644378.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 266,940,000 | 271,728,000 | 404,979,000 | 713,368,000 | 589,505,000 | 607,238,000 | 832,503,000 | 962,316,000 | 897,613,000 | 700,284,000 |
| Net income |  | 37,240,000 | 42,293,000 | 96,041,000 | 74,580,000 | 28,792,000 | 35,696,000 | 34,004,000 | 57,147,000 | 23,130,000 | 17,596,000 |
| Operating income |  | 146,700,000 | 135,561,000 | 251,969,000 | 197,788,000 | 68,738,000 | 72,092,000 | 88,369,000 | 113,728,000 | 44,979,000 | 41,782,000 |
| Diluted EPS |  | 2.33 | 2.63 | 5.92 | 4.59 | 1.75 | 2.15 | 2.04 | 3.44 | 1.38 | 1.03 |
| Operating cash flow |  | 99,729,000 | 125,936,000 | 228,470,000 | 198,214,000 | 77,497,000 | 71,794,000 | 101,270,000 | 109,215,000 | 61,375,000 | 75,746,000 |
| Capital expenditures | 1,404,000 | 1,070,000 | 827,000 | 648,000 | 702,000 | 601,000 | 1,142,000 | 1,121,000 | 3,983,000 | 3,865,000 |  |
| Dividends paid |  | 17,209,000 | 16,089,000 | 16,169,000 | 22,727,000 | 24,789,000 | 139,783,000 | 25,730,000 | 26,576,000 | 28,423,000 | 30,347,000 |
| Share buybacks |  | 91,000 | 358,000 | 987,000 | 827,000 | 523,000 | 834,000 | 547,000 | 734,000 | 1,136,000 | 903,000 |
| Assets |  | 337,531,000 | 383,719,000 | 499,039,000 | 660,832,000 | 690,253,000 | 497,911,000 | 542,405,000 | 582,424,000 | 700,494,000 | 718,245,000 |
| Liabilities |  | 91,140,000 | 94,056,000 | 69,767,000 | 131,797,000 | 149,351,000 | 150,196,000 | 172,666,000 | 158,761,000 | 281,077,000 | 316,232,000 |
| Stockholders' equity |  | 121,714,000 | 149,531,000 | 232,762,000 | 288,654,000 | 295,919,000 | 195,120,000 | 206,621,000 | 240,066,000 | 237,574,000 | 227,656,000 |
| Cash and cash equivalents | 34,497,000 | 65,833,000 | 108,640,000 | 256,848,000 | 358,448,000 | 369,663,000 | 159,835,000 | 189,088,000 | 267,989,000 | 141,599,000 |  |
| Free cash flow |  | 98,659,000 | 125,109,000 | 227,822,000 | 197,512,000 | 76,896,000 | 70,652,000 | 100,149,000 | 105,232,000 | 57,510,000 |  |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 13.95% | 15.56% | 23.72% | 10.45% | 4.88% | 5.88% | 4.08% | 5.94% | 2.58% | 2.51% |
| Operating margin |  | 54.96% | 49.89% | 62.22% | 27.73% | 11.66% | 11.87% | 10.61% | 11.82% | 5.01% | 5.97% |
| Return on equity |  | 30.60% | 28.28% | 41.26% | 25.84% | 9.73% | 18.29% | 16.46% | 23.80% | 9.74% | 7.73% |
| Return on assets |  | 11.03% | 11.02% | 19.25% | 11.29% | 4.17% | 7.17% | 6.27% | 9.81% | 3.30% | 2.45% |
| Liabilities / equity |  | 0.75 | 0.63 | 0.30 | 0.46 | 0.50 | 0.77 | 0.84 | 0.66 | 1.18 | 1.39 |
| Current ratio |  | 4.64 | 5.33 | 10.46 | 5.03 | 5.58 | 3.14 | 2.78 | 3.66 | 2.20 | 1.64 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/RMR/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001644378.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2018-Q4 | 2018-09-30 | 65,073,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2019-Q1 | 2018-12-31 | 280,313,000 |  |  | reported discrete quarter |
| 2019-Q2 | 2019-03-31 | 130,096,000 |  |  | reported discrete quarter |
| 2019-Q3 | 2019-06-30 | 143,715,000 |  |  | reported discrete quarter |
| 2019-Q4 | 2019-09-30 | 159,244,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2022-12-31 |  |  | 0.37 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  |  | 1.11 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  |  | 1.48 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 |  | 7,696,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 |  | 6,997,000 | 0.41 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 5,862,000 | 0.34 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 4,935,000 | 0.29 | reported discrete quarter |
| 2024-Q4 | 2024-09-30 |  | 5,336,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-31 | 219,476,000 | 6,380,000 | 0.38 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 166,668,000 | 3,616,000 | 0.21 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 154,728,000 | 4,186,000 | 0.25 | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 159,412,000 | 3,414,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-31 | 180,424,000 | 12,190,000 | 0.71 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 145,629,000 | 1,007,000 | 0.05 | reported discrete quarter |
| 2026-Q3 | 2026-06-30 | 153,514,000 | 3,197,000 | 0.18 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RMR's latest 10-K: [/company/RMR/business/](/company/RMR/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RMR's latest 10-K: [/company/RMR/risk-factors/](/company/RMR/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1644378/000164437826000020/rmr-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with our condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q and with our 2025 Annual Report.

OVERVIEW (dollars in thousands)

RMR Inc. is a holding company and substantially all of its business is conducted by RMR LLC. RMR Inc. has no employees, and the personnel and various services it requires to operate are provided by RMR LLC. RMR LLC manages a diverse portfolio of real estate and real estate related businesses.

Business Environment and Outlook

The continuation and growth of our business depends upon our ability to manage the Managed Equity REITs, SEVN and our private capital clients so as to maintain, grow and increase the value of their businesses and to successfully expand our business through the execution of new business ventures and additional investments. Our business and the businesses of our clients generally follow the business cycle of the U.S. real estate industry, but with certain property type and regional geographic variations. Typically, as the general U.S. economy expands, commercial real estate occupancies increase and new real estate development occurs; new development frequently leads to increased real estate supply and reduced occupancies; and then the cycle repeats. These general trends can be impacted by property type characteristics or regional factors; for example, demographic factors such as the aging U.S. population, the growth of e-commerce retail sales or net population migration across different geographic regions can slow, accelerate, overwhelm or otherwise impact general cyclical trends. Because of such multiple factors, we believe it is often possible to grow real estate based businesses in selected property types or geographic areas despite general national trends.

Despite some macroeconomic uncertainty, both we and our clients will continue to balance our pursuit of growth of our and our clients’ businesses by executing, on behalf of our clients, sensible capital recycling or business arrangement restructurings in an attempt to help our clients prudently manage leverage and increased operating costs. We also look to reposition their portfolios and businesses when circumstances warrant such changes or when other more desirable opportunities are identified.

We are also actively investing in our capital formation capabilities and continuously engaging with institutional investors seeking to deploy capital into North American commercial real estate.

Managed Equity REITs

The base business management fees we earn from the Managed Equity REITs, with the exception of OPI, are calculated monthly in accordance with the applicable business management agreement and are based on a percentage of the lower of (i) the average historical cost of each REIT’s properties and (ii) each REIT’s average market capitalization. The property management fees we earn from the Managed Equity REITs are principally based on a percentage of the gross rents collected at certain managed properties owned by the Managed Equity REITs, excluding rents or other revenues from hotels, senior living communities, travel centers and wellness centers, which are separately managed by Sonesta or a third party. Also, under the terms of the property management agreements, we receive construction supervision fees in connection with certain construction activities undertaken at the properties owned by the Managed Equity REITs based on a percentage of the cost of such construction.

In connection with OPI’s emergence from chapter 11 bankruptcy protection on June 17, 2026, we entered into an amended and restated business management agreement and an amended and restated property management agreement with OPI, each with initial terms of five years and terminable without payment of a termination fee after the first two years. Under the amended and restated business management agreement, we are entitled to an annual fee of $14.0 million during the first two years and we will be paid a 3.0% property management fee and a 5.0% construction supervision fee under the new property management agreement, consistent with the prior property management agreement.

For further information regarding the fees we earn, see Note 4, Revenue Recognition, and for further information regarding our amended and restated management agreements with OPI, Note 3, Related Person Transactions, to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

26

Table of Contents

The following table presents for each Managed Equity REIT, with the exception of OPI, a summary of its primary strategy and the lesser of the historical cost of its assets under management and its market capitalization as of June 30, 2026 and 2025, as applicable:

[[GREPCENT_TABLE]]
[["","","","","Lesser of Historical Cost of Assets"],["","","","","Under Management or"],["","","","","Total Market Capitalization as of"],["","","","","June 30,"],["REIT","","Primary Strategy","","2026","","2025"],["DHC","","Senior living communities, medical office and life science properties and other healthcare related properties","","$","4,694,770","","","$","3,576,962"],["ILPT","","Industrial and logistics properties","","4,813,179","","","4,525,348"],["SVC","","Service-focused retail net lease properties and hotels","","5,817,828","","","6,224,431"],["","","","","$","15,325,777","","","$","14,326,741"]]
[[/GREPCENT_TABLE]]

A Managed Equity REIT’s historical cost of assets under management includes the real estate it owns and its consolidated assets invested directly or indirectly in equity interests in real estate (including acquisition related costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or other similar non-cash reserves. A Managed Equity REIT’s average market capitalization includes the average value of the Managed Equity REIT’s outstanding common equity value during the period, plus the daily weighted average of each of the aggregate liquidation preference of preferred shares, if any, and the principal amount of consolidated indebtedness during the period. The table above presents for each Managed Equity REIT, with the exception of OPI, the lesser of the historical cost of its assets under management and its market capitalization as of the end of each period.

The basis on which our base business management fees is calculated for the three and nine months ended June 30, 2026 and 2025 may differ from the basis at the end of the periods presented in the table above. As of June 30, 2026, the market capitalization was lower than the historical cost of assets under management for DHC, ILPT and SVC; the historical cost of assets under management for DHC, ILPT and SVC as of June 30, 2026, were $6,777,893, $5,713,404 and $9,904,087, respectively.

27

Table of Contents

The fee revenues we earned from the Managed Equity REITs for the three and nine months ended June 30, 2026 and 2025 are set forth below:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30, 2026"],["","","Base","","Property","","","","Incentive"],["","","Business","","Management","","Construction","","Business"],["","","Management","","and Other","","Supervision","","Management"],["REIT","","Revenues","","Revenues","","Revenues","","Revenues","","Total"],["DHC","","$","5,023","","","$","1,012","","","$","307","","","$","\u2014","","","$","6,342"],["ILPT","","6,068","","","3,371","","","159","","","\u2014","","","9,598"],["OPI","","3,042","","","2,942","","","126","","","\u2014","","","6,110"],["SVC","","6,669","","","2,748","","","550","","","\u2014","","","9,967"],["","","$","20,802","","","$","10,073","","","$","1,142","","","$","\u2014","","","$","32,017"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30, 2025"],["","","Base","","Property","","","","Incentive"],["","","Business","","Management","","Construction","","Business"],["","","Management","","and Other","","Supervision","","Management"],["REIT","","Revenues","","Revenues","","Revenues","","Revenues","","Total"],["DHC","","$","3,859","","","$","1,220","","","$","213","","","$","\u2014","","","$","5,292"],["ILPT","","5,793","","","3,237","","","105","","","\u2014","","","9,135"],["OPI","","2,778","","","2,628","","","375","","","\u2014","","","5,781"],["SVC","","7,046","","","2,110","","","465","","","\u2014","","","9,621"],["","","$","19,476","","","$","9,195","","","$","1,158","","","$","\u2014","","","$","29,829"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","Nine Months Ended June 30, 2026"],["","","Base","","Property","","","","Incentive"],["","","Business","","Management","","Construction","","Business"],["","","Management","","and Other","","Supervision","","Management"],["REIT","","Revenues","","Revenues","","Revenues","","Revenues","","Total"],["DHC","","$","13,793","","","$","3,283","","","$","908","","","$","17,905","","","$","35,889"],["ILPT","","17,856","","","10,047","","","366","","","5,679","","","33,948"],["OPI","","8,603","","","8,104","","","673","","","\u2014","","","17,380"],["SVC","","19,873","","","7,675","","","1,562","","","\u2014","","","29,110"],["","","$","60,125","","","$","29,109","","","$","3,509","","","$","23,584","","","$","116,327"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","Nine Months Ended June 30, 2025"],["","","Base","","Property","","","","Incentive"],["","","Business","","Management","","Construction","","Business"],["","","Management","","and Other","","Supervision","","Management"],["REIT","","Revenues","","Revenues","","Revenues","","Revenues","","Total"],["DHC","","$","12,057","","","$","3,851","","","$","1,410","","","$","\u2014","","","$","17,318"],["ILPT","","17,471","","","9,716","","","316","","","\u2014","","","27,503"],["OPI","","8,608","","","8,203","","","1,377","","","\u2014","","","18,188"],["SVC","","21,317","","","5,704","","","2,511","","","\u2014","","","29,532"],["","","$","59,453","","","$","27,474","","","$","5,614","","","$","\u2014","","","$","92,541"]]
[[/GREPCENT_TABLE]]

28

Table of Contents

Other Clients

We provide business management services to Sonesta and AlerisLife. Sonesta manages and franchises hotels, resorts and cruise ships in the United States, Latin America, the Caribbean and the Middle East; the majority of the U.S. hotels that Sonesta operates are owned by SVC. AlerisLife operated senior living communities throughout the U.S., many of which were owned by DHC. In September 2025, AlerisLife announced that it had entered into agreements to transition the management of its senior living communities to third party operators and in January 2026 completed the sale of all of its assets. AlerisLife will continue to wind down its business and operations. RMR LLC will continue to provide management services through the wind down period. Generally, our fees earned from business management services to Sonesta and AlerisLife are based on a percentage of certain revenues.

In addition, we also provide management services to certain other Private Capital clients, including high-quality institutional investor relationships we maintain through RMR Residential, and earn fees based on a percentage of average invested capital, as defined in the applicable agreements, property management fees based on a percentage of rents collected from managed properties and construction supervision fees based on a percentage of the cost of construction activities. RMR Residential also provides us the potential to generate a carried interest on any new co-investments in the future.

Our management fee revenues from services to these clients for the three and nine months ended June 30, 2026 and 2025, are set forth in the following tables:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1644378/000164437825000043/rmr-20250930.htm
Complete FY 2025 MD&A: /company/RMR/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-11-12
Report date: 2025-09-30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with our consolidated financial statements and accompanying notes included in Part IV, Item 15 of this Annual Report on Form 10-K.

OVERVIEW (dollars in thousands)

RMR Inc. is a holding company and substantially all of its business is conducted by RMR LLC. RMR Inc. has no employees, and the personnel and various services it requires to operate are provided by RMR LLC. RMR LLC manages a diverse portfolio of real estate and real estate related businesses.

Business Environment and Outlook

The continuation and growth of our business depends upon our ability to manage the Managed Equity REITs, SEVN and our private capital clients so as to maintain, grow and increase the value of their businesses and to successfully expand our business through the execution of new business ventures and additional investments. Our business and the businesses of our clients generally follow the business cycle of the U.S. real estate industry, but with certain property type and regional geographic variations. Typically, as the general U.S. economy expands, commercial real estate, or CRE, occupancies increase and new real estate development occurs; new development frequently leads to increased real estate supply and reduced occupancies; and then the cycle repeats. These general trends can be impacted by property type characteristics or regional factors; for example, demographic factors such as the aging U.S. population, the growth of e-commerce retail sales or net population migration across different geographic regions can slow, accelerate, overwhelm or otherwise impact general cyclical trends. Because of such multiple factors, we believe it is often possible to grow real estate based businesses in selected property types or geographic areas despite general national trends.

U.S. trade and fiscal policy, coupled with ongoing geopolitical tensions, has caused uncertainty in financial markets. As a result, we believe many CRE investors continue to remain on the sidelines, waiting until they have greater clarity on the outcomes of negotiations with U.S. trade partners, new tariff announcements, domestic fiscal policy initiatives and the path of interest rates to make buy and sell decisions.

Despite the macroeconomic uncertainty, both we and our clients will continue to balance our pursuit of growth of our and our clients’ businesses by executing, on behalf of our clients, sensible capital recycling or business arrangement restructurings in an attempt to help our clients prudently manage leverage and increased operating costs. We also look to reposition their portfolios and businesses when circumstances warrant such changes or when other more desirable opportunities are identified.

For a discussion of some of the circumstances that may adversely affect us and our business, see elsewhere in this Annual Report on Form 10-K, including “Warning Concerning Forward-Looking Statements”, Part I, Item 1 “Business” and Part I, Item 1A “Risk Factors”.

Managed Equity REITs

The base business management fees we earn from the Managed Equity REITs are calculated monthly in accordance with the applicable business management agreement and are based on a percentage of the lower of (i) the average historical cost of each REIT’s properties and (ii) each REIT’s average market capitalization. The property management fees we earn from the Managed Equity REITs are principally based on a percentage of the gross rents collected at certain managed properties owned by the Managed Equity REITs, excluding rents or other revenues from hotels, senior living communities, travel centers and wellness centers, which are separately managed by Sonesta, AlerisLife or a third party. Also, under the terms of the property management agreements, we receive construction supervision fees in connection with certain construction activities undertaken at the properties owned by the Managed Equity REITs based on a percentage of the cost of such construction. In connection with OPI’s voluntary chapter 11 petitions on October 30, 2025, we entered into a restructuring support agreement with OPI and certain of its lenders pursuant to which we have agreed to terms for new management agreements with OPI to take effect upon the effectiveness of OPI’s plan of reorganization. Pursuant to the management agreement term sheet, the initial term of the new management agreements will be five years, RMR LLC will be paid an annual fee under the new business management agreement of $14.0 million payable per year for the first two years, and RMR LLC will be paid a 3% property management fee and a 5% construction supervision fee under the new property management agreement, consistent with the existing property management agreement. The current management agreements between OPI and RMR LLC will remain in effect during the pendency of the OPI chapter 11 cases, and RMR LLC will continue to manage OPI’s business in the ordinary course. For further information regarding the fees we earn, see Note 2, Summary of Significant Accounting Policies, to our consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K.

32

Table of Contents

The following table presents for each Managed Equity REIT a summary of its primary strategy and the lesser of the historical cost of its assets under management and its market capitalization as of September 30, 2025 and 2024, as applicable:

[[GREPCENT_TABLE]]
[["","","","","Lesser of Historical Cost of Assets"],["","","","","Under Management or"],["","","","","Total Market Capitalization as of"],["","","","","September 30,"],["REIT","","Primary Strategy","","2025","","2024"],["DHC","","Medical office and life science properties, senior living communities and other healthcare related properties","","$","3,847,471","","","$","4,122,133"],["ILPT","","Industrial and logistics properties","","4,607,421","","","4,627,266"],["OPI","","Office properties primarily leased to single tenants and those with high credit quality characteristics","","2,445,790","","","2,450,756"],["SVC","","Hotels and service-focused retail net lease properties","","6,410,822","","","6,442,016"],["","","","","$","17,311,504","","","$","17,642,171"]]
[[/GREPCENT_TABLE]]

A Managed Equity REIT’s historical cost of assets under management includes the real estate it owns and its consolidated assets invested directly or indirectly in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. A Managed Equity REIT’s average market capitalization includes the average value of the Managed Equity REIT’s outstanding common equity value during the period, plus the daily weighted average of each of the aggregate liquidation preference of preferred shares and the principal amount of consolidated indebtedness during the period. The table above presents, for each Managed Equity REIT, the lesser of the historical cost of its assets under management and its market capitalization as of the end of each period.

The basis on which our base business management fees are calculated for the fiscal years ended September 30, 2025 and 2024 may differ from the basis at the end of the periods presented in the table above. As of September 30, 2025, the market capitalization was lower than the historical cost of assets under management for each of the Managed Equity REITs; the historical cost of assets under management for DHC, ILPT, OPI and SVC as of September 30, 2025, were $7,323,576, $5,714,174, $5,348,885 and $10,750,102, respectively.

The fee revenues we earned from the Managed Equity REITs for the fiscal years ended September 30, 2025 and 2024 are set forth in the following table:

[[GREPCENT_TABLE]]
[["","","Fiscal Year Ended September 30,"],["","","2025","","2024"],["","","Base","","","","Base","","","","","","Base","","","","Base"],["","","Business","","","","Property","","Construction","","","","Business","","","","Property","","Construction"],["","","Management","","","","Management","","Supervision","","","","Management","","","","Management","","Supervision"],["REIT","","Revenues","","","","Revenues","","Revenues","","Total","","Revenues","","","","Revenues","","Revenues","","Total"],["DHC","","$","16,142","","","","","$","5,080","","","$","1,752","","","$","22,974","","","$","16,498","","","","","$","5,659","","","$","2,359","","","$","24,516"],["ILPT","","23,437","","","","","12,965","","","533","","","36,935","","","23,590","","","","","12,683","","","431","","","36,704"],["OPI","","11,412","","","","","10,838","","","1,794","","","24,044","","","12,484","","","","","13,339","","","4,080","","","29,903"],["SVC","","29,039","","","","","7,865","","","2,912","","","39,816","","","31,610","","","","","5,397","","","6,752","","","43,759"],["","","$","80,030","","","","","$","36,748","","","$","6,991","","","$","123,769","","","$","84,182","","","","","$","37,078","","","$","13,622","","","$","134,882"]]
[[/GREPCENT_TABLE]]

Other Clients

We provide business management services to AlerisLife and Sonesta. AlerisLife operates senior living communities throughout the United States, many of which are owned by and managed for DHC. Sonesta manages and franchises hotels, resorts and cruise ships in the United States, Canada, Latin America, the Caribbean and the Middle East; many of the U.S. hotels that Sonesta operates are owned by SVC. Generally, our fees earned from business management services to AlerisLife and Sonesta are based on a percentage of certain revenues.

In addition, we also provide management services to certain other Private Capital clients, including high-quality institutional investor relationships we maintain through RMR Residential, and earn fees based on a percentage of average

33

Table of Contents

invested capital, as defined in the applicable agreements, property management fees based on a percentage of rents collected from managed properties and construction supervision fees based on a percentage of the cost of construction activities. RMR Residential also provides us the potential to generate a carried interest on any new co-investments in the future.

Our management fee revenues from services to these clients for the fiscal years ended September 30, 2025 and 2024, are set forth in the following table:

[[GREPCENT_TABLE]]
[["","","Fiscal Year Ended September 30,"],["","","2025","","2024"],["","","Base","","Base","","","","","","Base","","Base"],["","","Business","","Property","","Construction","","","","Business","","Property","","Construction"],["","","Management","","Management","","Supervision","","","","Management","","Management","","Supervision"],["","","Revenues","","Revenues","","Revenues","","Total","","Revenues","","Revenues","","Revenues","","Total"],["AlerisLife","","$","5,720","","","$","\u2014","","","$","\u2014","","","$","5,720","","","$","5,632","","","$","\u2014","","","$","\u2014","","","$","5,632"],["Sonesta","","9,314","","","\u2014","","","\u2014","","","9,314","","","9,362","","","\u2014","","","\u2014","","","9,362"],["RMR Residential","","510","","","15,422","","","1,592","","","17,524","","","482","","","15,014","","","1,440","","","16,936"],["Other private entities","","12,126","","","8,318","","","726","","","21,170","","","12,099","","","8,664","","","579","","","21,342"],["SEVN","","\u2014","","","73","","","5","","","78","","","\u2014","","","47","","","\u2014","","","47"],["","","$","27,670","","","$","23,813","","","$","2,323","","","$","53,806","","","$","27,575","","","$","23,725","","","$","2,019","","","$","53,319"]]
[[/GREPCENT_TABLE]]

Advisory Business

Tremont provides

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RMR/mda/fy2025/
All MD&A years: /company/RMR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RMR/mda/fy2024/): filed 2024-11-12; accession 0001644378-24-000042 (https://www.sec.gov/Archives/edgar/data/1644378/000164437824000042/rmr-20240930.htm)
- [FY 2023 MD&A](/company/RMR/mda/fy2023/): filed 2023-11-15; accession 0001644378-23-000051 (https://www.sec.gov/Archives/edgar/data/1644378/000164437823000051/rmr-20230930.htm)
- [FY 2022 MD&A](/company/RMR/mda/fy2022/): filed 2022-11-14; accession 0001644378-22-000047 (https://www.sec.gov/Archives/edgar/data/1644378/000164437822000047/rmr-20220930.htm)
- [FY 2021 MD&A](/company/RMR/mda/fy2021/): filed 2021-11-15; accession 0001644378-21-000041 (https://www.sec.gov/Archives/edgar/data/1644378/000164437821000041/rmr-20210930.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 8742 Services-Management Consulting Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RMR.md · JSON record: /company/RMR.json · verified financials: /company/RMR/financials.json / /company/RMR/financials.csv · machine TOC for the whole site: /llms.txt