RMR GROUP INC., 10-K filed on 11/12/2025
Annual Report
v3.25.3
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Nov. 07, 2025
Mar. 31, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Sep. 30, 2025    
Current Fiscal Year End Date --09-30    
Document Transition Report false    
Entity File Number 001-37616    
Entity Registrant Name RMR GROUP INC.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 47-4122583    
Entity Address, Address Line One Two Newton Place    
Entity Address, Address Line Two 255 Washington Street    
Entity Address, Address Line Three Suite 300    
Entity Address, City or Town Newton    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02458-1634    
City Area Code 617    
Local Phone Number 796-8230    
Title of 12(b) Security Class A common stock, $0.001 par value per share    
Trading Symbol RMR    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 256.1
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive proxy statement for its 2026 annual meeting of shareholders are incorporated by reference in Part III of this Annual Report on Form 10-K.
    
Entity Central Index Key 0001644378    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   16,061,399  
Class B-1 common shares      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,000,000  
Class B-2 common shares      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   15,000,000  
v3.25.3
Audit Information
 12 Months Ended
Sep. 30, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Boston, Massachusetts
Auditor Firm ID 34
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Assets    
Prepaid and other current assets $ 13,731 $ 9,789
Loans held for investment, net of allowance for credit losses of $63 36,963 0
Assets held for sale 0 8,700
Total current assets 192,694 294,118
Loans held for investment, net of allowance for credit losses of $526 and $343, respectively 24,021 56,221
Property and equipment, net of accumulated depreciation of $7,980 and $3,447, respectively 228,655 76,433
Investments 31,900 23,733
Goodwill 71,761 71,761
Intangible assets, net of accumulated amortization of $9,074 and $3,719, respectively 26,136 20,299
Operating lease right of use assets 22,876 27,353
Deferred tax asset 13,181 15,163
Other assets, net of accumulated amortization of $97,156 and $87,740, respectively 96,647 106,063
Total assets 718,245 700,494
Liabilities, Current [Abstract]    
Reimbursable accounts payable and accrued expenses 43,553 90,444
Accounts payable and accrued expenses 38,701 31,599
Current portion of Earnout liability 3,639 517
Operating lease liabilities 5,603 5,906
Current portion of secured financing facility, net 26,326 0
Liabilities held for sale 0 4,973
Total current liabilities 117,822 133,439
Operating lease liabilities, net of current portion 17,682 22,147
Amounts due pursuant to tax receivable agreement, net of current portion 15,926 18,442
Employer compensation liability, net of current portion 10,374 9,350
Earnout liability, net of current portion 0 11,441
Secured financing facility, net of current portion 18,260 41,109
Mortgage notes payable, net 136,168 45,149
Total liabilities 316,232 281,077
Commitments and contingencies
Equity:    
Additional paid in capital 121,706 118,811
Retained earnings 453,822 436,226
Cumulative other comprehensive loss (62) 0
Cumulative common distributions (347,842) (317,495)
Total shareholders’ equity 227,656 237,574
Noncontrolling interest in The RMR Group LLC 172,253 181,439
Noncontrolling interest in other consolidated entities 2,104 404
Total noncontrolling interests 174,357 181,843
Total equity 402,013 419,417
Total liabilities and equity 718,245 700,494
Parent Company    
Assets    
Cash and cash equivalents 19,478 23,189
RMR LLC    
Assets    
Cash and cash equivalents 42,819 118,410
Class A    
Equity:    
Common stock 16 16
Class B-1 common shares    
Equity:    
Common stock 1 1
Class B-2 common shares    
Equity:    
Common stock 15 15
Related Party    
Assets    
Due from related parties 79,703 134,030
Due from related parties, net of current portion $ 10,374 $ 9,350
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Allowance for credit loss $ 63 $ 63
Allowance for credit losses 526 343
Accumulated depreciation 7,980 3,447
Accumulated Amortization 9,074 3,719
Accumulated amortization $ 97,156 $ 87,740
Class A    
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 32,500,000 31,950,000
Common stock, shares, issued (in shares) 16,063,495 15,846,025
Common stock, shares, outstanding (in shares) 16,063,495 15,846,025
Class B-1 common shares    
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000 1,000,000
Common stock, shares, issued (in shares)   1,000,000
Common stock, shares, outstanding (in shares) 1,000,000 1,000,000
Class B-2 common shares    
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 15,000,000 15,000,000
Common stock, shares, issued (in shares) 15,000,000 15,000,000
Common stock, shares, outstanding (in shares) 15,000,000 15,000,000
v3.25.3
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Revenues:      
Total management, termination, incentive and advisory services revenues $ 182,703 $ 193,920 $ 236,164
Loan investment interest income 5,848 1,400 0
Compensation and benefits (3,401) (87) 0
Income from loan investments, net 2,447 1,313 0
Rental property revenues 8,273 1,604 0
Total reimbursable costs 506,861 700,776 726,152
Total revenues 700,284 897,613 962,316
Expenses:      
Compensation and benefits 161,728 170,357 136,355
Equity based compensation 9,664 10,624 12,488
Separation costs 7,078 6,297 2,002
Total compensation and benefits expense 178,470 187,278 150,845
General and administrative 42,497 43,743 36,019
Other reimbursable expenses 422,009 608,688 656,401
Rental property expenses 2,833 462 0
Transaction and acquisition related costs 1,142 7,750 4,221
Depreciation and amortization 11,551 4,713 1,102
Total expenses 658,502 852,634 848,588
Operating income 41,782 44,979 113,728
Interest income 5,197 10,403 10,574
Interest expense (4,308) (783) 0
Change in fair value of Earnout liability 8,319 2,589 0
(Loss) gain on investments (5,085) 7,260 25,237
Gain on sale of real estate 445 0 0
Income before income tax expense 46,350 64,448 149,539
Income tax expense attributable to RMR Inc. (7,671) (11,319) (21,768)
Net income 38,679 53,129 127,771
Net income attributable to noncontrolling interest in The RMR Group LLC (21,910) (30,039) (70,624)
Net loss attributable to other noncontrolling interests 827 40 0
Net income attributable to The RMR Group Inc. 17,596 23,130 57,147
Other comprehensive loss:      
Unrealized loss on derivatives (117) 0 0
Less: unrealized loss on derivatives attributable to noncontrolling interest 55 0 0
Other comprehensive loss attributable to The RMR Group Inc. (62) 0 0
Comprehensive income attributable to The RMR Group Inc. $ 17,534 $ 23,130 $ 57,147
Weighted average common shares outstanding - basic (in shares) 16,644 16,532 16,426
Weighted average common shares outstanding - diluted (in shares) 16,644 16,532 16,426
Net income attributable to The RMR Group Inc. per common share - basic (in dollars per share) $ 1.03 $ 1.38 $ 3.44
Net income attributable to The RMR Group Inc. per common share - diluted (in dollars per share) $ 1.03 $ 1.38 $ 3.44
Management services      
Revenues:      
Total management, termination, incentive and advisory services revenues $ 177,575 $ 188,201 $ 185,702
Termination and incentive fees      
Revenues:      
Total management, termination, incentive and advisory services revenues 653 1,213 45,942
Advisory services      
Revenues:      
Total management, termination, incentive and advisory services revenues 4,475 4,506 4,520
Reimbursable compensation and benefits      
Revenues:      
Total reimbursable costs 77,970 84,169 59,925
Reimbursable equity based compensation      
Revenues:      
Total reimbursable costs 6,882 7,919 9,826
Other reimbursable expenses      
Revenues:      
Total reimbursable costs $ 422,009 $ 608,688 $ 656,401
v3.25.3
Consolidated Statements of Shareholders’ Equity - USD ($)
$ in Thousands
Total
Total Shareholders' Equity
Common shares
Class A Common Stock
Common shares
Class B-1 Common Stock
Common shares
Class B-2 Common Stock
Additional Paid In Capital
Retained Earnings
Cumulative Other Comprehensive Loss
Cumulative Common Distributions
The RMR Group LLC
Other Consolidated Entities
Beginning balance at Sep. 30, 2022 $ 369,739 $ 206,621 $ 16 $ 1 $ 15 $ 113,136 $ 355,949 $ 0 $ (262,496) $ 163,118 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Share awards, net 2,874 2,874       2,874          
Net income 127,771 57,147         57,147     70,624  
Tax distributions to member (30,945)                 (30,945)  
Common share distributions (45,776) (26,576)             (26,576) (19,200)  
Ending balance at Sep. 30, 2023 423,663 240,066 16 1 15 116,010 413,096 0 (289,072) 183,597 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Share awards, net 2,801 2,801       2,801          
Net income 53,129 23,130         23,130     30,039 (40)
Tax distributions to member (12,997)                 (12,997)  
Common share distributions (47,623) (28,423)             (28,423) (19,200)  
Consolidation of investments / Acquisition of MPC Partnership Holdings LLC 444                   444
Ending balance at Sep. 30, 2024 419,417 237,574 16 1 15 118,811 436,226 0 (317,495) 181,439 404
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Share awards, net 2,895 2,895       2,895          
Net income 38,679 17,596         17,596     21,910 (827)
Tax distributions to member (11,841)                 (11,841)  
Common share distributions (49,547) (30,347)             (30,347) (19,200)  
Consolidation of investments / Acquisition of MPC Partnership Holdings LLC 2,936                   2,936
Member distributions upon sale of 260 Woodstock (409)                   (409)
Other comprehensive loss (117) (62)           (62)   (55)  
Ending balance at Sep. 30, 2025 $ 402,013 $ 227,656 $ 16 $ 1 $ 15 $ 121,706 $ 453,822 $ (62) $ (347,842) $ 172,253 $ 2,104
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:      
Net income $ 38,679 $ 53,129 $ 127,771
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,551 4,713 1,102
Amortization of interest rate caps 70 0 0
Straight line office rent (291) (380) (345)
Amortization expense related to other assets 9,416 9,416 9,416
Provision for credit losses 190 602 0
Provision (benefit) for deferred income taxes 1,982 3,057 (1,108)
Gain on sale of real estate (445) 0 0
Change in fair value of Earnout liability (8,319) (2,589) 0
Operating expenses paid in The RMR Group Inc. common shares 3,798 3,937 3,608
Distributions from investments 2,272 2,391 2,221
Loss (gain) on investments 5,085 (7,260) (25,237)
Changes in assets and liabilities:      
Due from related parties 54,607 (14,364) (6,584)
Prepaid and other current assets (2,184) (1,475) (1,625)
Reimbursable accounts payable and accrued expenses (46,891) 12,520 (2,297)
Accounts payable and accrued expenses 6,226 (2,322) 2,293
Net cash provided by operating activities 75,746 61,375 109,215
Cash Flows from Investing Activities:      
Acquisition of MPC Partnership Holdings LLC, net of cash acquired 0 (78,771) 0
Rental property acquisitions (166,008) (70,509) 0
Funding of loans held for investment (7,553) (57,180) 0
Repayment of loans held for investment 3,000 0 0
Purchase of property and equipment (3,650) (3,865) (3,983)
Purchase of interest rate caps (1,945) 0 0
Proceeds from deferred origination fees 0 700 0
Investment in residential fund (768) (213) 0
Investment in joint ventures     53,479
Investment in joint ventures (11,134) 0  
Proceeds from sale of property 4,198 0 0
Net cash (used in) provided by investing activities (183,860) (209,838) 49,496
Cash Flows from Financing Activities:      
Proceeds from secured financing facility 5,573 41,655 0
Repayments of secured financing facility (2,158) 0 0
Proceeds from mortgage notes payable 93,200 46,500 0
Payment of deferred financing fees (2,719) (1,960) 0
Distributions to noncontrolling interests (31,041) (32,197) (50,145)
Distributions to common shareholders (30,347) (28,423) (26,576)
Member distributions upon sale of 260 Woodstock (409) 0 0
Repurchase of common shares (903) (1,136) (734)
Payments under the tax receivable agreement (2,384) (2,366) (2,355)
Net cash provided by (used in) financing activities 28,812 22,073 (79,810)
Decrease in cash and cash equivalents (79,302) (126,390) 78,901
Cash and cash equivalents at beginning of period 141,599 267,989 189,088
Cash and cash equivalents at end of period 62,297 141,599 267,989
Supplemental Disclosures:      
Income taxes paid 5,743 9,138 21,233
Interest paid 6,401 371 0
Non-cash investing and financing activities:      
Recognition of right of use assets and related lease liabilities 1,853 3,646 5,057
Recognition of Earnout liability 0 14,547 0
Assumption of mortgage note payable 0 5,429 0
Property and equipment accrued, not paid $ 18 $ 465 $ 39
v3.25.3
Organization
 12 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
The RMR Group Inc., or RMR Inc., is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC, or RMR LLC. RMR Inc. is a Maryland corporation and RMR LLC is a Maryland limited liability company. RMR Inc. serves as the sole managing member of RMR LLC and, in that capacity, operates and controls the business and affairs of RMR LLC. In these consolidated financial statements, unless otherwise indicated, “we”, “us” and “our” refer to RMR Inc. and its direct and indirect subsidiaries, including RMR LLC.
As of September 30, 2025, RMR Inc. owned 16,063,495 class A membership units of RMR LLC, or Class A Units, and 1,000,000 class B membership units of RMR LLC, or Class B Units. The aggregate RMR LLC membership units RMR Inc. owns represented 53.2% of the economic interest of RMR LLC as of September 30, 2025. We refer to economic interest as the right of a holder of a Class A Unit or Class B Unit to share in distributions made by RMR LLC and, upon liquidation, dissolution or winding up of RMR LLC, to share in the assets of RMR LLC after payments to creditors. A wholly owned subsidiary of ABP Trust, a Maryland statutory trust, owns 15,000,000 redeemable Class A Units, representing 46.8% of the economic interest of RMR LLC as of September 30, 2025, which is presented as a noncontrolling interest in The RMR Group LLC within the consolidated financial statements. Adam Portnoy, the Chair of our Board, one of our Managing Directors and our President and Chief Executive Officer, is the sole trustee of ABP Trust, and owns all of ABP Trust’s voting securities.
RMR LLC provides management services to four publicly traded equity real estate investment trusts, or REITs: Diversified Healthcare Trust, or DHC, which owns medical office and life science properties, senior living communities and other healthcare related properties; Industrial Logistics Properties Trust, or ILPT, which owns and leases industrial and logistics properties; Office Properties Income Trust, or OPI, which owns and leases office properties primarily to single tenants and those with high credit quality characteristics; and Service Properties Trust, or SVC, which owns a diverse portfolio of hotels and service-focused retail net lease properties. DHC, ILPT, OPI and SVC are collectively referred to as the Managed Equity REITs.
RMR LLC’s wholly owned subsidiary, Tremont Realty Capital LLC, or Tremont, an investment adviser registered with the Securities and Exchange Commission, or SEC, provides advisory services for Seven Hills Realty Trust, or SEVN. SEVN is a publicly traded mortgage REIT that focuses on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate.
RMR LLC also provided management services to TravelCenters of America Inc., or TA, until it was acquired by BP Products North America Inc., or BP, on May 15, 2023. TA, a publicly traded operating company until the time BP acquired it, operates and franchises travel centers primarily along the U.S. interstate highway system, many of which are owned by SVC, and standalone truck service facilities. The Managed Equity REITs, SEVN, and TA until May 15, 2023, are collectively referred to as the Perpetual Capital clients.
RMR LLC provides management services to Sonesta International Hotels Corporation, or Sonesta, a privately owned franchisor and operator of hotels, resorts and cruise ships in the United States, Canada, Latin America, the Caribbean and the Middle East, and many of the U.S. hotels that Sonesta operates are owned by SVC.
RMR LLC also provides management services to AlerisLife Inc., or AlerisLife, an owner and operator of senior living communities, many of which are owned by DHC. On September 3, 2025, AlerisLife announced that it had entered into agreements to transition the management of its senior living communities to third party operators and expects to sell all of its assets and wind down its business and operations by June 30, 2026. RMR LLC will continue to provide management services through the wind down period.
RMR LLC provides management services through certain of its subsidiaries to multiple private funds, joint ventures and the underlying residential real estate assets of the funds, as well as property management services to third party owners. The residential real estate we manage through these subsidiaries are presented as RMR Residential in these consolidated financial statements.
In addition, RMR LLC provides management services to other private capital vehicles including ABP Trust and other private entities that own commercial real estate, of which certain of our Managed Equity REITs own minority equity interests. These other private clients, along with Sonesta, AlerisLife and clients of RMR Residential are collectively referred to as the Private Capital clients.
v3.25.3
Summary of Significant Accounting Policies
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
All intercompany transactions and balances with or among our consolidated entities have been eliminated.
Use of Estimates
Preparation of these financial statements in conformity with U.S. Generally Accepted Accounting Principles, or GAAP, requires our management to make certain estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates.
Revenue Recognition
Revenues from services we provide are recognized as earned over time as the services provided represent performance obligations that are satisfied over time.
Management Agreements with the Managed Equity REITs
We are party to a business management and a property management agreement with each Managed Equity REIT. The following is a summary of the fees we earn pursuant to our business management agreements with the Managed Equity REITs. For a summary of the fees we earn pursuant to our property management agreements with the Managed Equity REITs, see Property Management Agreements, below.
Base Business Management Fees — We earn annual base business management fees from the Managed Equity REITs by providing continuous services pursuant to business management agreements equal to the lesser of:
•the sum of (a) 0.5% of the historical cost of transferred real estate assets, if any, as defined in the applicable business management agreement, plus (b) 0.7% of the average invested capital (exclusive of the transferred real estate assets), as defined in the applicable business management agreement, up to $250,000, plus (c) 0.5% of the average invested capital exceeding $250,000; and
•the sum of (a) 0.7% of the average market capitalization, as defined in the applicable business management agreement, up to $250,000, plus (b) 0.5% of the average market capitalization exceeding $250,000.
The foregoing base business management fees are paid in cash monthly in arrears.
For the fiscal years ended September 30, 2025, 2024 and 2023, we earned aggregate base business management fees from the Managed Equity REITs of $80,030, $84,182 and $85,603, respectively.
Incentive Business Management Fees — We also may earn annual incentive business management fees from the Managed Equity REITs under the business management agreements. The incentive business management fees, which are payable in cash, are contingent performance based fees recognized only when earned at the end of each respective measurement period. Incentive business management fees are excluded from the transaction price until it becomes probable that there will not be a significant reversal of cumulative revenue recognized.
The incentive business management fees are calculated for each Managed Equity REIT as 12.0% of the product of (a) the equity market capitalization of the Managed Equity REIT, as defined in the applicable business management agreement, on the last trading day of the year immediately prior to the relevant measurement period, and (b) the amount, expressed as a percentage, by which the Managed Equity REIT’s total return per share, as defined in the applicable business management agreement, exceeded the applicable benchmark total return per share, as defined in the applicable business management agreement, of a specified REIT index identified in the applicable business management agreement for the measurement period, as adjusted for net share issuances during the period and subject to caps on the values of the incentive fees. The measurement period for the annual incentive business management fees is defined as the three year period ending on December 31 of the year for which such fee is being calculated.
We did not earn incentive business management fees from the Managed Equity REITs for calendar years 2024, 2023 or 2022.
Term and Termination — Our management agreements with the Managed Equity REITs automatically extend on December 31st of each year and have terms thereafter that end on the 20th anniversary of the date of each extension. Each of the Managed Equity REITs has the right to terminate each management agreement: (i) at any time upon 60 days’ written notice for convenience, (ii) immediately upon written notice for cause, as defined in the agreements, (iii) upon written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined in the agreements, and (iv) by written notice during the 12 months following a change of control of RMR LLC, as defined in the agreements. We have the right to terminate the management agreements for good reason, as defined therein.
Under our management agreements with the Managed Equity REITs, if a Managed Equity REIT terminates our management agreements for convenience, or if we terminate one or both of our management agreements with a Managed Equity REIT for good reason, the Managed Equity REIT is obligated to pay us a termination fee in an amount equal to the sum of the present values of the Managed Equity REIT’s monthly future fees, as defined therein, for the terminated management agreement(s) for the remaining term, assuming it had not been terminated. If a Managed Equity REIT terminates one or both of our management agreements for a performance reason, as defined therein, the Managed Equity REIT has agreed to pay to us the termination fee calculated as described above, but assuming a remaining term of 10 years. No termination fee is payable by a Managed Equity REIT if it terminates one or both of our management agreements for cause or as a result of a change of control of us, as defined in the applicable management agreement.
OPI Management Agreement — OPI commenced voluntary chapter 11 petitions on October 30, 2025. In connection with this, we entered into a restructuring support agreement with OPI and certain of its lenders pursuant to which we have agreed to terms for a new management agreement and a new property management agreement with OPI, as set forth in the management agreement term sheet attached to the restructuring support agreement, which agreements are expected 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 and be terminable without penalty after two years, RMR LLC will be paid an annual fee under the new business management agreement of $14,000 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.
Other Management Agreements
We earn management fees by providing continuous services pursuant to the management agreements with ABP Trust regarding AlerisLife, with Sonesta, and until May 15, 2023, with TA, equal to 0.6% of: (i) in the case of AlerisLife, AlerisLife’s revenues from all sources reportable under GAAP, less any revenues reportable by AlerisLife with respect to properties for which it provides management services, plus the gross revenues at those properties determined in accordance with GAAP, payable in cash monthly in arrears; (ii) in the case of Sonesta, Sonesta’s estimated revenues from all sources reportable under GAAP, less any estimated revenues reportable by Sonesta with respect to hotels for which it provides management services, plus the estimated gross revenues at those hotels determined in accordance with GAAP, payable in cash monthly in advance; and (iii) in the case of TA, the sum of TA’s gross fuel margin, as defined in the applicable agreement, plus TA’s total nonfuel revenues, payable in cash monthly in advance.
We also earn management fees from certain other Private Capital clients based on a percentage of average invested capital, as defined in the applicable management agreements. These management fees are payable in cash monthly in arrears.
For the fiscal years ended September 30, 2025, 2024 and 2023, we earned aggregate base business management fees from TA and the Private Capital clients of $27,670, $27,575 and $36,815, respectively. Additionally, in connection with BP’s acquisition of TA on May 15, 2023, TA terminated its business management agreement with us and paid us the applicable termination fee of $45,282 which was recognized during the fiscal year ended September 30, 2023.
Property Management Agreements
We earn property management fees by providing continuous services pursuant to property management agreements with the Managed Equity REITs, SEVN, RMR Residential and certain Private Capital clients. We generally earn fees under these agreements between 2.5% to 3.5% of gross collected rents. Also, under the terms of the property management agreements, we receive additional fees for construction supervision services up to 5.0% of the cost of such construction. In addition, we earn fees under our RMR Residential property management agreements for providing certain marketing, information technology and
other management services, as defined in the applicable management agreements, and the related costs are included in general and administrative expenses in our consolidated financial statements. These management fees are payable in cash monthly in arrears.
For the fiscal years ended September 30, 2025, 2024 and 2023, we earned aggregate property management fees of $69,875, $76,444 and $63,153, respectively, including construction supervision fees of $9,314, $15,641 and $18,443, respectively.
Management Agreements with Joint Ventures
We enter into joint venture arrangements with the intent to acquire, improve and sell commercial real estate. We have management agreements with these joint ventures that entitle us to certain fees, such as property management and construction supervision fees and reimbursements of certain costs incurred on behalf of the joint ventures. Other applicable fees include:
Acquisition Fees — We recognize revenue when the performance obligation related to the acquisition services is satisfied, typically at the closing of the real estate transaction. Acquisition fees are recorded in management services in our consolidated statements of comprehensive income. We recognized acquisition fee revenue of $664 for the fiscal year ended September 30, 2025.
Carried Interest Revenues — For certain investments, through our subsidiaries, we invest alongside limited partners in investment vehicles and are entitled to a pro-rata share of their results, or a pro-rata allocation. In addition to a pro-rata allocation, and assuming certain investment returns are achieved, we are entitled to an outsized allocation of the income otherwise allocable to the limited partners, commonly referred to as a carried interest. We recognize carried interest in accordance with the performance-based fee arrangements outlined in our investment management agreements. Carried interest is recognized when the performance criteria specified in the agreements are met, typically upon the realization of investment gains that exceed a predetermined hurdle rate. The recognition of such revenues is contingent upon the achievement of both the investment return threshold and the requisite performance period. This ensures that the earnings process is substantially complete, the amount is reasonably estimable and it is no longer probable that there will be significant reversals. Given the unique nature of each fee arrangement and need for significant judgment, contracts with our clients are evaluated on an individual basis to determine the timing of revenue recognition. Accordingly, a portion of fees we recognize may be partially related to services performed in prior periods that meet recognition criteria in the current period. We did not recognize any carried interest revenues for the fiscal years ended September 30, 2025, 2024 and 2023.
Management Agreements with Advisory Clients
Tremont is primarily compensated pursuant to its management agreement with SEVN at an annual rate of 1.5% of equity, as defined in the applicable agreement. Tremont may also earn an incentive fee under its management agreement with SEVN equal to the difference between: (a) the product of (i) 20% and (ii) the difference between (A) core earnings, as defined in the applicable agreements, for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (B) the product of (1) equity in the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (2) 7% per year and (b) the sum of any incentive fees paid to Tremont with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive fee shall be payable with respect to any calendar quarter unless core earnings for the 12 most recently completed calendar quarters in the aggregate is greater than zero. The incentive fee may not be less than zero. For the fiscal years ended September 30, 2025, 2024 and 2023, Tremont earned incentive fees of $653, $1,213 and $660, respectively.
For the fiscal years ended September 30, 2025, 2024 and 2023, we earned advisory services revenue of $4,475, $4,506 and $4,520, respectively.
Other Revenues
Income from our loan investments related to our commercial real estate mortgage loans is generally accrued based on the coupon rates applied to the outstanding principal balance of such loans. Fees, premiums and discounts, if any, will be amortized or accreted into income from loan investments over the remaining term of such loans using the effective interest method, as adjusted for any prepayments. For the fiscal years ended September 30, 2025 and 2024, we earned income from loan investments, net of $2,447 and $1,313, respectively.
Leases with our residential and retail tenants provide for base rent payments and may include variable payments or non-lease components, such as property level operating expenses reimbursed by our tenants as well as other required lease payments. We have made the policy election not to separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of non-lease components are the same as those of the lease components. Rental income from these operating leases is recognized on a straight line basis when collectability of substantially all of the lease payments is probable. For the fiscal years ended September 30, 2025 and 2024, we earned rental property revenues of $8,273 and $1,604, respectively.
Reimbursable Costs
We determined we control the services provided by third parties for certain of our clients and therefore account for the cost of these services and the related reimbursement revenue on a gross basis.
Reimbursable Compensation and Benefits — Reimbursable compensation and benefits include reimbursements, at cost, that arise primarily from services our employees provide pursuant to our property management agreements at the properties of our clients. A significant portion of these compensation and benefits are charged or passed through to and paid by tenants of our clients. We recognize the revenue for reimbursements when we incur the related reimbursable compensation and benefits expense on behalf of our clients.
Reimbursable Equity Based Compensation — Reimbursable equity based compensation includes awards of common shares by our clients directly to certain of our officers and employees in connection with the provision of management services to those clients. The revenue in respect of each award is based on the fair value as of the award date for those shares that have vested, with subsequent changes in the fair value of the unvested awards being recognized in our consolidated statements of comprehensive income over the requisite service periods. We record an equal, offsetting amount as equity based compensation expense for the value of these awards.
Other Reimbursable Expenses — Other reimbursable expenses include reimbursements that arise from services we provide pursuant to our property management agreements, which include third party costs related to matters such as maintenance and repairs, development costs, security and cleaning services, a significant portion of which are charged or passed through to and paid by tenants of our clients.
Variable Interest Entities
We regularly evaluate our relationships and investments to determine if they constitute variable interests. A variable interest is an investment or interest that will absorb portions of an entity’s expected losses or receive portions of an entity’s expected returns. If we determine we have a variable interest in an entity, we evaluate whether such interest is in a variable interest entity, or VIE. Under the VIE model, we would be required to consolidate a VIE we manage if we are determined to be the primary beneficiary of the entity. We continuously assess whether we must consolidate any of the entities we manage. Consideration of factors included, but was not limited to, our representation on the entity’s governing body, the size of our investment in each entity compared to the size of the entity and the size of other investors’ interests, the ability and rights to participate in significant policy making decisions and to replace the manager of those entities. Based on this assessment, we concluded that we are not required to consolidate the Managed Equity REITs, SEVN or our Private Capital Clients.
Cash and Cash Equivalents
We consider highly liquid investments with original maturities of three months or less on the date of purchase to be cash equivalents, the majority of which is held at major commercial banks. Certain cash account balances exceed Federal Deposit Insurance Corporation insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents.
As of September 30, 2025 and 2024, $1,802 and $553 in cash and cash equivalents consists of amounts escrowed for performance incentives, future real estate taxes, insurance and capital expenditures, as required by certain of our debt and other agreements. These funds are predominantly held by our mortgage lenders and are segregated from our cash accounts.
The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows:
September 30,
202520242023
Cash and cash equivalents held by The RMR Group Inc.$19,478 $23,189 $26,802 
Cash and cash equivalents held by The RMR Group LLC42,819 118,410 241,187 
Total cash and cash equivalents shown in the consolidated statements of cash flows$62,297 $141,599 $267,989 
Loans Held for Investment, Net
Generally, our loans are classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of allowance for credit losses, unamortized loan origination fees, accreted exit fees, unamortized premiums and unaccreted discounts, as applicable, that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are determined to be collateral dependent. Loans that we have a plan to sell or liquidate are held at the lower of cost or fair value less cost to sell.
Loan Deferred Fees — Loan origination and exit fees are fees charged to our borrowers and unamortized or unaccreted balances are reflected as a reduction in loans held for investment, net, in our consolidated balance sheets. These fees are recorded as a component of loan investment interest income in our consolidated statements of comprehensive income over the life of the related loans held for investment.
Allowance for Credit Losses
The measurement of current expected credit losses, or CECL, is based upon historical experience, current conditions, and reasonable and supportable forecasts incorporating forward-looking information that affect the collectability of the reported amount. Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prescribes a forward-looking “expected loss” model that generally will result in the earlier recognition of credit losses and is applicable to financial assets measured at amortized cost and off-balance sheet credit exposures, such as unfunded loan commitments.
The allowance for credit losses required under ASU No. 2016-13 is a valuation account that is deducted from the related loans’ amortized cost basis in our consolidated balance sheets. Our loans typically include commitments to fund incremental proceeds to borrowers over the life of the loan; these future funding commitments are also subject to the CECL model. The allowance for credit losses related to unfunded loan commitments is included in accounts payable and accrued expenses in our consolidated balance sheets.
Given the lack of historical loss data related to our loan portfolio, we estimate our expected losses using an analytical model that considers the likelihood of default and loss given default for each individual loan. This analytical model incorporates data from a third party database with historical loan loss information for commercial mortgage-backed securities, or CMBS, and commercial real estate, or CRE, loans since 1998. We estimate the allowance for credit losses for our loan portfolio, including unfunded loan commitments, at the individual loan level. We utilize the model to estimate credit losses over a reasonable and supportable economic forecast period, followed by a straight-line reversion period to average historical losses. Average historical losses are established using a population of third party historical loss data that approximates our portfolio as of the measurement date. We evaluate the estimated allowance for each of our loans individually and we consider our internal loan risk rating as the primary credit quality indicator underlying our assessment.
As of September 30, 2025 and 2024, based on our loan portfolio, the then current economic environment and expectations for future conditions, we recorded an allowance for credit losses of $589 and $343, respectively, with respect to our then outstanding loans held for investment and increasing accounts payable and accrued expenses by $49 and $259, respectively, with respect to our then unfunded loan commitments.
We evaluate the credit quality of each of our loans at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash
flow, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk) as defined below:
“1” lower risk—Criteria reflects a sponsor having a strong financial condition and low credit risk and our evaluation of management's experience; collateral performance exceeding performance metrics included in the business plan or credit underwriting; and the property demonstrating stabilized occupancy and/or market rates, resulting in strong current cash flow and net operating income and/or having a very low LTV.
“2” average risk—Criteria reflects a sponsor having a stable financial condition and our evaluation of management's experience; collateral performance meeting or exceeding substantially all performance metrics included in the business plan or credit underwriting; and the property demonstrating improved occupancy at market rents, resulting in sufficient current cash flow and/or having a low LTV.
“3” acceptable risk—Criteria reflects a sponsor having a history of repaying loans at maturity and meeting its credit obligations and our evaluation of management's experience; collateral performance expected to meet performance metrics included in the business plan or credit underwriting; and the property having a moderate LTV. New loans and loans with a limited history will typically be assigned this rating and will be adjusted to other levels from time to time as appropriate.
“4” higher risk—Criteria reflects a sponsor having a history of unresolved missed or late payments, maturity extensions and difficulty timely fulfilling its credit obligations and our evaluation of management's experience; collateral performance failing to meet the business plan or credit underwriting; the existence of a risk of default possibly leading to a loss and/or potential weaknesses that deserve management’s attention; and/or the property having a high LTV.
“5” loss likely—Criteria reflects a very high risk of realizing a principal loss or having incurred a principal loss; a sponsor having a history of default payments, trouble fulfilling its credit obligations, deeds in lieu of foreclosures, and/or bankruptcies; collateral performance is significantly worse than performance metrics included in the business plan; loan covenants or performance milestones having been breached or not attained; timely exit via sale or refinancing being uncertain; and/or the property having a very high LTV.
We also evaluate the credit quality of our accounts receivable and contract assets. We have estimated certain credit losses associated with recurring accounts receivable which we include as a reduction to due from related parties in our consolidated balance sheets. As of September 30, 2025, these amounts were not significant.
Deferred Financing Costs
Costs incurred in connection with our mortgage financings or secured financing facility are capitalized and recorded as a reduction to the related liability in our consolidated balance sheets. Costs incurred in connection with our $100,000 senior secured revolving credit facility, or our revolving credit facility, are capitalized and recorded as a reduction to prepaid and other current assets in our consolidated balance sheets. Deferred financing costs are amortized over the term of the financing agreement and are recorded in our consolidated statements of comprehensive income as a component of either: (i) income from loan investments, net for our secured financing facility or (ii) interest expense for our mortgage notes and our revolving credit facility.
Property and Equipment
Property and equipment are stated at cost. Depreciation of building and furniture and equipment is computed using the straight line method over estimated useful lives ranging from three to 30 years. Depreciation for leasehold improvements is computed using the straight line method over the term of the lesser of their useful lives or related lease agreements. Capitalized software costs, information technology labor and other personnel costs, are depreciated using the straight line method over useful lives ranging between three and five years. We do not depreciate the allocated cost of land. We may engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.
The following is a summary of property and equipment presented in our consolidated balance sheets, excluding assets held for sale:
September 30,
20252024
Land$35,586 $10,084 
Building185,882 57,407 
Furniture and equipment8,046 5,996 
Leasehold improvements623 781 
Capitalized software costs6,498 5,612 
Total property and equipment236,635 79,880 
Accumulated depreciation(7,980)(3,447)
Property and equipment, net$228,655 $76,433 
As of September 30, 2024, we had one property classified as held for sale in our consolidated balance sheet.
Depreciation expense related to property and equipment and capitalized software costs for the fiscal years ended September 30, 2025, 2024 and 2023, was $5,856, $1,665 and $1,071, respectively.
We allocate the purchase prices of our properties to land, buildings and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill.
We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, low long term prospects for improvement in property performance, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives.
Goodwill and Intangible Assets
Goodwill represents the costs of business acquisitions in excess of the fair value of identifiable net assets acquired. We evaluate the recoverability of goodwill annually, or more frequently, if events or changes in circumstances indicate that goodwill might be impaired. If our review indicates that the carrying amount of goodwill exceeds its fair value, we would reduce the carrying amount of goodwill to fair value. As of September 30, 2025 and 2024, the gross carrying amount of goodwill in our consolidated balance sheets was $71,761 and no goodwill impairments were recorded.
Intangible assets represent the fair value at acquisition of acquired leases, management agreements, investor relationships, and other intangible assets. Amortization expense related to intangible assets for the fiscal years ended September 30, 2025, 2024 and 2023, was $5,695, $3,048, $31, respectively. Aggregate future amortization to be recognized over the remaining useful lives of these intangible assets is estimated to be $7,624 in 2026, $6,791 in 2027, $4,908 in 2028, $1,215 in 2029, $126 in 2030 and $297 thereafter.
The following is a summary of intangible assets, net presented in our consolidated balance sheets, excluding assets held for sale:
As of September 30, 2025As of September 30, 2024
Gross Carrying Value
Accumulated Amortization
Total
Gross Carrying Value
Accumulated Amortization
Total
Amortized intangible assets
Acquired leases$13,926 $(2,924)$11,002 $2,394 $(270)$2,124 
Management agreements13,456 (4,799)8,657 13,456 (2,145)11,311 
Investor relationships1,843 (657)1,186 1,843 (294)1,549 
Customer relationships and non-solicitation agreements810 (694)116 1,150 (1,010)140 
Total amortized intangible assets30,035 (9,074)20,961 18,843 (3,719)15,124 
Unamortized intangible assets
Trade name5,175 — 5,175 5,175 — 5,175 
Intangible assets, net$35,210 $(9,074)$26,136 $24,018 $(3,719)$20,299 
Other Assets
On June 5, 2015, in connection with the formation of RMR Inc., each of DHC, OPI (then Government Properties Income Trust, or GOV, and Select Income REIT, or SIR) and SVC contributed cash and shares with a combined value of $167,764. The consideration received from such Managed Equity REITs for our Class A Common Shares represented a discount to the fair value of RMR Inc.’s Class A Common Shares in the amount of $193,806, which we recorded in other assets. The other assets are being amortized against revenue recognized related to the management agreements using the straight line method through the period ended December 31, 2035. For the fiscal years ended September 30, 2025, 2024 and 2023, we reduced revenue by $9,416 each year, related to the amortization of these other assets. As of September 30, 2025 and 2024, the remaining amount of these other assets to be amortized was $96,647 and $106,063, respectively.
Equity-Based Compensation
The awards made under our share award plan to our Directors, officers and employees to date, have been shares of Class A common stock of RMR Inc., or Class A Common Shares. Shares issued to Directors vest immediately. Shares issued to our officers and employees vest in five equal, consecutive, annual installments, with the first installment vesting on the date of award. We recognize share forfeitures as they occur. Compensation expense related to share awards is determined based on the market value of our shares on the date of award, with the aggregate value of the awarded shares amortized to expense over the related vesting period. Expense recognized for shares awarded to Directors are included in general and administrative expenses and for shares awarded to employees are included in equity based compensation expenses in our consolidated statements of comprehensive income.
Transaction and Acquisition Related Costs
Transaction and acquisition related costs include costs related to acquisitions and other strategic transactions. Such costs include legal, accounting, valuation, other professional or consulting fees. Transaction and acquisition related costs are expensed as incurred.
Derivatives and Hedging Activities
We account for our derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is not designated as a hedge or does not meet the hedge accounting criteria is recorded as a gain or loss to operations in our consolidated statements of comprehensive income. For more information on our derivative instruments and their fair values, see Note 7, Derivatives and Hedging Activities and Note 9, Fair Value of Financial Instruments.
Recent Accounting Pronouncements
Segments. On November 27, 2023, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU No. 2023-07, which requires public entities to: i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the chief operating decision maker, or CODM, and included in each reported measure of segment profit or loss; ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification, or ASC, 280, Segment Reporting, or ASC 280, in interim periods; and iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. Public entities with a single reportable segment must apply all the disclosure requirements of ASU No. 2023-07, as well as all the existing segment disclosures under ASC 280. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. We adopted ASU No. 2023-07 effective September 30, 2025, and as a result, we have included additional information related to the required disclosures in Note 16, Segment Reporting.
Income Taxes. On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU No. 2023-09, which requires public entities to enhance its annual income tax disclosures by requiring: i) consistent categories and greater disaggregation of information in the rate reconciliation, and ii) income taxes paid disaggregated by jurisdiction. The implementation of this ASU will not have a material impact on our consolidated financial statements and we will apply the requirements of ASU No. 2023-09 for our fiscal year ending September 30, 2026.
Comprehensive Income. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses, which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU No. 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that ASU No. 2024-03 will have on our consolidated financial statements.
Derivatives and Hedging. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606), which clarifies the application of derivative accounting to certain contracts and updates the guidance for share-based noncash consideration received from a customer in exchange for goods and services. Specifically, this ASU stipulates that entities should apply the guidance in Topic 606 to contracts with share-based noncash consideration from a customer unless and until the entity’s right to receive or retain the share-based noncash consideration is unconditional. ASU No. 2025-07 is effective for the first annual reporting periods beginning after December 15, 2026 and interim reporting periods within those first annual reporting periods, with early adoption permitted. We are currently evaluating the impact that ASU No. 2025-07 will have on our consolidated financial statements.
Internal Use Software. In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which requires companies to start capitalizing eligible software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. ASU No. 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact that ASU No. 2025-06 will have on our consolidated financial statements.
v3.25.3
Income Taxes
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are the sole managing member of RMR LLC. We are a corporation subject to U.S. federal and state income tax with respect to our allocable share of any taxable income of RMR LLC and its tax consolidated subsidiaries. RMR LLC is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, RMR LLC is generally not subject to U.S. federal and most state income taxes. Any taxable income or loss generated by RMR LLC is passed through to and included in the taxable income or loss of its members, including RMR Inc. and ABP Trust, based on each member’s respective ownership percentage. During the fiscal years ended September 30, 2025, 2024 and 2023, all of our income before taxes was derived solely from domestic operations.
We had a provision (benefit) for income taxes which consists of the following:
Fiscal Year Ended September 30,
202520242023
Current:
Federal$4,188 $4,912 $16,922 
State1,501 3,350 5,954 
Deferred:
Federal1,335 2,248 (940)
State647 809 (168)
Total$7,671 $11,319 $21,768 
A reconciliation of the statutory income tax rate to the effective tax rate is as follows:
 Fiscal Year Ended September 30,
 202520242023
Income taxes computed at the federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.6 %3.4 %3.0 %
Permanent items1.2 %1.1 %0.5 %
Uncertain tax position reserve, net of federal benefit0.3 %1.9 %— %
Net income attributable to noncontrolling interest(9.5)%(9.8)%(9.9)%
Total16.6 %17.6 %14.6 %
The components of the deferred tax assets as of September 30, 2025 and 2024 are entirely comprised of the outside basis difference in our partnership interest in RMR LLC.
ASC 740, Income Taxes, provides a model for how a company should recognize, measure and present in its financial statements uncertain tax positions that have been taken or are expected to be taken with respect to all open years and in all significant jurisdictions. Pursuant to this topic, we recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that is greater than 50.0% likely to be realized upon settlement. 
We continue to be subject to federal, state, and local income tax audit examinations for open periods, which can lead to adjustments to our provision for income taxes, the resolution of which may be highly uncertain. We have accrued an uncertain tax position reserve related to an ongoing examination with a state jurisdiction for the fiscal years ending September 30, 2019 and thereafter, the impact of which is not significant to the overall financial statements. Our policy is to include interest expense related to unrecognized tax benefits within the provision for income taxes in our consolidated statements of comprehensive income.
As of September 30, 2025 and 2024, our gross unrecognized tax benefit from uncertain tax positions, exclusive of interest expense, was $1,527 and $1,449, respectively, of which $78 and $107, respectively, is based on positions related to the fiscal years ended September 30, 2025 and 2024, respectively. As of September 30, 2025 and 2024, we recognized $146 and $252, respectively, for interest expense related to unrecognized tax benefits and had $1,925 and $1,701, respectively, of gross unrecognized tax benefits. As of September 30, 2023, we had no uncertain tax positions. We do not reasonably expect any significant changes relating to our unrecognized tax benefits within the next twelve months.
v3.25.3
Acquisitions
 12 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Real Estate Acquisitions
During the fiscal years ended September 30, 2025 and 2024, we acquired one retail rental property and three wholly owned residential rental properties for an aggregate purchase price of $236,517, including capitalized acquisition related costs of $1,881. These transactions were accounted for as asset acquisitions. We allocated the purchase prices of these acquisitions based on the relative estimated fair values of the acquired assets and assumed liabilities as follows:
Acquisition Year
Location
Properties
Purchase Price (1)
LandBuildings and EquipmentAcquired Real Estate LeasesAssumed Real Estate Obligations
2024Denver, CO1$70,509 $10,084 $58,032 $2,393 $— 
2025
IL, NC, FL
3166,008 25,500 129,511 11,537 (540)
4$236,517 $35,584 $187,543 $13,930 $(540)
(1)Includes capitalized acquisition related costs of $509 and $1,372 for the 2024 and 2025 acquisitions, respectively.
MPC Partnership Holdings LLC
On December 19, 2023, or the MPC Acquisition Date, RMR LLC acquired all of the issued and outstanding equity interests of MPC Partnership Holdings LLC, or MPC (now doing business as RMR Residential), or the MPC Acquisition, for $84,474 in cash, excluding transaction costs, plus up to an additional $20,000 subject to the deployment of remaining capital commitments in investment funds managed by MPC prior to the end of such funds’ investment period, or the Earnout. In addition to the Earnout, we agreed to pay retention payments to certain employees of MPC in an aggregate amount of $4,200 for their continued employment through December 31, 2025, or the Retention Payments. The Retention Payments are recognized as transaction and acquisition related costs and are forfeitable upon termination of employment prior to the end of the service period. The MPC Acquisition was accounted for as a business combination under the FASB ASC Topic 805, Business Combinations.
The Earnout represents contingent consideration of the MPC Acquisition. The fair value of the Earnout was determined using a Monte Carlo simulation model based on significant unobservable inputs (Level 3), including management’s estimates of the deployment of capital remaining in investment funds managed by MPC, adjusted for historical volatility of similar transactions, and a discount rate based on credit ratings of companies similar to RMR LLC. For additional information, see Note 9, Fair Value of Financial Instruments.
The following table summarizes the consideration transferred as of the MPC Acquisition Date, excluding transaction costs:
Cash consideration paid by RMR LLC
$84,474 
Earnout
14,547 
Total consideration
$99,021 
The purchase price of $99,021 was allocated to the assets acquired and liabilities assumed based on estimates of fair values as of the MPC Acquisition Date as follows:
Assets acquired:
Cash and cash equivalents
$5,703 
Real estate
8,460 
Due from related parties
6,788 
Prepaid and other current assets
1,373 
Intangible assets:
Property management and investment management agreements
13,456 
Trade name
5,175 
Investor relationships
1,843 
Acquired leases
703 
Total intangible assets
21,177 
Total assets acquired43,501 
Liabilities assumed:
Mortgage note payable
4,726 
Other liabilities
9,212 
Total liabilities
13,938 
Net identifiable assets acquired
29,563 
Noncontrolling interests in consolidated entity
(444)
Goodwill
69,902 
Total consideration
$99,021 
As part of the MPC Acquisition, we acquired a 90.0% economic ownership interest in 260 Woodstock Investor, LLC, a mixed-use apartment complex located in Woodstock, GA, or the Woodstock Property. In January 2025, we sold the Woodstock Property for a sales price of $9,800, excluding closing costs, and recognized a $445 gain on sale of real estate for the fiscal year ended September 30, 2025. We received net proceeds of $4,198 and made capital distributions to members of 260 Woodstock Investor, LLC of $409 for the for the fiscal year ended September 30, 2025.
v3.25.3
Loans Held for Investment, Net
 12 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Loans Held for Investment, Net Loans Held for Investment, Net
Our loans are classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of allowance for credit losses, unamortized loan origination fees, accreted exit fees, unamortized premiums and unaccreted discounts, as applicable, that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are determined to be collateral dependent.
In July 2024, we originated a floating rate first mortgage loan that is secured by a hotel property in Revere, MA for a total commitment of $40,000, which was fully funded as of September 30, 2024. This loan requires the borrower to pay interest at a rate of the Secured Overnight Financing Rate, or SOFR, plus a premium of 395 basis points per annum and has an initial term of two years with three one year extensions. During the fiscal year ended September 30, 2025, the borrower of this loan made an early repayment of $3,000 which reduced the unpaid principal on this loan to $37,000.
In July 2024, we originated a floating rate first mortgage loan that is secured by an industrial property in Wayne, PA for a total commitment of $27,000, of which $17,180 was funded as of September 30, 2024. During the fiscal year ended September 30, 2025, we funded an additional $7,553 to the borrower. This loan requires the borrower to pay interest at the rate of SOFR plus a premium of 425 basis points per annum and has an initial term of three years with two one year extensions.
As of September 30, 2025 and 2024, deferred origination fees were $700, of which $361 and $651, respectively, remain unamortized and we have accrued $201 and $35, respectively, in exit fee receivables which we include in loans held for investment, net in our consolidated balance sheets.
The table below provides overall statistics for our loan portfolio as of September 30, 2025 and 2024:
September 30, 2025September 30, 2024
Number of loans22
Total loan commitments$64,000$67,000
Unfunded loan commitments (1)
$2,267$9,820
Principal balance$61,733$57,180
Weighted average coupon rate8.41%9.15%
Weighted average all in yield (2)
9.32%10.13%
Weighted average floor4.34%4.34%
Weighted average maximum maturity (years) (3)
3.774.80
(1)Unfunded loan commitments are primarily used to finance property improvements and leasing capital and are generally funded over the term of the loan.
(2)All in yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan.
(3)Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions.
Credit Quality Information
We evaluate the credit quality of each of our loans at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. The higher the number, the greater the risk level. As of September 30, 2025 and 2024, our two loans had an internal risk rating of 3.
We estimate credit losses over a reasonable and supportable forecast period of 12 months, followed by a straight-line reversion period of 12 months back to average historical losses. For the fiscal years ended September 30, 2025 and 2024, we recorded an allowance for credit losses of $589 and $343, respectively, related to our then outstanding loans held for investment and increased accounts payable and accrued expenses by $49 and $259, respectively, related to then unfunded loan commitments.
We have elected to exclude accrued interest receivable from amortized cost and not to measure an allowance for credit losses on accrued interest receivable. Accrued interest receivables are generally written off when payments are 120 days past due. Such amounts, if any, are reversed against interest income and no further interest will be recorded until it is collected. As of September 30, 2025 and 2024, we recorded $512 and $454 in prepaid and other current assets on our consolidated balance sheets related to accrued interest receivable on our loans and no amounts were written off for the fiscal years ended September 30, 2025 and 2024.
As of September 30, 2025, our borrowers had paid their debt service obligations owed and due to us.
On October 29, 2025, we authorized the sale of our two floating rate first mortgage loans secured by properties in Revere, MA and Wayne, PA to SEVN.
v3.25.3
Indebtedness
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
Secured Financing Facility, Net
In September 2024, we, through our Tremont managed vehicle, entered into a master repurchase agreement with UBS AG, or UBS, or our UBS Master Repurchase Agreement, for a facility with an aggregate maximum capacity of $200,000, or our UBS Master Repurchase Facility, pursuant to which we may sell to UBS, and later repurchase, commercial mortgage loans, which are referred to as purchased assets. Pursuant to the UBS Master Repurchase Agreement, we will pay UBS a non-refundable upfront fee that is equal to 0.60% of the applicable tranche amount on each purchase date.
Loans financed through our UBS Master Repurchase Facility are treated as collateralized financing transactions, unless they meet sales treatment under GAAP. Pursuant to GAAP treatment of collateralized financing transactions, loans financed through our UBS Master Repurchase Facility remain on our consolidated balance sheets as assets and cash received from UBS
is recorded on our consolidated balance sheets as liabilities. Interest paid in accordance with our UBS Master Repurchase Facility is recorded as loan investment interest expense on our consolidated statements of comprehensive income.
Under our UBS Master Repurchase Facility, the initial purchase price paid by UBS for each purchased asset is up to 80% of the lesser of the market value of the purchased asset and the unpaid principal balance of such purchased asset, subject to UBS’s approval. Upon the repurchase of a purchased asset, we are required to pay UBS the outstanding purchase price of the purchased asset, accrued interest and all accrued and unpaid expenses of UBS relating to such purchased assets. The pricing rate (or interest rate) relating to a purchased asset is equal to one month SOFR, plus a premium within a fixed range, determined by the debt yield and property type of the purchased asset’s real estate collateral.
In connection with our UBS Master Repurchase Agreement, we entered into a guaranty, or the UBS Guaranty, which requires us to guarantee 25% of the aggregate repurchase price, and 100% of losses in the event of certain bad acts as well as any costs and expenses of UBS related to our UBS Master Repurchase Agreement. The UBS Guaranty also contains financial covenants, which require us to maintain a minimum tangible net worth, a minimum liquidity and to satisfy a total indebtedness to stockholders' equity ratio. Upon our Tremont managed vehicle meeting certain requirements, including maintaining a minimum tangible net worth of $100,000, we will be released from our obligations under the UBS Guaranty and our Tremont managed vehicle shall be deemed the sole guarantor.
Our UBS Master Repurchase Facility also contains margin maintenance provisions that provide UBS with the right, in certain circumstances related to a credit event, as defined in the UBS Master Repurchase Agreement, to redetermine the value of purchased assets. Where a decline in the value of such purchased assets has resulted in a margin deficit, UBS may require us to eliminate any margin deficit through a combination of purchased asset repurchases and cash transfers to UBS subject to UBS’s approval.
Our secured financing facility has an aggregate maximum capacity of $200,000 and the table below summarizes our secured financing facility as of September 30, 2025 and 2024:
Principal Balance
Carrying Value (1)
Coupon Rate (2)
Remaining Maturity (years)Maturity DateCollateral Principal Balance
September 30, 2025:
Revere, MA (Hotel)$26,612 $26,326 7.05%0.757/1/2026$37,000 
Wayne, PA (Industrial)18,458 18,260 7.00%1.807/18/202724,733 
Total/weighted average$45,070 $44,586 7.03%1.20$61,733 
September 30, 2024:
Revere, MA (Hotel)$28,770 $28,393 7.82%1.757/1/2026$40,000 
Wayne, PA (Industrial)12,885 12,716 7.77%2.807/18/202717,180 
Total/weighted average$41,655 $41,109 7.80%2.10$57,180 
(1)During the fiscal years ended September 30, 2025 and 2024, we paid $172 and $561, respectively, in deferred financing fees and $484 and $546 remained unamortized as of September 30, 2025 and 2024, respectively.
(2)The coupon rate is determined using SOFR plus a spread ranging from 2.85% to 2.90%, as applicable, for the respective borrowings under our secured financing facility as of the applicable date.
As of September 30, 2025, we were in compliance with the covenants and other terms of the agreements that govern our UBS Master Repurchase Facility.
Mortgage Notes Payable, Net
In July 2024, we acquired a 240-unit, garden-style apartment community in Denver, CO, or the Denver Property, for a purchase price of $70,000, excluding acquisition costs. We financed this acquisition with cash on hand and proceeds from a $46,500 mortgage note with a 5.34% fixed interest rate. This mortgage note requires monthly payments of interest only until maturity in July 2029. During the fiscal year ended September 30, 2024, we paid $1,399 in deferred financing fees and $1,071 and $1,351 remain unamortized as of September 30, 2025 and 2024, respectively.
In August and September 2025, we acquired two garden style apartment communities located near Raleigh, NC and Orlando, FL for an aggregate purchase price of $143,386, excluding acquisition costs. We financed these acquisitions with cash on hand and $93,200 in mortgage proceeds, which exclude $14,654 in loan commitments to fund for future capital improvements. We are required to pay interest at a rate of SOFR, plus a margin ranging from 250 to 255 basis points, and we purchased interest rate caps with a SOFR strike rate of 3.00% for an aggregate $1,945. These mortgage notes require monthly payments of interest only until maturity in 2028 and we have two remaining one year extension options on each mortgage note. During the fiscal year ended September 30, 2025, we paid $2,547 in deferred financing fees and $2,461 remains unamortized as of September 30, 2025.
Senior Secured Revolving Credit Facility
In January 2025, we entered into a credit agreement, or our credit agreement, for our revolving credit facility. Our revolving credit facility is secured by certain of our assets and existing management agreements and provides us with enhanced financial flexibility as we continue to invest in our private capital initiatives and position ourselves to capitalize on long term growth opportunities. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity, and no principal repayments on borrowings under our credit agreement are due until maturity. The maturity date of our credit agreement is January 22, 2028 and, subject to the payment of an extension fee and meeting certain other requirements, we can extend the maturity date of our revolving credit facility by one year. Interest is payable on borrowings under our credit agreement at a rate of SOFR plus a margin of 225 basis points. We are also required to pay a fee of 50 basis points per annum on the amount of unused lending commitments. Our credit agreement contains a number of covenants, including covenants that require us to maintain certain financial ratios and restrict our ability to incur additional debt in excess of calculated amounts. Availability of borrowings under our credit agreement is subject to ongoing minimum performance, our satisfying certain financial covenants and other credit facility conditions. As of September 30, 2025 and November 7, 2025, we had no amounts outstanding on our revolving credit facility.
v3.25.3
Derivatives and Hedging Activities
 12 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
For certain of our mortgage loan agreements, we have interest rate cap agreements to manage our interest rate risk exposure. The only risk currently managed by us using derivative instruments is our interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, we only enter into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which we or our related parties may also have other financial relationships. We do not anticipate that any of the counterparties will fail to meet their obligations.
Our interest rate cap agreements are designated as cash flow hedges of interest rate risk and are measured on a recurring basis at fair value. See Note 9, Fair Value of Financial Instruments for further information regarding the fair value of our interest rate caps. The following table summarizes the terms of our outstanding interest rate cap agreements as of September 30, 2025 as reported in prepaid and other current assets on our consolidated balance sheets:
Underlying InstrumentMaturity DateStrike RateNotional AmountFair Value
Raleigh, NC (Residential)8/15/20283.00%$47,870 $760 
Orlando, FL (Residential)10/1/20283.00%$59,984 998 
$1,758 
Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract for an upfront premium. For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in cumulative other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedge transaction affects earnings. Gains and losses on the derivative representing the hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in cumulative other comprehensive income related to derivatives will be reclassified to interest expense as payments are made on our applicable debt.
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive loss for the fiscal year ended September 30, 2025:
Amount of loss recognized on derivatives in other comprehensive loss$40 
Amount of gain reclassified from cumulative other comprehensive loss into interest expense$77 
Total amount of interest expense presented in the consolidated statements of comprehensive income$(4,308)
v3.25.3
Investments
 12 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Seven Hills Realty Trust
As of September 30, 2025, Tremont owned 1,708,058, or approximately 11.3%, of SEVN’s outstanding common shares. We account for our investment in SEVN using the equity method of accounting because we are deemed to exert significant influence, but not control, over SEVN’s most significant activities. We elected the fair value option to account for our investment in SEVN and determined fair value using the closing price of SEVN’s common shares as of the end of the period, which is a Level 1 fair value input. The aggregate market value of our investment in SEVN as of September 30, 2025 and 2024, based on quoted market prices, was $17,610 and $23,520, respectively. The unrealized (loss) gain in our consolidated statements of comprehensive income related to our investment in SEVN was $(3,638), $7,260 and $5,295 for the fiscal years ended September 30, 2025, 2024 and 2023, respectively. During the fiscal years ended September 30, 2025, 2024, and 2023, we received distributions from SEVN of $2,272, $2,391 and $2,221, respectively.
On October 30, 2025, SEVN announced its intent to commence a transferable rights offering to raise gross proceeds of up to $65,000 whereby shareholders of record of its common shares, or SEVN common shares, of beneficial interest as of the close of business on November 10, 2025 will receive, at no charge, one transferable subscription right for every one SEVN common share held, pursuant to which such shareholders will be entitled to purchase, at a specified subscription price, on SEVN common share for every two subscription rights held. We, through Tremont, have agreed, pursuant to a backstop agreement, to participate in the rights offering by committing to (i) exercise our pro rata subscription rights based on our 11.3% ownership in SEVN and (ii) provide a backstop for the rights offering whereby we will purchase any additional SEVN common shares not otherwise sold in the rights offering, subject to the terms and conditions of the backstop agreement.
Carroll MF VII, LLC and Carroll Multifamily Venture VII, LP
In July 2024, we funded a $213 capital call to Carroll MF VII, LLC, or MF VII, a co-investment vehicle managed by RMR Residential. We initially accounted for our investment using the equity method of accounting because we were deemed to exert significant influence, but not control, over MF VII’s most significant activities. Accordingly, this investment was recorded in investments in our consolidated balance sheets as of September 30, 2024 and was not consolidated.
In December 2024, we funded a $768 capital call to MF VII and reevaluated our consolidation considerations. As a result of our increased equity interest of 14.3% and existing influence over MF VII’s most significant activities, we concluded that we control MF VII and, therefore, consolidated its financial position and results for the fiscal year ended September 30, 2025, which included $695 in accounts payable and accrued expenses. As of September 30, 2025, MF VII owned a $3,156 investment in Carroll Multifamily Venture VII, LP, or Fund VII. MF VII accounts for its investment in Fund VII using the equity method of accounting because it is deemed to exert significant influence, but not control, over Fund VII’s most significant activities. MF VII elected the fair value option to account for its investment in Fund VII and determines fair value using unobservable
Level 3 inputs. The unrealized loss in our consolidated statements of comprehensive income related to our investment in MF VII was $1,447 for the fiscal year ended September 30, 2025.
Joint Ventures
We own equity interests in two joint ventures: (i) a 225-unit residential community in Pompano Beach, FL, or the Pompano JV, and (ii) a 400-unit residential community in Sunrise, FL, or the Sunrise JV, which were acquired for an aggregate purchase price of $190,100. As general partner of both joint ventures, we made an aggregate equity contribution of $11,134 during the fiscal year ended September 30, 2025 with institutional investors funding the remaining equity. We are entitled to construction supervision and property management fees pursuant to management agreements with these joint ventures and are also entitled to a carried interest if we meet certain investment returns. We account for our investments in the Pompano JV and Sunrise JV using the equity method of accounting because we are deemed to exert significant influence, but not control, over these joint ventures’ most significant activities. We elected the fair value option to account for our investments and determined their fair values using unobservable Level 3 inputs. There was no change in the fair value of our investments in the Pompano JV and Sunrise JV for the fiscal year ended September 30, 2025.
TravelCenters of America Inc.
Until BP acquired TA on May 15, 2023, we owned 621,853, or approximately 4.1%, of TA’s outstanding common shares, that had a cost of $13,701. We previously accounted for our investment in TA using the equity method of accounting because we were deemed to exert significant influence, but not control, over TA’s most significant activities. Under the fair value option, we determined fair value using the closing price of TA’s common shares as of the end of the period, which was a Level 1 fair value input, and recorded changes in fair value in earnings in our consolidated statements of comprehensive income. We recorded a net gain in our consolidated statements of comprehensive income related to our investment in TA of $19,942 for the fiscal year ended September 30, 2023.
For further information regarding the fair value of these investments and the inputs used, see Note 9, Fair Value of Financial Instruments.
v3.25.3
Fair Value of Financial Instruments
 12 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows:
Level 1 — Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access.
Level 2 — Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly.
Level 3 — Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement.
As of September 30, 2025 and 2024, the fair values of our financial instruments, which include cash and cash equivalents, amounts due from related parties, accounts payable and accrued expenses and reimbursable accounts payable and accrued expenses, were not materially different from their carrying values due to the short term nature of these financial instruments.
We estimate the fair value of our mortgage notes payable, loans held for investment and outstanding principal balances under our secured financing facility using significant unobservable inputs (Level 3), including discounted cash flow analyses and prevailing market interest rates.
The table below provides information regarding these financial instruments not carried at fair value in our consolidated balance sheet as of September 30, 2025:
As of September 30, 2025As of September 30, 2024
Carrying Value
Fair Value
Carrying Value
Fair Value
Loans held for investment
$60,984 $61,989 $56,221 $57,365 
Secured financing facility
44,586 45,471 41,109 41,793 
Mortgage notes payable (1)
136,168 137,076 45,149 46,520 
(1)Includes two mortgage notes payable with an aggregate carrying value of $90,739 that carry interest at a rate of SOFR plus a premium. The carrying values of these mortgage notes approximate fair value.
On a recurring basis, we measure certain financial assets and financial liabilities at fair value based upon quoted market prices. ASC 820, Fair Value Measurements, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities, or Level 1, the lowest priority to unobservable inputs, or Level 3, and significant other observable inputs, or Level 2. A financial asset’s or financial liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The following tables present our financial assets and liabilities that have been measured at fair value on a recurring basis:
As of September 30, 2025
Total
Level 1
Level 2
Level 3
Due from related parties related to share based payment awards$15,797 $15,797 $— $— 
Investment in SEVN17,610 17,610 — — 
Investment in Fund VII3,156 — — 3,156 
Investment in joint ventures
11,134 — — 11,134 
Employer compensation liability related to share based payment awards15,797 15,797 — — 
Interest rate caps1,758 — 1,758 — 
Earnout liability3,639 — — 3,639 
As of September 30, 2024
Total
Level 1
Level 2
Level 3
Due from related parties related to share based payment awards$14,339 $14,339 $— $— 
Investment in SEVN23,520 23,520 — — 
Employer compensation liability related to share based payment awards14,339 14,339 — — 
Earnout liability11,958 — — 11,958 
The fair values of our interest rate caps are based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date.
The following tables present additional information about the valuation techniques and significant unobservable inputs for financial assets and liabilities that are measured at fair value and categorized within Level 3 as of September 30, 2025:
As of September 30, 2025
Fair Value
Valuation Technique
Unobservable Input
Range
Investment in Fund VII$3,156 
Discounted cash flow
Discount rates
6.50% - 7.00%
Exit capitalization rates
5.00% - 5.50%
Holding period
10 years
Investment in joint ventures
$11,134 Discounted cash flow
Unlevered IRR
12.02% - 12.37%
Exit capitalization rates
4.97% - 5.15%
Holding period
3 years
Earnout liability
$3,639 
Monte Carlo
Capital deployment volatility
15.00%
Discount rate
5.84%
As of September 30, 2024
Fair Value
Valuation Technique
Unobservable Input
Range
Earnout liability
$11,958 
Monte Carlo
Capital deployment volatility
15.00%
Discount rate
5.53%
The tables below present a summary of the changes in fair value for our investment in Fund VII and Earnout liability measured on a recurring basis:
Fiscal Year EndedFiscal Year Ended
Investment in Fund VIISeptember 30, 2025September 30, 2024
Beginning balance
$— $— 
Changes in fair value for our investment in Fund VII
3,156 — 
Ending balance
$3,156 $— 
v3.25.3
Related Person Transactions
 12 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Person Transactions Related Person Transactions
Adam Portnoy, Chair of our Board, one of our Managing Directors and our President and Chief Executive Officer, is the sole trustee, an officer and the controlling shareholder of our controlling shareholder, ABP Trust. RMR Inc.’s executive officers serve as trustees or directors of certain companies to which we provide management services. For more information regarding these relationships, please see our proxy statement for our 2025 annual meeting of shareholders.
The Managed Equity REITs and SEVN have no employees. RMR LLC provides or arranges for all the personnel, overhead and services required for the operation of the Managed Equity REITs pursuant to management agreements with them. All but one of the officers of the Managed Equity REITs are officers or employees of RMR LLC. All the officers, overhead and required office space of SEVN are provided or arranged by Tremont. All of SEVN’s officers are officers or employees of Tremont or RMR LLC. One of the executive officers of AlerisLife and one of the executive officers of Sonesta are officers or employees of RMR LLC. Certain of our executive officers are also managing trustees of certain of the Perpetual Capital clients.
Additional information about our related person transactions appears in Note 11, Shareholders’ Equity.
Revenues from Related Parties
For the fiscal years ended September 30, 2025, 2024 and 2023, we recognized revenues from related parties as set forth in the following tables:
Fiscal Year Ended September 30, 2025
Total
Management and
% of
Total
% of% of
 Advisory Services
Total
ReimbursableTotalTotalTotal
 Revenues
Revenues
Costs
RevenuesRevenuesRevenues
Perpetual Capital:
DHC$22,974 11.9%$110,997 21.9%$133,971 19.1%
ILPT36,935 19.1%39,463 7.8%76,398 10.9%
OPI24,044 12.4%156,376 30.9%180,420 25.8%
SVC39,816 20.5%108,673 21.4%148,489 21.2%
Total Managed Equity REITs123,769 63.9%415,509 82.0%539,278 77.0%
SEVN5,206 2.7%5,452 1.1%10,658 1.5%
128,975 66.6%420,961 83.1%549,936 78.5%
Private Capital:
AlerisLife5,720 3.0%— —%5,720 0.8%
Sonesta9,314 4.8%— —%9,314 1.4%
RMR Residential
17,524 9.1%23,390 4.6%40,914 5.8%
Other private entities21,170 10.9%62,510 12.3%83,680 11.9%
53,728 27.8%85,900 16.9%139,628 19.9%
Total revenues from related parties182,703 94.4%506,861 100.0%689,564 98.4%
Income from loan investments, net
2,447 1.3%— —%2,447 0.4%
Rental property revenues
8,273 4.3%— —%8,273 1.2%
Total revenues from unrelated parties10,720 5.6%— —%10,720 1.6%
Total revenues$193,423 100.0%$506,861 100.0%$700,284 100.0%
Fiscal Year Ended September 30, 2024
Total
Management and
% of
Total
% of% of
 Advisory
TotalReimbursableTotalTotalTotal
Services RevenuesRevenuesCostsRevenuesRevenuesRevenues
Perpetual Capital:
DHC$24,516 12.6%$127,119 18.1%$151,635 16.9%
ILPT36,704 18.9%35,768 5.1%72,472 8.1%
OPI29,903 15.5%212,054 30.3%241,957 27.0%
SVC43,759 22.6%236,760 33.8%280,519 31.3%
Total Managed Equity REITs134,882 69.6%611,701 87.3%746,583 83.3%
SEVN5,766 3.0%6,064 0.9%11,830 1.3%
140,648 72.6%617,765 88.2%758,413 84.6%
Private Capital:
AlerisLife5,632 2.9%— —%5,632 0.6%
Sonesta9,362 4.8%— —%9,362 1.0%
RMR Residential
16,936 8.7%23,369 3.3%40,305 4.5%
Other private entities21,342 11.0%59,642 8.5%80,984 9.0%
53,272 27.4%83,011 11.8%136,283 15.1%
Total revenues from related parties193,920 100.0%700,776 100.0%894,696 99.7%
Income from loan investments, net— —%— —%1,313 0.1%
Rental property revenues— —%— —%1,604 0.2%
Total revenues from unrelated parties— —%— —%2,917 0.3%
Total revenues$193,920 100.0%$700,776 100.0%$897,613 100.0%
Fiscal Year Ended September 30, 2023
Total
Management and
% of
Total
% of% of
Advisory
TotalReimbursableTotalTotalTotal
Services RevenuesRevenuesCostsRevenuesRevenuesRevenues
Perpetual Capital:
DHC$23,675 10.0%$156,224 21.4%$179,899 18.7%
ILPT36,834 15.5%40,438 5.6%77,272 8.0%
OPI38,163 16.2%334,208 46.0%372,371 38.7%
SVC40,543 17.2%117,421 16.2%157,964 16.5%
Total Managed Equity REITs139,215 58.9%648,291 89.2%787,506 81.9%
SEVN5,188 2.2%4,865 0.7%10,053 1.0%
TA (1)
55,214 23.4%3,476 0.5%58,690 6.1%
199,617 84.5%656,632 90.4%856,249 89.0%
Private Capital:
AlerisLife (2)
5,414 2.3%97 —%5,511 0.6%
Sonesta9,471 4.0%544 0.1%10,015 1.0%
Other private entities21,531 9.1%68,879 9.5%90,410 9.4%
36,416 15.4%69,520 9.6%105,936 11.0%
Total revenues from related parties236,033 99.9%726,152 100.0%962,185 100.0%
Revenues from unrelated parties131 0.1%— —%131 —%
Total revenues$236,164 100.0%$726,152 100.0%$962,316 100.0%
(1)On May 15, 2023, BP acquired TA and TA terminated its management agreement with us. In connection with the termination of TA’s management agreement, we received the applicable termination fee of $45,282 during the fiscal year ended September 30, 2023.
(2)On March 30, 2023, AlerisLife merged with and into a subsidiary of ABP Trust and ceased to be a public company. As a result, the amounts due with respect to AlerisLife are characterized as Private Capital for the period presented.
For additional information regarding our management or advisory agreements with these related parties, see Note 2, Summary of Significant Accounting Policies.
Amounts Due From Related Parties
The following table presents amounts due from related parties as of the dates indicated:
September 30,
20252024
AccountsReimbursableAccountsReimbursable
ReceivableCostsTotalReceivableCostsTotal
Perpetual Capital:
DHC$4,806 $13,780 $18,586 $6,307 $11,358 $17,665 
ILPT4,011 8,922 12,933 4,244 7,968 12,212 
OPI4,031 15,819 19,850 5,877 20,132 26,009 
SVC6,831 9,943 16,774 5,470 8,591 14,061 
Total Managed Equity REITs19,679 48,464 68,143 21,898 48,049 69,947 
SEVN1,513 3,272 4,785 2,551 2,601 5,152 
21,192 51,736 72,928 24,449 50,650 75,099 
Private Capital:
AlerisLife529 — 529 570 — 570 
Sonesta51 — 51 82 — 82 
RMR Residential
6,117 — 6,117 9,587 — 9,587 
Other private entities2,836 7,616 10,452 3,909 54,133 58,042 
9,533 7,616 17,149 14,148 54,133 68,281 
$30,725 $59,352 $90,077 $38,597 $104,783 $143,380 
Leases
As of September 30, 2025, RMR LLC leased from ABP Trust and certain Managed Equity REITs office space for use as our headquarters and local offices. During the fiscal years ended September 30, 2025, 2024 and 2023, we incurred rental expense under related party leases aggregating $5,668, $5,552 and $5,329, respectively. Our related party leases have various termination dates and many have renewal options. Some of our related party leases are terminable on 30 days’ notice and many allow us to terminate early if our management agreements for the buildings in which we lease space are terminated. For additional information regarding these leases, see Note 15, Leases.
Tax-Related Payments
Pursuant to our tax receivable agreement with ABP Trust, RMR Inc. pays to ABP Trust 85.0% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that RMR Inc. realizes as a result of (a) the increases in tax basis attributable to RMR Inc.’s dealings with ABP Trust and (b) tax benefits related to imputed interest deemed to be paid by RMR Inc. as a result of the tax receivable agreement. Accordingly, we made payments of $2,384, $2,366 and $2,355 to ABP Trust during the fiscal years ended September 30, 2025, 2024 and 2023, respectively. As of September 30, 2025, our consolidated balance sheet reflects a liability related to the tax receivable agreement of $18,478, including $2,552 classified as a current liability in accounts payable and accrued expenses that we expect to pay to ABP Trust during the fourth quarter of fiscal year 2026.
Pursuant to the RMR LLC operating agreement, for the fiscal years ended September 30, 2025, 2024 and 2023, RMR LLC made required quarterly tax distributions to holders of its membership units totaling $25,129, $27,796 and $65,486, respectively, of which $13,288, $14,799 and $34,541, respectively, was distributed to us and $11,841, $12,997 and $30,945, respectively, was distributed to ABP Trust, based on each membership unit holder’s respective ownership percentage at the time of distribution. The amounts distributed to us were eliminated in our consolidated financial statements, and the amounts distributed to ABP Trust were recorded as a reduction of its noncontrolling interest. We use funds from these distributions to pay certain of our U.S. federal and state income tax liabilities and to pay part of our obligations under the tax receivable agreement.
Registration and Lock-up Agreements
The following registration rights and lock-up agreements are in effect:
•ABP Trust Registration Rights Agreement. RMR Inc. is party to a registration rights agreement with ABP Trust pursuant to which RMR Inc. has granted ABP Trust demand and piggyback registration rights, subject to certain limitations, covering the Class A Common Shares ABP Trust owns, including the shares received on conversion of Class B-1 Common Shares or redemption of the paired Class B-2 Common Shares and Class A Units of RMR LLC.
•SEVN Rights Offering Backstop Agreement. We, through Tremont, entered into a rights offering backstop agreement on October 30, 2025, pursuant to which, (i) SEVN has granted Tremont demand and piggyback registration rights, subject to certain limitations, covering SEVN common shares that Tremont owns, and (ii) Tremont agreed not to transfer the SEVN common shares acquired in connection with its backstop commitment for a period of 6 months following the closing of the rights offering. See Note 8, Investments for further information regarding this agreement.
•Founders Registration Rights and Lock-Up Agreements. Adam Portnoy and ABP Trust are parties to a registration rights and lock-up agreement with each of DHC, OPI and SVC with respect to each such Managed Equity REITs’ common shares. Pursuant to that agreement, ABP Trust and Adam Portnoy agreed not to transfer the Managed Equity REITs’ common shares they acquired in connection with RMR LLC’s reorganization in June 2015 for a period of ten years, subject to certain exceptions, which period expired in June 2025, and each of those Managed Equity REITs has granted ABP Trust and Adam Portnoy demand and piggyback registration rights, subject to certain limitations.
Separation Arrangements
We may enter into retirement agreements with certain of our former executive officers. Pursuant to these agreements, we make various cash payments and accelerate the vesting of unvested shares of RMR Inc. previously awarded to these retiring officers. We may also enter into separation arrangements from time to time with executive and non-executive officers and employees of ours. All costs associated with separation arrangements, for which there remain no substantive performance obligations, are recorded in our consolidated statements of comprehensive income as separation costs.
For the fiscal year ended September 30, 2025, 2024 and 2023, we recognized separation costs of $7,078, $6,297, and $2,002 respectively, including equity based separation costs of $416, $632 and $482, respectively, and cash separation costs of $6,662, $5,665, and $1,520, respectively.
Bridge Loan to Fund VI
In July 2025, we provided a $5,500 bridge loan to Carroll Multifamily Venture VI, LP, or Fund VI, for the repayment of existing indebtedness and general corporate purposes. The loan carried interest at a rate of SOFR plus a margin of 400 basis points with a maturity date on January 29, 2026. In September 2025, Fund VI repaid this bridge loan, a previously outstanding loan of $2,500 acquired as part of the MPC Acquisition and all accrued interest due and payable. The general partner of Fund VI is an indirect, wholly owned subsidiary of RMR LLC.
OPI Restructuring Support Agreement
In connection with OPI’s voluntary chapter 11 petitions on October 30, 2025, we entered into a restructuring support agreement with OPI pursuant to which we have agreed to terms for new management agreements with OPI. See Note 2, Summary of Significant Accounting Policies for further information regarding this agreement.
v3.25.3
Shareholders’ Equity
 12 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Shareholders’ Equity Shareholders’ Equity
Common Shares
Class A Common Shares—Class A Common Shares entitle holders to one vote for each share held of record on all matters submitted to a vote of shareholders.
Class B-1 Common Shares—ABP Trust owns 1,000,000 Class B-1 Common Shares that entitle the holder to ten votes for each share on all matters submitted to a vote of shareholders. Each Class B-1 Common Share may, at the option of its holder, be converted into a Class A Common Share, on a one for one basis.
Class B-2 Common Shares—ABP Trust owns 15,000,000 Class B-2 Common Shares, which are paired with the 15,000,000 RMR LLC Class A Units and have no independent economic interest in RMR Inc. The Class A Units may, at the option of the holder, be redeemed for Class A Common Shares on a one to one basis and, upon such redemption, our Class B-2 Common Shares that are paired with the Class A Units are automatically canceled. RMR Inc. has the option to settle the redemption in cash. Each Class B-2 Common Share entitles the holder to ten votes per share, and, accordingly, the issuance of additional Class B-2 Common Shares would have a significant dilutive effect on the voting power of the then current holders of our Class A Common Shares.
Except as otherwise required in the charter or by applicable law, all holders of Class A Common Shares, Class B-1 Common Shares, and Class B-2 Common Shares shall vote together as a single class on all matters on which shareholders are generally entitled to vote. The holders of a class of common shares shall each be entitled to vote separately as a single class with respect to (and only with respect to) amendments to the charter that alter or change the powers or rights of the shares of such class of common shares so as to affect them materially and adversely; provided, however, if such amendments affect all holders of common shares materially and adversely in the same manner, the separate voting requirement shall not be applicable and all holders of common shares shall vote together as a single class.
Issuances and Repurchases
We award our Class A Common Shares to our Directors, officers and employees under the Second Amended and Restated 2016 Omnibus Equity Plan, or the 2016 Plan, adopted at our 2025 Annual Meeting of Shareholders. During the fiscal years ended September 30, 2025, 2024 and 2023, we awarded to our Directors, officers and employees an aggregate of 272,872, 181,727 and 139,200, respectively, of our Class A Common Shares, of which an aggregate of 35,928, 25,314 and 18,000, respectively, were awarded to our Managing Directors and Independent Directors as part of their annual compensation for serving as Directors.
The Class A Common Shares awarded to our Independent Directors and Managing Directors, in their capacities as Directors, vest immediately and are included in general and administrative expense in our consolidated statements of comprehensive income. The Class A Common Shares awarded to our Managing Directors, in their capacities as our officers and employees, and to our other officers and employees vest in five equal, consecutive, annual installments beginning on the date of the award and are included in equity based compensation expense in our consolidated statements of comprehensive income. During the fiscal years ended September 30, 2025, 2024 and 2023, we recorded general and administrative expenses of $600, $600 and $464, respectively, and equity based compensation expenses of $2,782, $2,705 and $2,662, respectively, related to awards we made under the 2016 Plan.
In connection with the vesting and issuance of awards of our Class A Common Shares to our Directors, officers and employees, we provide for the ability to repurchase our Class A Common Shares to satisfy tax withholding and payment obligations for those eligible to do so. The repurchase price is based on the closing price of our Class A Common Shares on The Nasdaq Stock Market LLC, or Nasdaq. The aggregate value of Class A Common Shares repurchased during the fiscal years ended September 30, 2025, 2024 and 2023, was $903, $1,136 and $734, respectively, which is recorded as a decrease to additional paid in capital included in shareholders’ equity in our consolidated balance sheets.
In connection with the issuances and repurchases of our Class A Common Shares, and as required by the RMR LLC operating agreement, RMR LLC concurrently issues or acquires an identical number of Class A Units from RMR Inc.
A summary of shares awarded and vested, including shares withheld, repurchased or forfeited, under the terms of the 2016 Plan for the fiscal years ended September 30, 2025, 2024 and 2023 is as follows:
202520242023
WeightedWeightedWeighted
NumberAverageNumberAverageNumberAverage
ofAward DateofAward DateofAward Date
SharesFair ValueSharesFair ValueSharesFair Value
Unvested shares, beginning of year233,346 $25.31 204,620 $26.90 202,740 $30.14 
Shares awarded272,872 $16.84 181,727 $24.38 139,200 $24.92 
Vested shares withheld and repurchased
(53,201)$16.98 (45,489)$24.98 (29,628)$24.76 
Shares vested
(130,569)$16.74 (105,292)$24.66 (104,012)$24.82 
Shares forfeited(2,201)$19.15 (2,220)$24.41 (3,680)$25.40 
Unvested shares, end of year320,247 $20.10 233,346 $25.31 204,620 $26.90 
The 320,247 unvested shares as of September 30, 2025 are scheduled to vest as follows: 107,478 shares in 2026, 91,620 shares in 2027, 73,933 shares in 2028 and 47,216 shares in 2029. As of September 30, 2025, the estimated future compensation expense for the unvested shares was $6,347 based on the award date fair value of these shares. The weighted average period over which this compensation expense will be recorded is approximately 26 months.
As of September 30, 2025, 383,598 of our Class A Common Shares remained available for award under the 2016 Plan.
Distributions
During the fiscal years ended September 30, 2025, 2024 and 2023, we declared and paid dividends on our Class A Common Shares and Class B-1 Common Shares as follows:
DeclarationRecordPaidDistributionsTotal
DateDateDatePer Common ShareDistributions
Fiscal Year Ended September 30, 2025
10/16/202410/28/202411/14/2024$0.45 $7,581 
1/16/20251/27/20252/20/20250.45 7,580 
4/10/20254/22/20255/15/20250.45 7,595 
7/10/20257/21/20258/14/20250.45 7,591 
$1.80 $30,347 
Fiscal Year Ended September 30, 2024
10/12/202310/23/202311/16/2023$0.40 $6,684 
1/11/20241/22/20242/15/20240.40 6,684 
4/11/20244/22/20245/16/20240.45 7,529 
7/11/20247/22/20248/15/20240.45 7,526 
$1.70 $28,423 
Fiscal Year Ended September 30, 2023
10/13/202210/24/202211/17/2022$0.40 $6,642 
1/12/20231/23/20232/16/20230.40 6,641 
4/13/20234/24/20235/18/20230.40 6,648 
7/13/20237/24/20238/17/20230.40 6,645 
$1.60 $26,576 
These dividends were funded in part by distributions from RMR LLC to holders of its membership units as follows:
Distributions PerTotalRMR LLCRMR LLC
DeclarationRecordPaidRMR LLCRMR LLCDistributionsDistributions
DateDateDateMembership UnitDistributionsto RMR Inc.to ABP Trust
Fiscal Year Ended September 30, 2025
10/16/202410/28/202411/14/2024$0.32 $10,191 $5,391 $4,800 
1/16/20251/27/20252/20/20250.32 10,190 5,390 4,800 
4/10/20254/22/20255/15/20250.32 10,201 5,401 4,800 
7/10/20257/21/20258/14/20250.32 10,198 5,398 4,800 
$1.28 $40,780 $21,580 $19,200 
Fiscal Year Ended September 30, 2024
10/12/202310/23/202311/16/2023$0.32 $10,148 $5,348 $4,800 
1/11/20241/22/20242/15/20240.32 10,147 5,347 4,800 
4/11/20244/22/20245/16/20240.32 10,154 5,354 4,800 
7/11/20247/22/20248/15/20240.32 10,152 5,352 4,800 
$1.28 $40,601 $21,401 $19,200 
Fiscal Year Ended September 30, 2023
10/13/202210/24/202211/17/2022$0.32 $10,114 $5,314 $4,800 
1/12/20231/23/20232/16/20230.32 10,113 5,313 4,800 
4/13/20234/24/20235/18/20230.32 10,118 5,318 4,800 
7/13/20237/24/20238/17/20230.32 10,116 5,316 4,800 
$1.28 $40,461 $21,261 $19,200 
The remainder of the dividends noted above were funded with cash accumulated at RMR Inc.
On October 9, 2025, we declared a quarterly dividend on our Class A Common Shares and Class B-1 Common Shares to our shareholders of record as of October 27, 2025, in the amount of $0.45 per Class A Common Share and Class B-1 Common Share, or $7,679. This dividend will be partially funded by a distribution from RMR LLC to holders of its membership units in the amount of $0.32 per unit, or $10,260, of which $5,460 will be distributed to us based on our aggregate ownership of 17,063,495 membership units of RMR LLC and $4,800 will be distributed to ABP Trust based on its ownership of 15,000,000 membership units of RMR LLC. The remainder of this dividend will be funded with cash accumulated at RMR Inc. We expect to pay this dividend on or about November 13, 2025.
v3.25.3
Per Common Share Amounts
 12 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Per Common Share Amounts Per Common Share Amounts
We calculate basic earnings per share using the two-class method. Unvested Class A Common Shares awarded to our employees are deemed participating securities for purposes of calculating basic earnings per common share because they have dividend rights. Under the two-class method, we allocate earnings proportionately to vested Class A Common Shares and Class B-1 Common Shares outstanding and unvested Class A Common Shares outstanding for the period. Accordingly, earnings attributable to unvested Class A Common Shares are excluded from basic earnings per share under the two-class method. Our Class B-2 Common Shares, which are paired with ABP Trust’s Class A Units, have no independent economic interest in RMR Inc. and thus are not included as common shares outstanding for purposes of calculating basic earnings per common share.
Diluted earnings per share is calculated using the treasury stock method for unvested Class A Common Shares and the if-converted method for Class B-2 Common Shares. The 15,000,000 Class A Units that we do not own may be redeemed for our Class A Common Shares on a one-for-one basis or, upon such redemption, we may elect to pay cash instead of issuing Class A Common Shares. Upon redemption of a Class A Unit, the Class B-2 Common Share “paired” with such unit is canceled for no additional consideration. In computing the dilutive effect, if any, the assumed redemption would have on earnings per share, we considered net income available to holders of our Class A Common Shares would increase due to elimination of the noncontrolling interest offset by any tax effect, which may be dilutive. For the fiscal years ended September 30, 2025, 2024 and 2023, such redemption is not reflected in diluted earnings per share as the assumed redemption would be anti-dilutive.
The calculation of basic and diluted earnings per share for the fiscal years ended September 30, 2025, 2024 and 2023, is as follows (amounts in thousands, except per share amounts):
Fiscal Year Ended September 30,
202520242023
Numerators:
Net income attributable to The RMR Group Inc.$17,596 $23,130 $57,147 
Less: income attributable to unvested participating securities(400)(323)(651)
Net income used in calculating diluted EPS$17,196 $22,807 $56,496 
Denominators:
Common shares outstanding17,063 16,846 16,712 
Less: unvested participating securities and incremental impact of weighted average(419)(314)(286)
Weighted average common shares outstanding - diluted16,644 16,532 16,426 
Net income attributable to The RMR Group Inc. per common share - basic and diluted$1.03 $1.38 $3.44 
v3.25.3
Net Income Attributable to RMR Inc.
 12 Months Ended
Sep. 30, 2025
Net Income Attributable to RMR Inc.  
Net Income Attributable to RMR Inc. Net Income Attributable to RMR Inc.
Net income attributable to RMR Inc. for the fiscal years ended September 30, 2025, 2024 and 2023, is calculated as follows:
Fiscal Year Ended September 30,
202520242023
Income before income tax expense$46,350 $64,448 $149,539 
RMR Inc. franchise tax expense and interest income(583)(885)(755)
Net income before noncontrolling interest45,767 63,563 148,784 
Net income attributable to noncontrolling interest in The RMR Group LLC(21,910)(30,039)(70,624)
Net loss attributable to other noncontrolling interests827 40 — 
Net income attributable to RMR Inc. before income tax expense24,684 33,564 78,160 
Income tax expense attributable to RMR Inc.(7,671)(11,319)(21,768)
RMR Inc. franchise tax expense and interest income583 885 755 
Net income attributable to RMR Inc.$17,596 $23,130 $57,147 
v3.25.3
Employee Benefits
 12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
We have established a defined contribution savings plan for eligible employees under the provisions of U.S. Internal Revenue Code Section 401(k) whereby we contribute 100.0% of the first 3.0% and 50.0% of the next 2.0% of an employee’s cash compensation contributed to the plan up to stated maximums. All employees are eligible to participate in the plan and are entitled, upon termination or retirement, to receive their vested portion of the plan assets. Employees’ contributions and our related matching contributions are fully vested when made. Our plan contributions and expenses for the fiscal years ended September 30, 2025, 2024 and 2023, were $3,469, $3,390 and $2,992, respectively.
v3.25.3
Leases
 12 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
As Lessor
Rental income from our operating leases, including any payments derived by index or market-based indices, if any, is recognized on a straight line basis over the lease term once we have determined that the collectability of substantially all of the lease payments is probable. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred.
We recorded rental income of $8,273 and $1,604 for the fiscal years ended September 30, 2025 and 2024, respectively. Prepaid and other current assets included $13 of straight line rent receivables as of September 30, 2025.
The following table summarizes the future contractual lease payments due from our tenants as of September 30, 2025:
Fiscal YearAmount
2026$10,583 
20271,468 
20281,158 
2029640 
2030343 
Thereafter845 
Total$15,037 
None of our tenants had exercisable rights to terminate their leases before the stated terms of their leases expire.
As Lessee
We enter into operating leases, as the lessee, for office space and vehicles and determine if an arrangement is a lease at inception of the arrangement. Operating lease liabilities and right of use assets are recognized on our consolidated balance sheet for leases with an initial term greater than 12 months based on the present value of the future minimum lease payments over the lease term using our estimated incremental borrowing rate. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense. Certain leases include lease and non-lease components, which we account for as a single lease component. Minimum lease payments for leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet. As of September 30, 2025, we had 61 leases that expire at various dates through 2033, with a weighted average remaining lease term of 4.3 years and a weighted average discount rate of 4.0%.
For the fiscal years ended September 30, 2025, 2024 and 2023, the components of operating lease costs were as follows:
Fiscal Year Ended September 30,
202520242023
Fixed rent expense (1)
$6,970 $6,636 $6,272 
Variable lease payments1,277 1,158 907 
Total cash portion of rent expense8,247 7,794 7,179 
Non-cash straight line rent expense(291)(380)(345)
Total operating lease costs$7,956 $7,414 $6,834 
(1)Includes expense for leases with an initial term of 12 months or less of $5 and $76 for the fiscal years ended September 30, 2024 and 2023, respectively.
The following table presents the undiscounted cash flows on an annual fiscal year basis for our operating lease liabilities as of September 30, 2025:
Fiscal YearAmount
2026$6,431 
20276,030 
20285,267 
20294,485 
20302,880 
Thereafter232 
Total lease payments (1)
25,325 
Less: imputed interest (1)
(2,040)
Present value of operating lease liabilities23,285 
Less: current portion of operating lease liabilities(5,603)
Operating lease liabilities, net of current portion$17,682 
(1)     Excludes $235 of lease payments for signed leases that have not yet commenced.
As of September 30, 2025, $17,311 of total lease payments and $1,271 of imputed interest are for our principal executive offices, which are leased from an affiliate of ABP Trust pursuant to a lease agreement that expires in 2030.
v3.25.3
Segment Reporting
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We manage our business on a consolidated basis and therefore have one reportable segment: real estate asset management. The chief operating decision maker, or CODM, is our President and Chief Executive Officer. The CODM assesses performance, allocates resources and makes strategic decisions based on net income attributable to the RMR Group Inc. and consolidated revenue and expense information as shown in our consolidated statements of comprehensive income. The CODM is also regularly provided with information on revenue related to our management agreements with the Managed Equity REITs, SEVN and other clients, which are detailed in Note 10, Related Person Transactions. The CODM is not regularly provided with detailed expense information. The accounting policies of our reportable segment are the same as those described in Note 2, Summary of Significant Accounting Policies. The measure of segment assets is reported as total assets in our consolidated balance sheets.
v3.25.3
Insider Trading Arrangements
 12 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Insider Trading Policies and Procedures
 12 Months Ended
Sep. 30, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.3
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Sep. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk management and strategy
We maintain a cybersecurity risk management program to identify, assess and manage material risks from cybersecurity threats, including by regularly assessing risks from cybersecurity threats and monitoring our information systems for potential vulnerabilities. Our cybersecurity program is designed to align with the National Institute of Standards and Technology Cybersecurity Framework.
We take various actions designed to maintain and protect the operation and security of our information technology and systems, including the data maintained in those systems. We conduct data security education and testing for our employees, in addition to penetration testing and unannounced email phishing exercises. Additionally, we have implemented a third-party risk management process for third party service providers and vendors. Extensive security questionnaires are issued to third party providers and vendors, the responses to which are weighted and reviewed by our security and compliance team. High risk vendors are reviewed at least biennially and new vendors that interact with our data are assessed as part of our vendor procurement process. In the event of a cybersecurity incident, we have a detailed incident response plan in place for contacting authorities and informing key stakeholders. In addition, we have engaged a qualified third party who conducted an external assessment of our cybersecurity controls.
To date, we are not aware of risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. For additional information on cybersecurity risks and potential related impacts on us, see Part I, Item 1A. Risk Factors, “We rely on information technology and systems in our operations, and any material failure, inadequacy, interruption or security breach of that technology or those systems could materially harm our business.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We maintain a cybersecurity risk management program to identify, assess and manage material risks from cybersecurity threats, including by regularly assessing risks from cybersecurity threats and monitoring our information systems for potential vulnerabilities. Our cybersecurity program is designed to align with the National Institute of Standards and Technology Cybersecurity Framework.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
Our Board of Directors holds oversight responsibility over our strategy and risk management, including material risks related to cybersecurity threats. Our Audit Committee takes a leading role in oversight of risk management, including risks related to cybersecurity, and receives reports from our management regarding cybersecurity risks and countermeasures being undertaken or considered by us, including updates on the internal and external cybersecurity landscape and relevant technical developments and more frequent reports as it may direct or as warranted. Our cybersecurity program is led by our Chief Information Officer, or CIO, who has over two decades of relevant experience in information technology and cybersecurity and has primary responsibility for assessing and managing material risks from cybersecurity threats and overseeing our cybersecurity team. Our CIO has previously held senior information technology and security roles, including as CIO of a global real estate firm and of a real estate investment trust. Our Director of Information Security and our cybersecurity team are responsible for, among other things, information technology failure mitigation and business continuity, cybersecurity threat detection and incident response and continuous network monitoring. Our cybersecurity team members have a broad array of relevant skills and expertise and have obtained, or are working to obtain, relevant information security certifications, including Certified Information Systems Security Professional, Certified Information Systems Auditor and Certified Risk and Information Systems Control certifications. Our Director of Information Security assembles our incident response and investigative teams and informs our CIO if an incident occurs. Investigative findings are reported to our executive leadership and to the relevant authorities if warranted. Our CIO works closely with our senior management, including cross-functional leaders in our human resources, legal and corporate communications departments, to develop and advance our cybersecurity strategy and reports to our Audit Committee on cybersecurity matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors holds oversight responsibility over our strategy and risk management, including material risks related to cybersecurity threats. Our Audit Committee takes a leading role in oversight of risk management, including risks related to cybersecurity, and receives reports from our management regarding cybersecurity risks and countermeasures being undertaken or considered by us, including updates on the internal and external cybersecurity landscape and relevant technical developments and more frequent reports as it may direct or as warranted.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee takes a leading role in oversight of risk management, including risks related to cybersecurity, and receives reports from our management regarding cybersecurity risks and countermeasures being undertaken or considered by us, including updates on the internal and external cybersecurity landscape and relevant technical developments and more frequent reports as it may direct or as warranted. Our cybersecurity program is led by our Chief Information Officer, or CIO, who has over two decades of relevant experience in information technology and cybersecurity and has primary responsibility for assessing and managing material risks from cybersecurity threats and overseeing our cybersecurity team.
Cybersecurity Risk Role of Management [Text Block]
Our Board of Directors holds oversight responsibility over our strategy and risk management, including material risks related to cybersecurity threats. Our Audit Committee takes a leading role in oversight of risk management, including risks related to cybersecurity, and receives reports from our management regarding cybersecurity risks and countermeasures being undertaken or considered by us, including updates on the internal and external cybersecurity landscape and relevant technical developments and more frequent reports as it may direct or as warranted. Our cybersecurity program is led by our Chief Information Officer, or CIO, who has over two decades of relevant experience in information technology and cybersecurity and has primary responsibility for assessing and managing material risks from cybersecurity threats and overseeing our cybersecurity team. Our CIO has previously held senior information technology and security roles, including as CIO of a global real estate firm and of a real estate investment trust. Our Director of Information Security and our cybersecurity team are responsible for, among other things, information technology failure mitigation and business continuity, cybersecurity threat detection and incident response and continuous network monitoring. Our cybersecurity team members have a broad array of relevant skills and expertise and have obtained, or are working to obtain, relevant information security certifications, including Certified Information Systems Security Professional, Certified Information Systems Auditor and Certified Risk and Information Systems Control certifications. Our Director of Information Security assembles our incident response and investigative teams and informs our CIO if an incident occurs. Investigative findings are reported to our executive leadership and to the relevant authorities if warranted. Our CIO works closely with our senior management, including cross-functional leaders in our human resources, legal and corporate communications departments, to develop and advance our cybersecurity strategy and reports to our Audit Committee on cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our cybersecurity program is led by our Chief Information Officer, or CIO, who has over two decades of relevant experience in information technology and cybersecurity and has primary responsibility for assessing and managing material risks from cybersecurity threats and overseeing our cybersecurity team.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CIO has previously held senior information technology and security roles, including as CIO of a global real estate firm and of a real estate investment trust.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Board of Directors holds oversight responsibility over our strategy and risk management, including material risks related to cybersecurity threats. Our Audit Committee takes a leading role in oversight of risk management, including risks related to cybersecurity, and receives reports from our management regarding cybersecurity risks and countermeasures being undertaken or considered by us, including updates on the internal and external cybersecurity landscape and relevant technical developments and more frequent reports as it may direct or as warranted. Our cybersecurity program is led by our Chief Information Officer, or CIO, who has over two decades of relevant experience in information technology and cybersecurity and has primary responsibility for assessing and managing material risks from cybersecurity threats and overseeing our cybersecurity team. Our CIO has previously held senior information technology and security roles, including as CIO of a global real estate firm and of a real estate investment trust. Our Director of Information Security and our cybersecurity team are responsible for, among other things, information technology failure mitigation and business continuity, cybersecurity threat detection and incident response and continuous network monitoring. Our cybersecurity team members have a broad array of relevant skills and expertise and have obtained, or are working to obtain, relevant information security certifications, including Certified Information Systems Security Professional, Certified Information Systems Auditor and Certified Risk and Information Systems Control certifications. Our Director of Information Security assembles our incident response and investigative teams and informs our CIO if an incident occurs. Investigative findings are reported to our executive leadership and to the relevant authorities if warranted. Our CIO works closely with our senior management, including cross-functional leaders in our human resources, legal and corporate communications departments, to develop and advance our cybersecurity strategy and reports to our Audit Committee on cybersecurity matters.
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v3.25.3
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
All intercompany transactions and balances with or among our consolidated entities have been eliminated.
Use of Estimates
Use of Estimates
Preparation of these financial statements in conformity with U.S. Generally Accepted Accounting Principles, or GAAP, requires our management to make certain estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates.
Revenue Recognition
Revenue Recognition
Revenues from services we provide are recognized as earned over time as the services provided represent performance obligations that are satisfied over time.
Management Agreements with the Managed Equity REITs
We are party to a business management and a property management agreement with each Managed Equity REIT. The following is a summary of the fees we earn pursuant to our business management agreements with the Managed Equity REITs. For a summary of the fees we earn pursuant to our property management agreements with the Managed Equity REITs, see Property Management Agreements, below.
Base Business Management Fees — We earn annual base business management fees from the Managed Equity REITs by providing continuous services pursuant to business management agreements equal to the lesser of:
•the sum of (a) 0.5% of the historical cost of transferred real estate assets, if any, as defined in the applicable business management agreement, plus (b) 0.7% of the average invested capital (exclusive of the transferred real estate assets), as defined in the applicable business management agreement, up to $250,000, plus (c) 0.5% of the average invested capital exceeding $250,000; and
•the sum of (a) 0.7% of the average market capitalization, as defined in the applicable business management agreement, up to $250,000, plus (b) 0.5% of the average market capitalization exceeding $250,000.
The foregoing base business management fees are paid in cash monthly in arrears.
For the fiscal years ended September 30, 2025, 2024 and 2023, we earned aggregate base business management fees from the Managed Equity REITs of $80,030, $84,182 and $85,603, respectively.
Incentive Business Management Fees — We also may earn annual incentive business management fees from the Managed Equity REITs under the business management agreements. The incentive business management fees, which are payable in cash, are contingent performance based fees recognized only when earned at the end of each respective measurement period. Incentive business management fees are excluded from the transaction price until it becomes probable that there will not be a significant reversal of cumulative revenue recognized.
The incentive business management fees are calculated for each Managed Equity REIT as 12.0% of the product of (a) the equity market capitalization of the Managed Equity REIT, as defined in the applicable business management agreement, on the last trading day of the year immediately prior to the relevant measurement period, and (b) the amount, expressed as a percentage, by which the Managed Equity REIT’s total return per share, as defined in the applicable business management agreement, exceeded the applicable benchmark total return per share, as defined in the applicable business management agreement, of a specified REIT index identified in the applicable business management agreement for the measurement period, as adjusted for net share issuances during the period and subject to caps on the values of the incentive fees. The measurement period for the annual incentive business management fees is defined as the three year period ending on December 31 of the year for which such fee is being calculated.
We did not earn incentive business management fees from the Managed Equity REITs for calendar years 2024, 2023 or 2022.
Term and Termination — Our management agreements with the Managed Equity REITs automatically extend on December 31st of each year and have terms thereafter that end on the 20th anniversary of the date of each extension. Each of the Managed Equity REITs has the right to terminate each management agreement: (i) at any time upon 60 days’ written notice for convenience, (ii) immediately upon written notice for cause, as defined in the agreements, (iii) upon written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined in the agreements, and (iv) by written notice during the 12 months following a change of control of RMR LLC, as defined in the agreements. We have the right to terminate the management agreements for good reason, as defined therein.
Under our management agreements with the Managed Equity REITs, if a Managed Equity REIT terminates our management agreements for convenience, or if we terminate one or both of our management agreements with a Managed Equity REIT for good reason, the Managed Equity REIT is obligated to pay us a termination fee in an amount equal to the sum of the present values of the Managed Equity REIT’s monthly future fees, as defined therein, for the terminated management agreement(s) for the remaining term, assuming it had not been terminated. If a Managed Equity REIT terminates one or both of our management agreements for a performance reason, as defined therein, the Managed Equity REIT has agreed to pay to us the termination fee calculated as described above, but assuming a remaining term of 10 years. No termination fee is payable by a Managed Equity REIT if it terminates one or both of our management agreements for cause or as a result of a change of control of us, as defined in the applicable management agreement.
OPI Management Agreement — OPI commenced voluntary chapter 11 petitions on October 30, 2025. In connection with this, we entered into a restructuring support agreement with OPI and certain of its lenders pursuant to which we have agreed to terms for a new management agreement and a new property management agreement with OPI, as set forth in the management agreement term sheet attached to the restructuring support agreement, which agreements are expected 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 and be terminable without penalty after two years, RMR LLC will be paid an annual fee under the new business management agreement of $14,000 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.
Other Management Agreements
We earn management fees by providing continuous services pursuant to the management agreements with ABP Trust regarding AlerisLife, with Sonesta, and until May 15, 2023, with TA, equal to 0.6% of: (i) in the case of AlerisLife, AlerisLife’s revenues from all sources reportable under GAAP, less any revenues reportable by AlerisLife with respect to properties for which it provides management services, plus the gross revenues at those properties determined in accordance with GAAP, payable in cash monthly in arrears; (ii) in the case of Sonesta, Sonesta’s estimated revenues from all sources reportable under GAAP, less any estimated revenues reportable by Sonesta with respect to hotels for which it provides management services, plus the estimated gross revenues at those hotels determined in accordance with GAAP, payable in cash monthly in advance; and (iii) in the case of TA, the sum of TA’s gross fuel margin, as defined in the applicable agreement, plus TA’s total nonfuel revenues, payable in cash monthly in advance.
We also earn management fees from certain other Private Capital clients based on a percentage of average invested capital, as defined in the applicable management agreements. These management fees are payable in cash monthly in arrears.
For the fiscal years ended September 30, 2025, 2024 and 2023, we earned aggregate base business management fees from TA and the Private Capital clients of $27,670, $27,575 and $36,815, respectively. Additionally, in connection with BP’s acquisition of TA on May 15, 2023, TA terminated its business management agreement with us and paid us the applicable termination fee of $45,282 which was recognized during the fiscal year ended September 30, 2023.
Property Management Agreements
We earn property management fees by providing continuous services pursuant to property management agreements with the Managed Equity REITs, SEVN, RMR Residential and certain Private Capital clients. We generally earn fees under these agreements between 2.5% to 3.5% of gross collected rents. Also, under the terms of the property management agreements, we receive additional fees for construction supervision services up to 5.0% of the cost of such construction. In addition, we earn fees under our RMR Residential property management agreements for providing certain marketing, information technology and
other management services, as defined in the applicable management agreements, and the related costs are included in general and administrative expenses in our consolidated financial statements. These management fees are payable in cash monthly in arrears.
For the fiscal years ended September 30, 2025, 2024 and 2023, we earned aggregate property management fees of $69,875, $76,444 and $63,153, respectively, including construction supervision fees of $9,314, $15,641 and $18,443, respectively.
Management Agreements with Joint Ventures
We enter into joint venture arrangements with the intent to acquire, improve and sell commercial real estate. We have management agreements with these joint ventures that entitle us to certain fees, such as property management and construction supervision fees and reimbursements of certain costs incurred on behalf of the joint ventures. Other applicable fees include:
Acquisition Fees — We recognize revenue when the performance obligation related to the acquisition services is satisfied, typically at the closing of the real estate transaction. Acquisition fees are recorded in management services in our consolidated statements of comprehensive income. We recognized acquisition fee revenue of $664 for the fiscal year ended September 30, 2025.
Carried Interest Revenues — For certain investments, through our subsidiaries, we invest alongside limited partners in investment vehicles and are entitled to a pro-rata share of their results, or a pro-rata allocation. In addition to a pro-rata allocation, and assuming certain investment returns are achieved, we are entitled to an outsized allocation of the income otherwise allocable to the limited partners, commonly referred to as a carried interest. We recognize carried interest in accordance with the performance-based fee arrangements outlined in our investment management agreements. Carried interest is recognized when the performance criteria specified in the agreements are met, typically upon the realization of investment gains that exceed a predetermined hurdle rate. The recognition of such revenues is contingent upon the achievement of both the investment return threshold and the requisite performance period. This ensures that the earnings process is substantially complete, the amount is reasonably estimable and it is no longer probable that there will be significant reversals. Given the unique nature of each fee arrangement and need for significant judgment, contracts with our clients are evaluated on an individual basis to determine the timing of revenue recognition. Accordingly, a portion of fees we recognize may be partially related to services performed in prior periods that meet recognition criteria in the current period. We did not recognize any carried interest revenues for the fiscal years ended September 30, 2025, 2024 and 2023.
Management Agreements with Advisory Clients
Tremont is primarily compensated pursuant to its management agreement with SEVN at an annual rate of 1.5% of equity, as defined in the applicable agreement. Tremont may also earn an incentive fee under its management agreement with SEVN equal to the difference between: (a) the product of (i) 20% and (ii) the difference between (A) core earnings, as defined in the applicable agreements, for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (B) the product of (1) equity in the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (2) 7% per year and (b) the sum of any incentive fees paid to Tremont with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive fee shall be payable with respect to any calendar quarter unless core earnings for the 12 most recently completed calendar quarters in the aggregate is greater than zero. The incentive fee may not be less than zero. For the fiscal years ended September 30, 2025, 2024 and 2023, Tremont earned incentive fees of $653, $1,213 and $660, respectively.
For the fiscal years ended September 30, 2025, 2024 and 2023, we earned advisory services revenue of $4,475, $4,506 and $4,520, respectively.
Other Revenues
Income from our loan investments related to our commercial real estate mortgage loans is generally accrued based on the coupon rates applied to the outstanding principal balance of such loans. Fees, premiums and discounts, if any, will be amortized or accreted into income from loan investments over the remaining term of such loans using the effective interest method, as adjusted for any prepayments. For the fiscal years ended September 30, 2025 and 2024, we earned income from loan investments, net of $2,447 and $1,313, respectively.
Leases with our residential and retail tenants provide for base rent payments and may include variable payments or non-lease components, such as property level operating expenses reimbursed by our tenants as well as other required lease payments. We have made the policy election not to separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of non-lease components are the same as those of the lease components. Rental income from these operating leases is recognized on a straight line basis when collectability of substantially all of the lease payments is probable. For the fiscal years ended September 30, 2025 and 2024, we earned rental property revenues of $8,273 and $1,604, respectively.
Reimbursable Costs
We determined we control the services provided by third parties for certain of our clients and therefore account for the cost of these services and the related reimbursement revenue on a gross basis.
Reimbursable Compensation and Benefits — Reimbursable compensation and benefits include reimbursements, at cost, that arise primarily from services our employees provide pursuant to our property management agreements at the properties of our clients. A significant portion of these compensation and benefits are charged or passed through to and paid by tenants of our clients. We recognize the revenue for reimbursements when we incur the related reimbursable compensation and benefits expense on behalf of our clients.
Reimbursable Equity Based Compensation — Reimbursable equity based compensation includes awards of common shares by our clients directly to certain of our officers and employees in connection with the provision of management services to those clients. The revenue in respect of each award is based on the fair value as of the award date for those shares that have vested, with subsequent changes in the fair value of the unvested awards being recognized in our consolidated statements of comprehensive income over the requisite service periods. We record an equal, offsetting amount as equity based compensation expense for the value of these awards.
Other Reimbursable Expenses — Other reimbursable expenses include reimbursements that arise from services we provide pursuant to our property management agreements, which include third party costs related to matters such as maintenance and repairs, development costs, security and cleaning services, a significant portion of which are charged or passed through to and paid by tenants of our clients.
Variable Interest Entities
Variable Interest Entities
We regularly evaluate our relationships and investments to determine if they constitute variable interests. A variable interest is an investment or interest that will absorb portions of an entity’s expected losses or receive portions of an entity’s expected returns. If we determine we have a variable interest in an entity, we evaluate whether such interest is in a variable interest entity, or VIE. Under the VIE model, we would be required to consolidate a VIE we manage if we are determined to be the primary beneficiary of the entity. We continuously assess whether we must consolidate any of the entities we manage. Consideration of factors included, but was not limited to, our representation on the entity’s governing body, the size of our investment in each entity compared to the size of the entity and the size of other investors’ interests, the ability and rights to participate in significant policy making decisions and to replace the manager of those entities. Based on this assessment, we concluded that we are not required to consolidate the Managed Equity REITs, SEVN or our Private Capital Clients.
Cash and Cash Equivalents
Cash and Cash Equivalents
We consider highly liquid investments with original maturities of three months or less on the date of purchase to be cash equivalents, the majority of which is held at major commercial banks. Certain cash account balances exceed Federal Deposit Insurance Corporation insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents.
As of September 30, 2025 and 2024, $1,802 and $553 in cash and cash equivalents consists of amounts escrowed for performance incentives, future real estate taxes, insurance and capital expenditures, as required by certain of our debt and other agreements. These funds are predominantly held by our mortgage lenders and are segregated from our cash accounts.
Loans Held for Investment, Net
Loans Held for Investment, Net
Generally, our loans are classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of allowance for credit losses, unamortized loan origination fees, accreted exit fees, unamortized premiums and unaccreted discounts, as applicable, that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are determined to be collateral dependent. Loans that we have a plan to sell or liquidate are held at the lower of cost or fair value less cost to sell.
Loan Deferred Fees — Loan origination and exit fees are fees charged to our borrowers and unamortized or unaccreted balances are reflected as a reduction in loans held for investment, net, in our consolidated balance sheets. These fees are recorded as a component of loan investment interest income in our consolidated statements of comprehensive income over the life of the related loans held for investment.
Allowance for Credit Losses
Allowance for Credit Losses
The measurement of current expected credit losses, or CECL, is based upon historical experience, current conditions, and reasonable and supportable forecasts incorporating forward-looking information that affect the collectability of the reported amount. Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prescribes a forward-looking “expected loss” model that generally will result in the earlier recognition of credit losses and is applicable to financial assets measured at amortized cost and off-balance sheet credit exposures, such as unfunded loan commitments.
The allowance for credit losses required under ASU No. 2016-13 is a valuation account that is deducted from the related loans’ amortized cost basis in our consolidated balance sheets. Our loans typically include commitments to fund incremental proceeds to borrowers over the life of the loan; these future funding commitments are also subject to the CECL model. The allowance for credit losses related to unfunded loan commitments is included in accounts payable and accrued expenses in our consolidated balance sheets.
Given the lack of historical loss data related to our loan portfolio, we estimate our expected losses using an analytical model that considers the likelihood of default and loss given default for each individual loan. This analytical model incorporates data from a third party database with historical loan loss information for commercial mortgage-backed securities, or CMBS, and commercial real estate, or CRE, loans since 1998. We estimate the allowance for credit losses for our loan portfolio, including unfunded loan commitments, at the individual loan level. We utilize the model to estimate credit losses over a reasonable and supportable economic forecast period, followed by a straight-line reversion period to average historical losses. Average historical losses are established using a population of third party historical loss data that approximates our portfolio as of the measurement date. We evaluate the estimated allowance for each of our loans individually and we consider our internal loan risk rating as the primary credit quality indicator underlying our assessment.
As of September 30, 2025 and 2024, based on our loan portfolio, the then current economic environment and expectations for future conditions, we recorded an allowance for credit losses of $589 and $343, respectively, with respect to our then outstanding loans held for investment and increasing accounts payable and accrued expenses by $49 and $259, respectively, with respect to our then unfunded loan commitments.
We evaluate the credit quality of each of our loans at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash
flow, risk of loss, current LTV, debt yield, collateral performance, structure, exit plan and sponsorship. Loans are rated “1” (less risk) through “5” (greater risk) as defined below:
“1” lower risk—Criteria reflects a sponsor having a strong financial condition and low credit risk and our evaluation of management's experience; collateral performance exceeding performance metrics included in the business plan or credit underwriting; and the property demonstrating stabilized occupancy and/or market rates, resulting in strong current cash flow and net operating income and/or having a very low LTV.
“2” average risk—Criteria reflects a sponsor having a stable financial condition and our evaluation of management's experience; collateral performance meeting or exceeding substantially all performance metrics included in the business plan or credit underwriting; and the property demonstrating improved occupancy at market rents, resulting in sufficient current cash flow and/or having a low LTV.
“3” acceptable risk—Criteria reflects a sponsor having a history of repaying loans at maturity and meeting its credit obligations and our evaluation of management's experience; collateral performance expected to meet performance metrics included in the business plan or credit underwriting; and the property having a moderate LTV. New loans and loans with a limited history will typically be assigned this rating and will be adjusted to other levels from time to time as appropriate.
“4” higher risk—Criteria reflects a sponsor having a history of unresolved missed or late payments, maturity extensions and difficulty timely fulfilling its credit obligations and our evaluation of management's experience; collateral performance failing to meet the business plan or credit underwriting; the existence of a risk of default possibly leading to a loss and/or potential weaknesses that deserve management’s attention; and/or the property having a high LTV.
“5” loss likely—Criteria reflects a very high risk of realizing a principal loss or having incurred a principal loss; a sponsor having a history of default payments, trouble fulfilling its credit obligations, deeds in lieu of foreclosures, and/or bankruptcies; collateral performance is significantly worse than performance metrics included in the business plan; loan covenants or performance milestones having been breached or not attained; timely exit via sale or refinancing being uncertain; and/or the property having a very high LTV.
We also evaluate the credit quality of our accounts receivable and contract assets. We have estimated certain credit losses associated with recurring accounts receivable which we include as a reduction to due from related parties in our consolidated balance sheets. As of September 30, 2025, these amounts were not significant.
Deferred Financing Costs
Deferred Financing Costs
Costs incurred in connection with our mortgage financings or secured financing facility are capitalized and recorded as a reduction to the related liability in our consolidated balance sheets. Costs incurred in connection with our $100,000 senior secured revolving credit facility, or our revolving credit facility, are capitalized and recorded as a reduction to prepaid and other current assets in our consolidated balance sheets. Deferred financing costs are amortized over the term of the financing agreement and are recorded in our consolidated statements of comprehensive income as a component of either: (i) income from loan investments, net for our secured financing facility or (ii) interest expense for our mortgage notes and our revolving credit facility.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost. Depreciation of building and furniture and equipment is computed using the straight line method over estimated useful lives ranging from three to 30 years. Depreciation for leasehold improvements is computed using the straight line method over the term of the lesser of their useful lives or related lease agreements. Capitalized software costs, information technology labor and other personnel costs, are depreciated using the straight line method over useful lives ranging between three and five years. We do not depreciate the allocated cost of land. We may engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.
We allocate the purchase prices of our properties to land, buildings and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill.
We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, low long term prospects for improvement in property performance, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill represents the costs of business acquisitions in excess of the fair value of identifiable net assets acquired. We evaluate the recoverability of goodwill annually, or more frequently, if events or changes in circumstances indicate that goodwill might be impaired. If our review indicates that the carrying amount of goodwill exceeds its fair value, we would reduce the carrying amount of goodwill to fair value. As of September 30, 2025 and 2024, the gross carrying amount of goodwill in our consolidated balance sheets was $71,761 and no goodwill impairments were recorded.
Equity-Based Compensation
Equity-Based Compensation
The awards made under our share award plan to our Directors, officers and employees to date, have been shares of Class A common stock of RMR Inc., or Class A Common Shares. Shares issued to Directors vest immediately. Shares issued to our officers and employees vest in five equal, consecutive, annual installments, with the first installment vesting on the date of award. We recognize share forfeitures as they occur. Compensation expense related to share awards is determined based on the market value of our shares on the date of award, with the aggregate value of the awarded shares amortized to expense over the related vesting period. Expense recognized for shares awarded to Directors are included in general and administrative expenses and for shares awarded to employees are included in equity based compensation expenses in our consolidated statements of comprehensive income.
Transaction and Acquisition Related Costs
Transaction and Acquisition Related Costs
Transaction and acquisition related costs include costs related to acquisitions and other strategic transactions. Such costs include legal, accounting, valuation, other professional or consulting fees. Transaction and acquisition related costs are expensed as incurred.
Derivatives and Hedging Activities
Derivatives and Hedging Activities
We account for our derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is not designated as a hedge or does not meet the hedge accounting criteria is recorded as a gain or loss to operations in our consolidated statements of comprehensive income. For more information on our derivative instruments and their fair values, see Note 7, Derivatives and Hedging Activities and Note 9, Fair Value of Financial Instruments.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Segments. On November 27, 2023, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU No. 2023-07, which requires public entities to: i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the chief operating decision maker, or CODM, and included in each reported measure of segment profit or loss; ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification, or ASC, 280, Segment Reporting, or ASC 280, in interim periods; and iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. Public entities with a single reportable segment must apply all the disclosure requirements of ASU No. 2023-07, as well as all the existing segment disclosures under ASC 280. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. We adopted ASU No. 2023-07 effective September 30, 2025, and as a result, we have included additional information related to the required disclosures in Note 16, Segment Reporting.
Income Taxes. On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU No. 2023-09, which requires public entities to enhance its annual income tax disclosures by requiring: i) consistent categories and greater disaggregation of information in the rate reconciliation, and ii) income taxes paid disaggregated by jurisdiction. The implementation of this ASU will not have a material impact on our consolidated financial statements and we will apply the requirements of ASU No. 2023-09 for our fiscal year ending September 30, 2026.
Comprehensive Income. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses, which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU No. 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that ASU No. 2024-03 will have on our consolidated financial statements.
Derivatives and Hedging. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606), which clarifies the application of derivative accounting to certain contracts and updates the guidance for share-based noncash consideration received from a customer in exchange for goods and services. Specifically, this ASU stipulates that entities should apply the guidance in Topic 606 to contracts with share-based noncash consideration from a customer unless and until the entity’s right to receive or retain the share-based noncash consideration is unconditional. ASU No. 2025-07 is effective for the first annual reporting periods beginning after December 15, 2026 and interim reporting periods within those first annual reporting periods, with early adoption permitted. We are currently evaluating the impact that ASU No. 2025-07 will have on our consolidated financial statements.
Internal Use Software. In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which requires companies to start capitalizing eligible software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. ASU No. 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact that ASU No. 2025-06 will have on our consolidated financial statements.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of PPE
The following is a summary of property and equipment presented in our consolidated balance sheets, excluding assets held for sale:
September 30,
20252024
Land$35,586 $10,084 
Building185,882 57,407 
Furniture and equipment8,046 5,996 
Leasehold improvements623 781 
Capitalized software costs6,498 5,612 
Total property and equipment236,635 79,880 
Accumulated depreciation(7,980)(3,447)
Property and equipment, net$228,655 $76,433 
Schedule of Indefinite-Lived Intangible Assets
The following is a summary of intangible assets, net presented in our consolidated balance sheets, excluding assets held for sale:
As of September 30, 2025As of September 30, 2024
Gross Carrying Value
Accumulated Amortization
Total
Gross Carrying Value
Accumulated Amortization
Total
Amortized intangible assets
Acquired leases$13,926 $(2,924)$11,002 $2,394 $(270)$2,124 
Management agreements13,456 (4,799)8,657 13,456 (2,145)11,311 
Investor relationships1,843 (657)1,186 1,843 (294)1,549 
Customer relationships and non-solicitation agreements810 (694)116 1,150 (1,010)140 
Total amortized intangible assets30,035 (9,074)20,961 18,843 (3,719)15,124 
Unamortized intangible assets
Trade name5,175 — 5,175 5,175 — 5,175 
Intangible assets, net$35,210 $(9,074)$26,136 $24,018 $(3,719)$20,299 
Schedule of Finite-Lived Intangible Assets
The following is a summary of intangible assets, net presented in our consolidated balance sheets, excluding assets held for sale:
As of September 30, 2025As of September 30, 2024
Gross Carrying Value
Accumulated Amortization
Total
Gross Carrying Value
Accumulated Amortization
Total
Amortized intangible assets
Acquired leases$13,926 $(2,924)$11,002 $2,394 $(270)$2,124 
Management agreements13,456 (4,799)8,657 13,456 (2,145)11,311 
Investor relationships1,843 (657)1,186 1,843 (294)1,549 
Customer relationships and non-solicitation agreements810 (694)116 1,150 (1,010)140 
Total amortized intangible assets30,035 (9,074)20,961 18,843 (3,719)15,124 
Unamortized intangible assets
Trade name5,175 — 5,175 5,175 — 5,175 
Intangible assets, net$35,210 $(9,074)$26,136 $24,018 $(3,719)$20,299 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows:
September 30,
202520242023
Cash and cash equivalents held by The RMR Group Inc.$19,478 $23,189 $26,802 
Cash and cash equivalents held by The RMR Group LLC42,819 118,410 241,187 
Total cash and cash equivalents shown in the consolidated statements of cash flows$62,297 $141,599 $267,989 
v3.25.3
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of provision (benefit) for income taxes
We had a provision (benefit) for income taxes which consists of the following:
Fiscal Year Ended September 30,
202520242023
Current:
Federal$4,188 $4,912 $16,922 
State1,501 3,350 5,954 
Deferred:
Federal1,335 2,248 (940)
State647 809 (168)
Total$7,671 $11,319 $21,768 
Schedule of income tax reconciliation
A reconciliation of the statutory income tax rate to the effective tax rate is as follows:
 Fiscal Year Ended September 30,
 202520242023
Income taxes computed at the federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.6 %3.4 %3.0 %
Permanent items1.2 %1.1 %0.5 %
Uncertain tax position reserve, net of federal benefit0.3 %1.9 %— %
Net income attributable to noncontrolling interest(9.5)%(9.8)%(9.9)%
Total16.6 %17.6 %14.6 %
v3.25.3
Acquisitions (Tables)
 12 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisition We allocated the purchase prices of these acquisitions based on the relative estimated fair values of the acquired assets and assumed liabilities as follows:
Acquisition Year
Location
Properties
Purchase Price (1)
LandBuildings and EquipmentAcquired Real Estate LeasesAssumed Real Estate Obligations
2024Denver, CO1$70,509 $10,084 $58,032 $2,393 $— 
2025
IL, NC, FL
3166,008 25,500 129,511 11,537 (540)
4$236,517 $35,584 $187,543 $13,930 $(540)
(1)Includes capitalized acquisition related costs of $509 and $1,372 for the 2024 and 2025 acquisitions, respectively.
Schedule of Business Combination
The following table summarizes the consideration transferred as of the MPC Acquisition Date, excluding transaction costs:
Cash consideration paid by RMR LLC
$84,474 
Earnout
14,547 
Total consideration
$99,021 
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed
The purchase price of $99,021 was allocated to the assets acquired and liabilities assumed based on estimates of fair values as of the MPC Acquisition Date as follows:
Assets acquired:
Cash and cash equivalents
$5,703 
Real estate
8,460 
Due from related parties
6,788 
Prepaid and other current assets
1,373 
Intangible assets:
Property management and investment management agreements
13,456 
Trade name
5,175 
Investor relationships
1,843 
Acquired leases
703 
Total intangible assets
21,177 
Total assets acquired43,501 
Liabilities assumed:
Mortgage note payable
4,726 
Other liabilities
9,212 
Total liabilities
13,938 
Net identifiable assets acquired
29,563 
Noncontrolling interests in consolidated entity
(444)
Goodwill
69,902 
Total consideration
$99,021 
v3.25.3
Loans Held for Investment, Net (Tables)
 12 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of loans originated
The table below provides overall statistics for our loan portfolio as of September 30, 2025 and 2024:
September 30, 2025September 30, 2024
Number of loans22
Total loan commitments$64,000$67,000
Unfunded loan commitments (1)
$2,267$9,820
Principal balance$61,733$57,180
Weighted average coupon rate8.41%9.15%
Weighted average all in yield (2)
9.32%10.13%
Weighted average floor4.34%4.34%
Weighted average maximum maturity (years) (3)
3.774.80
(1)Unfunded loan commitments are primarily used to finance property improvements and leasing capital and are generally funded over the term of the loan.
(2)All in yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan.
(3)Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions.
v3.25.3
Indebtedness (Tables)
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Our secured financing facility has an aggregate maximum capacity of $200,000 and the table below summarizes our secured financing facility as of September 30, 2025 and 2024:
Principal Balance
Carrying Value (1)
Coupon Rate (2)
Remaining Maturity (years)Maturity DateCollateral Principal Balance
September 30, 2025:
Revere, MA (Hotel)$26,612 $26,326 7.05%0.757/1/2026$37,000 
Wayne, PA (Industrial)18,458 18,260 7.00%1.807/18/202724,733 
Total/weighted average$45,070 $44,586 7.03%1.20$61,733 
September 30, 2024:
Revere, MA (Hotel)$28,770 $28,393 7.82%1.757/1/2026$40,000 
Wayne, PA (Industrial)12,885 12,716 7.77%2.807/18/202717,180 
Total/weighted average$41,655 $41,109 7.80%2.10$57,180 
(1)During the fiscal years ended September 30, 2025 and 2024, we paid $172 and $561, respectively, in deferred financing fees and $484 and $546 remained unamortized as of September 30, 2025 and 2024, respectively.
(2)The coupon rate is determined using SOFR plus a spread ranging from 2.85% to 2.90%, as applicable, for the respective borrowings under our secured financing facility as of the applicable date.
v3.25.3
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following table summarizes the terms of our outstanding interest rate cap agreements as of September 30, 2025 as reported in prepaid and other current assets on our consolidated balance sheets:
Underlying InstrumentMaturity DateStrike RateNotional AmountFair Value
Raleigh, NC (Residential)8/15/20283.00%$47,870 $760 
Orlando, FL (Residential)10/1/20283.00%$59,984 998 
$1,758 
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive loss for the fiscal year ended September 30, 2025:
Amount of loss recognized on derivatives in other comprehensive loss$40 
Amount of gain reclassified from cumulative other comprehensive loss into interest expense$77 
Total amount of interest expense presented in the consolidated statements of comprehensive income$(4,308)
v3.25.3
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Not Carried at Fair Value
The table below provides information regarding these financial instruments not carried at fair value in our consolidated balance sheet as of September 30, 2025:
As of September 30, 2025As of September 30, 2024
Carrying Value
Fair Value
Carrying Value
Fair Value
Loans held for investment
$60,984 $61,989 $56,221 $57,365 
Secured financing facility
44,586 45,471 41,109 41,793 
Mortgage notes payable (1)
136,168 137,076 45,149 46,520 
(1)Includes two mortgage notes payable with an aggregate carrying value of $90,739 that carry interest at a rate of SOFR plus a premium. The carrying values of these mortgage notes approximate fair value.
Schedule of Assets and Liabilities Measured at Fair Value
The following tables present our financial assets and liabilities that have been measured at fair value on a recurring basis:
As of September 30, 2025
Total
Level 1
Level 2
Level 3
Due from related parties related to share based payment awards$15,797 $15,797 $— $— 
Investment in SEVN17,610 17,610 — — 
Investment in Fund VII3,156 — — 3,156 
Investment in joint ventures
11,134 — — 11,134 
Employer compensation liability related to share based payment awards15,797 15,797 — — 
Interest rate caps1,758 — 1,758 — 
Earnout liability3,639 — — 3,639 
As of September 30, 2024
Total
Level 1
Level 2
Level 3
Due from related parties related to share based payment awards$14,339 $14,339 $— $— 
Investment in SEVN23,520 23,520 — — 
Employer compensation liability related to share based payment awards14,339 14,339 — — 
Earnout liability11,958 — — 11,958 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables present additional information about the valuation techniques and significant unobservable inputs for financial assets and liabilities that are measured at fair value and categorized within Level 3 as of September 30, 2025:
As of September 30, 2025
Fair Value
Valuation Technique
Unobservable Input
Range
Investment in Fund VII$3,156 
Discounted cash flow
Discount rates
6.50% - 7.00%
Exit capitalization rates
5.00% - 5.50%
Holding period
10 years
Investment in joint ventures
$11,134 Discounted cash flow
Unlevered IRR
12.02% - 12.37%
Exit capitalization rates
4.97% - 5.15%
Holding period
3 years
Earnout liability
$3,639 
Monte Carlo
Capital deployment volatility
15.00%
Discount rate
5.84%
As of September 30, 2024
Fair Value
Valuation Technique
Unobservable Input
Range
Earnout liability
$11,958 
Monte Carlo
Capital deployment volatility
15.00%
Discount rate
5.53%
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The tables below present a summary of the changes in fair value for our investment in Fund VII and Earnout liability measured on a recurring basis:
Fiscal Year EndedFiscal Year Ended
Investment in Fund VIISeptember 30, 2025September 30, 2024
Beginning balance
$— $— 
Changes in fair value for our investment in Fund VII
3,156 — 
Ending balance
$3,156 $— 
Fiscal Year EndedFiscal Year Ended
Earnout LiabilitySeptember 30, 2025September 30, 2024
Beginning balance
$11,958 $— 
Acquisition of MPC Partnership Holdings LLC— 14,547 
Changes in fair value for our Earnout liability
(8,319)(2,589)
Ending balance
$3,639 $11,958 
v3.25.3
Related Person Transactions (Tables)
 12 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
For the fiscal years ended September 30, 2025, 2024 and 2023, we recognized revenues from related parties as set forth in the following tables:
Fiscal Year Ended September 30, 2025
Total
Management and
% of
Total
% of% of
 Advisory Services
Total
ReimbursableTotalTotalTotal
 Revenues
Revenues
Costs
RevenuesRevenuesRevenues
Perpetual Capital:
DHC$22,974 11.9%$110,997 21.9%$133,971 19.1%
ILPT36,935 19.1%39,463 7.8%76,398 10.9%
OPI24,044 12.4%156,376 30.9%180,420 25.8%
SVC39,816 20.5%108,673 21.4%148,489 21.2%
Total Managed Equity REITs123,769 63.9%415,509 82.0%539,278 77.0%
SEVN5,206 2.7%5,452 1.1%10,658 1.5%
128,975 66.6%420,961 83.1%549,936 78.5%
Private Capital:
AlerisLife5,720 3.0%— —%5,720 0.8%
Sonesta9,314 4.8%— —%9,314 1.4%
RMR Residential
17,524 9.1%23,390 4.6%40,914 5.8%
Other private entities21,170 10.9%62,510 12.3%83,680 11.9%
53,728 27.8%85,900 16.9%139,628 19.9%
Total revenues from related parties182,703 94.4%506,861 100.0%689,564 98.4%
Income from loan investments, net
2,447 1.3%— —%2,447 0.4%
Rental property revenues
8,273 4.3%— —%8,273 1.2%
Total revenues from unrelated parties10,720 5.6%— —%10,720 1.6%
Total revenues$193,423 100.0%$506,861 100.0%$700,284 100.0%
Fiscal Year Ended September 30, 2024
Total
Management and
% of
Total
% of% of
 Advisory
TotalReimbursableTotalTotalTotal
Services RevenuesRevenuesCostsRevenuesRevenuesRevenues
Perpetual Capital:
DHC$24,516 12.6%$127,119 18.1%$151,635 16.9%
ILPT36,704 18.9%35,768 5.1%72,472 8.1%
OPI29,903 15.5%212,054 30.3%241,957 27.0%
SVC43,759 22.6%236,760 33.8%280,519 31.3%
Total Managed Equity REITs134,882 69.6%611,701 87.3%746,583 83.3%
SEVN5,766 3.0%6,064 0.9%11,830 1.3%
140,648 72.6%617,765 88.2%758,413 84.6%
Private Capital:
AlerisLife5,632 2.9%— —%5,632 0.6%
Sonesta9,362 4.8%— —%9,362 1.0%
RMR Residential
16,936 8.7%23,369 3.3%40,305 4.5%
Other private entities21,342 11.0%59,642 8.5%80,984 9.0%
53,272 27.4%83,011 11.8%136,283 15.1%
Total revenues from related parties193,920 100.0%700,776 100.0%894,696 99.7%
Income from loan investments, net— —%— —%1,313 0.1%
Rental property revenues— —%— —%1,604 0.2%
Total revenues from unrelated parties— —%— —%2,917 0.3%
Total revenues$193,920 100.0%$700,776 100.0%$897,613 100.0%
Fiscal Year Ended September 30, 2023
Total
Management and
% of
Total
% of% of
Advisory
TotalReimbursableTotalTotalTotal
Services RevenuesRevenuesCostsRevenuesRevenuesRevenues
Perpetual Capital:
DHC$23,675 10.0%$156,224 21.4%$179,899 18.7%
ILPT36,834 15.5%40,438 5.6%77,272 8.0%
OPI38,163 16.2%334,208 46.0%372,371 38.7%
SVC40,543 17.2%117,421 16.2%157,964 16.5%
Total Managed Equity REITs139,215 58.9%648,291 89.2%787,506 81.9%
SEVN5,188 2.2%4,865 0.7%10,053 1.0%
TA (1)
55,214 23.4%3,476 0.5%58,690 6.1%
199,617 84.5%656,632 90.4%856,249 89.0%
Private Capital:
AlerisLife (2)
5,414 2.3%97 —%5,511 0.6%
Sonesta9,471 4.0%544 0.1%10,015 1.0%
Other private entities21,531 9.1%68,879 9.5%90,410 9.4%
36,416 15.4%69,520 9.6%105,936 11.0%
Total revenues from related parties236,033 99.9%726,152 100.0%962,185 100.0%
Revenues from unrelated parties131 0.1%— —%131 —%
Total revenues$236,164 100.0%$726,152 100.0%$962,316 100.0%
(1)On May 15, 2023, BP acquired TA and TA terminated its management agreement with us. In connection with the termination of TA’s management agreement, we received the applicable termination fee of $45,282 during the fiscal year ended September 30, 2023.
(2)On March 30, 2023, AlerisLife merged with and into a subsidiary of ABP Trust and ceased to be a public company. As a result, the amounts due with respect to AlerisLife are characterized as Private Capital for the period presented.
The following table presents amounts due from related parties as of the dates indicated:
September 30,
20252024
AccountsReimbursableAccountsReimbursable
ReceivableCostsTotalReceivableCostsTotal
Perpetual Capital:
DHC$4,806 $13,780 $18,586 $6,307 $11,358 $17,665 
ILPT4,011 8,922 12,933 4,244 7,968 12,212 
OPI4,031 15,819 19,850 5,877 20,132 26,009 
SVC6,831 9,943 16,774 5,470 8,591 14,061 
Total Managed Equity REITs19,679 48,464 68,143 21,898 48,049 69,947 
SEVN1,513 3,272 4,785 2,551 2,601 5,152 
21,192 51,736 72,928 24,449 50,650 75,099 
Private Capital:
AlerisLife529 — 529 570 — 570 
Sonesta51 — 51 82 — 82 
RMR Residential
6,117 — 6,117 9,587 — 9,587 
Other private entities2,836 7,616 10,452 3,909 54,133 58,042 
9,533 7,616 17,149 14,148 54,133 68,281 
$30,725 $59,352 $90,077 $38,597 $104,783 $143,380 
v3.25.3
Shareholders’ Equity (Tables)
 12 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of unvested restricted stock awards
A summary of shares awarded and vested, including shares withheld, repurchased or forfeited, under the terms of the 2016 Plan for the fiscal years ended September 30, 2025, 2024 and 2023 is as follows:
202520242023
WeightedWeightedWeighted
NumberAverageNumberAverageNumberAverage
ofAward DateofAward DateofAward Date
SharesFair ValueSharesFair ValueSharesFair Value
Unvested shares, beginning of year233,346 $25.31 204,620 $26.90 202,740 $30.14 
Shares awarded272,872 $16.84 181,727 $24.38 139,200 $24.92 
Vested shares withheld and repurchased
(53,201)$16.98 (45,489)$24.98 (29,628)$24.76 
Shares vested
(130,569)$16.74 (105,292)$24.66 (104,012)$24.82 
Shares forfeited(2,201)$19.15 (2,220)$24.41 (3,680)$25.40 
Unvested shares, end of year320,247 $20.10 233,346 $25.31 204,620 $26.90 
Schedule of distributions
During the fiscal years ended September 30, 2025, 2024 and 2023, we declared and paid dividends on our Class A Common Shares and Class B-1 Common Shares as follows:
DeclarationRecordPaidDistributionsTotal
DateDateDatePer Common ShareDistributions
Fiscal Year Ended September 30, 2025
10/16/202410/28/202411/14/2024$0.45 $7,581 
1/16/20251/27/20252/20/20250.45 7,580 
4/10/20254/22/20255/15/20250.45 7,595 
7/10/20257/21/20258/14/20250.45 7,591 
$1.80 $30,347 
Fiscal Year Ended September 30, 2024
10/12/202310/23/202311/16/2023$0.40 $6,684 
1/11/20241/22/20242/15/20240.40 6,684 
4/11/20244/22/20245/16/20240.45 7,529 
7/11/20247/22/20248/15/20240.45 7,526 
$1.70 $28,423 
Fiscal Year Ended September 30, 2023
10/13/202210/24/202211/17/2022$0.40 $6,642 
1/12/20231/23/20232/16/20230.40 6,641 
4/13/20234/24/20235/18/20230.40 6,648 
7/13/20237/24/20238/17/20230.40 6,645 
$1.60 $26,576 
These dividends were funded in part by distributions from RMR LLC to holders of its membership units as follows:
Distributions PerTotalRMR LLCRMR LLC
DeclarationRecordPaidRMR LLCRMR LLCDistributionsDistributions
DateDateDateMembership UnitDistributionsto RMR Inc.to ABP Trust
Fiscal Year Ended September 30, 2025
10/16/202410/28/202411/14/2024$0.32 $10,191 $5,391 $4,800 
1/16/20251/27/20252/20/20250.32 10,190 5,390 4,800 
4/10/20254/22/20255/15/20250.32 10,201 5,401 4,800 
7/10/20257/21/20258/14/20250.32 10,198 5,398 4,800 
$1.28 $40,780 $21,580 $19,200 
Fiscal Year Ended September 30, 2024
10/12/202310/23/202311/16/2023$0.32 $10,148 $5,348 $4,800 
1/11/20241/22/20242/15/20240.32 10,147 5,347 4,800 
4/11/20244/22/20245/16/20240.32 10,154 5,354 4,800 
7/11/20247/22/20248/15/20240.32 10,152 5,352 4,800 
$1.28 $40,601 $21,401 $19,200 
Fiscal Year Ended September 30, 2023
10/13/202210/24/202211/17/2022$0.32 $10,114 $5,314 $4,800 
1/12/20231/23/20232/16/20230.32 10,113 5,313 4,800 
4/13/20234/24/20235/18/20230.32 10,118 5,318 4,800 
7/13/20237/24/20238/17/20230.32 10,116 5,316 4,800 
$1.28 $40,461 $21,261 $19,200 
v3.25.3
Per Common Share Amounts (Tables)
 12 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of EPS, basic
The calculation of basic and diluted earnings per share for the fiscal years ended September 30, 2025, 2024 and 2023, is as follows (amounts in thousands, except per share amounts):
Fiscal Year Ended September 30,
202520242023
Numerators:
Net income attributable to The RMR Group Inc.$17,596 $23,130 $57,147 
Less: income attributable to unvested participating securities(400)(323)(651)
Net income used in calculating diluted EPS$17,196 $22,807 $56,496 
Denominators:
Common shares outstanding17,063 16,846 16,712 
Less: unvested participating securities and incremental impact of weighted average(419)(314)(286)
Weighted average common shares outstanding - diluted16,644 16,532 16,426 
Net income attributable to The RMR Group Inc. per common share - basic and diluted$1.03 $1.38 $3.44 
Schedule of EPS, diluted
The calculation of basic and diluted earnings per share for the fiscal years ended September 30, 2025, 2024 and 2023, is as follows (amounts in thousands, except per share amounts):
Fiscal Year Ended September 30,
202520242023
Numerators:
Net income attributable to The RMR Group Inc.$17,596 $23,130 $57,147 
Less: income attributable to unvested participating securities(400)(323)(651)
Net income used in calculating diluted EPS$17,196 $22,807 $56,496 
Denominators:
Common shares outstanding17,063 16,846 16,712 
Less: unvested participating securities and incremental impact of weighted average(419)(314)(286)
Weighted average common shares outstanding - diluted16,644 16,532 16,426 
Net income attributable to The RMR Group Inc. per common share - basic and diluted$1.03 $1.38 $3.44 
v3.25.3
Net Income Attributable to RMR Inc. (Tables)
 12 Months Ended
Sep. 30, 2025
Net Income Attributable to RMR Inc.  
Schedule of Net Income Attributable to Parent
Net income attributable to RMR Inc. for the fiscal years ended September 30, 2025, 2024 and 2023, is calculated as follows:
Fiscal Year Ended September 30,
202520242023
Income before income tax expense$46,350 $64,448 $149,539 
RMR Inc. franchise tax expense and interest income(583)(885)(755)
Net income before noncontrolling interest45,767 63,563 148,784 
Net income attributable to noncontrolling interest in The RMR Group LLC(21,910)(30,039)(70,624)
Net loss attributable to other noncontrolling interests827 40 — 
Net income attributable to RMR Inc. before income tax expense24,684 33,564 78,160 
Income tax expense attributable to RMR Inc.(7,671)(11,319)(21,768)
RMR Inc. franchise tax expense and interest income583 885 755 
Net income attributable to RMR Inc.$17,596 $23,130 $57,147 
v3.25.3
Leases (Tables)
 12 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Future Contractual Lease Payments Due from our Tenants
The following table summarizes the future contractual lease payments due from our tenants as of September 30, 2025:
Fiscal YearAmount
2026$10,583 
20271,468 
20281,158 
2029640 
2030343 
Thereafter845 
Total$15,037 
Schedule of Lease Cost
For the fiscal years ended September 30, 2025, 2024 and 2023, the components of operating lease costs were as follows:
Fiscal Year Ended September 30,
202520242023
Fixed rent expense (1)
$6,970 $6,636 $6,272 
Variable lease payments1,277 1,158 907 
Total cash portion of rent expense8,247 7,794 7,179 
Non-cash straight line rent expense(291)(380)(345)
Total operating lease costs$7,956 $7,414 $6,834 
(1)Includes expense for leases with an initial term of 12 months or less of $5 and $76 for the fiscal years ended September 30, 2024 and 2023, respectively.
Schedule of Undiscounted Cash Flows of Operating Lease Liability and Reconciliation of Operating Lease Liabilities
The following table presents the undiscounted cash flows on an annual fiscal year basis for our operating lease liabilities as of September 30, 2025:
Fiscal YearAmount
2026$6,431 
20276,030 
20285,267 
20294,485 
20302,880 
Thereafter232 
Total lease payments (1)
25,325 
Less: imputed interest (1)
(2,040)
Present value of operating lease liabilities23,285 
Less: current portion of operating lease liabilities(5,603)
Operating lease liabilities, net of current portion$17,682 
(1)     Excludes $235 of lease payments for signed leases that have not yet commenced.
v3.25.3
Organization (Details)
 12 Months Ended
Sep. 30, 2025
real_estate_investment_trust
shares
Related Party Transaction [Line Items]  
Number of managed trusts | real_estate_investment_trust 4
RMR LLC  
Related Party Transaction [Line Items]  
Ownership percentage 53.20%
Capital Unit Redeemable Class A Units | Abp Trust  
Related Party Transaction [Line Items]  
Membership units (in shares) 15,000,000
Capital Unit Redeemable Class A Units | RMR LLC | Abp Trust  
Related Party Transaction [Line Items]  
Ownership percentage 46.80%
Class A membership units | Abp Trust  
Related Party Transaction [Line Items]  
Membership units (in shares) 15,000,000
Class A membership units | Class A  
Related Party Transaction [Line Items]  
Membership units (in shares) 16,063,495
Capital Unit, Class B  
Related Party Transaction [Line Items]  
Membership units (in shares) 1,000,000
v3.25.3
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 30, 2025
May 15, 2023
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Property management fees revenue     $ 69,875 $ 76,444 $ 63,153  
Total revenues     $ 182,703 193,920 236,164  
Percent of construction supervision     5.00%      
Property management fee     $ 9,314 15,641 18,443  
Acquisition fee revenue     664      
Net investment income     2,447 1,313 0  
Rental property revenues     $ 8,273 1,604 0  
Tremont Advisors            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Incentive fee percentage condition 1     20.00%      
Incentive fee percentage condition 2     7.00%      
Minimum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Percent of gross collected rents     2.50%      
Maximum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Percent of gross collected rents     3.50%      
Termination and incentive business management fees            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Total revenues   $ 45,282     45,282  
Advisory services            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Total revenues     $ 4,475 4,506 4,520  
Advisory services | Tremont Advisors            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Management fee percentage pursuant to agreement     1.50%      
Total revenues     $ 4,475 4,506 4,520  
Termination and incentive fees            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Total revenues     653 1,213 45,942  
Termination and incentive fees | Tremont Advisors            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Total revenues     $ 653 1,213 660  
Total Managed Equity REITs            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Percentage of historical cost of transferred real estate assets     0.50%      
Percentage of average invested capital below threshold limit     0.70%      
Threshold amount, maximum     $ 250,000      
Percentage of average invested capital above threshold limit     0.50%      
Threshold limit, minimum     $ 250,000      
Percentage of average market capitalization below threshold limit     0.70%      
Percentage of average market capitalization above threshold limit     0.50%      
Aggregate annual base business management fees     $ 80,030 84,182 85,603  
Incentive management fee percentage     12.00%      
Aggregate incentive business management fees       0 0 $ 0
Total revenues     $ 123,769 134,882 139,215  
Managed Operating Companies            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Management fee percentage pursuant to agreement     0.60%      
Managed Public Real Estate Capital            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Aggregate annual business management fees     $ 27,670 27,575 36,815  
Total revenues     $ 128,975 $ 140,648 $ 199,617  
OPI Management | Subsequent Event            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Agreement term 5 years          
Termination term 2 years          
Property management fees revenue $ 14          
Percentage of property management fee 3.00%          
Percentage of construction supervision fee 0.05          
v3.25.3
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Accounting Policies [Abstract]    
FDIC insurance limits $ 250  
Cash and cash equivalents $ 1,802 $ 553
v3.25.3
Summary of Significant Accounting Policies - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total cash and cash equivalents shown in the consolidated statements of cash flows $ 62,297 $ 141,599 $ 267,989 $ 189,088
Parent Company        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total cash and cash equivalents shown in the consolidated statements of cash flows 19,478 23,189 26,802  
RMR LLC        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total cash and cash equivalents shown in the consolidated statements of cash flows $ 42,819 $ 118,410 $ 241,187  
v3.25.3
Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Allowance for credit losses $ 589 $ 343
Unfunded Loan Commitment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, after allowance for credit loss $ 49 $ 259
v3.25.3
Summary of Significant Accounting Policies - Deferred Financing Costs (Details)
Sep. 30, 2025
USD ($)
Revolving Credit Facility | Line of Credit  
Debt Instrument [Line Items]  
Line of credit facility, maximum borrowing capacity $ 100,000,000
v3.25.3
Summary of Significant Accounting Policies - Property and Equipment (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
USD ($)
property
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Property, Plant and Equipment [Line Items]      
Depreciation expense related to PP&E | $ $ 5,856 $ 1,665 $ 1,071
Discontinued Operations, Held-for-Sale      
Property, Plant and Equipment [Line Items]      
Number of property, held for sale | property 1    
Building | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 3 years    
Building | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 30 years    
Furniture and equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 3 years    
Furniture and equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 30 years    
Capitalized software costs | Minimum      
Property, Plant and Equipment [Line Items]      
Useful life 3 years    
Capitalized software costs | Maximum      
Property, Plant and Equipment [Line Items]      
Useful life 5 years    
v3.25.3
Summary of Significant Accounting Policies - Summary of Property and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 236,635 $ 79,880
Accumulated depreciation (7,980) (3,447)
Property and equipment, net 228,655 76,433
Land    
Property, Plant and Equipment [Line Items]    
Total property and equipment 35,586 10,084
Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment 185,882 57,407
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 8,046 5,996
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 623 781
Capitalized software costs    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 6,498 $ 5,612
v3.25.3
Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Accounting Policies [Abstract]      
Amortization of intangible assets $ 5,695 $ 3,048 $ 31
Amortization of intangible assets to be recognized in 2026 7,624    
Amortization of intangible assets to be recognized in 2027 6,791    
Amortization of intangible assets to be recognized in 2028 4,908    
Amortization of intangible assets to be recognized in 2029 1,215    
Amortization of intangible assets to be recognized in 2030 126    
Amortization of intangible assets to be recognized thereafter $ 297    
v3.25.3
Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 30,035 $ 18,843
Accumulated Amortization (9,074) (3,719)
Total 20,961 15,124
Total 26,136 20,299
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Value 35,210 24,018
Accumulated Amortization 9,074 3,719
Total 26,136 20,299
Trade name    
Indefinite-Lived Intangible Assets [Line Items]    
Indefinite-Lived Intangible Assets 5,175 5,175
Acquired leases    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 13,926 2,394
Accumulated Amortization (2,924) (270)
Total 11,002 2,124
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 2,924 270
Management agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 13,456 13,456
Accumulated Amortization (4,799) (2,145)
Total 8,657 11,311
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 4,799 2,145
Investor relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 1,843 1,843
Accumulated Amortization (657) (294)
Total 1,186 1,549
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 657 294
Customer relationships and non-solicitation agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 810 1,150
Accumulated Amortization (694) (1,010)
Total 116 140
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization $ 694 $ 1,010
v3.25.3
Summary of Significant Accounting Policies - Other Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 05, 2015
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Other assets, net of accumulated amortization   $ 96,647 $ 106,063  
Total Managed Equity REITs        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Cash and shares received from related party $ 167,764      
Other assets, net of accumulated amortization $ 193,806      
Total Managed Equity REITs | Up C Transaction        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Amortization of other assets   $ 9,416 $ 9,416 $ 9,416
v3.25.3
Income Taxes - Provision (benefit) for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]      
Federal $ 4,188 $ 4,912 $ 16,922
State 1,501 3,350 5,954
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]      
Federal 1,335 2,248 (940)
State 647 809 (168)
Total $ 7,671 $ 11,319 $ 21,768
v3.25.3
Income Taxes - Reconciliation of Income Taxes (Details)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
Income taxes computed at the federal statutory rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 3.60% 3.40% 3.00%
Permanent items 1.20% 1.10% 0.50%
Uncertain tax position reserve, net of federal benefit 0.30% 1.90% 0.00%
Net income attributable to noncontrolling interest (9.50%) (9.80%) (9.90%)
Total 16.60% 17.60% 14.60%
v3.25.3
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
Uncertain tax positions $ 1,527,000 $ 1,449,000 $ 0
Increase from current period positions 78,000 107,000  
Interest expense 146,000 252,000  
Gross unrecognized tax benefits $ 1,925,000 $ 1,701,000  
v3.25.3
Acquisitions - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 19, 2023
USD ($)
Sep. 30, 2025
USD ($)
property
Sep. 30, 2025
USD ($)
property
Sep. 30, 2024
USD ($)
property
Sep. 30, 2023
USD ($)
Jan. 31, 2025
USD ($)
Business Combination [Line Items]            
Earnout liability   $ 0 $ 0 $ 14,547 $ 0  
Gain on sale of real estate     445 0 0  
Proceeds from sale of property     4,198 0 0  
Payments of capital distribution     $ 409 0 $ 0  
260 Woodstock Investor, LLC            
Business Combination [Line Items]            
Disposal consideration           $ 9,800
MPC Partnership Holdings LLC            
Business Combination [Line Items]            
Payments to acquire businesses, gross $ 84,474          
Transaction costs $ 4,200          
MPC Partnership Holdings LLC | Woodstock Investor            
Business Combination [Line Items]            
Ownership percentage 90.00%          
MPC Partnership Holdings LLC | Maximum            
Business Combination [Line Items]            
Earnout liability $ 20          
Real Estate Acquisitions            
Business Combination [Line Items]            
Properties | property   4 4      
Purchase price     $ 236,517 $ 236,517    
Acquisition related costs   $ 1,881        
2024 Real Estate Acquisitions            
Business Combination [Line Items]            
Properties | property       1    
Purchase price       $ 70,509    
Acquisition related costs       $ 509    
2025 Real Estate Acquisitions            
Business Combination [Line Items]            
Properties | property   3 3      
Purchase price     $ 166,008      
Acquisition related costs     $ 1,372      
v3.25.3
Acquisitions - Schedule of Asset Acquisition Allocated the Purchase Prices (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
property
Sep. 30, 2025
USD ($)
property
Sep. 30, 2024
USD ($)
property
2024 Real Estate Acquisitions      
Asset Acquisition [Line Items]      
Properties | property     1
Purchase price     $ 70,509
Assumed Real Estate Obligations     0
Acquisition related costs     509
2024 Real Estate Acquisitions | Acquired leases      
Asset Acquisition [Line Items]      
Acquired Real Estate Leases     2,393
2024 Real Estate Acquisitions | Land      
Asset Acquisition [Line Items]      
Property, plant and equipment     10,084
2024 Real Estate Acquisitions | Buildings and Equipment      
Asset Acquisition [Line Items]      
Property, plant and equipment     58,032
2025 Real Estate Acquisitions      
Asset Acquisition [Line Items]      
Properties | property 3 3  
Purchase price   $ 166,008  
Assumed Real Estate Obligations $ (540) (540)  
Acquisition related costs   1,372  
2025 Real Estate Acquisitions | Acquired leases      
Asset Acquisition [Line Items]      
Acquired Real Estate Leases 11,537 11,537  
2025 Real Estate Acquisitions | Land      
Asset Acquisition [Line Items]      
Property, plant and equipment 25,500 25,500  
2025 Real Estate Acquisitions | Buildings and Equipment      
Asset Acquisition [Line Items]      
Property, plant and equipment $ 129,511 $ 129,511  
Real Estate Acquisitions      
Asset Acquisition [Line Items]      
Properties | property 4 4  
Purchase price   $ 236,517 $ 236,517
Assumed Real Estate Obligations $ (540) (540)  
Acquisition related costs 1,881    
Real Estate Acquisitions | Acquired leases      
Asset Acquisition [Line Items]      
Acquired Real Estate Leases 13,930 13,930  
Real Estate Acquisitions | Land      
Asset Acquisition [Line Items]      
Property, plant and equipment 35,584 35,584  
Real Estate Acquisitions | Buildings and Equipment      
Asset Acquisition [Line Items]      
Property, plant and equipment $ 187,543 $ 187,543  
v3.25.3
Acquisitions - Schedule of Business Combination (Details) - MPC Partnership Holdings LLC
$ in Thousands
Dec. 19, 2023
USD ($)
Business Combination [Line Items]  
Cash consideration paid by RMR LLC $ 84,474
Earnout 14,547
Total consideration $ 99,021
v3.25.3
Acquisitions - Schedule of Assets Acquired Liabilities Assumed (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Dec. 19, 2023
Liabilities assumed:      
Goodwill $ 71,761 $ 71,761  
MPC Partnership Holdings LLC      
Assets acquired:      
Cash and cash equivalents     $ 5,703
Real estate     8,460
Due from related parties     6,788
Prepaid and other current assets     1,373
Intangible assets:      
Total intangible assets     21,177
Total assets acquired     43,501
Liabilities assumed:      
Mortgage note payable     4,726
Other liabilities     9,212
Total liabilities     13,938
Net identifiable assets acquired     29,563
Noncontrolling interests in consolidated entity     (444)
Goodwill     69,902
Total consideration     99,021
MPC Partnership Holdings LLC | Trademarks      
Intangible assets:      
Trade name     5,175
Management Agreements | MPC Partnership Holdings LLC      
Intangible assets:      
Finite-lived assets     13,456
Investor relationships | MPC Partnership Holdings LLC      
Intangible assets:      
Finite-lived assets     1,843
Acquired leases | MPC Partnership Holdings LLC      
Intangible assets:      
Finite-lived assets     $ 703
v3.25.3
Loans Held for Investment, Net - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2024
USD ($)
extension
Dec. 31, 2024
loan
Sep. 30, 2025
USD ($)
loan
Sep. 30, 2024
USD ($)
loan
Sep. 30, 2023
USD ($)
Oct. 29, 2025
property
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Origination of loans held for investment     $ 7,553 $ 57,180 $ 0  
Proceeds from deferred origination fees     0 700 $ 0  
Allowance for credit losses     589 343    
Interest receivable     512 454    
Floating Rate First Mortgage Loans | Subsequent Event            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Number of properties sold | property           2
Unfunded Loan Commitment            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total commitment     49 259    
Mortgage Receivable            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total commitment     64,000 67,000    
Proceeds from deferred origination fees     700 700    
Unamortized costs     361 651    
Exit fee receivable     $ 201 $ 35    
Number of loans | loan   2 2 2    
Mortgage Receivable | Unfunded Loan Commitment            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total commitment     $ 2,267 $ 9,820    
Hotel | Mortgage Receivable            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total commitment $ 40,000   37      
Interest rate 3.95%          
Initial term (in years) 2 years          
Number of extensions | extension 3          
Duration of extension (in years) 1 year          
Proceeds from repayments of loans     3      
Industrial Property | Mortgage Receivable            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Total commitment $ 27,000          
Interest rate 4.25%          
Initial term (in years) 3 years          
Number of extensions | extension 2          
Duration of extension (in years) 1 year          
Origination of loans held for investment     $ 7,553 $ 17,180    
v3.25.3
Loans Held for Investment, Net - Schedule of Loans Originated (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
loan
Sep. 30, 2025
USD ($)
loan
Sep. 30, 2024
USD ($)
loan
Unfunded Loan Commitment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total commitment   $ 49 $ 259
Mortgage Receivable      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loans | loan 2 2 2
Total commitment   $ 64,000 $ 67,000
Principal balance   $ 61,733 $ 57,180
Weighted average coupon rate   8.41% 9.15%
Weighted average all in yield (in percent)   9.32% 10.13%
Weighted average floor (in percent)   4.34% 4.34%
Weighted average maximum maturity (years) 4 years 9 months 18 days 3 years 9 months 7 days  
Mortgage Receivable | Unfunded Loan Commitment      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total commitment   $ 2,267 $ 9,820
v3.25.3
Indebtedness - Narrative (Details)
 1 Months Ended 12 Months Ended
Aug. 31, 2025
USD ($)
extension
community
Jan. 31, 2025
Jul. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
unit
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Line of Credit Facility [Line Items]            
Payment of deferred financing fees       $ 2,719,000 $ 1,960,000 $ 0
Interest Rate Cap            
Line of Credit Facility [Line Items]            
Strike Rate 3.00%          
Notional Amount $ 1,945,000          
RMR Residential Acquisition            
Line of Credit Facility [Line Items]            
Number of units acquired | unit       240    
Purchase price $ 143,386,000   $ 70,000      
Number of communities acquired | community 2          
Mortgages            
Line of Credit Facility [Line Items]            
Principal Balance $ 93,200,000          
Payment of deferred financing fees       $ 2,547,000    
Unamortized deferred financing fees       2,461,000    
Debt Instrument, loan commitments       14,654,000    
Number of options to extend maturity date | extension 2          
Debt instrument, term of extension 1 year          
Mortgages | Minimum            
Line of Credit Facility [Line Items]            
Debt instrument, basis spread on variable rate 2.50%          
Mortgages | Maximum            
Line of Credit Facility [Line Items]            
Debt instrument, basis spread on variable rate 2.55%          
Mortgages | Mortgage Notes Payable, Maturing July 2029            
Line of Credit Facility [Line Items]            
Principal Balance     $ 46,500,000      
Debt instrument, interest rate, stated percentage     5.34%      
Payment of deferred financing fees         1,399,000  
Unamortized deferred financing fees       1,071,000 1,351,000  
UBS Master Repurchase Agreement | Line of Credit            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity       $ 200,000 $ 200,000,000  
Upfront fee         0.60%  
Percentage of purchase price       80.00%    
Percentage of guarantee of purchase price       25.00%    
Percentage of guarantee of loss       100.00%    
Minimum tangible net worth       $ 100,000,000    
Revolving Credit Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity       $ 100,000,000    
Debt instrument, basis spread on variable rate   2.25%        
Debt instrument, term of extension   1 year        
Line of credit facility, unused capacity, commitment fee percentage   0.50%        
v3.25.3
Indebtedness - Schedule of Secured Financing Facility (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Line of Credit Facility [Line Items]    
Carrying Value $ 44,586  
Secured financing facility, net of current portion 18,260 $ 41,109
Secured financing facility    
Line of Credit Facility [Line Items]    
Principal Balance $ 45,070 $ 41,655
Coupon Rate 7.03% 7.80%
Remaining Maturity (years) 1 year 2 months 12 days 2 years 1 month 6 days
Principal balance $ 61,733 $ 57,180
Payments of debt issuance costs 172 561
Unamortized deferred financing fees $ 484 546
Secured financing facility | Minimum    
Line of Credit Facility [Line Items]    
Debt instrument, basis spread on variable rate 2.85%  
Secured financing facility | Maximum    
Line of Credit Facility [Line Items]    
Debt instrument, basis spread on variable rate 2.90%  
Revere, MA | Secured financing facility    
Line of Credit Facility [Line Items]    
Principal Balance $ 26,612 28,770
Carrying Value $ 26,326 $ 28,393
Coupon Rate 7.05% 7.82%
Remaining Maturity (years) 9 months 1 year 9 months
Principal balance $ 37,000 $ 40,000
Wayne, PA | Secured financing facility    
Line of Credit Facility [Line Items]    
Principal Balance 18,458 12,885
Carrying Value $ 18,260 $ 12,716
Coupon Rate 7.00% 7.77%
Remaining Maturity (years) 1 year 9 months 18 days 2 years 9 months 18 days
Principal balance $ 24,733 $ 17,180
v3.25.3
Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Aug. 31, 2025
Raleigh, NC (Residential), Interest Rate Cap    
Derivative [Line Items]    
Strike Rate 3.00%  
Notional Amount $ 47,870  
Fair Value $ 760  
Orlando, FL (Residential), Interest Rate Cap    
Derivative [Line Items]    
Strike Rate 3.00%  
Notional Amount $ 59,984  
Fair Value 998  
Interest Rate Cap    
Derivative [Line Items]    
Strike Rate   3.00%
Notional Amount   $ 1,945
Fair Value $ 1,758  
v3.25.3
Derivatives and Hedging Activities - Schedule of Effects on Consolidated Statements of Income and Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Amount of loss recognized on derivatives in other comprehensive loss $ 40    
Amount of gain reclassified from cumulative other comprehensive loss into interest expense 77    
Total amount of interest expense presented in the consolidated statements of comprehensive income $ (4,308) $ (783) $ 0
v3.25.3
Investments (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jul. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
joint_venture
unit
shares
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
May 15, 2023
USD ($)
shares
Schedule of Equity Method Investments [Line Items]              
(Loss) gain on investments       $ (5,085) $ 7,260 $ 25,237  
Distributions from investments       2,272 2,391 2,221  
Payments to acquire equity method investments       768 213 0  
Accounts payable and accrued expenses       38,701 31,599    
Earnout liability       $ 3,639 11,958 0  
Number of joint ventures owned | joint_venture       2      
Investments       $ 31,900 23,733    
Residential Community, Pompano Beach, FL              
Schedule of Equity Method Investments [Line Items]              
Number of units acquired | unit       225      
Residential Community, Sunrise, FL              
Schedule of Equity Method Investments [Line Items]              
Number of units acquired | unit       400      
Sunrise JV              
Schedule of Equity Method Investments [Line Items]              
Purchase price       $ 190,100      
Recurring basis              
Schedule of Equity Method Investments [Line Items]              
Investments       17,610 23,520    
SEVN              
Schedule of Equity Method Investments [Line Items]              
(Loss) gain on investments       (3,638) 7,260 5,295  
Distributions from investments       2,272 2,391 2,221  
SEVN | Subsequent Event | Transferrable Rights Offering              
Schedule of Equity Method Investments [Line Items]              
Sale of stock transaction $ 65            
SEVN | Recurring basis              
Schedule of Equity Method Investments [Line Items]              
Investments       $ 17,610 $ 23,520    
SEVN | Related Party | Tremont Reality Capital              
Schedule of Equity Method Investments [Line Items]              
Number of shares owned (in shares) | shares       1,708,058      
Ownership percentage       11.30%      
CARROLL Multifamily Venture VII, LP              
Schedule of Equity Method Investments [Line Items]              
Payments to acquire equity method investments     $ 213        
Carroll MF VII, LLC              
Schedule of Equity Method Investments [Line Items]              
Ownership percentage   14.30%          
(Loss) gain on investments       $ (1,447)      
Payments to acquire equity method investments   $ 768          
Investments       3,156      
Carroll MF VII, LLC | Related Party              
Schedule of Equity Method Investments [Line Items]              
Accounts payable and accrued expenses       695      
Sunrise JV              
Schedule of Equity Method Investments [Line Items]              
Payments to acquire equity method investments       $ 11,134      
TA              
Schedule of Equity Method Investments [Line Items]              
(Loss) gain on investments           $ 19,942  
TA | RMR LLC              
Schedule of Equity Method Investments [Line Items]              
Number of shares owned (in shares) | shares             621,853
Ownership percentage             4.10%
Aggregate cost             $ 13,701
v3.25.3
Fair Value of Financial Instruments - Schedule of Financial Instruments Not Carried at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value $ 44,586  
Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held for investment 60,984 $ 56,221
Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held for investment 61,989 57,365
Secured financing facility | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt 44,586 41,109
Secured financing facility | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt 45,471 41,793
Mortgages | Two Mortgage Notes Payable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Carrying Value 90,739  
Mortgages | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt 136,168 45,149
Mortgages | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt $ 137,076 $ 46,520
v3.25.3
Fair Value of Financial Instruments - Schedule of Measured at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Earnout liability $ 0 $ 14,547 $ 0
Recurring basis      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Due from related parties related to share based payment awards 15,797 14,339  
Investments 17,610 23,520  
Employer compensation liability related to share based payment awards 15,797 14,339  
Earnout liability   11,958  
Recurring basis | Interest Rate Cap      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest rate caps 1,758    
Recurring basis | SEVN      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 17,610 23,520  
Recurring basis | Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 11,134    
Recurring basis | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Due from related parties related to share based payment awards 15,797 14,339  
Employer compensation liability related to share based payment awards 15,797 14,339  
Earnout liability 0 0  
Recurring basis | Level 1 | Interest Rate Cap      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest rate caps 0    
Recurring basis | Level 1 | SEVN      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 17,610 23,520  
Recurring basis | Level 1 | MF Fund VII      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 0    
Recurring basis | Level 1 | Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 0    
Recurring basis | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Due from related parties related to share based payment awards 0 0  
Employer compensation liability related to share based payment awards 0 0  
Earnout liability 0 0  
Recurring basis | Level 2 | Interest Rate Cap      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest rate caps 1,758    
Recurring basis | Level 2 | SEVN      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 0 0  
Recurring basis | Level 2 | MF Fund VII      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 0    
Recurring basis | Level 2 | Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 0    
Recurring basis | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Due from related parties related to share based payment awards 0 0  
Employer compensation liability related to share based payment awards 0 0  
Earnout liability 3,639 11,958  
Recurring basis | Level 3 | Interest Rate Cap      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest rate caps 0    
Recurring basis | Level 3 | SEVN      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 0 $ 0  
Recurring basis | Level 3 | MF Fund VII      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 3,156    
Recurring basis | Level 3 | Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments $ 11,134    
v3.25.3
Fair Value of Financial Instruments - Schedule of Valuation Techniques (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Earnout liability $ 0 $ 14,547 $ 0
Recurring basis      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments 17,610 23,520  
Earnout liability   $ 11,958  
Recurring basis | Joint Venture      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments $ 11,134    
Recurring basis | Discount rates      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Earnout Liability Measurement Input 0.0553    
Recurring basis | Discount rates | Monte Carlo      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Earnout Liability Measurement Input 0.0584    
Recurring basis | Discount rates | Minimum | Discounted cash flow | MF Fund VII      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 0.0650    
Recurring basis | Discount rates | Maximum | Discounted cash flow | MF Fund VII      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 0.0700    
Recurring basis | Exit capitalization rates | Minimum | Discounted cash flow | MF Fund VII      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 0.0500    
Recurring basis | Exit capitalization rates | Minimum | Discounted cash flow | Joint Venture      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 0.0497    
Recurring basis | Exit capitalization rates | Maximum | Discounted cash flow | MF Fund VII      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 0.0550    
Recurring basis | Exit capitalization rates | Maximum | Discounted cash flow | Joint Venture      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 0.0515    
Recurring basis | Holding period | Discounted cash flow | MF Fund VII      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 10    
Recurring basis | Holding period | Discounted cash flow | Joint Venture      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 3    
Recurring basis | Unlevered IRR | Minimum | Discounted cash flow | Joint Venture      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 0.1202    
Recurring basis | Unlevered IRR | Maximum | Discounted cash flow | Joint Venture      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Measurement Input 0.1237    
Recurring basis | Capital deployment volatility      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Earnout Liability Measurement Input 0.1500    
Recurring basis | Capital deployment volatility | Monte Carlo      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Earnout Liability Measurement Input 0.1500    
v3.25.3
Fair Value of Financial Instruments - Schedule of Unobservable Inputs Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance $ 11,958 $ 0
Acquisition of MPC Partnership Holdings LLC 0 14,547
Changes in fair value (8,319) (2,589)
Ending balance $ 3,639 11,958
Changes in fair value for our Earnout liability Change in fair value of Earnout liability  
MF Fund VII | Equity Method Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance $ 0 0
Changes in fair value 3,156 0
Ending balance $ 3,156 $ 0
v3.25.3
Related Person Transactions - Revenues from Related Parties (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 15, 2023
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]        
Total revenues   $ 182,703 $ 193,920 $ 236,164
Total reimbursable costs   506,861 700,776 726,152
Net investment income   2,447 1,313 0
Rental property revenues   8,273 1,604 0
Revenues   700,284 $ 897,613 $ 962,316
Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage     100.00% 100.00%
Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage     100.00% 100.00%
Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage     100.00% 100.00%
Termination fee        
Related Party Transaction [Line Items]        
Total revenues $ 45,282     $ 45,282
Related Party And Nonrelated Party        
Related Party Transaction [Line Items]        
Total revenues   193,423    
Revenues   $ 700,284    
Related Party And Nonrelated Party | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   100.00%    
Related Party And Nonrelated Party | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   100.00%    
Related Party        
Related Party Transaction [Line Items]        
Total revenues   $ 182,703 $ 193,920 236,033
Total reimbursable costs   506,861 700,776 726,152
Revenues   $ 689,564 $ 894,696 $ 962,185
Related Party | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   94.40% 100.00% 99.90%
Related Party | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   100.00% 100.00% 100.00%
Related Party | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   98.40% 99.70% 100.00%
Perpetual Capital:        
Related Party Transaction [Line Items]        
Total revenues   $ 128,975 $ 140,648 $ 199,617
Total reimbursable costs   420,961 617,765 656,632
Revenues   $ 549,936 $ 758,413 $ 856,249
Perpetual Capital: | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   66.60% 72.60% 84.50%
Perpetual Capital: | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   83.10% 88.20% 90.40%
Perpetual Capital: | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   78.50% 84.60% 89.00%
Total Managed Equity REITs        
Related Party Transaction [Line Items]        
Total revenues   $ 123,769 $ 134,882 $ 139,215
Total reimbursable costs   415,509 611,701 648,291
Revenues   $ 539,278 $ 746,583 $ 787,506
Total Managed Equity REITs | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   63.90% 69.60% 58.90%
Total Managed Equity REITs | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   82.00% 87.30% 89.20%
Total Managed Equity REITs | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   77.00% 83.30% 81.90%
DHC        
Related Party Transaction [Line Items]        
Total revenues   $ 22,974 $ 24,516 $ 23,675
Total reimbursable costs   110,997 127,119 156,224
Revenues   $ 133,971 $ 151,635 $ 179,899
DHC | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   11.90% 12.60% 10.00%
DHC | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   21.90% 18.10% 21.40%
DHC | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   19.10% 16.90% 18.70%
ILPT        
Related Party Transaction [Line Items]        
Total revenues   $ 36,935 $ 36,704 $ 36,834
Total reimbursable costs   39,463 35,768 40,438
Revenues   $ 76,398 $ 72,472 $ 77,272
ILPT | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   19.10% 18.90% 15.50%
ILPT | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   7.80% 5.10% 5.60%
ILPT | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   10.90% 8.10% 8.00%
OPI        
Related Party Transaction [Line Items]        
Total revenues   $ 24,044 $ 29,903 $ 38,163
Total reimbursable costs   156,376 212,054 334,208
Revenues   $ 180,420 $ 241,957 $ 372,371
OPI | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   12.40% 15.50% 16.20%
OPI | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   30.90% 30.30% 46.00%
OPI | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   25.80% 27.00% 38.70%
SVC        
Related Party Transaction [Line Items]        
Total revenues   $ 39,816 $ 43,759 $ 40,543
Total reimbursable costs   108,673 236,760 117,421
Revenues   $ 148,489 $ 280,519 $ 157,964
SVC | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   20.50% 22.60% 17.20%
SVC | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   21.40% 33.80% 16.20%
SVC | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   21.20% 31.30% 16.50%
SEVN        
Related Party Transaction [Line Items]        
Total revenues   $ 5,206 $ 5,766 $ 5,188
Total reimbursable costs   5,452 6,064 4,865
Revenues   $ 10,658 $ 11,830 $ 10,053
SEVN | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   2.70% 3.00% 2.20%
SEVN | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   1.10% 0.90% 0.70%
SEVN | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   1.50% 1.30% 1.00%
TA        
Related Party Transaction [Line Items]        
Total revenues       $ 55,214
Total reimbursable costs       3,476
Revenues       $ 58,690
TA | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage       23.40%
TA | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage       0.50%
TA | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage       6.10%
Private Capital:        
Related Party Transaction [Line Items]        
Total revenues   $ 53,728 $ 53,272 $ 36,416
Total reimbursable costs   85,900 83,011 69,520
Revenues   $ 139,628 $ 136,283 $ 105,936
Private Capital: | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   27.80% 27.40% 15.40%
Private Capital: | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   16.90% 11.80% 9.60%
Private Capital: | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   19.90% 15.10% 11.00%
AlerisLife        
Related Party Transaction [Line Items]        
Total revenues   $ 5,720 $ 5,632 $ 5,414
Total reimbursable costs   0 0 97
Revenues   $ 5,720 $ 5,632 $ 5,511
AlerisLife | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   3.00% 2.90% 2.30%
AlerisLife | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   0.00% 0.00% 0.00%
AlerisLife | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   0.80% 0.60% 0.60%
Sonesta        
Related Party Transaction [Line Items]        
Total revenues   $ 9,314 $ 9,362 $ 9,471
Total reimbursable costs   0 0 544
Revenues   $ 9,314 $ 9,362 $ 10,015
Sonesta | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   4.80% 4.80% 4.00%
Sonesta | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   0.00% 0.00% 0.10%
Sonesta | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   1.40% 1.00% 1.00%
RMR Residential        
Related Party Transaction [Line Items]        
Total revenues   $ 17,524 $ 16,936  
Total reimbursable costs   23,390 23,369  
Revenues   $ 40,914 $ 40,305  
RMR Residential | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   9.10% 8.70%  
RMR Residential | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   4.60% 3.30%  
RMR Residential | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   5.80% 4.50%  
Other private entities        
Related Party Transaction [Line Items]        
Total revenues   $ 21,170 $ 21,342 $ 21,531
Total reimbursable costs   62,510 59,642 68,879
Revenues   $ 83,680 $ 80,984 $ 90,410
Other private entities | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   10.90% 11.00% 9.10%
Other private entities | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   12.30% 8.50% 9.50%
Other private entities | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   11.90% 9.00% 9.40%
Total revenues from unrelated parties        
Related Party Transaction [Line Items]        
Total revenues   $ 10,720 $ 0 $ 131
Total reimbursable costs   0 0 0
Revenues   $ 10,720 $ 2,917 $ 131
Total revenues from unrelated parties | Revenue from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage     0.00% 0.10%
Total revenues from unrelated parties | Revenue from Contract with Customer Benchmark | Non-Related Party Concentration        
Related Party Transaction [Line Items]        
Concentration percentage   5.60%    
Total revenues from unrelated parties | Revenue from Contract with Customer Benchmark | Non-Related Party, Investment Income Concentration        
Related Party Transaction [Line Items]        
Concentration percentage   1.30%    
Total revenues from unrelated parties | Revenue from Contract with Customer Benchmark | Non-Related Party, Revenue Concentration        
Related Party Transaction [Line Items]        
Concentration percentage   4.30%    
Total revenues from unrelated parties | Revenue Not from Contract with Customer Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage   0.00% 0.00% 0.00%
Total revenues from unrelated parties | Revenue Benchmark | Related Party Concentration Risk        
Related Party Transaction [Line Items]        
Concentration percentage       0.00%
Total revenues from unrelated parties | Revenue Benchmark | Non-Related Party Concentration        
Related Party Transaction [Line Items]        
Concentration percentage   1.60% 0.30%  
Total revenues from unrelated parties | Revenue Benchmark | Non-Related Party, Investment Income Concentration        
Related Party Transaction [Line Items]        
Concentration percentage   0.40% 0.10%  
Total revenues from unrelated parties | Revenue Benchmark | Non-Related Party, Revenue Concentration        
Related Party Transaction [Line Items]        
Concentration percentage   1.20% 0.20%  
v3.25.3
Related Person Transactions - Amount Due from Related Parties (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Related Party Transaction [Line Items]    
Accounts Receivable $ 30,725 $ 38,597
Reimbursable Costs 59,352 104,783
Total 90,077 143,380
Perpetual Capital:    
Related Party Transaction [Line Items]    
Accounts Receivable 21,192 24,449
Reimbursable Costs 51,736 50,650
Total 72,928 75,099
Total Managed Equity REITs    
Related Party Transaction [Line Items]    
Accounts Receivable 19,679 21,898
Reimbursable Costs 48,464 48,049
Total 68,143 69,947
DHC    
Related Party Transaction [Line Items]    
Accounts Receivable 4,806 6,307
Reimbursable Costs 13,780 11,358
Total 18,586 17,665
ILPT    
Related Party Transaction [Line Items]    
Accounts Receivable 4,011 4,244
Reimbursable Costs 8,922 7,968
Total 12,933 12,212
OPI    
Related Party Transaction [Line Items]    
Accounts Receivable 4,031 5,877
Reimbursable Costs 15,819 20,132
Total 19,850 26,009
SVC    
Related Party Transaction [Line Items]    
Accounts Receivable 6,831 5,470
Reimbursable Costs 9,943 8,591
Total 16,774 14,061
SEVN    
Related Party Transaction [Line Items]    
Accounts Receivable 1,513 2,551
Reimbursable Costs 3,272 2,601
Total 4,785 5,152
Private Capital:    
Related Party Transaction [Line Items]    
Accounts Receivable 9,533 14,148
Reimbursable Costs 7,616 54,133
Total 17,149 68,281
AlerisLife    
Related Party Transaction [Line Items]    
Accounts Receivable 529 570
Reimbursable Costs 0 0
Total 529 570
Sonesta    
Related Party Transaction [Line Items]    
Accounts Receivable 51 82
Reimbursable Costs 0 0
Total 51 82
RMR Residential    
Related Party Transaction [Line Items]    
Accounts Receivable 6,117 9,587
Reimbursable Costs 0 0
Total 6,117 9,587
Other private entities    
Related Party Transaction [Line Items]    
Accounts Receivable 2,836 3,909
Reimbursable Costs 7,616 54,133
Total $ 10,452 $ 58,042
v3.25.3
Related Person Transactions - Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]      
Lease expense   $ 5 $ 76
ABP Trust and Managed REIT      
Related Party Transaction [Line Items]      
Lease expense $ 5,668 $ 5,552 $ 5,329
Notice to terminate lease 30 days    
v3.25.3
Related Person Transactions - Tax Related Payments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]      
Payments under tax receivable agreement $ 2,384 $ 2,366 $ 2,355
Abp Trust | Up C Transaction      
Related Party Transaction [Line Items]      
Tax receivable agreement, percent of payment 85.00%    
Payments under tax receivable agreement $ 2,384 2,366 2,355
Tax receivable agreement amount payable 18,478    
Tax receivable agreement obligations, current 2,552    
RMR LLC      
Related Party Transaction [Line Items]      
Distributions paid 13,288 14,799 34,541
RMR LLC | Abp Trust      
Related Party Transaction [Line Items]      
Distributions paid 11,841 12,997 30,945
RMR LLC | ABP Trust and Managed REIT      
Related Party Transaction [Line Items]      
Distributions paid $ 25,129 $ 27,796 $ 65,486
v3.25.3
Related Person Transactions - Registration and Lock-up Agreements and Relationships Between Client (Details)
 1 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
Term of registration and lock up agreement 10 years
v3.25.3
Related Person Transactions - Separation Arrangements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]      
Severance costs $ 7,078 $ 6,297 $ 2,002
Former Nonexecutive Officer | Related Party      
Related Party Transaction [Line Items]      
Severance costs 7,078 6,297 2,002
Severance costs, equity 416 632 482
Severance costs, cash $ 6,662 $ 5,665 $ 1,520
v3.25.3
Related Person Transactions - Bridge Loan to Fund VI (Details) - Bridge Loan - Related Party - USD ($)
$ in Thousands
 1 Months Ended
Sep. 30, 2025
Jul. 31, 2025
Related Party Transaction [Line Items]    
Total commitment   $ 5,500
Debt instrument, basis spread on variable rate   4.00%
Proceeds from repayments of loans $ 2,500  
v3.25.3
Shareholders’ Equity - Common Shares (Details)
 12 Months Ended
Sep. 30, 2025
vote
shares
Class A  
Class of Stock [Line Items]  
Number of votes for each share held | vote 1
Class B-1 common shares  
Class of Stock [Line Items]  
Number of votes for each share held | vote 10
Conversion ratio 1
Class B-2 common shares  
Class of Stock [Line Items]  
Number of votes for each share held | vote 10
Conversion ratio 1
Class A membership units  
Class of Stock [Line Items]  
Conversion ratio 1
Class A membership units | Class A  
Class of Stock [Line Items]  
Membership units (in shares) 16,063,495
Abp Trust | Class B-1 common shares  
Class of Stock [Line Items]  
Membership units (in shares) 1,000,000
Abp Trust | Class B-2 common shares  
Class of Stock [Line Items]  
Membership units (in shares) 15,000,000
Abp Trust | Class A membership units  
Class of Stock [Line Items]  
Membership units (in shares) 15,000,000
v3.25.3
Shareholders’ Equity - Issuances/Repurchases (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
USD ($)
vesting_installment
shares
Sep. 30, 2024
USD ($)
shares
Sep. 30, 2023
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
General and administrative expense $ 42,497 $ 43,743 $ 36,019
Equity based compensation expenses $ 178,470 $ 187,278 $ 150,845
Managing Director | Class A      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares granted (in shares) | shares 35,928 25,314 18,000
2016 Plan | Class A      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of installments | vesting_installment 5    
General and administrative expense $ 600 $ 600 $ 464
Adjustment related to tax withholding for share based compensation 903 1,136 734
2016 Plan | Officers and Employees | Class A      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity based compensation expenses $ 2,782 $ 2,705 $ 2,662
v3.25.3
Shareholders’ Equity - Restricted Stock Activity (Details) - Restricted Stock Awards - 2016 Plan - $ / shares
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Number of Shares      
Unvested shares, beginning of year (in shares) 233,346 204,620 202,740
Shares awarded (in shares) 272,872 181,727 139,200
Vested shares withheld and repurchased (in shares) (53,201) (45,489) (29,628)
Shares vested (in shares) (130,569) (105,292) (104,012)
Shares forfeited (in shares) (2,201) (2,220) (3,680)
Unvested shares, end of year (in shares) 320,247 233,346 204,620
Weighted Average Grant Date Fair Value      
Unvested shares, beginning of year (in dollars per share) $ 25.31 $ 26.90 $ 30.14
Shares awarded (in dollars per share) 16.84 24.38 24.92
Vested shares withheld and repurchased (in dollars per share) 16.98 24.98 24.76
Shares vested (in dollars per share) 16.74 24.66 24.82
Shares forfeited (in dollars per share) 19.15 24.41 25.40
Unvested shares, end of year (in dollars per share) $ 20.10 $ 25.31 $ 26.90
v3.25.3
Shareholders’ Equity - Restricted Stock Activity Narrative (Details) - Restricted Stock Awards - 2016 Plan - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares nonvested (in shares) 320,247 233,346 204,620 202,740
Number of shares vested (in shares) 130,569 105,292 104,012  
Estimated future compensation expense $ 6,347      
Weighted average period compensation expense will be recorded (in years) 26 months      
Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for future issuance (in shares) 383,598      
Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares vested (in shares) 107,478      
Tranche Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares vested (in shares) 91,620      
Tranche Three        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares vested (in shares) 73,933      
Tranche Four        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares vested (in shares) 47,216      
v3.25.3
Shareholders’ Equity - Distributions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Oct. 09, 2025
Aug. 14, 2025
May 15, 2025
Feb. 20, 2025
Nov. 14, 2024
Aug. 15, 2024
May 16, 2024
Feb. 15, 2024
Nov. 16, 2023
Aug. 17, 2023
May 18, 2023
Feb. 16, 2023
Nov. 17, 2022
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Common class A and B1                                                        
Class of Stock [Line Items]                                                        
Dividends paid (in dollars per share)                           $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 1.80 $ 1.70 $ 1.60
Value of dividends                           $ 7,591 $ 7,595 $ 7,580 $ 7,581 $ 7,526 $ 7,529 $ 6,684 $ 6,684 $ 6,645 $ 6,648 $ 6,641 $ 6,642 $ 30,347 $ 28,423 $ 26,576
Common class A and B1 | Subsequent Event                                                        
Class of Stock [Line Items]                                                        
Value of dividends $ 7,679                                                      
Common distributions declared (in dollars per share) $ 0.45                                                      
Membership Units | Subsequent Event | RMR LLC                                                        
Class of Stock [Line Items]                                                        
Shares owned (in shares) 17,063,495,000                                                      
Membership Units | RMR LLC                                                        
Class of Stock [Line Items]                                                        
Dividends paid (in dollars per share)   $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32                         $ 1.28 $ 1.28 $ 1.28
Value of dividends   $ 10,198 $ 10,201 $ 10,190 $ 10,191 $ 10,152 $ 10,154 $ 10,147 $ 10,148 $ 10,116 $ 10,118 $ 10,113 $ 10,114                         $ 40,780 $ 40,601 $ 40,461
Membership Units | RMR LLC | Subsequent Event                                                        
Class of Stock [Line Items]                                                        
Value of dividends $ 10,260                                                      
Common distributions declared (in dollars per share) $ 0.32                                                      
Membership Units | RMR LLC | Abp Trust                                                        
Class of Stock [Line Items]                                                        
Value of dividends   4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800                         19,200 19,200 19,200
Membership Units | RMR LLC | Abp Trust | Subsequent Event                                                        
Class of Stock [Line Items]                                                        
Value of dividends $ 4,800                                                      
Membership Units | RMR LLC | RMR, Inc                                                        
Class of Stock [Line Items]                                                        
Value of dividends   $ 5,398 $ 5,401 $ 5,390 $ 5,391 $ 5,352 $ 5,354 $ 5,347 $ 5,348 $ 5,316 $ 5,318 $ 5,313 $ 5,314                         $ 21,580 $ 21,401 $ 21,261
Membership Units | RMR LLC | RMR, Inc | Subsequent Event                                                        
Class of Stock [Line Items]                                                        
Value of dividends $ 5,460                                                      
Capital Unit Redeemable Class A Units | Abp Trust                                                        
Class of Stock [Line Items]                                                        
Membership units (in shares)                           15,000,000                       15,000,000    
v3.25.3
Per Common Share Amounts - Narrative (Details)
 12 Months Ended
Sep. 30, 2025
shares
Capital Unit Redeemable Class A Units | Abp Trust  
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]  
Membership units (in shares) 15,000,000
Class A membership units  
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]  
Conversion ratio 1
Class A membership units | Abp Trust  
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]  
Membership units (in shares) 15,000,000
v3.25.3
Per Common Share Amounts - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Numerators:      
Net income attributable to The RMR Group Inc. $ 17,596 $ 23,130 $ 57,147
Less: income attributable to unvested participating securities (400) (323) (651)
Net income used in calculating diluted EPS $ 17,196 $ 22,807 $ 56,496
Denominators:      
Common shares outstanding (in shares) 17,063 16,846 16,712
Less: unvested participating securities and incremental impact of weighted average (in shares) (419) (314) (286)
Weighted average common shares outstanding - diluted (in shares) 16,644 16,532 16,426
Net income attributable to The RMR Group Inc. per common share - basic (in dollars per share) $ 1.03 $ 1.38 $ 3.44
Net income attributable to The RMR Group Inc. per common share - diluted (in dollars per share) $ 1.03 $ 1.38 $ 3.44
v3.25.3
Net Income Attributable to RMR Inc. (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Net Income Attributable to RMR Inc.      
Income before income tax expense $ 46,350 $ 64,448 $ 149,539
RMR Inc. franchise tax expense and interest income (583) (885) (755)
Net income before noncontrolling interest 45,767 63,563 148,784
Net income attributable to noncontrolling interest in The RMR Group LLC (21,910) (30,039) (70,624)
Net loss attributable to other noncontrolling interests 827 40 0
Net income attributable to RMR Inc. before income tax expense 24,684 33,564 78,160
Income tax expense attributable to RMR Inc. (7,671) (11,319) (21,768)
RMR Inc. franchise tax expense and interest income 583 885 755
Net income attributable to The RMR Group Inc. $ 17,596 $ 23,130 $ 57,147
v3.25.3
Employee Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Contribution Plan Disclosure [Line Items]      
Contributions and expenses $ 3,469 $ 3,390 $ 2,992
Tranche 1      
Defined Contribution Plan Disclosure [Line Items]      
Employer percent match 100.00%    
Percentage of employees' gross pay 3.00%    
Tranche 2      
Defined Contribution Plan Disclosure [Line Items]      
Employer percent match 50.00%    
Percentage of employees' gross pay 2.00%    
v3.25.3
Leases - Narrative (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
USD ($)
operating_lease
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Lessee, Lease, Description [Line Items]      
Rental property revenues $ 8,273 $ 1,604 $ 0
Straight line rent receivable $ 13    
Number of operating leases | operating_lease 61    
Weighted average remaining lease term 4 years 3 months 18 days    
Weighted average discount rate 4.00%    
Total lease payments $ 25,325    
Imputed interest 2,040    
Principal Executive Offices      
Lessee, Lease, Description [Line Items]      
Total lease payments 17,311    
Imputed interest $ 1,271    
v3.25.3
Leases - Schedule of Future Contractual Lease Payments Due from our Tenants (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
2026 $ 10,583
2027 1,468
2028 1,158
2029 640
2030 343
Thereafter 845
Total $ 15,037
v3.25.3
Leases - Schedule of Components of Operating Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]      
Fixed rent expense $ 6,970 $ 6,636 $ 6,272
Variable lease payments 1,277 1,158 907
Total cash portion of rent expense 8,247 7,794 7,179
Non-cash straight line rent expense (291) (380) (345)
Total operating lease costs $ 7,956 7,414 6,834
Lease expense   $ 5 $ 76
v3.25.3
Leases - Schedule of Cash Flows of Operating Lease Liability and Reconciliation of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]    
2026 $ 6,431  
2027 6,030  
2028 5,267  
2029 4,485  
2030 2,880  
Thereafter 232  
Total lease payments 25,325  
Less: imputed interest (2,040)  
Present value of operating lease liabilities 23,285  
Less: current portion of operating lease liabilities (5,603) $ (5,906)
Operating lease liabilities, net of current portion 17,682 $ 22,147
Leases not yet commenced $ 235  
v3.25.3
Segment Reporting (Details)
 12 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
Number of operating segments 1