RMR GROUP INC., 10-Q filed on 2/4/2026
Quarterly Report
v3.25.4
Cover Page - shares
 3 Months Ended
Dec. 31, 2025
Jan. 30, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
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, $0.001 par value per share  
Trading Symbol RMR  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001644378  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   16,058,177
Class B-1 Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,000,000
Class B-2 Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   15,000,000
v3.25.4
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Assets    
Cash and cash equivalents $ 49,315 $ 62,297
Prepaid and other current assets 12,595 13,731
Loans held for investment, net of allowance for credit losses of $63 0 36,963
Total current assets 171,858 192,694
Loans held for investment, net of allowance for credit losses of $526 0 24,021
Property and equipment, net of accumulated depreciation of $10,163 and $7,980, respectively 227,454 228,655
Investments 54,585 31,900
Goodwill 71,761 71,761
Intangible assets, net of accumulated amortization of $11,021 and $9,074, respectively 23,938 26,136
Operating lease right of use assets 21,350 22,876
Deferred tax asset 12,547 13,181
Other assets, net of accumulated amortization of $99,510 and $97,156, respectively 94,293 96,647
Total assets 687,121 718,245
Current liabilities:    
Reimbursable accounts payable and accrued expenses 50,909 43,553
Accounts payable and accrued expenses 37,887 38,701
Current portion of Earnout liability 0 3,639
Operating lease liabilities 5,522 5,603
Current portion of secured financing facility, net 0 26,326
Total current liabilities 94,318 117,822
Operating lease liabilities, net of current portion 16,255 17,682
Amounts due pursuant to tax receivable agreement, net of current portion 15,926 15,926
Employer compensation liability, net of current portion 9,335 10,374
Secured financing facility, net of current portion 0 18,260
Mortgage notes payable, net 136,450 136,168
Total liabilities 272,284 316,232
Commitments and contingencies
Equity:    
Additional paid in capital 122,320 121,706
Retained earnings 466,012 453,822
Cumulative other comprehensive loss (142) (62)
Cumulative common distributions (355,520) (347,842)
Total shareholders’ equity 232,702 227,656
Noncontrolling interest in The RMR Group LLC 180,417 172,253
Noncontrolling interest in other consolidated entities 1,718 2,104
Total noncontrolling interests 182,135 174,357
Total equity 414,837 402,013
Total liabilities and equity 687,121 718,245
Parent Company    
Assets    
Cash and cash equivalents 18,829 19,478
RMR LLC    
Assets    
Cash and cash equivalents 30,486 42,819
Class A Common Stock    
Equity:    
Common stock 16 16
Class B-1 Common Stock    
Equity:    
Common stock 1 1
Class B-2 Common Stock    
Equity:    
Common stock 15 15
Related Party    
Assets    
Due from related parties 109,948 79,703
Due from related parties, net of current portion $ 9,335 $ 10,374
v3.25.4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Allowance for credit losses, current   $ 63
Allowance for credit losses, noncurrent   526
Accumulated depreciation $ 10,163 7,980
Accumulated amortization 11,021 9,074
Accumulated amortization $ 99,510 $ 97,156
Class A Common Stock    
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 32,500,000 32,500,000
Common stock, shares issued (in shares) 16,058,177 16,063,495
Common stock shares outstanding (in shares) 16,058,177 16,063,495
Class B-1 Common Stock    
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 1,000,000
Common stock shares outstanding (in shares) 1,000,000 1,000,000
Class B-2 Common Stock    
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
v3.25.4
Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenues:    
Total management, incentive and advisory services revenues $ 66,711 $ 47,392
Income from loan investments, net 411 546
Rental property revenues 5,140 1,622
Total reimbursable costs 108,162 169,916
Total revenues 180,424 219,476
Expenses:    
Compensation and benefits 37,448 42,562
Equity based compensation 1,955 126
Separation costs 1,379 0
Total compensation and benefits expense 40,782 42,688
General and administrative 9,948 11,284
Other reimbursable expenses 89,630 148,556
Rental property expenses 1,834 426
Transaction and acquisition related costs 1,458 787
Depreciation and amortization 4,687 2,347
Total expenses 148,339 206,088
Operating income 32,085 13,388
Interest income 535 1,556
Interest expense (2,647) (699)
Change in fair value of Earnout liability 3,639 3,410
Loss on investments (1,661) (1,071)
Loss on extinguishment of debt (452) 0
Income before income tax expense 31,499 16,584
Income tax expense (4,661) (2,476)
Net income 26,838 14,108
Net income attributable to noncontrolling interest in The RMR Group LLC (15,034) (7,722)
Net loss (income) attributable to other noncontrolling interests 386 (6)
Net income attributable to The RMR Group Inc. 12,190 6,380
Other comprehensive loss:    
Unrealized loss on derivatives (151) 0
Less: unrealized loss on derivatives attributable to noncontrolling interest 71 0
Other comprehensive loss attributable to The RMR Group Inc. (80) 0
Comprehensive income attributable to The RMR Group Inc. $ 12,110 $ 6,380
Weighted average common shares outstanding - basic (in shares) 16,744 16,613
Weighted average common shares outstanding - diluted (in shares) 16,744 16,613
Net income attributable to The RMR Group Inc. per common share - basic (in usd per share) $ 0.71 $ 0.38
Net income attributable to The RMR Group Inc. per common share - diluted (in usd per share) $ 0.71 $ 0.38
Management services    
Revenues:    
Total management, incentive and advisory services revenues $ 41,909 $ 46,183
Incentive fees    
Revenues:    
Total management, incentive and advisory services revenues 23,625 68
Advisory services    
Revenues:    
Total management, incentive and advisory services revenues 1,177 1,141
Reimbursable compensation and benefits    
Revenues:    
Total reimbursable costs 17,197 21,790
Reimbursable equity based compensation    
Revenues:    
Total reimbursable costs 1,335 (430)
Other reimbursable expenses    
Revenues:    
Total reimbursable costs $ 89,630 $ 148,556
v3.25.4
Condensed 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, 2024 $ 419,417 $ 237,574 $ 16 $ 1 $ 15 $ 118,811 $ 436,226 $ 0 $ (317,495) $ 181,439 $ 404
Increase (Decrease) in Shareholders' Equity                      
Share awards, net 550 550       550          
Net income 14,108 6,380         6,380     7,722 6
Tax distributions to member (2,886)                 (2,886)  
Common share distributions (12,381) (7,581)             (7,581) (4,800)  
Consolidation of investments 2,936                   2,936
Ending balance at Dec. 31, 2024 421,744 236,923 16 1 15 119,361 442,606 0 (325,076) 181,475 3,346
Beginning balance at Sep. 30, 2025 402,013 227,656 16 1 15 121,706 453,822 (62) (347,842) 172,253 2,104
Increase (Decrease) in Shareholders' Equity                      
Share awards, net 614 614       614          
Net income 26,838 12,190         12,190     15,034 (386)
Tax distributions to member (1,999)                 (1,999)  
Common share distributions (12,478) (7,678)             (7,678) (4,800)  
Other comprehensive loss (151) (80)           (80)   (71)  
Ending balance at Dec. 31, 2025 $ 414,837 $ 232,702 $ 16 $ 1 $ 15 $ 122,320 $ 466,012 $ (142) $ (355,520) $ 180,417 $ 1,718
v3.25.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities:    
Net income $ 26,838 $ 14,108
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]    
Depreciation and amortization 4,687 2,347
Amortization of interest rate caps 161 0
Straight line office rent 18 (140)
Amortization expense related to other assets 2,354 2,354
Reversal of credit losses (514) (72)
Provision for deferred income taxes 634 817
Change in fair value of Earnout liability (3,639) (3,410)
Operating expenses paid in The RMR Group Inc. common shares 649 556
Distributions from investments 478 598
Loss on investments 1,661 1,071
Loss on extinguishment of debt 452 0
Changes in assets and liabilities:    
Increase (Decrease) in Due from Related Parties (32,138) 10,420
Increase (Decrease) in Prepaid Expense and Other Assets 824 (3,525)
Reimbursable accounts payable and accrued expenses 7,356 (11,061)
Accounts payable and accrued expenses 924 10,966
Net cash provided by operating activities 10,745 25,029
Cash Flows from Investing Activities:    
Proceeds from sale of loan investments 61,733 0
Additional funding of loan investments 0 (1,400)
Purchase of property and equipment (1,054) (1,469)
Net cash provided by (used in) investing activities 35,855 (3,637)
Cash Flows from Financing Activities:    
Repayments of secured financing facility (45,070) 0
Payment of deferred financing fees 0 (138)
Distributions to noncontrolling interests (6,799) (7,686)
Distributions to common shareholders (7,678) (7,581)
Repurchase of common shares (35) (6)
Net cash used in financing activities (59,582) (15,411)
Decrease in cash and cash equivalents (12,982) 5,981
Cash and cash equivalents at beginning of period 62,297 141,599
Cash and cash equivalents at end of period 49,315 147,580
Supplemental Disclosures:    
Income taxes paid 1,030 8
Interest paid 3,120 1,428
Non-cash investing and financing activities:    
Recognition of right of use assets and related lease liabilities 0 70
Property and equipment accrued, not paid 252 87
SEVN    
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]    
Distributions from investments 478 598
Loss on investments 1,213 581
Cash Flows from Investing Activities:    
Payments to Acquire Equity Method Investments (24,824) 0
Residential Fund    
Cash Flows from Investing Activities:    
Payments to Acquire Equity Method Investments $ 0 $ (768)
v3.25.4
Organization
 3 Months Ended
Dec. 31, 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 condensed 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 December 31, 2025, RMR Inc. owned 16,058,177 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 December 31, 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 December 31, 2025, which is presented as noncontrolling interest in The RMR Group LLC within the condensed 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 senior living communities, medical office and life science properties 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 service-focused retail net lease properties and hotels. 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 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, which operated 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 has since completed the sale of all of its assets in January 2026 and will continue to 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 condensed 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.
v3.25.4
Basis of Presentation
 3 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying condensed consolidated financial statements are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, or our 2025 Annual Report. In the opinion of management, all adjustments considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
We report our results in a single reportable segment, which reflects how our chief operating decision maker, or the CODM, allocates resources and evaluates our financial results. Preparation of these condensed consolidated financial statements in conformity with GAAP requires our management to make certain estimates and assumptions that may affect the amounts reported in these condensed consolidated financial statements and related notes. Significant estimates in the accompanying condensed consolidated financial statements include purchase price allocations, useful lives of intangibles and the fair value of certain assets and liabilities. The actual results could differ from these estimates.
Recent Accounting Pronouncements
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 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 annual reporting periods beginning after December 15, 2026 and interim reporting periods within those 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.
Derivatives and Hedging. In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815), which expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge, provides a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on variable rate debt instruments and expands hedge accounting for forecasted purchases and sales of nonfinancial assets, among other improvements. ASU No. 2025-09 is effective for the annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact that ASU No. 2025-09 will have on our consolidated financial statements.
Interim Reporting. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU No. 2025-11 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. 2025-11 will have on our consolidated financial statements.
v3.25.4
Revenue Recognition
 3 Months Ended
Dec. 31, 2025
Revenue Recognition [Abstract]  
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. Substantially all revenues are earned from related parties.
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. 
We earned aggregate base business management fees from the Managed Equity REITs of $19,982 and $20,399 for the three months ended December 31, 2025 and 2024.
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.
For the three months ended December 31, 2025, we recognized aggregate incentive business management fees earned from the Managed Equity REITs of $23,584. Incentive business management fees recognized as earned in the three months ended December 31, 2025 were earned for the calendar year 2025. We did not earn incentive business management fees from the Managed Equity REITs for calendar year 2024.
OPI Management Agreement — OPI commenced voluntary chapter 11 petitions on October 30, 2025. In connection with this petition, 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.
Amendment to Business Management Agreement with SVC — Effective January 1, 2026, RMR LLC and SVC amended their business management agreement to replace the benchmark index used in the calculation of incentive business management fees. Pursuant to this amendment, for periods beginning on or after January 1, 2026, the MSCI U.S. REIT Diversified Index will be used to calculate benchmark returns per share for purposes of determining any incentive business management fee payable by SVC to RMR LLC, and for periods ending prior to January 1, 2026, the MSCI U.S. REIT/Hotel & Resort REIT Index will continue to be used.
Other Management Agreements
We earn management fees by providing continuous services pursuant to the management agreements with ABP Trust regarding AlerisLife and with Sonesta; 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; and (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.
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.
We earned aggregate base business management fees from the Private Capital clients of $5,539 and $6,807 for the three months ended December 31, 2025 and 2024, respectively.
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 condensed consolidated financial statements. These management fees are payable in cash monthly in arrears.
For the three months ended December 31, 2025 and 2024, we earned aggregate property management fees of $16,388 and $18,977, respectively, including construction supervision fees of $2,230 and $3,829, 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 condensed consolidated statements of comprehensive income. We did not recognize any acquisition fee revenue for the three months ended December 31, 2025 and 2024.
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 three months ended December 31, 2025 and 2024.
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 three months ended December 31, 2025 and 2024, we earned advisory services revenue of $1,177 and $1,141. We also earned incentive fees from SEVN of $41 and $68, respectively for the three months ended December 31, 2025 and 2024, 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 three months ended December 31, 2025 and 2024, we earned income from loan investments, net of $411 and $546, 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 three months ended December 31, 2025 and 2024, we earned rental property revenues of $5,140 and $1,622, 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 condensed 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.
v3.25.4
Loans Held for Investment, Net
 3 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Loans Held for Investment, Net Loans Held for Investment, Net
In July 2024, we originated two floating rate mortgage loans secured by properties in Revere, MA and Wayne, PA. In November 2025, we sold these loans to SEVN for gross proceeds, excluding closing costs, of $61,733 and used $45,070 of these proceeds to settle our outstanding obligations under our secured financing facility.
The table below provides overall statistics for our loan portfolio as of September 30, 2025:
September 30, 2025
Number of loans
2
Total loan commitments
$64,000
Unfunded loan commitments (1)
$2,267
Principal balance
$61,733
Weighted average coupon rate
8.41%
Weighted average all in yield (2)
9.32%
Weighted average floor
4.34%
Weighted average maximum maturity (years) (3)
3.77
(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 assumed all borrower loan extension options had been exercised, which options are subject to the borrower meeting certain conditions.
v3.25.4
Indebtedness
 3 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
Mortgage Notes Payable, Net
As of December 31, 2025, three of our residential properties are encumbered by mortgage notes with an aggregate principal amount of $139,700. These mortgage loans require monthly payments of interest only until maturity. Deferred financing fees incurred in connection with these mortgage financings are amortized over the term of the respective mortgage agreement and are recorded as a component of interest expense in our condensed consolidated statements of comprehensive income. For further information regarding the interest rate caps on certain of our mortgage notes, see Note 6, Derivatives and Hedging Activities, and Note 9, Fair Value of Financial Instruments.
Senior Secured Revolving Credit Facility
We maintain a $100,000 senior secured revolving credit facility, or 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 December 31, 2025 and January 30, 2026, we had no amounts outstanding on our revolving credit facility.
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, pursuant to which we could sell to UBS, and later repurchase, commercial mortgage loans. On November 17, 2025, we settled our outstanding obligations under our secured financing facility of $45,070, excluding accrued interest, and terminated our secured financing facility. We recognized a $452 loss on extinguishment of debt during the three months ended December 31, 2025.
The table below summarizes our secured financing facility as of September 30, 2025:
Principal Balance
Carrying Value (1)
Coupon Rate (2)
Remaining Maturity (years)Maturity DateCollateral Principal Balance
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 
(1)Deferred financing costs of $484 remained unamortized as of September 30, 2025.
(2)The coupon rate is determined using the Secured Overnight Financing Rate, or 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 secured financing facility.
v3.25.4
Derivatives and Hedging Activities
 3 Months Ended
Dec. 31, 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 reported in prepaid and other current assets on our condensed consolidated balance sheets:
Fair Value at
Underlying InstrumentMaturity DateStrike RateNotional AmountDecember 31, 2025September 30, 2025
Raleigh, NC (Residential)8/15/20283.00%$47,870 621$760 
Orlando, FL (Residential)10/1/20283.00%$59,984 825998 
$1,446 $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. Over the next 12 months, we estimate that an additional $226 will be reclassified from other comprehensive income as an increase to interest expense.
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive loss for the three months ended December 31, 2025:
Amount of loss recognized on derivatives in other comprehensive loss$39 
Amount of gain reclassified from cumulative other comprehensive loss into interest expense$112 
Total amount of interest expense presented in the consolidated statements of comprehensive income$(2,647)
v3.25.4
Investments
 3 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Seven Hills Realty Trust
On November 10, 2025, SEVN commenced a transferable rights offering to raise gross proceeds of approximately $65,200 whereby shareholders of record of its common shares of beneficial interest, or SEVN common shares, as of the close of business on November 10, 2025, received, at no charge, one transferable subscription right for every one SEVN common share held, pursuant to which such shareholders could purchase, at a specified subscription price, one SEVN common share for every two subscription rights held. We, through Tremont, participated in the rights offering by (i) exercising our pro rata subscription rights based on our existing ownership in SEVN by purchasing 854,029 shares for $7,387 and (ii) purchasing 2,015,748 additional SEVN common shares not otherwise sold in the rights offering for $17,436, subject to the terms and conditions of a backstop agreement.
As of December 31, 2025, Tremont owned 4,577,835, or approximately 20.3%, 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 December 31, 2025 and September 30, 2025, based on quoted market prices, was $40,743 and $17,610, respectively. The unrealized loss in our condensed consolidated statements of comprehensive income related to our investment in SEVN was $1,213 and $581 for the three months ended December 31, 2025 and 2024. We received distributions from SEVN of $478 and $598 for the three months ended December 31, 2025 and 2024.
Carroll MF VII, LLC and Carroll Multifamily Venture VII, LP
As of December 31, 2025, we owned a 14.3% investment in Carroll MF VII, LLC, or MF VII, a co-investment vehicle managed by RMR Residential. We consolidated the financial position and results of operations for MF VII for the three months ended December 31, 2025, which included $703 in accounts payable and accrued expenses, because we are deemed to exert significant influence and control over MF VII’s most significant activities. As of December 31, 2025, MF VII owned a $2,708 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 condensed consolidated statements of comprehensive income related to MF VII’s investment in Fund VII was $448 and $490 for the three months ended December 31, 2025 and 2024, respectively.
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 aggregate equity contributions of $11,134 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 three months ended December 31, 2025.
For further information regarding the fair value of these investments and the inputs used, see Note 9, Fair Value of Financial Instruments, to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
v3.25.4
Income Taxes
 3 Months Ended
Dec. 31, 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 three months ended December 31, 2025 and 2024, all of our income before taxes was derived solely from domestic operations.
For the three months ended December 31, 2025 and 2024, we recognized estimated income tax expense of $4,661 and $2,476, respectively, which includes $3,430 and $1,812, respectively, of U.S. federal income tax and $1,231 and $664, respectively, of state income taxes.
A reconciliation of the statutory income tax rate to the effective tax rate is as follows:
Three Months Ended December 31,
20252024
Income taxes computed at the federal statutory rate21.0 %21.0 %
State taxes, net of federal benefit3.0 %2.9 %
Permanent items0.5 %0.6 %
Uncertain tax position reserve, net of federal benefit0.1 %0.2 %
Net income attributable to noncontrolling interest(9.8)%(9.8)%
Total14.8 %14.9 %
The components of the deferred tax assets as of December 31, 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 our condensed consolidated financial statements. Our policy is to include interest expense related to unrecognized tax benefits within the provision for income taxes in our condensed consolidated statements of comprehensive income. We do not reasonably expect any significant changes relating to our unrecognized tax benefits within the next twelve months.
v3.25.4
Fair Value of Financial Instruments
 3 Months Ended
Dec. 31, 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 December 31, 2025 and September 30, 2025, 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 fixed rate mortgage note 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 condensed consolidated balance sheets as of December 31, 2025 and September 30, 2025:
As of December 31, 2025
As of September 30, 2025
Carrying Value
Fair Value
Carrying Value
Fair Value
Loans held for investment
$— $— $60,984 $61,989 
Secured financing facility
— — 44,586 45,471 
Mortgage note payable
136,450 137,390 136,168 137,076 
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:
December 31, 2025
Total
Level 1
Level 2
Level 3
Due from related parties related to share based payment awards$12,988 $12,988 $— $— 
Investment in SEVN40,743 40,743 — — 
Investment in Fund VII2,708 — — 2,708 
Investment in joint ventures
11,134 — — 11,134 
Employer compensation liability related to share based payment awards12,988 12,988 — — 
Interest rate caps1,446 — 1,446 — 
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 ventures11,134 — — 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 
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 Earnout liability has been fully derecognized as of December 31, 2025.
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:
December 31, 2025
Fair Value
Valuation Technique
Unobservable Input
Range
Investment in Fund VII$2,708 
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 period3 years
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 period3 years
Earnout liability
$3,639 
Monte Carlo
Capital deployment volatility
15.00%
Discount rate
5.84%
The tables below present a summary of the changes in fair value of our investment in Fund VII and Earnout liability measured on a recurring basis:
Three Months Ended December 31,
20252024
Beginning balance
$3,156 $— 
Changes in fair value for our investment in Fund VII
(448)4,113 
Ending balance
2,708 4,113 
Three Months Ended December 31,
20252024
Beginning balance
$3,639 $11,958 
Changes in fair value for our Earnout liability
(3,639)(3,410)
Ending balance
$— $8,548 
v3.25.4
Related Person Transactions
 3 Months Ended
Dec. 31, 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. Certain of RMR Inc.’s executive officers serve as trustees or directors of certain companies to which we provide management services. Jeffrey C. Leer, an Executive Vice President of RMR LLC, has been appointed to serve as a co-chief executive officer of Sonesta, effective April 1, 2026. For more information regarding these relationships, please see our definitive Proxy Statement for our 2026 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 the Managed Equity REITs and SEVN.
Additional information about our related person transactions appears in Note 11, Shareholders’ Equity, and in our 2025 Annual Report.
Revenues from Related Parties
For the three months ended December 31, 2025 and 2024, we recognized revenues from related parties as set forth in the following table:
Three Months Ended December 31, 2025Three Months Ended December 31, 2024
TotalTotal
Management,Management,
IncentiveIncentive
and AdvisoryTotaland AdvisoryTotal
ServicesReimbursableTotalServicesReimbursableTotal
RevenuesCostsRevenuesRevenuesCostsRevenues
Perpetual Capital:
DHC$23,767 $21,123 $44,890 $6,594 $42,497 $49,091 
ILPT15,083 8,876 23,959 9,310 10,193 19,503 
OPI5,576 32,755 38,331 6,546 43,106 49,652 
SVC9,912 25,841 35,753 10,106 49,470 59,576 
Total Managed Equity REITs54,338 88,595 142,933 32,556 145,266 177,822 
SEVN1,244 1,225 2,469 1,230 1,479 2,709 
55,582 89,820 145,402 33,786 146,745 180,531 
Private Capital:
AlerisLife
355 — 355 1,400 — 1,400 
Sonesta2,103 — 2,103 2,224 — 2,224 
RMR Residential
3,351 4,834 8,185 5,165 7,337 12,502 
Other private entities5,320 13,508 18,828 4,817 15,834 20,651 
11,129 18,342 29,471 13,606 23,171 36,777 
Total revenues from related parties66,711 108,162 174,873 47,392 169,916 217,308 
Income from loan investments, net— — 411 — — 546 
Rental property revenues— — 5,140 — — 1,622 
Total revenues from unrelated parties— — 5,551 — — 2,168 
Total revenues$66,711 $108,162 $180,424 $47,392 $169,916 $219,476 
Amounts Due From Related Parties

The following table presents amounts due from related parties as of the dates indicated:
December 31, 2025September 30, 2025
AccountsReimbursableAccountsReimbursable
ReceivableCostsTotalReceivableCostsTotal
Perpetual Capital:
DHC$22,475 $10,824 $33,299 $4,806 $13,780 $18,586 
ILPT9,717 9,675 19,392 4,011 8,922 12,933 
OPI4,696 24,396 29,092 4,031 15,819 19,850 
SVC7,541 5,573 13,114 6,831 9,943 16,774 
Total Managed Equity REITs44,429 50,468 94,897 19,679 48,464 68,143 
SEVN1,255 2,351 3,606 1,513 3,272 4,785 
45,684 52,819 98,503 21,192 51,736 72,928 
Private Capital:
AlerisLife— — — 529 — 529 
Sonesta47 — 47 51 — 51 
RMR Residential
6,768 — 6,768 6,117 — 6,117 
Other private entities2,886 11,079 13,965 2,836 7,616 10,452 
9,701 11,079 20,780 9,533 7,616 17,149 
$55,385 $63,898 $119,283 $30,725 $59,352 $90,077 
Leases
As of December 31, 2025, RMR LLC leased from ABP Trust and certain Managed Equity REITs office space for use as our headquarters and local offices. We incurred rental expense under related party leases aggregating $1,379 and $1,398 for the three months ended December 31, 2025 and 2024, respectively.
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. As of December 31, 2025, our condensed 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 three months ended December 31, 2025 and 2024, RMR LLC made required quarterly tax distributions to holders of its membership units totaling $4,267 and $6,253, respectively, of which $2,268 and $3,367, respectively, was distributed to us and $1,999 and $2,886, 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 condensed 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.
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 condensed consolidated statements of comprehensive income as separation costs.
RMR LLC entered into a letter agreement, or the Retirement Agreement, dated January 7, 2026, with John G. Murray, an Executive Vice President of RMR LLC and the president and chief executive officer and a director of Sonesta. A copy of the Retirement Agreement has been filed with this Quarterly Report on Form 10-Q.
For the three months ended December 31, 2025, we recognized separation costs for certain officers and employees of $1,379, including cash separation costs of $1,350 and equity based separation costs of $29. We did not recognize any separation costs for the three months ended December 31, 2024.
SEVN Rights Offering
On October 30, 2025, SEVN announced its intent to commence a transferable rights offering, or the Rights Offering, to raise gross proceeds of approximately $65,200. We, through Tremont, agreed, pursuant to a backstop agreement, to participate in the Rights Offering, which resulted in (i) exercising our pro rata subscription rights based on our existing ownership in SEVN by purchasing 854,029 incremental shares for $7,387 and (ii) purchasing 2,015,748 in additional SEVN common shares not otherwise sold in the rights offering for $17,436, subject to the terms and conditions of a backstop agreement. Through the exercise of their respective basic subscription rights, Tremont purchased 854,029 SEVN common shares, Adam Portnoy purchased 109,669 SEVN common shares and ABP Trust purchased 58,266 SEVN common shares on December 4, 2025 in the Rights Offering. On December 11, 2025, pursuant to the Backstop Commitment, Tremont purchased 2,015,748 SEVN common shares that remained unsubscribed upon expiration of the Rights Offering. As of December 31, 2025, Tremont owned 4,577,835 SEVN common shares, or 20.3% of SEVN’s outstanding common shares.
Sale of Loans
On November 10, 2025 we sold our two floating rate first mortgage loans secured by hotel and industrial properties in Reverse, MA and Wayne, PA, respectively, for gross proceeds, excluding closing costs of $61,733 million to SEVN.
v3.25.4
Shareholders’ Equity
 3 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders’ Equity Shareholders’ Equity
We award our Class A common stock, or Class A Common Shares, to our Directors, officers and employees under the Second Amended and Restated 2016 Omnibus Equity Plan. Director share awards vest immediately. Officer and employee share awards vest in five equal, consecutive, annual installments, with the first installment vesting on the date of award. We recognize 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 Director share awards are included in general and administrative expenses and expense recognized for officer and employee share awards are included in equity based compensation in our condensed consolidated statements of comprehensive income.
Equity based compensation expense related to shares awarded to certain officers and employees was $620 and $556 for the three months ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had 310,739 unvested shares outstanding which are scheduled to vest as follows: 103,520 shares in 2026, 89,046 shares in 2027, 71,960 shares in 2028 and 46,213 in 2029.
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 date of repurchase. The aggregate value of 2,328 Class A Common Shares repurchased during the three months ended December 31, 2025 was $35, which is recorded as a decrease to additional paid in capital included in shareholders’ equity in our condensed 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.
Distributions
During the three months ended December 31, 2025 and 2024, we declared and paid dividends on our Class A Common Shares and Class B-1 common stock, or Class B-1 Common Shares, as follows:
DeclarationRecordPaidDistributionsTotal
DateDateDatePer Common ShareDistributions
Three Months Ended December 31, 2025
10/9/202510/27/202511/13/2025$0.45 $7,678 
$0.45 $7,678 
Three Months Ended December 31, 2024
10/16/202410/28/202411/14/2024$0.45 $7,581 
$0.45 $7,581 
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
Three Months Ended December 31, 2025
10/9/202510/27/202511/13/2025$0.32 $10,260 $5,460 $4,800 
$0.32 $10,260 $5,460 $4,800 
Three Months Ended December 31, 2024
10/16/202410/28/202411/14/2024$0.32 $10,191 $5,391 $4,800 
$0.32 $10,191 $5,391 $4,800 
As of December 31, 2025 and September 30, 2025, we had cash and cash equivalents of $49,315 and $62,297, respectively, of which $18,829 and $19,478, respectively, was held by RMR Inc., and $30,486 and $42,819, respectively, was held by RMR LLC and its subsidiaries. The remainder of the dividends noted above were funded with cash accumulated at RMR Inc.
On January 15, 2026, we declared a quarterly dividend on our Class A Common Shares and Class B-1 Common Shares to our shareholders of record as of January 26, 2026, in the amount of $0.45 per Class A Common Share and Class B-1 Common Share, or $7,676. 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 $10,259, of which $5,459 will be distributed to us based on our aggregate ownership of 17,058,177 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 held by RMR Inc. We expect to pay this dividend on or about February 19, 2026.
v3.25.4
Per Common Share Amounts
 3 Months Ended
Dec. 31, 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 stock of RMR Inc., or 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 three months ended December 31, 2025 and 2024, the assumed redemption is anti-dilutive to earnings per share.
The calculation of basic and diluted earnings per share for the three months ended December 31, 2025 and 2024, is as follows (amounts in thousands, except per share amounts):
Three Months Ended December 31,
20252024
Numerators:
Net income attributable to The RMR Group Inc.$12,190 $6,380 
Less: income attributable to unvested participating securities(228)(105)
Net income used in calculating basic and diluted EPS$11,962 $6,275 
Denominators:
Common shares outstanding17,058 16,845 
Less: unvested participating securities and incremental impact of weighted average(314)(232)
Weighted average common shares outstanding - basic and diluted16,744 16,613 
Net income attributable to The RMR Group Inc. per common share - basic and diluted$0.71 $0.38 
v3.25.4
Net Income Attributable to RMR Inc.
 3 Months Ended
Dec. 31, 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 three months ended December 31, 2025 and 2024, is calculated as follows:
Three Months Ended December 31,
20252024
Income before income tax expense$31,499 $16,584 
RMR Inc. franchise tax expense and interest income(81)(122)
Net income before noncontrolling interest31,418 16,462 
Net income attributable to noncontrolling interest in The RMR Group LLC(15,034)(7,722)
Net loss (income) attributable to other noncontrolling interests386 (6)
Net income attributable to RMR Inc. before income tax expense16,770 8,734 
Income tax expense attributable to RMR Inc.(4,661)(2,476)
RMR Inc. franchise tax expense and interest income81 122 
Net income attributable to RMR Inc.$12,190 $6,380 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 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
v3.25.4
Basis of Presentation (Policies)
 3 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying condensed consolidated financial statements are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, or our 2025 Annual Report. In the opinion of management, all adjustments considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
We report our results in a single reportable segment, which reflects how our chief operating decision maker, or the CODM, allocates resources and evaluates our financial results. Preparation of these condensed consolidated financial statements in conformity with GAAP requires our management to make certain estimates and assumptions that may affect the amounts reported in these condensed consolidated financial statements and related notes. Significant estimates in the accompanying condensed consolidated financial statements include purchase price allocations, useful lives of intangibles and the fair value of certain assets and liabilities. The actual results could differ from these estimates.
Recent Accounting Pronouncements Recent Accounting Pronouncements
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 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 annual reporting periods beginning after December 15, 2026 and interim reporting periods within those 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.
Derivatives and Hedging. In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815), which expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge, provides a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on variable rate debt instruments and expands hedge accounting for forecasted purchases and sales of nonfinancial assets, among other improvements. ASU No. 2025-09 is effective for the annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact that ASU No. 2025-09 will have on our consolidated financial statements.
Interim Reporting. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU No. 2025-11 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. 2025-11 will have on our consolidated financial statements.
v3.25.4
Loans Held for Investment, Net (Tables)
 3 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loans Originated
The table below provides overall statistics for our loan portfolio as of September 30, 2025:
September 30, 2025
Number of loans
2
Total loan commitments
$64,000
Unfunded loan commitments (1)
$2,267
Principal balance
$61,733
Weighted average coupon rate
8.41%
Weighted average all in yield (2)
9.32%
Weighted average floor
4.34%
Weighted average maximum maturity (years) (3)
3.77
(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 assumed all borrower loan extension options had been exercised, which options are subject to the borrower meeting certain conditions.
v3.25.4
Indebtedness (Tables)
 3 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Secured Financing Facility
The table below summarizes our secured financing facility as of September 30, 2025:
Principal Balance
Carrying Value (1)
Coupon Rate (2)
Remaining Maturity (years)Maturity DateCollateral Principal Balance
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 
(1)Deferred financing costs of $484 remained unamortized as of September 30, 2025.
(2)The coupon rate is determined using the Secured Overnight Financing Rate, or 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.
v3.25.4
Derivatives and Hedging Activities (Tables)
 3 Months Ended
Dec. 31, 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 reported in prepaid and other current assets on our condensed consolidated balance sheets:
Fair Value at
Underlying InstrumentMaturity DateStrike RateNotional AmountDecember 31, 2025September 30, 2025
Raleigh, NC (Residential)8/15/20283.00%$47,870 621$760 
Orlando, FL (Residential)10/1/20283.00%$59,984 825998 
$1,446 $1,758 
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive loss for the three months ended December 31, 2025:
Amount of loss recognized on derivatives in other comprehensive loss$39 
Amount of gain reclassified from cumulative other comprehensive loss into interest expense$112 
Total amount of interest expense presented in the consolidated statements of comprehensive income$(2,647)
v3.25.4
Income Taxes (Tables)
 3 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of income tax reconciliation
A reconciliation of the statutory income tax rate to the effective tax rate is as follows:
Three Months Ended December 31,
20252024
Income taxes computed at the federal statutory rate21.0 %21.0 %
State taxes, net of federal benefit3.0 %2.9 %
Permanent items0.5 %0.6 %
Uncertain tax position reserve, net of federal benefit0.1 %0.2 %
Net income attributable to noncontrolling interest(9.8)%(9.8)%
Total14.8 %14.9 %
v3.25.4
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Dec. 31, 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 condensed consolidated balance sheets as of December 31, 2025 and September 30, 2025:
As of December 31, 2025
As of September 30, 2025
Carrying Value
Fair Value
Carrying Value
Fair Value
Loans held for investment
$— $— $60,984 $61,989 
Secured financing facility
— — 44,586 45,471 
Mortgage note payable
136,450 137,390 136,168 137,076 
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:
December 31, 2025
Total
Level 1
Level 2
Level 3
Due from related parties related to share based payment awards$12,988 $12,988 $— $— 
Investment in SEVN40,743 40,743 — — 
Investment in Fund VII2,708 — — 2,708 
Investment in joint ventures
11,134 — — 11,134 
Employer compensation liability related to share based payment awards12,988 12,988 — — 
Interest rate caps1,446 — 1,446 — 
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 ventures11,134 — — 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 
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 Earnout liability has been fully derecognized as of December 31, 2025.
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:
December 31, 2025
Fair Value
Valuation Technique
Unobservable Input
Range
Investment in Fund VII$2,708 
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 period3 years
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 period3 years
Earnout liability
$3,639 
Monte Carlo
Capital deployment volatility
15.00%
Discount rate
5.84%
Schedule of fair value, liabilities measured on recurring basis, unobservable input reconciliation
The tables below present a summary of the changes in fair value of our investment in Fund VII and Earnout liability measured on a recurring basis:
Three Months Ended December 31,
20252024
Beginning balance
$3,156 $— 
Changes in fair value for our investment in Fund VII
(448)4,113 
Ending balance
2,708 4,113 
Three Months Ended December 31,
20252024
Beginning balance
$3,639 $11,958 
Changes in fair value for our Earnout liability
(3,639)(3,410)
Ending balance
$— $8,548 
v3.25.4
Related Person Transactions (Tables)
 3 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
For the three months ended December 31, 2025 and 2024, we recognized revenues from related parties as set forth in the following table:
Three Months Ended December 31, 2025Three Months Ended December 31, 2024
TotalTotal
Management,Management,
IncentiveIncentive
and AdvisoryTotaland AdvisoryTotal
ServicesReimbursableTotalServicesReimbursableTotal
RevenuesCostsRevenuesRevenuesCostsRevenues
Perpetual Capital:
DHC$23,767 $21,123 $44,890 $6,594 $42,497 $49,091 
ILPT15,083 8,876 23,959 9,310 10,193 19,503 
OPI5,576 32,755 38,331 6,546 43,106 49,652 
SVC9,912 25,841 35,753 10,106 49,470 59,576 
Total Managed Equity REITs54,338 88,595 142,933 32,556 145,266 177,822 
SEVN1,244 1,225 2,469 1,230 1,479 2,709 
55,582 89,820 145,402 33,786 146,745 180,531 
Private Capital:
AlerisLife
355 — 355 1,400 — 1,400 
Sonesta2,103 — 2,103 2,224 — 2,224 
RMR Residential
3,351 4,834 8,185 5,165 7,337 12,502 
Other private entities5,320 13,508 18,828 4,817 15,834 20,651 
11,129 18,342 29,471 13,606 23,171 36,777 
Total revenues from related parties66,711 108,162 174,873 47,392 169,916 217,308 
Income from loan investments, net— — 411 — — 546 
Rental property revenues— — 5,140 — — 1,622 
Total revenues from unrelated parties— — 5,551 — — 2,168 
Total revenues$66,711 $108,162 $180,424 $47,392 $169,916 $219,476 
The following table presents amounts due from related parties as of the dates indicated:
December 31, 2025September 30, 2025
AccountsReimbursableAccountsReimbursable
ReceivableCostsTotalReceivableCostsTotal
Perpetual Capital:
DHC$22,475 $10,824 $33,299 $4,806 $13,780 $18,586 
ILPT9,717 9,675 19,392 4,011 8,922 12,933 
OPI4,696 24,396 29,092 4,031 15,819 19,850 
SVC7,541 5,573 13,114 6,831 9,943 16,774 
Total Managed Equity REITs44,429 50,468 94,897 19,679 48,464 68,143 
SEVN1,255 2,351 3,606 1,513 3,272 4,785 
45,684 52,819 98,503 21,192 51,736 72,928 
Private Capital:
AlerisLife— — — 529 — 529 
Sonesta47 — 47 51 — 51 
RMR Residential
6,768 — 6,768 6,117 — 6,117 
Other private entities2,886 11,079 13,965 2,836 7,616 10,452 
9,701 11,079 20,780 9,533 7,616 17,149 
$55,385 $63,898 $119,283 $30,725 $59,352 $90,077 
v3.25.4
Shareholders’ Equity (Tables)
 3 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Dividends Declared
During the three months ended December 31, 2025 and 2024, we declared and paid dividends on our Class A Common Shares and Class B-1 common stock, or Class B-1 Common Shares, as follows:
DeclarationRecordPaidDistributionsTotal
DateDateDatePer Common ShareDistributions
Three Months Ended December 31, 2025
10/9/202510/27/202511/13/2025$0.45 $7,678 
$0.45 $7,678 
Three Months Ended December 31, 2024
10/16/202410/28/202411/14/2024$0.45 $7,581 
$0.45 $7,581 
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
Three Months Ended December 31, 2025
10/9/202510/27/202511/13/2025$0.32 $10,260 $5,460 $4,800 
$0.32 $10,260 $5,460 $4,800 
Three Months Ended December 31, 2024
10/16/202410/28/202411/14/2024$0.32 $10,191 $5,391 $4,800 
$0.32 $10,191 $5,391 $4,800 
v3.25.4
Per Common Share Amounts (Tables)
 3 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of EPS, basic
The calculation of basic and diluted earnings per share for the three months ended December 31, 2025 and 2024, is as follows (amounts in thousands, except per share amounts):
Three Months Ended December 31,
20252024
Numerators:
Net income attributable to The RMR Group Inc.$12,190 $6,380 
Less: income attributable to unvested participating securities(228)(105)
Net income used in calculating basic and diluted EPS$11,962 $6,275 
Denominators:
Common shares outstanding17,058 16,845 
Less: unvested participating securities and incremental impact of weighted average(314)(232)
Weighted average common shares outstanding - basic and diluted16,744 16,613 
Net income attributable to The RMR Group Inc. per common share - basic and diluted$0.71 $0.38 
Schedule of EPS, diluted
The calculation of basic and diluted earnings per share for the three months ended December 31, 2025 and 2024, is as follows (amounts in thousands, except per share amounts):
Three Months Ended December 31,
20252024
Numerators:
Net income attributable to The RMR Group Inc.$12,190 $6,380 
Less: income attributable to unvested participating securities(228)(105)
Net income used in calculating basic and diluted EPS$11,962 $6,275 
Denominators:
Common shares outstanding17,058 16,845 
Less: unvested participating securities and incremental impact of weighted average(314)(232)
Weighted average common shares outstanding - basic and diluted16,744 16,613 
Net income attributable to The RMR Group Inc. per common share - basic and diluted$0.71 $0.38 
v3.25.4
Net Income Attributable to RMR Inc. (Tables)
 3 Months Ended
Dec. 31, 2025
Net Income Attributable to RMR Inc.  
Schedule of Net Income Attributable to Parent
Net income attributable to RMR Inc. for the three months ended December 31, 2025 and 2024, is calculated as follows:
Three Months Ended December 31,
20252024
Income before income tax expense$31,499 $16,584 
RMR Inc. franchise tax expense and interest income(81)(122)
Net income before noncontrolling interest31,418 16,462 
Net income attributable to noncontrolling interest in The RMR Group LLC(15,034)(7,722)
Net loss (income) attributable to other noncontrolling interests386 (6)
Net income attributable to RMR Inc. before income tax expense16,770 8,734 
Income tax expense attributable to RMR Inc.(4,661)(2,476)
RMR Inc. franchise tax expense and interest income81 122 
Net income attributable to RMR Inc.$12,190 $6,380 
v3.25.4
Organization (Details)
 3 Months Ended
Dec. 31, 2025
real_estate_investment_trust
shares
Related Party Transaction [Line Items]  
Number of managed trusts | real_estate_investment_trust 4
RMR LLC  
Related Party Transaction [Line Items]  
Ownership percentage 53.20%
Capital Unit Redeemable Class A Units | Abp Trust  
Related Party Transaction [Line Items]  
Membership units (in shares) 15,000,000
Capital Unit Redeemable Class A Units | RMR LLC | Abp Trust  
Related Party Transaction [Line Items]  
Ownership percentage 46.80%
Class A Membership Units | Class A Common Stock  
Related Party Transaction [Line Items]  
Membership units (in shares) 16,058,177
Class B Membership Units  
Related Party Transaction [Line Items]  
Membership units (in shares) 1,000,000
v3.25.4
Revenue Recognition - Management Agreements with the Managed Equity REITs (Details) - USD ($)
 3 Months Ended
Oct. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Business Management and Incentive Fees      
Property management fees revenue   $ 16,388,000 $ 18,977,000
Total Managed Equity REITs      
Business Management and Incentive Fees      
Business management fees as a percentage of transferred real estate assets   0.50%  
Business management fees as a percentage of average invested capital below the threshold limit   0.70%  
Maximum threshold amount for calculating the business management fees   $ 250,000,000  
Business management fees as a percentage of average invested capital above the threshold limit   0.50%  
Minimum threshold amount for calculating the business management fees   $ 250,000,000  
Business management fees as a percent of average market capitalization below the threshold limit   0.70%  
Business management fees as a percent of average market capitalization above the threshold limit   0.50%  
Aggregate base business management fees   $ 19,982,000 20,399,000
Contingent incentive business management fee percentage   12.00%  
Aggregate incentive business management fees   $ 23,584,000 $ 0
OPI Management      
Business Management and Incentive Fees      
Agreement term 5 years    
Termination term 2 years    
Property management fees revenue $ 14,000    
Percentage of property management fee 3.00%    
Percentage of construction supervision fee 0.05    
v3.25.4
Revenue Recognition - Other Management Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Managed Operating Companies    
Related Party Transaction [Line Items]    
Management fee percentage pursuant to agreement 0.60%  
Perpetual Capital    
Related Party Transaction [Line Items]    
Aggregate business management fees $ 5,539 $ 6,807
v3.25.4
Revenue Recognition - Property Management Fees (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Percent of construction supervision 5.00%  
Property management fees revenue $ 16,388 $ 18,977
Property management fee $ 2,230 $ 3,829
Minimum    
Related Party Transaction [Line Items]    
Percent of gross collected rents 2.50%  
Maximum    
Related Party Transaction [Line Items]    
Percent of gross collected rents 3.50%  
v3.25.4
Revenue Recognition - Management Agreements with Advisory Clients (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Total revenues $ 66,711 $ 47,392
Tremont Advisors    
Related Party Transaction [Line Items]    
Incentive fee percentage condition 1 20.00%  
Incentive fee percentage condition 2 7.00%  
Advisory services    
Related Party Transaction [Line Items]    
Total revenues $ 1,177 1,141
Advisory services | Tremont Advisors    
Related Party Transaction [Line Items]    
Management fee percentage pursuant to agreement 1.50%  
Total revenues $ 1,177 1,141
Incentive fees    
Related Party Transaction [Line Items]    
Total revenues 23,625 68
Incentive fees | Tremont Advisors    
Related Party Transaction [Line Items]    
Total revenues $ 41 $ 68
v3.25.4
Revenue Recognition - Other Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue Recognition [Abstract]    
Income from loan investments, net $ 411 $ 546
Rental property revenues $ 5,140 $ 1,622
v3.25.4
Loans Held for Investment, Net - Narrative (Details)
$ in Thousands
 1 Months Ended
Nov. 30, 2025
USD ($)
Two Floating Rate Mortgage Loans  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Proceeds from sale of loans $ 61,733
Revolving Credit Facility | Line of Credit  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Extinguishment of debt, amount $ 45,070
v3.25.4
Loans Held for Investment, Net - Schedule of Loans Originated (Details) - Mortgage Receivable
$ in Thousands
 1 Months Ended 12 Months Ended
Jul. 31, 2024
loan
Sep. 30, 2025
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Number of loans | loan 2 2
Total commitment   $ 64,000
Principal balance   $ 61,733
Weighted average coupon rate (in percent)   8.41%
Weighted average all in yield (in percent)   9.32%
Weighted average floor (in percent)   4.34%
Weighted average maximum maturity (years)   3 years 9 months 7 days
Unfunded Loan Commitment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total commitment   $ 2,267
v3.25.4
Indebtedness - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Nov. 17, 2025
USD ($)
Nov. 30, 2025
USD ($)
Jan. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Debt Instrument [Line Items]            
Loss on extinguishment of debt       $ 452 $ 0  
Line of Credit | UBS Master Repurchase Agreement            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity           $ 200
Extinguishment of debt, amount $ 45,070          
Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity     $ 100      
Debt instrument, term of extension     1 year      
Debt instrument, basis spread on variable rate     2.25%      
Line of credit facility, unused capacity, commitment fee percentage     0.50%      
Extinguishment of debt, amount   $ 45,070        
Mortgage note payable            
Debt Instrument [Line Items]            
Number of properties securing debt | property       3    
Principal balance       $ 139,700    
v3.25.4
Indebtedness - Schedule of Secured Financing Facility (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
USD ($)
Line of Credit Facility [Line Items]  
Mortgage note payable $ 44,586
Secured financing facility  
Line of Credit Facility [Line Items]  
Principal Balance $ 45,070
Coupon Rate 7.03%
Remaining Maturity (years) 1 year 2 months 12 days
Collateral Principal Balance $ 61,733
Unamortized deferred financing fees $ 484
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 (Hotel) | Secured financing facility  
Line of Credit Facility [Line Items]  
Principal Balance $ 26,612
Mortgage note payable $ 26,326
Coupon Rate 7.05%
Remaining Maturity (years) 9 months
Collateral Principal Balance $ 37,000
Wayne, PA (Industrial) | Secured financing facility  
Line of Credit Facility [Line Items]  
Principal Balance 18,458
Mortgage note payable $ 18,260
Coupon Rate 7.00%
Remaining Maturity (years) 1 year 9 months 18 days
Collateral Principal Balance $ 24,733
v3.25.4
Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Derivative [Line Items]    
Reclassifications over the next 12 months $ 226  
Raleigh, NC (Residential), Interest Rate Cap    
Derivative [Line Items]    
Strike Rate 3.00%  
Notional Amount $ 47,870  
Fair Value at $ 621 $ 760
Orlando, FL (Residential), Interest Rate Cap    
Derivative [Line Items]    
Strike Rate 3.00%  
Notional Amount $ 59,984  
Fair Value at 825 998
Interest Rate Cap    
Derivative [Line Items]    
Fair Value at $ 1,446 $ 1,758
v3.25.4
Derivatives and Hedging Activities - Narrative (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Reclassifications over the next 12 months $ 226
v3.25.4
Derivatives and Hedging Activities - Schedule of Effects on Consolidated Statements of Income and Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Amount of loss recognized on derivatives in other comprehensive loss $ 39  
Amount of gain reclassified from cumulative other comprehensive loss into interest expense 112  
Total amount of interest expense presented in the consolidated statements of comprehensive income $ (2,647) $ (699)
v3.25.4
Investments (Details)
$ in Thousands
 3 Months Ended
Dec. 11, 2025
shares
Dec. 04, 2025
shares
Nov. 10, 2025
USD ($)
shares
Oct. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
joint_venture
unit
shares
Dec. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]              
Loss on investments         $ 1,661 $ 1,071  
Distributions from investments         478 598  
Accounts payable and accrued expenses         $ 37,887   $ 38,701
Number of joint ventures owned | joint_venture         2    
Investments         $ 54,585   31,900
Sunrise JV              
Schedule of Equity Method Investments [Line Items]              
Purchase price         $ 190,100    
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    
Recurring basis              
Schedule of Equity Method Investments [Line Items]              
Investments         $ 40,743   17,610
SEVN | Transferrable Rights Offering              
Schedule of Equity Method Investments [Line Items]              
Sale of stock transaction     $ 65,200 $ 65,200      
SEVN              
Schedule of Equity Method Investments [Line Items]              
Payments to acquire equity method investments         24,824 0  
Investments         40,743   $ 17,610
Loss on investments         1,213 581  
Distributions from investments         $ 478 598  
SEVN | Transferrable Rights Offering              
Schedule of Equity Method Investments [Line Items]              
Number of shares purchased (in shares) | shares     854,029        
Payments to acquire equity method investments     $ 7,387        
SEVN | Shares Purchased Outside of Rights Offering              
Schedule of Equity Method Investments [Line Items]              
Number of shares purchased (in shares) | shares     2,015,748        
Payments to acquire equity method investments     $ 17,436        
SEVN | Tremont Reality Capital              
Schedule of Equity Method Investments [Line Items]              
Number of shares purchased (in shares) | shares 2,015,748 854,029          
Number of shares owned (in shares) | shares         4,577,835    
Ownership percentage         20.30%    
SEVN | Related Party | Tremont Reality Capital              
Schedule of Equity Method Investments [Line Items]              
Number of shares owned (in shares) | shares         4,577,835    
Ownership percentage         20.30%    
CARROLL Multifamily Venture VII, LP              
Schedule of Equity Method Investments [Line Items]              
Ownership percentage         14.30%    
Carroll MF VII, LLC              
Schedule of Equity Method Investments [Line Items]              
Loss on investments         $ 448 $ 490  
Investments         2,708    
Carroll MF VII, LLC | Related Party              
Schedule of Equity Method Investments [Line Items]              
Accounts payable and accrued expenses         703    
Sunrise JV              
Schedule of Equity Method Investments [Line Items]              
Payments to acquire equity method investments         $ 11,134    
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 4,661 $ 2,476
Federal income tax expense 3,430 1,812
State income tax expense $ 1,231 $ 664
v3.25.4
Income Taxes - Schedule of Reconciliation of Income Tax Rate (Details)
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Income taxes computed at the federal statutory rate 21.00% 21.00%
State taxes, net of federal benefit 3.00% 2.90%
Permanent items 0.50% 0.60%
Uncertain tax position reserve, net of federal benefit 0.10% 0.20%
Net income attributable to noncontrolling interest (9.80%) (9.80%)
Total 14.80% 14.90%
v3.25.4
Fair Value of Financial Instruments - Schedule of Financial Instruments Not Carried at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held for investment $ 0 $ 60,984
Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held for investment 0 61,989
Secured financing facility | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Secured financing facility 0 44,586
Secured financing facility | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Secured financing facility 0 45,471
Mortgage note payable | Carrying Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Secured financing facility 136,450 136,168
Mortgage note payable | Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Secured financing facility $ 137,390 $ 137,076
v3.25.4
Fair Value of Financial Instruments - Schedule of Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Due from related parties related to share based payment awards $ 12,988 $ 15,797
Employer compensation liability related to share based payment awards 12,988 15,797
Interest rate caps 1,446 1,758
Earnout liability   3,639
SEVN    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 40,743 17,610
MF Fund VII    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 2,708 3,156
Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 11,134 11,134
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 12,988 15,797
Employer compensation liability related to share based payment awards 12,988 15,797
Interest rate caps 0 0
Earnout liability   0
Level 1 | SEVN    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 40,743 17,610
Level 1 | MF Fund VII    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Level 1 | Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
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
Interest rate caps 1,446 1,758
Earnout liability   0
Level 2 | SEVN    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Level 2 | MF Fund VII    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Level 2 | Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
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
Interest rate caps 0 0
Earnout liability   3,639
Level 3 | SEVN    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Level 3 | MF Fund VII    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 2,708 3,156
Level 3 | Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments $ 11,134 $ 11,134
v3.25.4
Fair Value of Financial Instruments - Schedule of Valuation Techniques (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Earnout liability   $ 3,639
MF Fund VII    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investments $ 2,708 3,156
Joint Venture    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investments $ 11,134 $ 11,134
Discount rates | Monte Carlo    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Earnout Liability Measurement Input   0.0584
Discount rates | Minimum | Discounted cash flow | MF Fund VII    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 0.0650 0.0650
Discount rates | Maximum | Discounted cash flow | MF Fund VII    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 0.0700 0.0700
Exit capitalization rates | Minimum | Discounted cash flow | MF Fund VII    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 0.0500 0.0500
Exit capitalization rates | Minimum | Discounted cash flow | Joint Venture    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 0.0497 0.0497
Exit capitalization rates | Maximum | Discounted cash flow | MF Fund VII    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 0.0550 0.0550
Exit capitalization rates | Maximum | Discounted cash flow | Joint Venture    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 0.0515 0.0515
Holding period | Discounted cash flow | MF Fund VII    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 10,000 10,000
Holding period | Discounted cash flow | Joint Venture    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 3,000 3,000
Unlevered IRR | Minimum | Discounted cash flow | Joint Venture    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 0.1202 0.1202
Unlevered IRR | Maximum | Discounted cash flow | Joint Venture    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity Measurement Input 0.1237 0.1237
Capital deployment volatility | Monte Carlo    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Earnout Liability Measurement Input   0.1500
v3.25.4
Fair Value of Financial Instruments - Schedule of Unobservable Inputs Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 3,639 $ 11,958
Changes in fair value (3,639) (3,410)
Ending balance $ 0 8,548
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 $ 3,156 0
Changes in fair value for our investment in Fund VII (448) 4,113
Ending balance $ 2,708 $ 4,113
v3.25.4
Related Person Transactions - Schedule of Revenues from Related Parties (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Total revenues $ 66,711 $ 47,392
Total reimbursable costs 108,162 169,916
Income from loan investments, net 411 546
Rental property revenues 5,140 1,622
Revenues 180,424 219,476
Related Party And Nonrelated Party    
Related Party Transaction [Line Items]    
Total revenues 66,711 47,392
Revenues 180,424 219,476
Total revenues from related parties    
Related Party Transaction [Line Items]    
Total revenues 66,711 47,392
Total reimbursable costs 108,162 169,916
Revenues 174,873 217,308
Perpetual Capital:    
Related Party Transaction [Line Items]    
Total revenues 55,582 33,786
Total reimbursable costs 89,820 146,745
Revenues 145,402 180,531
Total Managed Equity REITs    
Related Party Transaction [Line Items]    
Total revenues 54,338 32,556
Total reimbursable costs 88,595 145,266
Revenues 142,933 177,822
DHC    
Related Party Transaction [Line Items]    
Total revenues 23,767 6,594
Total reimbursable costs 21,123 42,497
Revenues 44,890 49,091
ILPT    
Related Party Transaction [Line Items]    
Total revenues 15,083 9,310
Total reimbursable costs 8,876 10,193
Revenues 23,959 19,503
OPI    
Related Party Transaction [Line Items]    
Total revenues 5,576 6,546
Total reimbursable costs 32,755 43,106
Revenues 38,331 49,652
SVC    
Related Party Transaction [Line Items]    
Total revenues 9,912 10,106
Total reimbursable costs 25,841 49,470
Revenues 35,753 59,576
SEVN    
Related Party Transaction [Line Items]    
Total revenues 1,244 1,230
Total reimbursable costs 1,225 1,479
Revenues 2,469 2,709
Private Capital:    
Related Party Transaction [Line Items]    
Total revenues 11,129 13,606
Total reimbursable costs 18,342 23,171
Revenues 29,471 36,777
AlerisLife    
Related Party Transaction [Line Items]    
Total revenues 355 1,400
Total reimbursable costs 0 0
Revenues 355 1,400
Sonesta    
Related Party Transaction [Line Items]    
Total revenues 2,103 2,224
Total reimbursable costs 0 0
Revenues 2,103 2,224
RMR Residential    
Related Party Transaction [Line Items]    
Total revenues 3,351 5,165
Total reimbursable costs 4,834 7,337
Revenues 8,185 12,502
Other private entities    
Related Party Transaction [Line Items]    
Total revenues 5,320 4,817
Total reimbursable costs 13,508 15,834
Revenues 18,828 20,651
Total revenues from unrelated parties    
Related Party Transaction [Line Items]    
Total revenues 0 0
Total reimbursable costs 0 0
Revenues $ 5,551 $ 2,168
v3.25.4
Related Person Transactions - Schedule of Amount Due from Related Parties (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Related Party Transaction [Line Items]    
Accounts receivable $ 55,385 $ 30,725
Reimbursable costs 63,898 59,352
Total 119,283 90,077
Perpetual Capital    
Related Party Transaction [Line Items]    
Accounts receivable 45,684 21,192
Reimbursable costs 52,819 51,736
Total 98,503 72,928
Total Managed Equity REITs    
Related Party Transaction [Line Items]    
Accounts receivable 44,429 19,679
Reimbursable costs 50,468 48,464
Total 94,897 68,143
DHC    
Related Party Transaction [Line Items]    
Accounts receivable 22,475 4,806
Reimbursable costs 10,824 13,780
Total 33,299 18,586
ILPT    
Related Party Transaction [Line Items]    
Accounts receivable 9,717 4,011
Reimbursable costs 9,675 8,922
Total 19,392 12,933
OPI    
Related Party Transaction [Line Items]    
Accounts receivable 4,696 4,031
Reimbursable costs 24,396 15,819
Total 29,092 19,850
SVC    
Related Party Transaction [Line Items]    
Accounts receivable 7,541 6,831
Reimbursable costs 5,573 9,943
Total 13,114 16,774
SEVN    
Related Party Transaction [Line Items]    
Accounts receivable 1,255 1,513
Reimbursable costs 2,351 3,272
Total 3,606 4,785
Private Capital    
Related Party Transaction [Line Items]    
Accounts receivable 9,701 9,533
Reimbursable costs 11,079 7,616
Total 20,780 17,149
AlerisLife    
Related Party Transaction [Line Items]    
Accounts receivable 0 529
Reimbursable costs 0 0
Total 0 529
Sonesta    
Related Party Transaction [Line Items]    
Accounts receivable 47 51
Reimbursable costs 0 0
Total 47 51
RMR Residential    
Related Party Transaction [Line Items]    
Accounts receivable 6,768 6,117
Reimbursable costs 0 0
Total 6,768 6,117
Other private entities    
Related Party Transaction [Line Items]    
Accounts receivable 2,886 2,836
Reimbursable costs 11,079 7,616
Total $ 13,965 $ 10,452
v3.25.4
Related Person Transactions - Narrative (Details)
$ in Thousands
 3 Months Ended
Dec. 11, 2025
shares
Dec. 04, 2025
shares
Nov. 10, 2025
USD ($)
loan
shares
Oct. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
Related Party Transaction [Line Items]            
Separation costs         $ 1,379 $ 0
Floating Rate First Mortgage Loans            
Related Party Transaction [Line Items]            
Number of loans sold | loan     2      
Proceeds from sale of loans     $ 61,733      
SEVN            
Related Party Transaction [Line Items]            
Payments to acquire equity method investments         24,824 0
SEVN | Transferrable Rights Offering            
Related Party Transaction [Line Items]            
Number of shares purchased (in shares) | shares     854,029      
Payments to acquire equity method investments     $ 7,387      
SEVN | Shares Purchased Outside of Rights Offering            
Related Party Transaction [Line Items]            
Number of shares purchased (in shares) | shares     2,015,748      
Payments to acquire equity method investments     $ 17,436      
RMR LLC            
Related Party Transaction [Line Items]            
Distributions paid         $ 2,268 3,367
Tremont Reality Capital | SEVN            
Related Party Transaction [Line Items]            
Number of shares purchased (in shares) | shares 2,015,748 854,029        
Number of shares owned (in shares) | shares         4,577,835  
Ownership percentage         20.30%  
Abp Trust | SEVN            
Related Party Transaction [Line Items]            
Number of shares purchased (in shares) | shares   58,266        
Adam D. Portnoy | SEVN            
Related Party Transaction [Line Items]            
Number of shares purchased (in shares) | shares   109,669        
SEVN | Transferrable Rights Offering            
Related Party Transaction [Line Items]            
Sale of stock transaction     $ 65,200 $ 65,200    
Total revenues from related parties | Former Nonexecutive Officer            
Related Party Transaction [Line Items]            
Separation costs         $ 1,379  
Cash severance costs         1,350  
Equity severance costs         $ 29  
Total revenues from related parties | Tremont Reality Capital | SEVN            
Related Party Transaction [Line Items]            
Number of shares owned (in shares) | shares         4,577,835  
Ownership percentage         20.30%  
ABP Trust and Managed REIT            
Related Party Transaction [Line Items]            
Lease expense         $ 1,379 1,398
ABP Trust and Managed REIT | RMR LLC            
Related Party Transaction [Line Items]            
Distributions paid         4,267 6,253
Abp Trust | RMR LLC            
Related Party Transaction [Line Items]            
Distributions paid         $ 1,999 $ 2,886
Abp Trust | Up C Transaction            
Related Party Transaction [Line Items]            
Tax receivable agreement, percent of payment         85.00%  
Liability related to tax receivable agreement         $ 18,478  
Current portion of liability related to tax receivable agreement         $ 2,552  
v3.25.4
Shareholders’ Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jan. 15, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
vesting_installment
shares
Dec. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
Class of Stock [Line Items]        
Equity based compensation expense   $ 620 $ 556  
Unvested shares outstanding (in shares) | shares   310,739    
Cash and cash equivalents   $ 49,315   $ 62,297
Parent Company        
Class of Stock [Line Items]        
Cash and cash equivalents   18,829   19,478
RMR LLC        
Class of Stock [Line Items]        
Cash and cash equivalents   $ 30,486   $ 42,819
Tranche One        
Class of Stock [Line Items]        
Shares vesting (in shares) | shares   103,520    
Tranche Two        
Class of Stock [Line Items]        
Shares vesting (in shares) | shares   89,046    
Tranche Three        
Class of Stock [Line Items]        
Shares vesting (in shares) | shares   71,960    
Tranche Four        
Class of Stock [Line Items]        
Shares vesting (in shares) | shares   46,213    
Common class A and B1        
Class of Stock [Line Items]        
Value of dividends   $ 7,678 7,581  
Common class A and B1 | Subsequent Event        
Class of Stock [Line Items]        
Dividends declared (in usd per share) | $ / shares $ 0.45      
Value of dividends $ 7,676      
Membership Units | RMR LLC        
Class of Stock [Line Items]        
Value of dividends   10,260 10,191  
Membership Units | RMR, Inc | RMR LLC        
Class of Stock [Line Items]        
Value of dividends   5,460 5,391  
Membership Units | Abp Trust | RMR LLC        
Class of Stock [Line Items]        
Value of dividends   $ 4,800 $ 4,800  
Membership Units | Subsequent Event | RMR LLC        
Class of Stock [Line Items]        
Dividends declared (in usd per share) | $ / shares $ 0.32      
Value of dividends $ 10,259      
Membership Units | Subsequent Event | RMR LLC        
Class of Stock [Line Items]        
Shares owned (in shares) | shares 17,058,177,000      
Membership Units | Subsequent Event | RMR, Inc | RMR LLC        
Class of Stock [Line Items]        
Value of dividends $ 5,459      
Membership Units | Subsequent Event | Abp Trust | RMR LLC        
Class of Stock [Line Items]        
Value of dividends $ 4,800      
Capital Unit Redeemable Class A Units | Abp Trust        
Class of Stock [Line Items]        
Membership units (in shares) | shares   15,000,000    
2016 Plan | Class A Common Stock        
Class of Stock [Line Items]        
Number of installments | vesting_installment   5    
Shares repurchased (in shares) | shares   2,328    
Shares repurchased during period   $ 35    
v3.25.4
Shareholders’ Equity - Schedule of Distributions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Common class A and B1    
Class of Stock [Line Items]    
Dividends paid (in dollars per share) $ 0.45 $ 0.45
Value of dividends $ 7,678 $ 7,581
Membership Units | RMR LLC    
Class of Stock [Line Items]    
Dividends paid (in dollars per share) $ 0.32 $ 0.32
Value of dividends $ 10,260 $ 10,191
Membership Units | RMR LLC | RMR, Inc    
Class of Stock [Line Items]    
Value of dividends 5,460 5,391
Membership Units | RMR LLC | Abp Trust    
Class of Stock [Line Items]    
Value of dividends $ 4,800 $ 4,800
v3.25.4
Per Common Share Amounts - Narrative (Details)
 3 Months Ended
Dec. 31, 2025
shares
Capital Unit Redeemable Class A Units | Abp Trust  
Class of Stock [Line Items]  
Membership units (in shares) 15,000,000
Class A Membership Units  
Class of Stock [Line Items]  
Conversion ratio 1
v3.25.4
Per Common Share Amounts - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Numerators:    
Net income attributable to The RMR Group Inc. $ 12,190 $ 6,380
Less: income attributable to unvested participating securities (228) (105)
Net income used in calculating basic EPS 11,962 6,275
Net income used in calculating diluted EPS $ 11,962 $ 6,275
Denominators:    
Common shares outstanding (in shares) 17,058 16,845
Less: unvested participating securities and incremental impact of weighted average (in shares) (314) (232)
Weighted average common shares outstanding - basic (in shares) 16,744 16,613
Weighted average common shares outstanding - diluted (in shares) 16,744 16,613
Net income attributable to The RMR Group Inc. per common share - basic (in usd per share) $ 0.71 $ 0.38
Net income attributable to The RMR Group Inc. per common share - diluted (in usd per share) $ 0.71 $ 0.38
v3.25.4
Net Income Attributable to RMR Inc. (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Net Income Attributable to RMR Inc.    
Income before income tax expense $ 31,499 $ 16,584
RMR Inc. franchise tax expense and interest income (81) (122)
Net income before noncontrolling interest 31,418 16,462
Net income attributable to noncontrolling interest in The RMR Group LLC (15,034) (7,722)
Net loss (income) attributable to other noncontrolling interests 386 (6)
Net income attributable to RMR Inc. before income tax expense 16,770 8,734
Income tax expense (4,661) (2,476)
RMR Inc. franchise tax expense and interest income 81 122
Net income attributable to The RMR Group Inc. $ 12,190 $ 6,380