Core Insights - The RMR Group reported strong performance in Q1 2026, with distributable earnings of $0.47 per share, adjusted net income of $0.20 per share, and adjusted EBITDA of $19.5 million, all exceeding prior guidance [3][4][7] - Strategic actions over the past two years at Diversified Healthcare Trust (DHC) and Industrial Logistics Properties Trust (ILPT) have led to significant share price improvements and a total of $23.6 million in incentive fees earned for 2025 [2][6] Financial Performance - RMR's Q1 results included nearly $150 million in total liquidity, with $50 million in cash and $100 million available on an undrawn revolving credit facility [20] - Recurring service revenues were approximately $43 million, down $2.5 million sequentially, with expectations for a further decrease to about $41 million in the next quarter [15][16] - The effective tax rate for the quarter was 14.8%, expected to rise to about 17% in the second quarter [18] Strategic Actions - DHC sold 69 properties for approximately $605 million and repaid its zero-coupon senior secured notes due 2026, leaving no debt maturities until 2028 [7] - SVC sold 112 hotels for about $859 million in 2025 and redeemed $300 million of senior unsecured notes [7] - ILPT refinanced over $1.2 billion of debt and materially increased its dividend [7] Private Capital Initiatives - RMR is targeting approximately $250 million for an enhanced growth venture and plans to launch a multifamily fund in 2026 to manage its $4.5 billion residential portfolio [5][21] - The company is focused on scaling fundraising efforts and has hired Peter Welch to lead international capital formation [5][9] Leasing and Investment Activity - RMR arranged nearly 10 million square feet of leasing at rental rates approximately 13% higher than previous rents [9] - The company is underwriting investment opportunities in retail to build a value-add portfolio, with an initial investment of $21 million in a shopping center outside Chicago [12] Outlook - Management anticipates a sequential decline in adjusted net income due to various factors, including the loss of fees from AlerisLife and lower construction management fees [19] - Future loan activity is expected primarily at Seven Hills, with no plans to add additional loans to RMR's balance sheet [14]

Financial Data and Key Metrics Changes - The company reported Distributable Earnings of $0.47 per share, Adjusted Net Income of $0.20 per share, and Adjusted EBITDA of $19.5 million for the first quarter of fiscal 2026, all of which exceeded or were at the high end of expectations [4][17] - Recurring service revenues were approximately $43 million, a sequential quarter decrease of approximately $2.5 million, primarily due to the wind down of AlerisLife's business and a decrease in SVC's enterprise value [17] - The company expects recurring service revenues to decrease to approximately $41 million in the next quarter [18] Business Line Data and Key Metrics Changes - DHC sold 37 properties for gross proceeds of approximately $250 million in the fourth quarter, and a total of 69 properties for approximately $605 million in 2025 [6][7] - SVC completed the sale of 66 hotels for approximately $534 million during the quarter and sold a total of 112 hotels in 2025 for $859 million [8] - ILPT successfully refinanced over $1.2 billion of debt in 2025 and materially increased its dividend [9] Market Data and Key Metrics Changes - The company arranged nearly 10 million square feet of leasing at rental rates approximately 13% higher than previous rents for the same space [12] - The managed portfolio of RMR Residential ended the year with approximately 93% occupancy and a resident retention rate of over 70% [14] Company Strategy and Development Direction - The company is focused on enhancing its private capital growth initiatives and has hired Peter Welch to lead international capital formation [12][13] - RMR is actively exploring investment opportunities in multifamily, retail, and select development projects [30] - The company aims to raise approximately $250 million for its enhanced growth venture fundraising [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of multifamily assets, noting strong operational results and tenant retention rates [39] - The company anticipates a challenging fundraising environment but remains focused on residential and select development opportunities [13] - Management expects to see an increase in quarterly Adjusted EBITDA from additional dividends on increased investment in Seven Hills [21] Other Important Information - The company ended the quarter with nearly $150 million of total liquidity, including nearly $50 million in cash and $100 million of capacity on its undrawn revolving credit facility [22] - OPI filed for Chapter 11 bankruptcy, with the process ongoing [10] Q&A Session Summary Question: Comments on Peter's addition and fundraising efforts - Management clarified that the addition of Peter Welch is to bolster existing fundraising efforts, focusing on both U.S. and international capital [24][25] Question: Investment products for capital raising - Management indicated a focus on multifamily, loans, and retail investments, with a strong interest in multifamily for 2026 [30] Question: Performance of multifamily assets - Management noted strong operational results and tenant retention in multifamily assets, with rent growth approaching 5% [39] Question: Transition from adjusted net income to guidance - Management explained expected headwinds from the AlerisLife contract and lower construction management fees impacting future earnings [41][42] Question: Appetite for loan investments - Management views lending as a growth engine, with expectations for an active year in new loans primarily through Seven Hills [44][46] Question: Timeline for multifamily fund capital raising - Management aims to raise capital for the multifamily fund as soon as possible, with expectations for completion within fiscal year 2026 [48]

Financial Data and Key Metrics Changes - The company reported Distributable Earnings of $0.47 per share, Adjusted Net Income of $0.20 per share, and Adjusted EBITDA of $19.5 million, all exceeding or at the high end of expectations [4][17] - Recurring service revenues were approximately $43 million, a sequential quarter decrease of approximately $2.5 million [17] - Interest expense increased to $2.6 million due to a full quarter of interest on two leveraged residential properties acquired last quarter [20] Business Line Data and Key Metrics Changes - DHC sold 69 properties for approximately $605 million in 2025, with a focus on improving SHOP NOI margins and selling non-core assets [6][7] - SVC completed the sale of 112 hotels for $859 million in 2025 and announced the early redemption of $300 million of senior unsecured notes [8] - ILPT successfully refinanced over $1.2 billion of debt in 2025 and materially increased its dividend [9] Market Data and Key Metrics Changes - RMR arranged nearly 10 million sq ft of leasing at rental rates approximately 13% higher than previous rents for the same space [12] - The managed residential portfolio ended the year with approximately 93% occupancy and a resident retention rate of over 70% [14] Company Strategy and Development Direction - The company is focused on private capital growth initiatives and has hired experienced personnel to lead international capital formation [12][13] - RMR aims to raise approximately $250 million for its enhanced growth venture fundraising, targeting residential and select development opportunities [15] - The company is actively exploring refinancing options for its remaining $1.4 billion of floating rate debt [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strategic actions taken over the past two years, which have driven significant positive returns for shareholders [4][5] - The economic environment remains uncertain, but the company is committed to supporting its clients' financial and strategic objectives [11] - Management expects recurring service revenues to decrease to approximately $41 million in the next quarter due to lower construction supervision fees [18] Other Important Information - The company ended the quarter with nearly $150 million of total liquidity, including nearly $50 million in cash [22] - The bankruptcy process for OPI remains ongoing, with updates to be provided as new information becomes available [10] Q&A Session Summary Question: Clarification on Peter's addition and fundraising efforts - Management clarified that the addition of Peter is to bolster existing fundraising efforts, not a change in strategy [24][25] Question: Investment products for capital raising - Management indicated a focus on multifamily, loans, and retail investments for capital raising in 2026 [27][30] Question: Performance of multifamily assets - Management noted strong operational results and tenant retention in multifamily assets, with rent growth approaching 5% [38][39] Question: Adjusted net income guidance - Management explained the expected decrease in adjusted net income due to various factors including lower construction management fees and the impact of asset sales [41][42] Question: Outlook for loan investments - Management views lending as a growth engine and expects an active year for new loans, primarily through Seven Hills [44][46] Question: Timeline for multifamily fund capital raising - Management aims to raise capital for the multifamily fund as soon as possible, with expectations for completion within fiscal year 2026 [47][48]

Financial Data and Key Metrics Changes - The company reported Distributable Earnings of $0.47 per share, Adjusted Net Income of $0.20 per share, and Adjusted EBITDA of $19.5 million, all exceeding or at the high end of expectations [4][16] - Recurring service revenues were approximately $43 million, a sequential quarter decrease of about $2.5 million, primarily due to the wind down of AlerisLife's business [16] - The company expects recurring service revenues to decrease to approximately $41 million in the next quarter [17] Business Line Data and Key Metrics Changes - DHC sold 69 properties for approximately $605 million in 2025, with a focus on improving SHOP NOI margins and selling non-core assets [5][6] - SVC sold 112 hotels for $859 million in 2025 and announced the early redemption of $300 million of its senior unsecured notes [7] - ILPT successfully refinanced over $1.2 billion of debt in 2025 and materially increased its dividend [8] Market Data and Key Metrics Changes - RMR arranged nearly 10 million square feet of leasing at rental rates approximately 13% higher than previous rents for the same space [11] - The managed residential portfolio ended the year with approximately 93% occupancy and a resident retention rate of over 70% [12] Company Strategy and Development Direction - The company is focused on private capital growth initiatives and has hired experienced personnel to enhance its fundraising efforts [11][12] - RMR is actively exploring investment opportunities in multifamily, retail, and select development projects [29] - The company aims to raise approximately $250 million for its enhanced growth venture fundraising [13][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of multifamily assets, noting strong operational results and tenant retention [39] - The company anticipates a challenging fundraising environment but remains focused on residential and select development opportunities [12][29] - Management expects to see an increase in quarterly Adjusted EBITDA from additional dividends on increased investments in Seven Hills [20] Other Important Information - The company ended the quarter with nearly $150 million of total liquidity, including nearly $50 million in cash [22] - The bankruptcy process for OPI remains ongoing, with updates to be provided as new information becomes available [9] Q&A Session Summary Question: Comments on Peter's addition and fundraising efforts - Management clarified that the addition of Peter is to bolster existing fundraising efforts, focusing on both U.S. and international capital [24][25] Question: Products for capital raising - Management indicated a focus on multifamily, loans, and retail investments for capital raising in 2026 [27][29] Question: Performance of multifamily assets - Management highlighted strong operational results and tenant retention in multifamily assets, with expectations of continued performance [38][39] Question: Adjusted net income guidance - Management explained the expected decrease in adjusted net income due to various factors, including lower construction management fees and the impact of asset sales [42][43] Question: Investment outlook for loans - Management views lending as a growth engine and expects an active year for new loans through Seven Hills [45][46] Question: Timeline for multifamily fund capital raising - Management aims to raise capital for the multifamily fund as soon as possible, with expectations for completion within fiscal year 2026 [49][50]

Financial Results and Supplemental Information FISCAL FIRST QUARTER 2026 February 4, 2026 | Fiscal First Quarter 2026 Highlights 5 | | --- | | FINANCIALS | | Key Financial Data 7 | | Adjusted Net Income Attributable to The RMR Group Inc. Bridge 8 | | Distributable Earnings Bridge 9 | | AUM by Source 10 | | Management and Advisory Services Revenues by Source 12 | | Well-Covered Dividend 13 | | GAAP Results: Condensed Consolidated Statements of Income 14 | | GAAP Results: Earnings Per Common Share 16 | | GAAP ...

分组1 - RMR Group reported quarterly earnings of $0.20 per share, exceeding the Zacks Consensus Estimate of $0.18 per share, but down from $0.35 per share a year ago, representing an earnings surprise of +11.11% [1] - The company posted revenues of $180.42 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 15.73%, and down from $219.48 million year-over-year [2] - RMR Group has surpassed consensus EPS estimates only once in the last four quarters and has not beaten consensus revenue estimates during the same period [2] 分组2 - The stock has gained approximately 1.4% since the beginning of the year, compared to the S&P 500's gain of 1.1% [3] - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.21 for the coming quarter and $0.83 for the current fiscal year [7] - The Zacks Industry Rank indicates that the Real Estate - Operations sector is currently in the bottom 30% of over 250 Zacks industries, which may impact stock performance [8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-37616 THE RMR GROUP INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 47-4122583 (State of Organization) (IRS Employer Identification No.) Two Newton P ...

THE RMR GROUP Financial Results and Supplemental Information FISCAL FIRST QUARTER 2026 February 4, 2026 Exhibit 99.2 Table of Contents QUARTERLY RESULTS | Fiscal First Quarter 2026 Highlights | | --- | | FINANCIALS | | Key Financial Data | | Adjusted Net Income Attributable to The RMR Group Inc. Bridge | | Distributable Earnings Bridge | | AUM by Source | | Management and Advisory Services Revenues by Source | | Well-Covered Dividend ... | | GAAP Results: Condensed Consolidated Statements of Income ... | | ...

Group 1 - The RMR Group Inc. (NASDAQ:RMR) is recognized among 13 dividend stocks with over 8% yield [1] - Ladenburg initiated coverage of RMR with a Buy rating and a price target of $17 [2] - RMR reported $23.6 million in incentive business management fees for 2025, with the largest contribution from Diversified Healthcare Trust at $17.9 million [3][4] Group 2 - The company announced a quarterly dividend of $0.45 per share, equating to an annual distribution of $1.80, with payment expected around February 19, 2026 [5] - RMR operates as a U.S.-based alternative asset manager with a focus on residential and commercial real estate, overseeing approximately $39 billion in assets [6]

Core Viewpoint - The RMR Group has appointed Peter Welch as Senior Vice President and Head of International to enhance its international brand and relationships with global institutional capital partners [1][4]. Group 1: Appointment and Responsibilities - Peter Welch's new role focuses on expanding RMR's international presence and supporting capital formation initiatives [1]. - Welch's appointment complements the hiring of Mary Smendzuik as Senior Vice President and Head of Capital Formation, who will focus on North American institutional capital partners [2]. Group 2: Background of Peter Welch - Prior to joining RMR, Welch was a Senior Advisor at Bain Capital Credit, focusing on investment and capital formation [3]. - He has held senior leadership positions at Wells Fargo Securities, including CEO in Singapore and Head of the Global Institutional Client Group for Asia Pacific [3]. - Welch also served as a Partner and Managing Director at Goldman Sachs JBWere in the Merchant Banking Division [3]. Group 3: Company Strategy and Goals - Adam Portnoy, President & CEO, stated that Welch's experience in global capital markets will enhance RMR's reputation and help cultivate new capital sources [4]. - Welch expressed enthusiasm about joining RMR during a period of significant investment in capital formation capabilities and global expansion [4]. Group 4: Company Overview - The RMR Group is a leading U.S. alternative asset management company, managing approximately $39 billion in assets under management [5]. - The company focuses on both residential and commercial real estate, supported by nearly 900 professionals across more than 30 offices [5]. - RMR has over 35 years of institutional experience in real estate transactions and operations [5].