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]