Business Description

Our Company 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 this Annual Report on Form 10-K, unless otherwise indicated, “we”, “us” and “our” refers to RMR Inc. and its direct and indirect subsidiaries, including RMR LLC. As of September 30, 2025, RMR Inc. owned 16,063,495 class A membership units of RMR LLC, or Class A Units, and 1,000,000 class B membership units of RMR LLC, or Class B Units. The aggregate RMR LLC membership units RMR Inc. owns represent approximately 53.2% of the economic interest of RMR LLC. A wholly owned subsidiary of ABP Trust owns 15,000,000 redeemable Class A Units, representing approximately 46.8% of the economic interest of RMR LLC. Adam Portnoy, the 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, and owns all of ABP Trust’s voting securities and a majority of the economic interest of ABP Trust. As of September 30, 2025, Adam Portnoy beneficially owned (including through ABP Trust), in aggregate, (i) 245,361 shares of Class A common stock of RMR Inc., or Class A Common Shares; (ii) all the outstanding shares of Class B-1 common stock of RMR Inc., or Class B-1 Common Shares; and (iii) all the outstanding shares of Class B-2 common stock of RMR Inc., or Class B-2 Common Shares. Since its founding in 1986, RMR LLC has substantially grown assets under management and the number of real estate businesses it manages. As of September 30, 2025, we had $39.0 billion of assets under management. We provide management services to four publicly traded equity real estate investment trusts, or REITs, three of whose securities are listed on The Nasdaq Stock Market LLC, or Nasdaq, and one of whose securities are listed on the OTC Markets Group Inc., or OTCPK: Diversified Healthcare Trust, a Maryland REIT, including its subsidiaries, or DHC; Industrial Logistics Properties Trust, a Maryland REIT, including its subsidiaries, or ILPT; Service Properties Trust, a Maryland REIT, including its subsidiaries, or SVC; and Office Properties Income Trust, a Maryland REIT, including its subsidiaries, or OPI. DHC, ILPT, SVC and OPI are collectively referred to as the Managed Equity REITs. OPI’s securities were previously listed on Nasdaq. Effective as of the opening of business on October 6, 2025, OPI’s securities were delisted from Nasdaq and listed on OTCPK. As manager of the Managed Equity REITs, we are responsible for implementing investment strategies and managing day-to-day operations, subject to supervision and oversight by each Managed Equity REIT’s board of trustees. The Managed Equity REITs have no employees, and we provide the personnel and services necessary for each Managed Equity REIT to conduct its business. The Managed Equity REITs invest in diverse income producing properties across multiple real estate asset classes as follows: • DHC (Nasdaq: DHC) owns medical office and life science properties, senior living communities and other healthcare related properties. As of September 30, 2025, DHC owned 335 properties located in 34 states and the District of Columbia. • ILPT (Nasdaq: ILPT) owns and leases industrial and logistics properties. As of September 30, 2025, ILPT owned 411 properties, including 226 buildings, leasable land parcels and easements in Oahu, Hawaii and 185 properties located in 38 other states. • SVC (Nasdaq: SVC) owns a diverse portfolio of hotels and service-focused retail net lease properties. As of September 30, 2025, SVC owned 912 properties (160 hotels and 752 net lease properties) located in 46 states, the District of Columbia, Puerto Rico and Canada. • OPI (OTCPK: OPITS) owns office properties primarily leased to single tenants and those with high credit quality characteristics. As of September 30, 2025, OPI owned 124 properties located in 29 states and the District of Columbia. RMR LLC’s wholly owned subsidiary, Tremont Realty Capital LLC, or Tremont, an investment adviser registered with the SEC, provides advisory services for Seven Hills Realty Trust, or SEVN.…