RMR Group Inc. (Nasdaq: RMR) is a Maryland-based alternative asset management holding company that provides business and property management services to publicly traded real estate investment trusts. Substantially all of its business is conducted through its majority-owned subsidiary, The RMR Group LLC, in which RMR Inc. held approximately 53.2% of the economic interest as of September 30, 2025. Revenue is generated through fee-based management agreements, including base business management fees calculated as a percentage of the lower of average historical property cost or average market capitalization of each managed REIT, property management fees based on a percentage of gross rents collected at managed properties, and construction supervision fees tied to a percentage of construction costs. The managed entities, referred to as Managed Equity REITs and SEVN, are the primary fee-paying clients. Adam D. Portnoy serves as Chair, Managing Director, President, and Chief Executive Officer, and is also the sole trustee and controlling shareholder of ABP Trust, which holds the remaining approximately 46.8% economic interest in RMR LLC. RMR is a dividend-paying company, with aggregate cash distributions of $49,547 thousand paid to shareholders and unit holders during the fiscal year ended September 30, 2025.

Revenue model

Fee-based: base business management fees (percentage of lower of average historical property cost or average market capitalization), property management fees (percentage of gross rents collected), and construction supervision fees (percentage of construction costs), all earned under management agreements with Managed REITs.

Products and services

Business management services for publicly traded REITs; property management services for REIT-owned properties; construction supervision services; management of investment funds and joint ventures.

Customers and end markets

Publicly traded real estate investment trusts (Managed Equity REITs and SEVN). One managed client, Office Properties Income Trust (OPI), filed voluntary chapter 11 petitions on October 30, 2025, prompting a restructuring support agreement with new management agreements to take effect upon plan of reorganization effectiveness.

Value-chain role

External manager and service provider to publicly traded REITs. Sits between REIT capital pools and property-level operations, providing management oversight, property management, and construction supervision under long-term contractual agreements.

Geographic exposure

Operates in the United States, including properties in the Southeastern United States managed on behalf of clients. Incorporated in Maryland; offices and managed properties subject to Maryland, California, and New York data privacy regulations, among others.

Source: SEC 10-K, filed 2025-11-12

Industry: Services-Management Consulting Services Peers: BBX Capital Inc Comstock Holding Companies Inc Five Point Holdings LLC Tejon Ranch Co St Joe Co