olivLaw · US equity research
The RMR Group Inc. RMR
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
The RMR Group Inc. is a U.S. alternative asset management company focused on commercial and residential real estate, managing assets that stood at 37 billion USD in its latest quarterly release. Its relevance for investors depends on dependence on a few listed REITs, whose situation, including the OPI reorganization, can shape future revenues.
At the close of 04 Nov 2026, The RMR Group Inc. (RMR) stock was 16.70 USD (+0.54% on the day), with market capitalisation 250.5 m USD, P/E 16.2 on diluted EPS of 1.03 USD over the last 12 months, dividend yield 9.10%, beta 0.45, 52-week range 14.88–21.37 USD. Latest reported quarter (Q3 2026): revenue of 153.5 m USD (−0.8% YoY), net income of 3.2 m USD (−23.6% YoY), diluted EPS 0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.5
- weak (30–45)
- Bollinger (20, 2)
- 16.40 – 18.68
- in the lower half of the band · %B 0.13 · band width 13.0%
- SMA 50 / 200
- 18.32 / 18.28
- mixed trend
- MACD (12, 26, 9)
- -0.45 / -0.39
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.2% | −1.1% | −3.1 pp | — |
| 3 months | −11.9% | −0.5% | −11.4 pp | — |
| 6 months | −14.9% | +4.4% | −19.3 pp | — |
| Year to date | +12.1% | +12.3% | −0.2 pp | — |
| 1 year | +6.4% | +13.5% | −7.2 pp | −28.1% |
| 3 years | −29.7% | +76.4% | −106.1 pp | −26.6% |
| 5 years | −54.4% | +63.7% | −118.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 212.3 m | 219.5 m | 166.7 m | 154.7 m | 159.4 m | 180.4 m | 145.6 m | 153.5 m |
| Operating income | 10.0 m | 13.4 m | 7.6 m | 10.0 m | 10.9 m | 32.1 m | 7.0 m | -9.3 m |
| Depreciation & amortisation | 1.8 m | 2.3 m | 2.5 m | 3.0 m | 3.7 m | 4.7 m | 4.4 m | 4.4 m |
| Interest expense | 612.0 k | 699.0 k | 871.0 k | 1.1 m | 1.7 m | 2.6 m | 2.6 m | 3.2 m |
| Pre-tax income | 15.4 m | 16.6 m | 9.1 m | 11.0 m | 9.6 m | 31.5 m | 2.6 m | 9.3 m |
| Income tax | 2.9 m | 2.5 m | 1.4 m | 1.8 m | 2.1 m | 4.7 m | 589.0 k | 1.9 m |
| Net income | 5.3 m | 6.4 m | 3.6 m | 4.2 m | 3.4 m | 12.2 m | 1.0 m | 3.2 m |
| Diluted EPS | 0.32 ≈ | 0.38 | 0.21 | 0.25 | — | 0.71 | 0.05 | 0.18 |
| Operating cash flow | -5.7 m | 25.0 m | 13.0 m ≈ | 22.1 m ≈ | 15.6 m | 10.7 m | 48.8 m ≈ | 23.4 m ≈ |
| Capex | 1.2 m | 1.5 m | 662.0 k ≈ | — | — | — | — | — |
| Dividends paid | 7.5 m | 7.6 m | 7.6 m ≈ | 7.6 m ≈ | 7.6 m | 7.7 m | 7.7 m ≈ | 7.7 m ≈ |
| Share repurchases | 986.0 k | 6.0 k | 23.0 k ≈ | 134.0 k ≈ | 740.0 k | 35.0 k | 46.0 k ≈ | 27.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 58 percentile of its own 31-quarter history (min 6.9, median 15.5, max 28.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 405.0 m | 713.4 m | 589.5 m | 607.2 m | 832.5 m | 962.3 m | 897.6 m | 700.3 m |
| Revenue YoY | +49.0% | +76.1% | −17.4% | +3.0% | +37.1% | +15.6% | −6.7% | −22.0% |
| Net income | 96.0 m | 74.6 m | 28.8 m | 35.7 m | 34.0 m | 57.1 m | 23.1 m | 17.6 m |
| Net income YoY | +127.1% | −22.3% | −61.4% | +24.0% | −4.7% | +68.1% | −59.5% | −23.9% |
| Diluted EPS | 5.92 | 4.59 | 1.75 | 2.15 | 2.04 | 3.44 | 1.38 | 1.03 |
| Diluted EPS YoY | +125.1% | −22.5% | −61.9% | +22.9% | −5.1% | +68.6% | −59.9% | −25.4% |
| net % | 23.7% | 10.5% | 4.9% | 5.9% | 4.1% | 5.9% | 2.6% | 2.5% |
| Free cash flow | 227.8 m | 197.5 m | 76.9 m | 70.7 m | 100.1 m | 105.2 m | 57.5 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 62.3 m USD
- Financial debt
- 44.6 m USD
- Net debt
- -17.7 m USD
- Equity
- 402.0 m USD
- Total assets
- 718.2 m USD
- Debt / equity
- 0.11x
- Current ratio
- 1.64x
- ROE
- 4.3%
- ROA
- 2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 589.5 m | 607.2 m | 832.5 m | 962.3 m | 897.6 m | 700.3 m | SEC (XBRL)· 12 Nov 2025verified |
| Operating income | 68.7 m | 72.1 m | 88.4 m | 113.7 m | 45.0 m | 41.8 m | SEC (XBRL)· 12 Nov 2025verified |
| Depreciation & amortisation | 968.0 k | 973.0 k | 993.0 k | 1.1 m | 4.7 m | 11.6 m | SEC (XBRL)· 12 Nov 2025verified |
| EBITDA | 69.7 m ≈ | 73.1 m ≈ | 89.4 m ≈ | 114.8 m ≈ | 49.7 m ≈ | 53.3 m ≈ | SEC (XBRL)· 12 Nov 2025derived |
| Interest expense | — | — | 0 | 0 | 783.0 k | 4.3 m | SEC (XBRL)· 12 Nov 2025verified |
| Pre-tax income | 77.9 m | 94.2 m | 90.7 m | 149.5 m | 64.4 m | 46.4 m | SEC (XBRL)· 12 Nov 2025verified |
| Income tax | 11.6 m | 13.2 m | 13.2 m | 21.8 m | 11.3 m | 7.7 m | SEC (XBRL)· 12 Nov 2025verified |
| Net income | 28.8 m | 35.7 m | 34.0 m | 57.1 m | 23.1 m | 17.6 m | SEC (XBRL)· 12 Nov 2025verified |
| Diluted EPS | 1.75 | 2.15 | 2.04 | 3.44 | 1.38 | 1.03 | SEC (XBRL)· 12 Nov 2025verified |
| Weighted average diluted shares | 31.2 m | 31.3 m | 31.3 m | 16.4 m | 16.5 m | 16.6 m | SEC (XBRL)· 12 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 369.7 m | 159.8 m | 189.1 m | 268.0 m | 141.6 m | 62.3 m | SEC (XBRL)· 04 Feb 2026verified |
| Current assets | 456.1 m | 254.5 m | 303.3 m | 386.3 m | 294.1 m | 192.7 m | SEC (XBRL)· 12 Nov 2025verified |
| Property, plant & equipment, net | 2.3 m | 2.2 m | 2.5 m | 5.4 m | 76.4 m | 228.7 m | SEC (XBRL)· 12 Nov 2025verified |
| Goodwill | 1.9 m | 1.9 m | 1.9 m | 1.9 m | 71.8 m | 71.8 m | SEC (XBRL)· 12 Nov 2025verified |
| Intangibles (excl. goodwill) | 277.0 k | 235.0 k | 198.0 k | 167.0 k | 20.3 m | 26.1 m | SEC (XBRL)· 12 Nov 2025verified |
| Total assets | 690.3 m | 497.9 m | 542.4 m | 582.4 m | 700.5 m | 718.2 m | SEC (XBRL)· 12 Nov 2025verified |
| Accounts payable | 17.0 m | 15.0 m | 16.7 m | 22.6 m | 31.6 m | 38.7 m | SEC (XBRL)· 12 Nov 2025verified |
| Long-term debt | — | — | — | 0 | — | 44.6 m | SEC (XBRL)· 12 Nov 2025verified |
| Current liabilities | 81.8 m | 81.1 m | 109.2 m | 105.6 m | 133.4 m | 117.8 m | SEC (XBRL)· 12 Nov 2025verified |
| Total liabilities | 149.4 m | 150.2 m | 172.7 m | 158.8 m | 281.1 m | 316.2 m | SEC (XBRL)· 12 Nov 2025verified |
| Equity | 540.9 m | 347.7 m | 369.7 m | 423.7 m | 419.4 m | 402.0 m | SEC (XBRL)· 12 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 77.5 m | 71.8 m | 101.3 m | 109.2 m | 61.4 m | 75.7 m | SEC (XBRL)· 12 Nov 2025verified |
| Capex | 601.0 k | 1.1 m | 1.1 m | 4.0 m | 3.9 m | — | SEC (XBRL)· 12 Nov 2024verified |
| Free cash flow | 76.9 m ≈ | 70.7 m ≈ | 100.1 m ≈ | 105.2 m ≈ | 57.5 m ≈ | — | SEC (XBRL)· 12 Nov 2024derived |
| Investing cash flow | -5.9 m | -1.1 m | -10.6 m | 49.5 m | -209.8 m | -183.9 m | SEC (XBRL)· 12 Nov 2025verified |
| Financing cash flow | -60.4 m | -280.5 m | -61.4 m | -79.8 m | 22.1 m | 28.8 m | SEC (XBRL)· 12 Nov 2025verified |
| Dividends paid | 24.8 m | 139.8 m | 25.7 m | 26.6 m | 28.4 m | 30.3 m | SEC (XBRL)· 12 Nov 2025verified |
| Share repurchases | 523.0 k | 834.0 k | 547.0 k | 734.0 k | 1.1 m | 903.0 k | SEC (XBRL)· 12 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 250.5 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 18.36 – 32.94 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E18.36 – 32.94 (Mid 26.50)11 companies used · median multiple 20.1x · quartiles 13.9x – 24.9xAERT, BAH, EXPO, FCN, G, HCKT, HURN, ICFI, III, TSSI, ZTG
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.1% | 58 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.6% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -20.4% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.0x | 39 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.4x | 50 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 12.6x | 88 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 12.6% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet43/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality· partial58/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial88/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RMR GROUP INC. (RMR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 700.3 m USD in 2025; YoY growth -22.0%; net margin 3.1%; ROE 8.7%.
The estimated value range is 18.36–32.94 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 26.50 USD, the price of 16.70 USD leaves a potential of 58.7% (value / price − 1) and a margin of safety of 37.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 12.6x
- Shareholder yield (distributions): 12.6%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -5.6%
- EPS CAGR 3Y: -20.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +6% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
| MHHMastech Digital, Inc. | 74.9 m | 71.0 | 1.3% | 0.7% | −3.8% | −21% / −27% |
| EGGEnigmatig Ltd | 64.8 m | 268.0 | 6.3% | 12.6% | +12.2% | +40% / unavailable |
| CTMCastellum, Inc. | 46.4 m | — | -6.8% | -4.1% | +18.1% | −53% / +123% |
| ACCLAcco Group Holdings Limited | 34.9 m | 119.0 | 7.0% | 5.6% | +5.8% | −38% / unavailable |
| INTJIntelligent Group Limited | 33.5 m | — | -23.5% | -98.3% | −9.0% | −72% / unavailable |
1- and 3-year price returns: for RMR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.93 Total return -47% · Per year -47% | 15.87 Total return -5% · Per year -5% | 24.01 Total return 44% · Per year 44% |
| 3 years | 7.09 Total return -58% · Per year -25% | 14.32 Total return -14% · Per year -5% | 24.01 Total return 44% · Per year 13% |
| 5 years | 5.63 Total return -66% · Per year -20% | 12.92 Total return -23% · Per year -5% | 24.01 Total return 44% · Per year 8% |
- Exit P/E± 3.58
- Net margin± 2.51
- Annual revenue growth± 2.26
- Annual dilution± 0.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
The RMR Group Inc. is a U.S. alternative asset management company focused on commercial and residential real estate, managing assets that stood at 37 billion USD in its latest quarterly release 3. Its relevance for investors depends on dependence on a few listed REITs, whose situation, including the OPI reorganization, can shape future revenues 2.
SWOT
Strengths
- Long-term contracts with costly termination clauses for REITs provide a predictable revenue base and a solid client foundation 1.
- Vertical integration and a management team experienced in acquisitions, financing and property management allow the company to offer full-service solutions 1.
- A diversified managed portfolio spanning healthcare, hotels, offices, warehouses and residential properties reduces dependence on a single sector 1.
Weaknesses
- Most revenue comes from a small number of clients, and losing one of them could significantly affect results 1.
- Revenues are volatile because the base fee depends on capitalization and the incentive fee has not been earned for several years 1.
- Total revenues declined in fiscal 2025, with weaker property management and third-party service revenues 1.
Opportunities
- Growth in private capital clients and RMR Residential could offset declines in some REIT contracts 1.
- Institutional investor interest in North American commercial real estate could open new management and syndication mandates 2.
- If interest rates fall, clients could return to acquisitions and sales, which could increase management fees and possibly incentive fees 1.
Threats
- High interest rates and low property values could reduce clients' capitalization and therefore the fees collected 1.
- Difficulties in the office sector and the restructuring of clients such as OPI could reduce revenue and affect the company's reputation 12.
- The wind-down of clients such as AlerisLife, or fee reductions in certain contracts, could erode the revenue base 12.
Risks
- Dependence on a small number of clientshigh
Most revenue comes from managing a few REITs, and a decline in their assets or capitalization would directly reduce the company's revenues 1.
- OPI reorganizationhigh
OPI filed under chapter 11, and the new agreements provide lower fees and termination without penalty after two years, which could reduce revenue from this client 12.
- Volatility of feesmedium
Base and incentive fees depend on capitalization and the relative performance of REITs, which makes revenue hard to forecast 1.
- Interest rate sensitivitymedium
High rates can affect clients and private capital projects, and the company itself has variable-rate financing linked to SOFR 1.
- Wind-down of AlerisLifelow
If AlerisLife ends its operations, the company would no longer receive management fees from this client, affecting revenue from senior living operators 1.
Investment thesis
What would need to be true (bull case)
- If the commercial real estate market stabilizes and interest rates ease, clients could resume transactions, and management and possibly incentive fees could rise 1.
- Growth in private capital assets and institutional investor interest could diversify revenue sources and reduce reliance on existing REITs 12.
- Long-term evergreen contracts and costly termination clauses offer a stable revenue base that could support the regular dividend if cash flows remain solid 1.
What would break the thesis
- If interest rates stay high and office values do not recover, client capitalization could fall and management fees could shrink 1.
- The OPI restructuring and the wind-down of AlerisLife show that losing clients can quickly reduce revenue, and concentration on a few clients amplifies this risk 12.
- The absence of incentive fees in recent years and the revenue decline in fiscal 2025 suggest growth could stay weak if the market does not recover 1.
What to watch
- Development of revenue from REIT management and the effect of the amended OPI contractsQ4 2026
- Resumption of incentive fees depending on REIT performance against total shareholder return indicesnext 10-K
- Growth of private capital assets and results of RMR Residential2027
- Completion of the sale of mortgage loans to SEVN and closing of the UBS financing facilityQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
RMR Inc. is a holding company and its main activity is conducted by its majority-owned subsidiary The RMR Group LLC, called RMR LLC 1. The company provides real estate management and business management services, mainly to publicly traded REITs and private capital clients, with over 800 real estate professionals in more than 30 offices 3. Founded in 1986, the company has grown its assets under management since inception and now manages approximately 1,900 properties 1.
The revenue model rests on long-term, mostly evergreen contracts with the managed REITs, under which the company earns base fees calculated on historical cost or market capitalization, plus property management and construction supervision fees 1. The incentive fee, tied to the relative performance of REIT shares, has not been earned since fiscal 2019 1. The company is also moving toward private capital clients, through RMR Residential and direct investments in residential and commercial properties 1.
Beyond REIT management, RMR LLC provides management services to Sonesta and AlerisLife, and its subsidiary Tremont provides advisory services to SEVN, a listed mortgage REIT 1. Management and advisory revenues declined in fiscal 2025 compared with 2024 1. In October 2025, OPI filed under chapter 11, and new management agreements with OPI were later amended and reflected in the quarterly results 2.
Segments
Managed Equity REIT management
This line generates the largest share of revenue, coming from base business management, property management and construction supervision fees for DHC, ILPT, SVC and OPI 1. In the quarter ended June 30, 2026, these REITs generated fee revenues of 32.0 million USD 2. High exposure to a small number of clients means any contractual change has a visible effect 1.
Private capital and other clients
This category includes RMR Residential, Sonesta, AlerisLife and other private entities, and private capital assets under management were 12.3 billion USD at fiscal year end 2025 1. The company aims to grow this line and uses co-investments to build a track record in residential and retail sectors 1. Revenues here are more variable than those from REITs but have growth potential 1.
Advisory and direct investments
Tremont advises SEVN, and the company has acquired residential and commercial properties as direct investments and through joint ventures 1. For these assets the plan is to syndicate them to third-party investors or sell them after a value-add period 1. Revenue from this area remains modest compared with REIT management 1.
Market context
The company operates in the U.S. real estate management and alternative asset market, where performance depends on the commercial real estate cycle, interest rate levels and investor confidence 1. Management notes that CRE investors have stayed on the sidelines because of uncertainty over U.S. trade and fiscal policy 1. On the capital side, real estate fund operators compete for institutional clients 2.
The market is sensitive to office vacancy, property values and the cost of financing, factors that can affect the market capitalization of client REITs and therefore the fees collected 1. If conditions improve, transaction and private capital activity could recover, though this remains a conditional outlook rather than a certainty 1.
Trends
- High interest ratesheadwind
Elevated cost of capital reduces clients' ability to make acquisitions and dispositions at favorable prices and can limit deleveraging 1. The effect on fees could be negative if property valuations stay depressed 1.
- Office sector stressheadwind
Low office occupancy and reduced values have hurt clients that own such properties, and OPI filed under chapter 11 12. The restructuring led to new agreements with lower fees, which reduces revenue from this area 2.
- Institutional interest in commercial real estatetailwind
Management reports that institutional investors continue to seek opportunities in North American commercial real estate, supporting private capital activity 2. If this persists, it could support growth in revenue from private clients 2.
- Volatility of performance feesmixed
Incentive fees depend on the relative performance of REIT shares and have not been earned since 2019, which makes revenue hard to predict 1. The effect is mixed: if the market recovers, incentive fees could return, but their current absence is a pressure 1.
Competitive position
The company competes with other alternative asset managers and real estate managers that attract institutional capital for funds and REITs 1. Its advantages lie in vertical integration, team experience and relationships with permanent-capital REIT clients 1.
Competition is also present in private capital, where real estate fund managers and residential property operators offer similar services 2. Larger rivals may offer more attractive terms, and losing one major client could quickly change the competitive position 1.
- Other U.S.-listed alternative asset managers
Comparable firms that manage funds and REITs and compete for institutional clients; not identified in the supplied sources
- REIT managers and residential property operators
Entities offering similar management services to private capital clients and residential properties; not named in the sources
- Commercial and office property managers
Rivals managing commercial portfolios for institutional investors, especially in the office sector
- Hotel and senior living operators
Companies operating assets similar to those of the company's clients, not identified as direct rivals in the supplied sources
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report23 Jun 2026Other events
- Current report01 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report07 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report02 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report26 Mar 2026Shareholder vote · Financial statements and exhibits
- Quarterly report04 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / The RMR Group Inc. · 12 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The RMR Group Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The RMR Group Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.