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Here are 1-3 brief analogies for RMR:

• Blackstone for real estate asset management.
• A real estate-focused Brookfield Asset Management.

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• Asset Management: RMR provides investment management and advisory services to a diverse portfolio of publicly traded real estate investment trusts (REITs) and other real estate-related companies.
• Property Management: The company offers comprehensive property management services, including leasing, facilities management, and maintenance, for properties owned by its managed entities.

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The RMR Group (RMR) is an alternative asset manager primarily focused on commercial real estate. It provides management services, including property management, asset management, and advisory services, to a diverse portfolio of publicly traded and private real estate companies and managed funds. Therefore, RMR sells primarily to other companies and investment vehicles.

Its major customers are the entities it manages, which include:

• Service Properties Trust (NASDAQ: SVC)
• Diversified Healthcare Trust (NASDAQ: DHC)
• Industrial Logistics Properties Trust (NASDAQ: ILPT)
• Office Properties Income Trust (NASDAQ: OPI)
• RMR Mortgage Trust (NASDAQ: RMRM)
• Five Star Senior Living Inc. (NASDAQ: FVE)
• Sonesta International Hotels Corporation (private company)

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Adam Portnoy, President & Chief Executive Officer

Adam Portnoy has served as President and Chief Executive Officer of The RMR Group (Nasdaq: RMR) since 2015, and as a Managing Director on its Board of Directors since 2015. He joined RMR in 2003. Prior to joining RMR, Mr. Portnoy held various positions in the finance industry and public sector. This included working as a banker at Donaldson, Lufkin & Jenrette and ABN AMRO, and in private equity at the International Finance Corporation (a member of The World Bank Group) and DLJ Merchant Banking Partners. He also served as Chief Executive Officer of a telecommunications company. Mr. Portnoy is responsible for managing over 2,200 properties and more than 50,000 employees, with RMR's assets under management tripling since he took over the top job in 2006. He serves on the Boards of several companies managed by RMR or its affiliates, including Service Properties Trust, Diversified Healthcare Trust, Office Properties Income Trust, Industrial Logistics Properties Trust, Seven Hills Realty Trust, AlerisLife Inc., Sonesta International Hotels Corporation, and Tremont Realty Capital.

Matthew C. Brown, Executive Vice President, Chief Financial Officer & Treasurer

Matthew C. Brown was appointed Executive Vice President, Chief Financial Officer, and Treasurer of The RMR Group, effective October 1, 2025. He succeeded Matthew P. Jordan in the CFO role. Mr. Brown has been Senior Vice President of RMR LLC since 2019 and has held various finance and accounting leadership roles since joining the company in 2007. Prior to RMR, he worked in the audit practice of Wolf & Company, a public accounting firm. Mr. Brown is a Certified Public Accountant. He also holds Chief Financial Officer and Treasurer positions at several affiliated trusts, including Seven Hills Realty Trust, Tremont Realty Capital, and Diversified Healthcare Trust, and previously held these roles for Office Properties Income Trust.

Matthew P. Jordan, Executive Vice President & Chief Operating Officer

Matthew P. Jordan was promoted to Executive Vice President and Chief Operating Officer of The RMR Group, effective October 1, 2025. He previously served as Chief Financial Officer and Treasurer of RMR Group since 2015 and as an Executive Vice President since 2018. Mr. Jordan joined RMR in 2012. Before joining RMR, he held accounting and finance positions at Stanley Black & Decker Company. He also worked in the audit practice of Ernst & Young LLP, where his focus was on multinational Fortune 500 clients across various industries. Mr. Jordan also serves as a Managing Trustee of Seven Hills Realty Trust and Industrial Logistics Properties Trust, and is Director, President, and Chief Executive Officer of Tremont Realty Capital.

Jennifer Clark, Executive Vice President, General Counsel & Secretary

Jennifer Clark serves as Executive Vice President, General Counsel, and Secretary of The RMR Group. She is also a Managing Director and Director. Ms. Clark is responsible for legal and compliance matters for RMR and its managed companies.

Yael Duffy, Executive Vice President

Yael Duffy was promoted to Executive Vice President of The RMR Group, effective October 1, 2025. She has been with the company since 2006, serving as Senior Vice President of RMR LLC since 2021. Ms. Duffy continues to oversee asset management, leasing, and property management for the company's managed portfolios, including in the office, industrial, and retail sectors. She also holds executive positions at affiliated property trusts.

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The RMR Group (NASDAQ: RMR) faces several key risks to its business, primarily stemming from its concentration in commercial real estate asset management and its client relationships.

1. Real Estate Market Downturn: A significant downturn in the commercial real estate market poses a substantial risk to RMR's business. Such a downturn can lead to a decrease in property values, which directly impacts the assets under management (AUM) and, consequently, RMR's management fees. Economic and industry conditions, including business cycles in the U.S. real estate industry, can adversely affect RMR's revenues and cash flows.
2. Client Concentration: RMR's revenue is heavily dependent on a limited number of clients. The top five clients reportedly contribute 40% of the company's total revenue. The loss of a major client or a significant reduction in the assets managed for them could lead to a material decrease in RMR's fee income and overall financial performance.
3. Impact of Interest Rates: Fluctuations in interest rates present a risk as high rates can slow down new real estate deals and cause clients to tighten their budgets. This environment can reduce the volume of transactions and investment activities, thereby negatively affecting RMR's revenue streams derived from property and asset management services.

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The sustained impact of remote and hybrid work models on the demand for, and valuation of, office properties, which form a significant portion of the real estate assets managed by RMR's affiliated REITs.

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The RMR Group (symbol: RMR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Growth in Private Capital Assets Under Management (AUM): RMR aims to significantly expand its private capital business, with expectations that private capital AUM could comprise over half of its total AUM within the next five years. The company plans to pursue $1 billion in private capital initiatives in 2025.
2. Strategic Acquisitions and Value-Add Investments: RMR is actively pursuing strategic acquisitions to diversify its portfolio and drive future growth. Recent examples include the acquisition of residential communities in Florida and a community shopping center near Chicago. The company is targeting an additional $100 million in value-add retail acquisitions over the next 6 to 12 months.
3. Expansion of Residential Investment Funds: Leveraging a successful track record in Sunbelt markets, RMR is focused on executing joint ventures to acquire residential communities with anticipated high teen returns. The overarching goal is to establish and raise a committed fund specifically for residential investments in the future.
4. Development of a Private Real Estate Credit Vehicle: RMR is actively engaged in fundraising for a private real estate credit vehicle. This initiative is focused on middle-market lending and is expected to be seeded with approximately $100 million of bridge loans.

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Share Repurchases

• RMR repurchased Class A Common Shares totaling $1.136 million in fiscal year 2024.
• In fiscal year 2023, share repurchases amounted to $0.734 million.
• Share repurchases were $0.547 million in fiscal year 2022, primarily made to satisfy tax withholding and payment obligations related to equity awards.

Share Issuance

• RMR recorded equity-based compensation expenses of $2.705 million in fiscal year 2024, reflecting the value of shares issued as part of employee compensation.
• Equity-based compensation expenses were $2.662 million in fiscal year 2023.
• In fiscal year 2022, equity-based compensation expenses, indicative of share issuances for compensation, totaled $3.064 million.

Inbound Investments

• Assets under management (AUM) from private capital clients increased by $11.1 billion from September 30, 2021, reaching $12.8 billion as of September 30, 2024.
• This growth in private capital represents a strategic expansion of RMR's capital sources, with private capital comprising approximately 31% of its total AUM as of June 30, 2025.

Outbound Investments

• In fiscal year 2024, RMR acquired MPC, which significantly expanded its assets under management by approximately $5.5 billion.
• The RMR Group LLC committed approximately $100 million to a fund in which its CEO also invested.
• RMR has focused on integrating its acquired residential platform to drive growth in that sector.

Capital Expenditures

• RMR's capital expenditures for purchases of property and equipment were $1.460 million in fiscal year 2024.
• Capital expenditures for purchases of property and equipment amounted to $1.691 million in fiscal year 2023.
• In fiscal year 2022, capital expenditures for purchases of property and equipment totaled $1.757 million.
• These investments are focused on enhancing RMR's operations, services, and competitive positioning, including its technology infrastructure.