RMR | 8-K: FY2026 Q3 Revenue: USD 306.25 M

Revenue: As of FY2026 Q3, the actual value is USD 306.25 M.

EPS: As of FY2026 Q3, the actual value is USD 1.45, beating the estimate of USD 0.1.

EBIT: As of FY2026 Q3, the actual value is USD 72.54 M.

Fiscal Third Quarter 2026 Highlights (Ended June 30, 2026)

• Net income was $7.4 million, with a net income margin of 16.2%. Net income attributable to The RMR Group Inc. was $3.2 million, and Adjusted Net Income Attributable to The RMR Group Inc. was $2.6 million. Distributable Earnings reached $15.4 million. Adjusted EBITDA was $19.7 million, with an Adjusted EBITDA Margin of 41.3%.
• Assets Under Management (AUM) totaled $37.5 billion as of June 30, 2026.
• The RMR Group Inc. closed a joint venture acquisition of a multifamily portfolio for approximately $350.0 million, acquiring a $6.4 million equity interest and earning an acquisition fee, along with ongoing property management and construction supervision fees and potential carried interest. The RMR Group Inc. also purchased 41.7 million common shares of SVC for $50.0 million and received approximately $0.4 million in dividends from SVC during the quarter.
• Total liquidity was $133.2 million as of June 30, 2026, comprising $58.2 million of cash on hand and $75.0 million available on its revolving credit facility.
• The RMR Group Inc. declared a quarterly dividend of $0.45 per share, with a Distribution Payout Ratio of 66.7% for the three months ended June 30, 2026.

Key Financial Data (Three Months Ended)

Net Income

• June 30, 2026: $7,388 thousand
• March 31, 2026: $2,059 thousand
• June 30, 2025: $9,295 thousand

Net Income Margin

• June 30, 2026: 16.2%
• March 31, 2026: 4.9%
• June 30, 2025: 21.1%

Net Income Attributable to The RMR Group Inc.

• June 30, 2026: $3,197 thousand
• March 31, 2026: $1,007 thousand
• June 30, 2025: $4,186 thousand

Adjusted Net Income Attributable to The RMR Group Inc.

• June 30, 2026: $2,640 thousand
• March 31, 2026: $2,211 thousand
• June 30, 2025: $4,792 thousand

Adjusted EBITDA

• June 30, 2026: $19,667 thousand
• March 31, 2026: $18,467 thousand
• June 30, 2025: $20,081 thousand

Adjusted EBITDA Margin

• June 30, 2026: 41.3%
• March 31, 2026: 41.6%
• June 30, 2025: 43.5%

Distributable Earnings

• June 30, 2026: $15,401 thousand
• March 31, 2026: $14,201 thousand
• June 30, 2025: $13,857 thousand

Distribution Payout Ratio

• June 30, 2026: 66.7%
• March 31, 2026: 72.2%
• June 30, 2025: 73.6%

Management and Advisory Services Revenues by Source (Three Months Ended June 30, 2026)

• Total Management & Advisory Services Revenues: $45,436 thousand, composed of $33,378 thousand from Perpetual Capital and $12,058 thousand from Private Capital.
• Base Business Management & Advisory Revenues: $27,409 thousand, with $22,145 thousand from Perpetual Capital and $5,264 thousand from Private Capital.
• Base Property Management & Other Revenues: $16,225 thousand, with $10,091 thousand from Perpetual Capital and $6,134 thousand from Private Capital.
• Construction Supervision Revenues: $1,802 thousand, with $1,142 thousand from Perpetual Capital and $660 thousand from Private Capital.

Consolidated Statements of Income (Three Months Ended June 30, 2026)

Total Revenues

• Total Revenues: $153,514 thousand.
  • Management services: $44,093 thousand.
  • Incentive fees: $90 thousand.
  • Advisory services: $1,343 thousand.
  • Rental property revenues: $5,192 thousand.
  • Total reimbursable costs (revenues): $102,796 thousand.

Total Expenses

• Total Expenses: $162,786 thousand.
  • Total compensation and benefits expense: $46,966 thousand.
  • General and administrative: $10,668 thousand.
  • Other reimbursable expenses: $81,002 thousand.
  • Rental property expenses: $1,725 thousand.
  • Transaction and acquisition related (recoveries) costs: -$1,054 thousand.
  • Loss on impairment of other assets: $19,066 thousand due to OPI’s emergence from bankruptcy.
  • Depreciation and amortization: $4,413 thousand.

Operational Metrics

• Operating (loss) income: -$9,272 thousand.
• Interest income: $416 thousand.
• Interest expense: -$3,205 thousand.
• Gain on investments: $21,348 thousand.
• Income before income tax expense: $9,287 thousand.
• Income tax expense: -$1,899 thousand.
• Net income attributable to noncontrolling interests: -$4,191 thousand.

Consolidated Balance Sheets

Total Assets

• As of June 30, 2026: $713,576 thousand.
• As of September 30, 2025: $718,245 thousand.
  • Cash and cash equivalents held by The RMR Group Inc.: $15,386 thousand.
  • Cash and cash equivalents held by The RMR Group LLC: $42,817 thousand.
  • Investments: $136,200 thousand.

Total Liabilities

• As of June 30, 2026: $315,014 thousand.
• As of September 30, 2025: $316,232 thousand.
  • Mortgage notes payable, net: $138,807 thousand.
  • Secured revolving credit facility: $25,000 thousand.

Total Equity

• As of June 30, 2026: $398,562 thousand.
• As of September 30, 2025: $402,013 thousand.

Outlook / Guidance

Management anticipates that the Managed Equity REITs will collectively generate over $40 million in incentive fees for The RMR Group Inc. this calendar year. Despite current challenges in private capital fundraising, The RMR Group Inc. views these headwinds as temporary. The company remains committed to allocating resources to build a successful track record and aims to deliver attractive returns for stakeholders over the next 40 years.