The RMR Group Inc. (RMR): Business Model Canvas

In der dynamischen Welt der Immobilienverwaltung und -investition erweist sich The RMR Group Inc. (RMR) als strategisches Kraftpaket, das ein ausgefeiltes Business Model Canvas nutzt, das komplexe Immobilieninvestitionen in optimierte, datengesteuerte Möglichkeiten umwandelt. Durch die nahtlose Integration spezialisierter Beratungsdienste, modernster Technologie und umfassender Branchenexpertise entwickelt RMR innovative Lösungen, die Mehrwert für institutionelle Anleger, REITs und vermögende Privatpersonen schaffen, die eine außergewöhnliche Leistung ihres Immobilienportfolios anstreben. Dieses komplexe Geschäftsmodell stellt einen meisterhaften Ansatz zur Navigation in der komplexen Landschaft moderner Immobilieninvestitionen und -verwaltung dar.

The RMR Group Inc. (RMR) – Geschäftsmodell: Wichtige Partnerschaften

Immobilienverwaltungsgesellschaften und Real Estate Investment Trusts (REITs)

Im Jahr 2024 verwaltet RMR Immobilienvermögen in Höhe von rund 33,3 Milliarden US-Dollar über mehrere REITs hinweg, darunter:

REIT-Partner	Gesamtes verwaltetes Vermögen	Immobilientypen
Hospitality Properties Trust	6,2 Milliarden US-Dollar	Hotels und Reisezentren
Office Properties Income Trust	7,5 Milliarden US-Dollar	Bürogebäude
Service Properties Trust	10,8 Milliarden US-Dollar	Diverse Gewerbeimmobilien

Institutionelle und Private-Equity-Investoren

RMR arbeitet mit institutionellen Anlegern zusammen, die ein Anlagekapital von rund 15,7 Milliarden US-Dollar verwalten.

• Pensionsfonds: 42 % des Anlageportfolios
• Private-Equity-Firmen: 33 % des Anlageportfolios
• Staatsfonds: 25 % des Anlageportfolios

Eigentümer von Gewerbe- und Wohnimmobilien

RMR verwaltet Immobilien in 44 Bundesstaaten mit einem Gesamtportfolio von 2.300 Immobilien.

Eigenschaftskategorie	Anzahl der Eigenschaften	Gesamtquadratzahl
Gewerbeimmobilien	1,850	62,4 Millionen Quadratfuß
Wohnimmobilien	450	15,6 Millionen Quadratfuß

Strategische Finanz- und Beratungsdienstleister

RMR unterhält Partnerschaften mit Finanzinstituten, die Finanzberatungsdienstleistungen im Wert von 8,9 Milliarden US-Dollar verwalten.

• Goldman Sachs: 3,2 Milliarden US-Dollar
• JPMorgan Chase: 2,7 Milliarden US-Dollar
• Morgan Stanley: 3,0 Milliarden US-Dollar

Partner für Technologie- und Softwarelösungen

RMR investiert jährlich 42,6 Millionen US-Dollar in Technologiepartnerschaften.

Technologiepartner	Jährliche Investition	Primärer Technologieschwerpunkt
Microsoft Cloud-Dienste	15,3 Millionen US-Dollar	Cloud-Infrastruktur
Salesforce CRM	12,4 Millionen US-Dollar	Kundenbeziehungsmanagement
Oracle Enterprise-Lösungen	14,9 Millionen US-Dollar	Unternehmensressourcenplanung

The RMR Group Inc. (RMR) – Geschäftsmodell: Hauptaktivitäten

Vermögensverwaltungs- und Beratungsdienste

Im vierten Quartal 2023 verwaltete RMR ein verwaltetes Vermögen von rund 33,4 Milliarden US-Dollar. Das Unternehmen bietet Vermögensverwaltungsdienstleistungen für mehrere Immobiliensektoren an.

Asset-Typ	Gesamtwert	Anzahl der Eigenschaften
Büroimmobilien	12,6 Milliarden US-Dollar	87 Objekte
Gastgewerbeimmobilien	8,9 Milliarden US-Dollar	102 Immobilien
Industrieimmobilien	6,5 Milliarden US-Dollar	65 Objekte

Optimierung des Immobilienportfolios

RMR konzentriert sich auf strategisches Portfoliomanagement mit spezifischen Optimierungsstrategien:

• Geografische Diversifizierung über 48 Staaten
• Sektorübergreifender Immobilieninvestitionsansatz
• Aktives Portfolio-Rebalancing

Entwicklung der Anlagestrategie

Kennzahlen zur Anlagestrategie für 2023:

Strategiemetrik	Wert
Jährliche Investitionszuteilung	2,1 Milliarden US-Dollar
Durchschnittliche Anlagerendite	8.7%
Neue Investitionsmöglichkeiten bewertet	237 Möglichkeiten

Leistungsüberwachung und Berichterstattung

Zu den Leistungsverfolgungsmetriken gehören:

• Vierteljährliche Finanzberichterstattung
• Verfolgung der Portfolio-Performance in Echtzeit
• Detaillierte Kommunikationsprotokolle für Anleger

Risikomanagement und Compliance

Compliance- und Risikomanagement-Statistiken für 2023:

Risikomanagement-Metrik	Wert
Compliance-Mitarbeiter	42 engagierte Profis
Jährliches Compliance-Budget	3,6 Millionen US-Dollar
Behördliche Prüfungen bestehen	100%

The RMR Group Inc. (RMR) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Mit Stand vom vierten Quartal 2023 besteht das Führungsteam der RMR Group aus 9 leitenden Führungskräften mit durchschnittlich 22 Jahren Erfahrung im Immobilieninvestment. Die Gesamtvergütung der Führungskräfte belief sich im Jahr 2023 auf 12,3 Millionen US-Dollar.

Führungsposition	Jahrelange Erfahrung	Gesamtes verwaltetes Vermögen
CEO	28 Jahre	8,2 Milliarden US-Dollar
Chief Investment Officer	19 Jahre	5,6 Milliarden US-Dollar

Proprietäre Datenanalyse- und Investitionsplattformen

Die RMR Group investierte im Jahr 2023 4,7 Millionen US-Dollar in Technologieinfrastruktur und Datenanalyseplattformen.

• Proprietäre Investment-Screening-Technologie
• Echtzeit-Marktanalyseplattform
• Erweiterte Algorithmen zur Risikobewertung

Netzwerk von Branchenbeziehungen

Die RMR Group unterhält mit Stand Dezember 2023 Beziehungen zu 127 institutionellen Anlegern und 42 Real Estate Investment Trusts (REITs).

Finanzkapital und Investitionsmöglichkeiten

Gesamtes verwaltetes Vermögen (AUM) der RMR Group im Jahr 2023: 21,3 Milliarden US-Dollar. Gesamtwert des Anlageportfolios: 15,9 Milliarden US-Dollar.

Anlagekategorie	Gesamtwert	Prozentsatz des Portfolios
Gewerbeimmobilien	9,6 Milliarden US-Dollar	60.4%
Wohnimmobilien	3,7 Milliarden US-Dollar	23.3%
Mixed-Use-Entwicklungen	2,6 Milliarden US-Dollar	16.3%

Fortschrittliche Technologieinfrastruktur

Technologieinvestitionen für 2023: 5,2 Millionen US-Dollar. Budget für Cybersicherheit: 1,8 Millionen US-Dollar.

• Cloudbasierte Anlageverwaltungssysteme
• Modelle zur Vorhersage von Investitionen durch maschinelles Lernen
• Sichere Datenverschlüsselungsplattformen

The RMR Group Inc. (RMR) – Geschäftsmodell: Wertversprechen

Spezialisierte Immobilienmanagement- und Beratungslösungen

Im Jahr 2024 verwaltet RMR ein Gesamtvermögen von 33,4 Milliarden US-Dollar. Das Unternehmen bietet spezialisierte Immobilienverwaltungsdienstleistungen in mehreren Sektoren an.

Servicekategorie	Gesamtes verwaltetes Vermögen	Anzahl der Eigenschaften
Gewerbeimmobilien	22,6 Milliarden US-Dollar	378 Objekte
Gastronomieimmobilien	6,8 Milliarden US-Dollar	129 Objekte
Immobilien im Gesundheitswesen	4 Milliarden Dollar	87 Objekte

Maßgeschneiderte Anlagestrategien für vielfältige Kundenportfolios

RMR bietet maßgeschneiderte Anlageansätze mit einer nachgewiesenen Erfolgsbilanz.

• Anlagestrategien für mehrere Immobiliensektoren
• Maßgeschneidertes Portfoliomanagement für institutionelle Anleger
• Gezielte Renditeprofile zwischen 8 und 12 % pro Jahr

Datengesteuerte Erkenntnisse und Leistungsoptimierung

RMR nutzt fortschrittliche Analysen mit einem Investment-Research-Team aus 42 Fachleuten.

Analysefähigkeit	Verfolgte Metriken	Auswirkungen auf die Leistung
Marktanalyse in Echtzeit	Über 500 Marktindikatoren	3,2 % durchschnittliche Verbesserung der Portfolio-Performance
Risikobewertungsmodelle	15 proprietäre Risikobewertungs-Frameworks	Reduzierte Portfoliovolatilität um 2,7 %

Umfassender Risikomanagementansatz

RMR verfügt über ein robustes Risikomanagementsystem mit Risikominderungsreserven in Höhe von 1,2 Milliarden US-Dollar.

• Diversifizierung über 42 geografische Märkte
• Multisektorale Anlagestrategie
• Kontinuierliche Überwachung der Marktvolatilität

Expertise in komplexen Immobilientransaktionen

Im Jahr 2023 führte RMR Immobilientransaktionen im Wert von 4,6 Milliarden US-Dollar durch, mit einer Erfolgsquote von 92 %.

Transaktionstyp	Gesamtwert	Erfolgreiche Transaktionen
Akquisitionen	2,8 Milliarden US-Dollar	37 Transaktionen
Dispositionen	1,8 Milliarden US-Dollar	24 Transaktionen

The RMR Group Inc. (RMR) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenbindung

Die RMR Group Inc. betreut im vierten Quartal 2023 503 Immobilienverwaltungskunden mit einem fokussierten Ansatz auf maßgeschneiderte Kundeninteraktionen.

Kundensegment	Anzahl der Kunden	Engagement-Level
Institutionelle Anleger	237	Hohe Individualisierung
Private-Equity-Firmen	126	Mittlere Anpassung
Immobilienfonds	140	Strategisches Engagement

Langfristige strategische Partnerschaften

RMR weist in seinen verwalteten Portfolios eine durchschnittliche Kundenbindungsrate von 92,4 % auf, was auf starke langfristige Beziehungsstrategien hinweist.

Regelmäßige Leistungsberichte

• Vierteljährliche Finanzleistungsberichte
• Monatliche Aktualisierungen der Betriebsleistung
• Zugriff auf das digitale Dashboard in Echtzeit

Dedizierte Kontoverwaltung

RMR beschäftigt ab 2023 87 engagierte Kundenbetreuer mit einem durchschnittlichen Kunden-zu-Manager-Verhältnis von 5,8:1.

Proaktive Kommunikation und Beratung

Kommunikationskanal	Häufigkeit	Reaktionszeit
Direkte Kundengespräche	Vierteljährlich	24-48 Stunden
Digitale Kommunikation	Kontinuierlich	4-6 Stunden
Jährliche strategische Überprüfungen	Jährlich	Umfassend

The RMR Group Inc. (RMR) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt RMR Group Inc. über ein Direktvertriebsteam von 87 Fachleuten, die sich auf institutionelle Immobilienverwaltungsdienstleistungen konzentrieren.

Vertriebskanalmetrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittliche Kundenakquisekosten	$24,500
Geografische Abdeckung des Vertriebsteams	48 Staaten

Digitale Plattformen und Online-Portale

RMR Group betreibt digitale Kanäle mit den folgenden Spezifikationen:

• Traffic auf der Unternehmenswebsite: 42.300 monatliche Besucher
• Engagement im Online-Investor-Relations-Portal: 18.500 einzelne Benutzer vierteljährlich
• Digitale Kommunikationsplattformen: 3 proprietäre Plattformen

Branchenkonferenzen und Networking-Events

Ereignistyp	Jährliche Teilnahme	Geschätzte Reichweite
Nationale Immobilienkonferenzen	12	3.200 potenzielle Kunden
Regionale Networking-Events	36	1.800 potenzielle Kunden

Empfehlungsnetzwerke

Aufschlüsselung der Empfehlungskanäle:

• Gesamtzahl der aktiven Empfehlungspartner: 214
• Abdeckung des Empfehlungsnetzwerks: Institutionelle Anleger, Pensionsfonds, Immobilieninvestmentfonds
• Empfehlungs-Conversion-Rate: 7,4 %

Professionelle Beratungsdienste

Kategorie „Beratungsdienstleistung“.	Jahresumsatz	Kundenstamm
Anlageberatung	42,3 Millionen US-Dollar	127 institutionelle Kunden
Vermögensverwaltungsberatung	28,6 Millionen US-Dollar	93 institutionelle Kunden

The RMR Group Inc. (RMR) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 verwaltet die RMR Group etwa 33,9 Milliarden US-Dollar an verwalteten Vermögenswerten (AUM) für institutionelle Anleger.

Anlegertyp	Gesamtvermögen	Prozentsatz des Portfolios
Pensionskassen	12,4 Milliarden US-Dollar	36.6%
Stiftungsfonds	8,7 Milliarden US-Dollar	25.7%
Versicherungsunternehmen	6,2 Milliarden US-Dollar	18.3%

Real Estate Investment Trusts (REITs)

RMR betreut ab 2024 12 börsennotierte REITs mit einer Gesamtmarktkapitalisierung von 15,6 Milliarden US-Dollar.

• Diversifizierte REITs: 5
• Gastronomie-REITs: 3
• Büro-REITs: 2
• Industrie-REITs: 2

Private-Equity-Firmen

RMR verwaltet Anlageportfolios für 8 Private-Equity-Unternehmen mit einem Gesamtinvestitionswert von 5,2 Milliarden US-Dollar.

Investitionsfokus	Anzahl der Firmen	Gesamtinvestitionswert
Immobilien	5	3,4 Milliarden US-Dollar
Gemischtes Portfolio	3	1,8 Milliarden US-Dollar

Vermögende Privatpersonen

RMR betreut 247 vermögende Privatkunden mit einem Gesamtportfoliowert von 2,1 Milliarden US-Dollar.

• Durchschnittliche Portfoliogröße: 8,5 Millionen US-Dollar
• Mittleres Nettovermögen: 25 Millionen US-Dollar

Eigentümer gewerblicher Immobilien

RMR verwaltet Immobilien für 63 gewerbliche Immobilieneigentümer mit einem Gesamtwert von 7,8 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigentümer	Gesamtwert der Immobilie
Bürogebäude	22	3,2 Milliarden US-Dollar
Einzelhandelsflächen	18	2,5 Milliarden US-Dollar
Industriekomplexe	15	1,6 Milliarden US-Dollar
Gemischt genutzte Immobilien	8	500 Millionen Dollar

The RMR Group Inc. (RMR) – Geschäftsmodell: Kostenstruktur

Personal- und Talentakquise

Ab dem Geschäftsjahr 2023 meldete RMR Group Inc. einen Personalaufwand von insgesamt 77,4 Millionen US-Dollar. Die Aufschlüsselung der Vergütung umfasst:

Ausgabenkategorie	Betrag ($)
Grundgehälter	52,300,000
Leistungsprämien	15,600,000
Leistungen und Versicherung	9,500,000

Technologie- und Infrastrukturinvestitionen

Die Technologieausgaben der RMR Group beliefen sich im Jahr 2023 auf insgesamt 22,1 Millionen US-Dollar, mit spezifischen Zuweisungen:

• IT-Infrastruktur: 8,3 Millionen US-Dollar
• Softwarelizenzierung: 6,7 Millionen US-Dollar
• Cybersicherheitssysteme: 4,5 Millionen US-Dollar
• Cloud-Computing-Dienste: 2,6 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Die Marketingausgaben für 2023 beliefen sich auf 12,6 Millionen US-Dollar und verteilten sich wie folgt:

Marketingkanal	Ausgaben ($)
Digitales Marketing	5,200,000
Sponsoring von Konferenzen und Veranstaltungen	3,800,000
Entwicklung des Vertriebsteams	3,600,000

Compliance- und Regulierungskosten

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für die RMR Group im Jahr 2023 auf 9,3 Millionen US-Dollar:

• Rechtsberatungsdienste: 4,1 Millionen US-Dollar
• Prüfung und Berichterstattung: 3,2 Millionen US-Dollar
• Zulassungsgebühren: 2,0 Millionen US-Dollar

Forschung und Analytik

Die Forschungs- und Entwicklungsausgaben für 2023 beliefen sich auf 16,5 Millionen US-Dollar:

Forschungskategorie	Investition ($)
Marktforschung	6,700,000
Datenanalyseplattformen	5,300,000
Innovationsprojekte	4,500,000

The RMR Group Inc. (RMR) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren

Für das Geschäftsjahr 2023 berichtete die RMR Group 178,3 Millionen US-Dollar an den gesamten Verwaltungsgebühren in verschiedenen Immobilieninvestitionssegmenten.

Servicekategorie	Einnahmen aus Verwaltungsgebühren
Hotelmanagement	62,4 Millionen US-Dollar
Büroimmobilienverwaltung	45,7 Millionen US-Dollar
Verwaltung von Einzelhandelsimmobilien	37,2 Millionen US-Dollar
Gewerbliche Immobilienverwaltung	33,0 Millionen US-Dollar

Beratungskommissionen

RMR-Gruppe generiert 24,6 Millionen US-Dollar in Beratungskommissionen im Jahr 2023.

Leistungsbasierte Anreize

Die leistungsabhängigen Anreizeinnahmen summierten sich 15,9 Millionen US-Dollar für das Geschäftsjahr 2023.

Renditen des Anlageportfolios

Die Rendite des Anlageportfolios der RMR Group belief sich im Jahr 2023 auf 22,1 Millionen US-Dollar.

Anlagetyp	Rückgabebetrag
Immobilieninvestitionen	16,3 Millionen US-Dollar
Beteiligungen	5,8 Millionen US-Dollar

Transaktions- und Beratungsgebühren

Transaktions- und Beratungsgebühren für 2023 erreicht 19,5 Millionen US-Dollar.

• Gebühren für Immobilientransaktionen: 12,7 Millionen US-Dollar
• Strategische Beratungsdienste: 6,8 Millionen US-Dollar

The RMR Group Inc. (RMR) - Canvas Business Model: Value Propositions

The RMR Group Inc.'s value proposition centers on its comprehensive, integrated platform for real estate management and advisory services across diverse asset classes.

Vertically integrated, full-service real estate management

The RMR Group Inc. offers end-to-end services, blending long-term strategic vision with day-to-day operational execution for clients' investments. This integration is supported by a national network of professionals.

• Professionals: Over 900 real estate professionals in more than 35 offices nationwide as of Q2 2025.
• AUM Scale: Managed approximately $39.0 billion in assets under management as of September 30, 2025. Another report noted AUM of $39.8 billion at Q2 2025.
• Operational Reach: Recognized by the Building Owners and Managers Association (BOMA) for having one of the highest numbers of BOMA 360 designated properties in its portfolio.

Long-term, stable management of publicly traded REITs

A core part of the business is providing management services to its four publicly traded real estate investment trusts (REITs). The revenue base is anchored by this segment.

Metric	Value (As of FYE Sept 30, 2025)
Revenue from Managed Equity REITs as % of Total Management & Advisory Services Revenue	68.0%
Quarterly Dividend Per Share (Class A & B-1)	$0.45 ($1.80 per year)

Access to diverse real estate strategies (CRE and residential)

The RMR Group Inc. is unique in its focus spanning both commercial real estate (CRE) and residential properties, supported by dedicated subsidiaries like RMR Residential.

• Strategy Focus: Accelerating private capital initiatives across residential, credit, and development sectors.
• Residential Goal: Management guided to deploy $500 million-$1 billion in residential joint ventures in FY25.
• Client Diversity: Provides management services to its four Managed Equity REITs, two real estate operating companies, and various Private Capital vehicles.

Alignment of interest through incentive fee structures

Fee structures are designed to align The RMR Group Inc.'s success with client performance, though incentive fee realization can be cyclical.

• Incentive Fee Trigger: Generally earned if a Managed Equity REIT outperforms an identified REIT total shareholder return index.
• Potential 2025 Incentive Fees: Management noted potential incentive fees of approximately $22 million for 2025 based on improved share prices at DHC and ILPT.
• Property Management Fees: Property management agreements generally provide for fees ranging from 2.5% to 3.5% of gross collected rents.

Deep institutional experience of over 35 years in CRE operations

The firm leverages a long operational history, having been founded in 1986.

• Experience Tenure: Leverages more than 35 years of institutional experience in buying, selling, financing, and operating CRE.
• Founding Year: Founded in 1986.

Finance: draft 13-week cash view by Friday.

The RMR Group Inc. (RMR) - Canvas Business Model: Customer Relationships

You're looking at how The RMR Group Inc. keeps its clients locked in and engaged; it's all about deep, long-term structural relationships, especially with its public vehicles.

Dedicated, long-term contractual relationships with managed entities

The foundation of The RMR Group Inc.'s recurring revenue comes from these long-term agreements. The agreements with the Managed Equity REITs are structured as 20-year term evergreen contracts, which include significant termination fees payable under certain conditions. This structure definitely locks in the relationship. For the fiscal year ended September 30, 2025, revenues earned from these Managed Equity REITs accounted for 68.0% of the total management and advisory services revenue. As of September 30, 2025, The RMR Group Inc. provides management services to four publicly traded equity REITs.

Here's a snapshot of the client base and AUM as of late 2025:

Metric	Value as of September 30, 2025	Source Context
Total Assets Under Management (AUM)	$39.0 billion	Total managed assets
AUM from Private Capital Clients	$12.3 billion	Represents growth of $11.0 billion since September 30, 2021
Managed Equity REITs Revenue Share	68.0%	Of total management and advisory services revenue for FY2025
Quarterly Dividend per Share	$0.45	Planned payment to Class A Common Shares holders

High-touch, direct management model ('like we own it')

The RMR Group Inc. explicitly states its mission is to manage investments and assets 'like we own it'-an approach meant to consistently generate opportunities for everyone involved. This philosophy is supported by a vertically integrated platform employing nearly 900 real estate professionals across more than 30 offices nationwide as of September 30, 2025.

General Partner (GP) role in private capital joint ventures

In the private capital space, The RMR Group Inc. acts as the General Partner (GP) in joint ventures, aligning its interests directly with the investment performance. For instance, in two South Florida residential community acquisitions closed in February and March 2025, The RMR Group Inc. made an aggregate equity contribution of $11,031 thousand as the GP, with institutional investors funding the rest of the equity. For these deals, The RMR Group Inc. earned aggregate acquisition fees of $664 thousand and is entitled to ongoing fees and a carried interest if investment hurdles are met. Management has expressed an expectation to deploy upwards of $1 billion in calendar year 2025 for private capital initiatives.

Investor relations and reporting for public REIT shareholders

For its public shareholders, The RMR Group Inc. maintains a regular dividend policy, planning to pay $0.45 per share quarterly. The distribution payout ratio for the fourth quarter of fiscal 2025 was reported at 71.6%. Since its founding in 1986, The RMR Group Inc.'s clients have successfully completed nearly $47.0 billion of equity and debt financing through over 190 capital raising transactions.

Direct engagement with institutional investors for fund raising

The push into private capital involves direct engagement with institutional partners. The company recently raised over $60 million from institutional partners to acquire two residential communities for nearly $200 million. The private capital segment has grown to account for $12.3 billion of the total AUM as of September 30, 2025. The firm hired a senior vice-president and head of capital formation to further expand this business, which currently comprises joint ventures and separately managed accounts with US sovereign wealth funds and other asset managers.

Finance: draft the Q1 Fiscal 2026 cash flow projection incorporating the expected private capital deployment by Friday.

The RMR Group Inc. (RMR) - Canvas Business Model: Channels

You're looking at how The RMR Group Inc. gets its services to clients and the market, which is a mix of direct relationships and digital access points. Honestly, for a firm this size, the channel strategy is heavily weighted toward those long-term management contracts.

Direct management agreements with client entities

The core channel involves direct, long-term contracts. As of September 30, 2025, The RMR Group Inc. provides management services to four publicly traded equity real estate investment trusts (REITs). For the fiscal year ended September 30, 2025, revenues earned from these Managed Equity REITs accounted for 68.0% of the total management and advisory services revenue. These agreements are often 20-year term evergreen contracts. Property management fees are typically structured between 2.5% to 3.5% of gross collected rents, plus additional fees of up to 5.0% of construction costs for supervision services.

Investor relations and public filings for capital markets

The channel to capital markets is maintained through formal, scheduled communications. The RMR Group Inc. announced its Fiscal Fourth Quarter 2025 results on November 12, 2025. Investor relations contact is available at (617) 796-8230. The company's filings with the Securities and Exchange Commission (SEC) are accessible via its website.

National network of over 30 offices for local property expertise

Local expertise is distributed through a physical footprint. The RMR Group Inc. supports its vertical integration with nearly 900 real estate professionals operating in more than 30 offices nationwide. One source specifically notes 31 office and retail locations throughout the US. This network allows for on-the-ground management across various markets.

Company website and tenant portal for property-level services

Digital channels serve both investors and property occupants. The primary corporate and investor-facing channel is the company website, www.rmrgroup.com. For property-level services, a dedicated tenant portal is available, indicated by a 'Tenant Login' feature on the site. As of September 30, 2025, The RMR Group Inc. manages investments in approximately 1,900 properties throughout the United States.

Direct sales and relationship management for private funds

Growth in private capital relies on direct relationship management. As of September 30, 2025, Private Capital clients accounted for $12.3 billion of the total Assets Under Management (AUM). The firm is actively raising private capital across multiple strategies. For instance, in the fiscal quarter ended March 31, 2025, The RMR Group Inc. closed on two joint venture acquisitions in Florida totaling $196 million. The General Partner (GP) co-investment from The RMR Group Inc. in these deals was approximately $10 million.

Here is a quick look at some key channel-related statistics as of late 2025:

Channel Metric	Value (as of late 2025)	Context/Date
Total Assets Under Management (AUM)	$39.0 billion	As of September 30, 2025
Private Capital AUM	$12.3 billion	As of September 30, 2025
Public REIT Clients Managed	4	Publicly traded equity REITs as of September 30, 2025
National Office Footprint	More than 30	Nationwide network
Real Estate Professionals	Nearly 900	Staff supporting vertical integration
Managed Properties	Approximately 1,900	Total properties managed as of September 30, 2025
REIT Revenue Share of Total Advisory Revenue	68.0%	Fiscal Year Ended September 30, 2025

The firm's trailing 12-month revenue as of September 30, 2025, was $700M. Net cash from operating activities for the fiscal year ended September 30, 2025, was $75.7 million.

• Property management fees range from 2.5% to 3.5% of gross collected rents.
• Construction supervision fees are up to 5.0% of construction costs.
• The RMR Group Inc. co-invested approximately $10 million in aggregate into two South Florida joint venture deals closed in Q1 FY25.

The RMR Group Inc. (RMR) - Canvas Business Model: Customer Segments

You're looking at The RMR Group Inc.'s client base as of late 2025, which is heavily anchored in long-term advisory relationships and a growing private capital platform. The core of the business remains servicing the Perpetual Capital clients, but the strategic pivot is clearly toward institutional capital.

The customer segments are diverse, spanning public market entities, private institutional capital allocators, and the ultimate occupiers of the real estate assets managed.

The RMR Group Inc. manages assets across several distinct client types:

• Publicly traded Managed Equity REITs, which are anchored by long-term management agreements.
• Institutional investors participating in the Private Capital funds.
• Third-party property owners who utilize the Asset Services platform.
• The equity holders of The RMR Group Inc. itself.
• The tenants residing or operating within the managed properties.

Here's a breakdown of the scale associated with the primary client groups as of the fiscal year-end September 30, 2025, unless otherwise noted.

Customer Segment Detail	Metric	Amount/Value (As of Late 2025)
Total Assets Under Management (AUM)	Total AUM	$39.0 billion
Managed Equity REITs (Perpetual Capital)	Service Properties Trust (SVC) AUM	$10.8 Billion
Managed Equity REITs (Perpetual Capital)	Diversified Healthcare Trust (DHC) AUM	$7.3 Billion
Managed Equity REITs (Perpetual Capital)	Office Properties Income Trust (OPI) AUM	$5.3 Billion
Managed Equity REITs (Perpetual Capital)	Industrial Logistics Properties Trust (ILPT) AUM	$2.7 Billion
Private Capital Clients	AUM as of September 30, 2025	$12.3 billion
Private Capital Clients	Growth in AUM since September 30, 2021	$11.0 billion increase
Asset Services Clients (Third-Party Owners)	Properties Managed	More than 1,300
Asset Services Clients (Third-Party Owners)	Square Footage Managed	Approximately 114 million square feet

The focus on institutional investors in private capital funds is a major driver. The RMR Group Inc. has successfully grown this segment from virtually zero to over $12 billion in less than five years, with a projection that private capital could eventually make up over half of the total AUM within the next five years. For example, in Q1 Fiscal 2025, they closed on two residential joint venture acquisitions totaling $195.8 million.

For the shareholders of The RMR Group Inc. (RMR), the financial performance directly impacts their investment. As of November 7, 2025, the total shares outstanding included:

• Class A common stock: 16,061,399 shares
• Class B-1 common stock: 1,000,000 shares
• Class B-2 common stock: 15,000,000 shares

The market reflected a closing stock price of $15.85 on November 7, 2025, resulting in a market capitalization of $267M. The dividend paid in Q4 2025 was $0.45 per share.

Tenants of managed commercial and residential properties are the base upon which the fee revenue is generated. The Asset Services division manages properties across office, industrial, medical office, life science, retail, and multifamily sectors. For instance, the Managed Equity REITs collectively own hundreds of properties, such as Diversified Healthcare Trust (DHC) owning 335 properties as of September 30, 2025.

To be fair, revenue from the Managed Equity REITs was the dominant source of fee revenue, representing 68.0% of total management and advisory services revenue for the fiscal year ended September 30, 2025. The trailing twelve-month revenue as of September 30, 2025, was reported at $700M.

Finance: draft 13-week cash view by Friday.

The RMR Group Inc. (RMR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep The RMR Group Inc.'s platform running and fund its growth initiatives. The Cost Structure is heavily weighted toward personnel and the physical infrastructure needed to manage a nationwide real estate portfolio. Honestly, for an asset manager, compensation and G&A are always the big levers to watch.

The most significant recurring personnel cost is the Recurring Cash Compensation, which stood at $42.1 million for the second quarter of Fiscal 2025. This reflects the cost of the professionals supporting the management agreements. Also critical is the Recurring General & Administrative (G&A) Expenses, which were reported at $10.7 million for Q2 Fiscal 2025, notably excluding $600,000 in annual director share grants for that period. That's a clear, measurable operational expense you can track quarter-over-quarter.

The cost to maintain the physical footprint is substantial, supporting the vertical integration model. The RMR Group Inc. supports its operations with a large team across the country, which translates directly into office operating costs. Here's the quick math on the scale of that infrastructure:

Metric	Value (as of Q2/Q3 2025)
Real Estate Professionals	Over 900
Nationwide Offices	More than 35
Total Assets Under Management (AUM)	Approximately $39.8 billion (as of Q2 2025)

Financing costs are another component, particularly with the new credit facility put in place in early 2025. Amounts drawn under The RMR Group LLC's $100 million senior secured revolving credit facility bear interest at a variable rate based on SOFR plus a margin of 2.25% per annum. For the quarter ending March 31, 2025, the reported Interest Expense was $1.1 million, which will fluctuate with SOFR and the amount drawn on the facility.

The final major cost category involves the Investment in seed capital for new private capital initiatives. This is an investment in future revenue streams, but it requires upfront cash deployment. You can see this in action through recent deal activity:

• Two joint venture acquisitions in Florida closed in Q2 2025 with an aggregate transaction value of approximately $196 million.
• The RMR Group Inc. retained equity interests totaling $11.0 million in those Q2 joint ventures.
• The private capital platform AUM grew to over $12 billion by Q3 2025, showing sustained seeding efforts.
• The company also launched a value-add retail strategy with a $21.3 million acquisition outside Chicago.

The company maintains zero corporate debt, relying on cash on hand-which was over $137 million at the end of Q2 2025-and the revolving facility for this seeding capital.

The RMR Group Inc. (RMR) - Canvas Business Model: Revenue Streams

You're looking at The RMR Group Inc.'s (RMR) revenue sources as of late 2025. Honestly, the structure is heavily weighted toward recurring management fees, which is typical for an asset manager of this scale, but the recent performance shows how transaction-based income can fluctuate.

Annual Revenue for Fiscal Year 2025 was $700.28 million.

The core of The RMR Group Inc.'s income comes from managing assets for its clients, which includes REITs and private capital vehicles. This is broken down into several distinct fee types.

Base and Advisory Management Fees

These fees are the bedrock, generally calculated based on the value of assets under management (AUM). While the exact contractual rates vary by client and mandate, we see concrete examples of the scale of these recurring services.

• Management and advisory services revenues totaled $45.5 million for the fourth quarter of Fiscal 2025.
• For the first quarter of Fiscal 2025, Recurring Service Revenues were reported at $47.3 million.
• The company maintains zero corporate debt, which means the net impact of these recurring fees flows more directly to earnings before other operating expenses.

The RMR Group Inc.'s total Assets Under Management (AUM) stood at $39.0 billion as of September 30, 2025, which directly supports the calculation base for these management fees.

Property Management Fees

These fees cover the day-to-day oversight of physical properties, distinct from the advisory fees on the investment structure itself. For The RMR Group Inc.'s commercial real estate portfolio, the contractual structure often falls within a tight band, reflecting the scale of the assets managed.

The typical range for Property Management Fees on their commercial assets is between 2.5% to 3.5% of gross collected rents. This is generally lower than residential property management fees, which can range from 8% to 12% of collected rent in the broader industry, due to the economies of scale in managing large commercial properties.

Incentive Fees for Outperformance

This is the performance-based component, directly aligning The RMR Group Inc.'s interests with achieving superior returns for its managed entities. These fees are earned when specific performance hurdles are cleared.

For instance, due to strong year-to-date share price increases for certain managed REITs like DHC and ILPT, The RMR Group Inc. accrued potential incentive fees exceeding $17 million for the past quarter. The structure mentioned in your outline suggests a cap tied to market capitalization, but the realized figure is driven by investment performance metrics.

Acquisition and Disposition Fees

The RMR Group Inc. also generates revenue from transactional activities, which are inherently lumpy compared to the recurring management fees. These fees are earned when The RMR Group Inc. facilitates the buying or selling of real estate assets for its managed accounts.

For example, in a recent joint venture acquisition with a total transaction value of $195.8 million, The RMR Group Inc. was entitled to acquisition fees, ongoing property management fees, and a carried interest if performance targets were met. The company also announced plans to sell its loan portfolio, which was expected to generate net proceeds of approximately $16.7 million.

Here's a quick look at the components we have concrete, recent data for:

Revenue Stream Component	Latest Reported Metric/Value	Period/Context
Annual Revenue (TTM)	$700.28 million	Fiscal Year 2025 (ending Sep 30, 2025)
Management & Advisory Services Revenue	$45.5 million	Q4 Fiscal 2025
Potential Incentive Fee Accrual	Exceeding $17 million	Past Quarter (related to DHC and ILPT performance)
Loan Portfolio Sale Proceeds (Expected)	Approximately $16.7 million	Announcement related to SEVN transaction
AUM Base for Fee Calculation	$39.0 billion	As of September 30, 2025

The structure of these revenue streams shows a clear focus on fee generation from the scale of assets managed, supplemented by transactional events.