El Grupo RMR Inc. (RMR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión y la inversión inmobiliaria, el RMR Group Inc. (RMR) surge como una potencia estratégica, aprovechando un sofisticado lienzo de modelo de negocio que transforma las inversiones inmobiliarias complejas en oportunidades simplificadas y basadas en datos. Al integrar a la perfección, los servicios de asesoramiento especializados, la tecnología de vanguardia y la profunda experiencia en la industria, RMR crean soluciones innovadoras que desbloquean el valor para los inversores institucionales, los REIT y las personas de alto nivel de red que buscan un rendimiento de cartera de bienes raíces excepcional. Este intrincado modelo de negocio representa un enfoque magistral para navegar por el intrincado panorama de la inversión y gestión inmobiliaria moderna.

RMR Group Inc. (RMR) - Modelo de negocio: asociaciones clave

Empresas de administración de propiedades y fideicomisos de inversión inmobiliaria (REIT)

A partir de 2024, RMR administra aproximadamente $ 33.3 mil millones en activos inmobiliarios en múltiples REIT, que incluyen:

Socio de REIT	Activos totales bajo administración	Tipos de propiedades
Fideicomiso de propiedades de hospitalidad	$ 6.2 mil millones	Hoteles y centros de viajes
Propiedades de la oficina Fideicomiso de ingresos	$ 7.5 mil millones	Edificios de oficinas
Trust de propiedades de servicio	$ 10.8 mil millones	Diversas propiedades comerciales

Inversores de capital institucional y privado

RMR colabora con inversores institucionales que administran aproximadamente $ 15.7 mil millones en capital de inversión.

• Fondos de pensiones: 42% de la cartera de inversiones
• Empresas de capital privado: 33% de la cartera de inversiones
• Fondos de riqueza soberana: 25% de la cartera de inversiones

Propietarios de propiedades comerciales y residenciales

RMR administra propiedades en 44 estados con una cartera total de 2.300 propiedades.

Categoría de propiedad	Número de propiedades	Hoques cuadrados totales
Propiedades comerciales	1,850	62.4 millones de pies cuadrados
Propiedades residenciales	450	15.6 millones de pies cuadrados

Proveedores de servicios financieros y de asesoramiento estratégicos

RMR mantiene asociaciones con instituciones financieras que administran $ 8.9 mil millones en servicios de asesoramiento financiero.

• Goldman Sachs: $ 3.2 mil millones
• JPMorgan Chase: $ 2.7 mil millones
• Morgan Stanley: $ 3.0 mil millones

Socios de soluciones de tecnología y software

RMR invierte $ 42.6 millones anuales en asociaciones tecnológicas.

Socio tecnológico	Inversión anual	Enfoque de tecnología primaria
Servicios en la nube de Microsoft	$ 15.3 millones	Infraestructura en la nube
Salesforce CRM	$ 12.4 millones	Gestión de la relación con el cliente
Oracle Enterprise Solutions	$ 14.9 millones	Planificación de recursos empresariales

RMR Group Inc. (RMR) - Modelo de negocio: actividades clave

Gestión de activos y servicios de asesoramiento

A partir del cuarto trimestre de 2023, RMR logró aproximadamente $ 33.4 mil millones en activos bajo administración. La compañía proporciona servicios de gestión de activos en múltiples sectores inmobiliarios.

Tipo de activo	Valor total	Número de propiedades
Propiedades de la oficina	$ 12.6 mil millones	87 propiedades
Propiedades de hospitalidad	$ 8.9 mil millones	102 propiedades
Propiedades industriales	$ 6.5 mil millones	65 propiedades

Optimización de la cartera de bienes raíces

RMR se centra en la gestión estratégica de la cartera con estrategias de optimización específicas:

• Diversificación geográfica en 48 estados
• Enfoque de inversión inmobiliaria multisectorial
• Reequilibrio de cartera activa

Desarrollo de la estrategia de inversión

Métricas de estrategia de inversión para 2023:

Métrica de estrategia	Valor
Asignación de inversión anual	$ 2.1 mil millones
Rendimiento de inversión promedio	8.7%
Nuevas oportunidades de inversión evaluadas	237 oportunidades

Monitoreo e informes del rendimiento

Las métricas de seguimiento de rendimiento incluyen:

• Informes financieros trimestrales
• Seguimiento de rendimiento de la cartera en tiempo real
• Protocolos de comunicación de inversores detallados

Gestión de riesgos y cumplimiento

Estadísticas de cumplimiento y gestión de riesgos para 2023:

Métrica de gestión de riesgos	Valor
Personal de cumplimiento	42 profesionales dedicados
Presupuesto anual de cumplimiento	$ 3.6 millones
Pases de auditoría regulatoria	100%

RMR Group Inc. (RMR) - Modelo de negocio: recursos clave

Equipo de gestión experimentado

A partir del cuarto trimestre de 2023, el equipo de liderazgo de RMR Group consta de 9 ejecutivos senior con un promedio de 22 años de experiencia en inversión inmobiliaria. La compensación ejecutiva total para 2023 fue de $ 12.3 millones.

Puesto ejecutivo	Años de experiencia	Activos totales bajo administración
CEO	28 años	$ 8.2 mil millones
Director de inversiones	19 años	$ 5.6 mil millones

Plataformas de análisis de datos e inversión patentados

RMR Group invirtió $ 4.7 millones en plataformas de infraestructura tecnológica y análisis de datos en 2023.

• Tecnología de detección de inversiones patentada
• Plataforma de análisis de mercado en tiempo real
• Algoritmos de evaluación de riesgos avanzados

Red de relaciones con la industria

RMR Group mantiene relaciones con 127 inversores institucionales y 42 fideicomisos de inversión inmobiliaria (REIT) a diciembre de 2023.

Capacidades de capital financiero y de inversión

Activos totales bajo administración (AUM) para RMR Group en 2023: $ 21.3 mil millones. Valor total de la cartera de inversiones: $ 15.9 mil millones.

Categoría de inversión	Valor total	Porcentaje de cartera
Inmobiliario comercial	$ 9.6 mil millones	60.4%
Propiedades residenciales	$ 3.7 mil millones	23.3%
Desarrollos de uso mixto	$ 2.6 mil millones	16.3%

Infraestructura de tecnología avanzada

Inversión tecnológica para 2023: $ 5.2 millones. Presupuesto de ciberseguridad: $ 1.8 millones.

• Sistemas de gestión de inversiones basados ​​en la nube
• Modelos de predicción de inversión de aprendizaje automático
• Plataformas de cifrado de datos seguras

RMR Group Inc. (RMR) - Modelo de negocio: propuestas de valor

Gestión de bienes raíces especializadas y soluciones de asesoramiento

A partir de 2024, RMR administra $ 33.4 mil millones en activos totales bajo administración. La compañía ofrece servicios especializados de gestión de bienes raíces en múltiples sectores.

Categoría de servicio	Activos totales gestionados	Número de propiedades
Inmobiliario comercial	$ 22.6 mil millones	378 propiedades
Bienes raíces de hospitalidad	$ 6.8 mil millones	129 propiedades
Bienes raíces de atención médica	$ 4 mil millones	87 propiedades

Estrategias de inversión personalizadas para diversas carteras de clientes

RMR ofrece enfoques de inversión personalizados con un historial probado de rendimiento.

• Estrategias de inversión que cubren múltiples sectores inmobiliarios
• Gestión de cartera personalizada para inversores institucionales
• Perfiles de retorno dirigidos que van del 8 al 12% anuales

Informes basados ​​en datos y optimización del rendimiento

RMR utiliza análisis avanzados con un equipo de investigación de inversiones de 42 profesionales.

Capacidad analítica	Métricas rastreadas	Impacto en el rendimiento
Análisis de mercado en tiempo real	Más de 500 indicadores de mercado	3.2% Mejora del rendimiento de la cartera promedio
Modelos de evaluación de riesgos	15 marcos de evaluación de riesgos patentados	Volatilidad de cartera reducida en un 2,7%

Enfoque integral de gestión de riesgos

RMR mantiene un sólido marco de gestión de riesgos con $ 1.2 mil millones en reservas de mitigación de riesgos.

• Diversificación en 42 mercados geográficos
• Estrategia de inversión multisectorial
• Monitoreo continuo de la volatilidad del mercado

Experiencia en transacciones inmobiliarias complejas

En 2023, RMR ejecutó $ 4.6 mil millones en transacciones inmobiliarias con una tasa de finalización exitosa del 92%.

Tipo de transacción	Valor total	Transacciones exitosas
Adquisiciones	$ 2.8 mil millones	37 transacciones
Plan	$ 1.8 mil millones	24 transacciones

RMR Group Inc. (RMR) - Modelo de negocios: relaciones con los clientes

Compromiso personalizado del cliente

El RMR Group Inc. atiende a 503 clientes de administración de propiedades a partir del cuarto trimestre de 2023, con un enfoque enfocado en las interacciones personalizadas del cliente.

Segmento de clientes	Número de clientes	Nivel de compromiso
Inversores institucionales	237	Alta personalización
Empresas de capital privado	126	Personalización media
Fideicomisos de bienes raíces	140	Compromiso estratégico

Asociaciones estratégicas a largo plazo

RMR mantiene una tasa promedio de retención del cliente del 92.4% en sus carteras administradas, lo que indica fuertes estrategias de relación a largo plazo.

Informes de rendimiento regulares

• Informes trimestrales de desempeño financiero
• Actualizaciones mensuales de rendimiento operativo
• Acceso digital en tiempo real en tiempo real

Gestión de cuentas dedicada

RMR emplea a 87 gerentes de cuentas dedicados a partir de 2023, con una relación de cliente a administrador promedio de 5.8: 1.

Comunicación y consulta proactiva

Canal de comunicación	Frecuencia	Tiempo de respuesta
Reuniones directas del cliente	Trimestral	24-48 horas
Comunicación digital	Continuo	4-6 horas
Revisiones estratégicas anuales	Anualmente	Integral

RMR Group Inc. (RMR) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, RMR Group Inc. mantiene un equipo de ventas directo de 87 profesionales centrado en servicios de gestión de bienes raíces institucionales.

Métrico de canal de ventas	2023 datos
Representantes de ventas totales	87
Costo promedio de adquisición del cliente	$24,500
Cobertura geográfica del equipo de ventas	48 estados

Plataformas digitales y portales en línea

RMR Group opera canales digitales con las siguientes especificaciones:

• Tráfico del sitio web corporativo: 42,300 visitantes mensuales
• Compromiso del portal de relaciones con inversores en línea: 18,500 usuarios únicos trimestralmente
• Plataformas de comunicación digital: 3 plataformas patentadas

Conferencias de la industria y eventos de redes

Tipo de evento	Participación anual	Alcance estimado
Conferencias de bienes raíces nacionales	12	3.200 clientes potenciales
Eventos de redes regionales	36	1.800 clientes potenciales

Redes de referencia

Desglose del canal de referencia:

• Socios de referencia activos totales: 214
• Cobertura de la red de referencia: inversores institucionales, fondos de pensiones, fideicomisos de inversión inmobiliaria
• Tasa de conversión de referencia: 7.4%

Servicios de asesoramiento profesional

Categoría de servicio de asesoramiento	Ingresos anuales	Base de clientes
Aviso de inversión	$ 42.3 millones	127 clientes institucionales
Aviso de gestión de activos	$ 28.6 millones	93 clientes institucionales

RMR Group Inc. (RMR) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, el grupo RMR administra aproximadamente $ 33.9 mil millones en activos bajo administración (AUM) para inversores institucionales.

Tipo de inversor	Activos totales	Porcentaje de cartera
Fondos de pensiones	$ 12.4 mil millones	36.6%
Fondos de dotación	$ 8.7 mil millones	25.7%
Compañías de seguros	$ 6.2 mil millones	18.3%

Fideicomisos de inversión inmobiliaria (REIT)

RMR sirve a 12 REIT que cotizan en bolsa a partir de 2024, con una capitalización de mercado total de $ 15.6 mil millones.

• Reits diversificados: 5
• REIT de hospitalidad: 3
• REIT de oficina: 2
• REIT industrial: 2

Empresas de capital privado

RMR administra carteras de inversión para 8 empresas de capital privado, con un valor de inversión total de $ 5.2 mil millones.

Enfoque de inversión	Número de empresas	Valor de inversión total
Bienes raíces	5	$ 3.4 mil millones
Cartera mixta	3	$ 1.8 mil millones

Individuos de alto nivel de red

RMR atiende a 247 clientes individuales de alto patrimonio con un valor de cartera combinado de $ 2.1 mil millones.

• Tamaño promedio de la cartera: $ 8.5 millones
• Media neta: $ 25 millones

Propietarios comerciales

RMR administra propiedades para 63 propietarios de propiedades comerciales, que representan un valor de propiedad total de $ 7.8 mil millones.

Tipo de propiedad	Número de propietarios	Valor de propiedad total
Edificios de oficinas	22	$ 3.2 mil millones
Espacios minoristas	18	$ 2.5 mil millones
Complejos industriales	15	$ 1.6 mil millones
Propiedades de uso mixto	8	$ 500 millones

RMR Group Inc. (RMR) - Modelo de negocio: Estructura de costos

Adquisición de personal y talento

A partir del año fiscal 2023, RMR Group Inc. reportó gastos totales de personal de $ 77.4 millones. Desglose de compensación incluye:

Categoría de gastos	Monto ($)
Salarios base	52,300,000
Bonos de rendimiento	15,600,000
Beneficios y seguro	9,500,000

Inversiones de tecnología e infraestructura

Los gastos de tecnología para el grupo RMR en 2023 totalizaron $ 22.1 millones, con asignaciones específicas:

• Infraestructura: $ 8.3 millones
• Licencias de software: $ 6.7 millones
• Sistemas de ciberseguridad: $ 4.5 millones
• Servicios de computación en la nube: $ 2.6 millones

Marketing y desarrollo de negocios

Los gastos de marketing para 2023 fueron de $ 12.6 millones, distribuidos de la siguiente manera:

Canal de marketing	Gasto ($)
Marketing digital	5,200,000
Patrocinios de conferencia y eventos	3,800,000
Desarrollo del equipo de ventas	3,600,000

Cumplimiento y gastos regulatorios

Los costos de cumplimiento regulatorio para RMR Group en 2023 ascendieron a $ 9.3 millones:

• Servicios de asesoramiento legal: $ 4.1 millones
• Auditoría e informes: $ 3.2 millones
• Tarifas de presentación regulatoria: $ 2.0 millones

Investigación y análisis

Los gastos de investigación y desarrollo para 2023 fueron de $ 16.5 millones:

Categoría de investigación	Inversión ($)
Investigación de mercado	6,700,000
Plataformas de análisis de datos	5,300,000
Proyectos de innovación	4,500,000

RMR Group Inc. (RMR) - Modelo de negocio: flujos de ingresos

Tarifas de gestión

Para el año fiscal 2023, RMR Group informó $ 178.3 millones en tarifas de gestión total en varios segmentos de inversión inmobiliaria.

Categoría de servicio	Ingresos de tarifas de gestión
Gestión de la hospitalidad	$ 62.4 millones
Administración de la propiedad de la oficina	$ 45.7 millones
Administración de propiedades minoristas	$ 37.2 millones
Administración de propiedades industriales	$ 33.0 millones

Comisiones de servicio de asesoramiento

Grupo RMR generado $ 24.6 millones en comisiones de servicio de asesoramiento durante 2023.

Incentivos basados ​​en el rendimiento

Los ingresos por incentivos basados ​​en el rendimiento totalizaron $ 15.9 millones para el año fiscal 2023.

Rendimientos de la cartera de inversiones

Los rendimientos de la cartera de inversiones para RMR Group en 2023 ascendieron a $ 22.1 millones.

Tipo de inversión	Monto de retorno
Inversiones inmobiliarias	$ 16.3 millones
Inversiones de renta variable	$ 5.8 millones

Tarifas de transacción y consultoría

Las tarifas de transacción y consultoría para 2023 alcanzaron $ 19.5 millones.

• Tarifas de transacción inmobiliaria: $ 12.7 millones
• Servicios de consultoría estratégica: $ 6.8 millones

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.