O RMR Group Inc. (RMR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da gestão e investimento imobiliários, o RMR Group Inc. (RMR) surge como uma potência estratégica, alavancando uma sofisticada tela de modelo de negócios que transforma investimentos complexos de propriedades em oportunidades simplificadas e orientadas a dados. Ao integrar perfeitamente serviços de consultoria especializados, tecnologia de ponta e profundo experiência no setor, a RMR cria soluções inovadoras que desbloqueiam valor para investidores institucionais, REITs e indivíduos de alta rede que buscam desempenho excepcional do portfólio imobiliário. Esse intrincado modelo de negócios representa uma abordagem magistral para navegar no intrincado cenário do investimento e gerenciamento modernos do setor imobiliário.

The RMR Group Inc. (RMR) - Modelo de negócios: Parcerias -chave

Empresas de gerenciamento de propriedades e fundos de investimento imobiliário (REITs)

A partir de 2024, a RMR gerencia aproximadamente US $ 33,3 bilhões em ativos imobiliários em vários REITs, incluindo:

REIT Partner	Total de ativos sob gestão	Tipos de propriedades
Hospitality Properties Trust	US $ 6,2 bilhões	Hotéis e centros de viagem
Office Properties Renda Trust	US $ 7,5 bilhões	Edifícios de escritórios
Propriedades de serviço Trust	US $ 10,8 bilhões	Diversas propriedades comerciais

Investidores institucionais e privados

A RMR colabora com investidores institucionais que gerenciam aproximadamente US $ 15,7 bilhões em capital de investimento.

• Fundos de pensão: 42% do portfólio de investimentos
• Empresas de private equity: 33% da carteira de investimentos
• Fundos soberanos de riqueza: 25% da carteira de investimentos

Proprietários comerciais e residenciais

A RMR gerencia propriedades em 44 estados com um portfólio total de 2.300 propriedades.

Categoria de propriedade	Número de propriedades	Mágua quadrada total
Propriedades comerciais	1,850	62,4 milhões de pés quadrados
Propriedades residenciais	450	15,6 milhões de pés quadrados

Provedores de serviços financeiros e de consultoria estratégicos

A RMR mantém parcerias com instituições financeiras que gerenciam US $ 8,9 bilhões em serviços de consultoria financeira.

• Goldman Sachs: US $ 3,2 bilhões
• JPMorgan Chase: US $ 2,7 bilhões
• Morgan Stanley: US $ 3,0 bilhões

Parceiros de tecnologia e solução de software

A RMR investe US $ 42,6 milhões anualmente em parcerias de tecnologia.

Parceiro de tecnologia	Investimento anual	Foco da tecnologia primária
Serviços em nuvem da Microsoft	US $ 15,3 milhões	Infraestrutura em nuvem
Salesforce CRM	US $ 12,4 milhões	Gerenciamento de relacionamento com o cliente
Oracle Enterprise Solutions	US $ 14,9 milhões	Planejamento de recursos corporativos

O RMR Group Inc. (RMR) - Modelo de Negócios: Atividades -chave

Gestão de ativos e serviços de consultoria

A partir do quarto trimestre de 2023, a RMR conseguiu aproximadamente US $ 33,4 bilhões em ativos sob gestão. A empresa fornece serviços de gerenciamento de ativos em vários setores imobiliários.

Tipo de ativo	Valor total	Número de propriedades
Propriedades do escritório	US $ 12,6 bilhões	87 propriedades
Propriedades de hospitalidade	US $ 8,9 bilhões	102 propriedades
Propriedades industriais	US $ 6,5 bilhões	65 propriedades

Otimização do portfólio imobiliário

A RMR se concentra no gerenciamento de portfólio estratégico com estratégias de otimização específicas:

• Diversificação geográfica em 48 estados
• Abordagem de investimento imobiliário multissetorial
• Rebalanceamento de portfólio ativo

Desenvolvimento da estratégia de investimento

Métricas de estratégia de investimento para 2023:

Métrica de estratégia	Valor
Alocação anual de investimentos	US $ 2,1 bilhões
Retorno médio de investimento	8.7%
Novas oportunidades de investimento avaliadas	237 oportunidades

Monitoramento e relatório de desempenho

As métricas de rastreamento de desempenho incluem:

• Relatórios financeiros trimestrais
• Rastreamento de desempenho em tempo real do portfólio
• Protocolos detalhados de comunicação de investidores

Gerenciamento de riscos e conformidade

Estatísticas de conformidade e gerenciamento de riscos para 2023:

Métrica de gerenciamento de riscos	Valor
Equipe de conformidade	42 profissionais dedicados
Orçamento anual de conformidade	US $ 3,6 milhões
Auditoria regulatória passa	100%

O RMR Group Inc. (RMR) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento experiente

A partir do quarto trimestre de 2023, a equipe de liderança do RMR Group consiste em 9 executivos seniores, com uma média de 22 anos de experiência em investimentos imobiliários. A compensação total dos executivos para 2023 foi de US $ 12,3 milhões.

Posição executiva	Anos de experiência	Total de ativos sob gestão
CEO	28 anos	US $ 8,2 bilhões
Diretor de Investimento	19 anos	US $ 5,6 bilhões

Plataformas de análise de dados e investimentos proprietários

O RMR Group investiu US $ 4,7 milhões em plataformas de infraestrutura de tecnologia e análise de dados em 2023.

• Tecnologia de triagem de investimento proprietária
• Plataforma de análise de mercado em tempo real
• Algoritmos avançados de avaliação de risco

Rede de relacionamentos do setor

O RMR Group mantém relacionamentos com 127 investidores institucionais e 42 REITs de investimento imobiliário (REITs) em dezembro de 2023.

Capital financeiro e recursos de investimento

Total de ativos sob gestão (AUM) para o grupo RMR em 2023: US $ 21,3 bilhões. Valor total do portfólio de investimentos: US $ 15,9 bilhões.

Categoria de investimento	Valor total	Porcentagem de portfólio
Imóveis comerciais	US $ 9,6 bilhões	60.4%
Propriedades residenciais	US $ 3,7 bilhões	23.3%
Desenvolvimentos de uso misto	US $ 2,6 bilhões	16.3%

Infraestrutura de tecnologia avançada

Investimento de tecnologia para 2023: US $ 5,2 milhões. Orçamento de segurança cibernética: US $ 1,8 milhão.

• Sistemas de gerenciamento de investimentos baseados em nuvem
• Modelos de previsão de investimentos de aprendizado de máquina
• Plataformas de criptografia de dados seguras

O RMR Group Inc. (RMR) - Modelo de Negócios: Proposições de Valor

Soluções de gestão imobiliária e consultiva especializadas

A partir de 2024, a RMR gerencia US $ 33,4 bilhões em ativos totais sob gestão. A empresa fornece serviços especializados de gerenciamento imobiliário em vários setores.

Categoria de serviço	Total de ativos gerenciados	Número de propriedades
Imóveis comerciais	US $ 22,6 bilhões	378 propriedades
Imóveis para hospitalidade	US $ 6,8 bilhões	129 propriedades
Healthcare Real Estate	US $ 4 bilhões	87 propriedades

Estratégias de investimento personalizadas para diversas portfólios de clientes

A RMR oferece abordagens de investimento personalizado com um histórico comprovado de desempenho.

• Estratégias de investimento que cobrem vários setores imobiliários
• Gerenciamento de portfólio personalizado para investidores institucionais
• Perfis de retorno direcionados que variam de 8 a 12% anualmente

Insights e otimização de desempenho orientados a dados

A RMR utiliza análises avançadas com uma equipe de pesquisa de investimentos de 42 profissionais.

Capacidade de análise	Métricas rastreadas	Impacto no desempenho
Análise de mercado em tempo real	Mais de 500 indicadores de mercado	3,2% de melhoria de desempenho médio de portfólio
Modelos de avaliação de risco	15 estruturas de avaliação de risco proprietárias	Volatilidade reduzida de portfólio em 2,7%

Abordagem abrangente de gerenciamento de riscos

A RMR mantém uma estrutura robusta de gerenciamento de riscos, com US $ 1,2 bilhão em reservas de mitigação de riscos.

• Diversificação em 42 mercados geográficos
• Estratégia de investimento multissetorial
• Monitoramento contínuo da volatilidade do mercado

Experiência em transações imobiliárias complexas

Em 2023, a RMR executou US $ 4,6 bilhões em transações imobiliárias com uma taxa de conclusão bem -sucedida de 92%.

Tipo de transação	Valor total	Transações bem -sucedidas
Aquisições	US $ 2,8 bilhões	37 transações
Disposições	US $ 1,8 bilhão	24 transações

O RMR Group Inc. (RMR) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento personalizado do cliente

O RMR Group Inc. atende 503 clientes de gerenciamento de propriedades a partir do quarto trimestre 2023, com uma abordagem focada nas interações do cliente personalizado.

Segmento de cliente	Número de clientes	Nível de engajamento
Investidores institucionais	237	Alta personalização
Empresas de private equity	126	Personalização média
Trusts imobiliários	140	Engajamento estratégico

Parcerias estratégicas de longo prazo

A RMR mantém uma taxa média de retenção de clientes de 92,4% em seus portfólios gerenciados, indicando fortes estratégias de relacionamento de longo prazo.

Relatórios de desempenho regulares

• Relatórios trimestrais de desempenho financeiro
• Atualizações mensais de desempenho operacional
• Acesso ao painel digital em tempo real

Gerenciamento de conta dedicado

A RMR emprega 87 gerentes de conta dedicados a partir de 2023, com uma proporção média de cliente-gerente de 5,8: 1.

Comunicação e consulta proativa

Canal de comunicação	Freqüência	Tempo de resposta
Reuniões diretas do cliente	Trimestral	24-48 horas
Comunicação digital	Contínuo	4-6 horas
Revisões estratégicas anuais	Anualmente	Abrangente

O RMR Group Inc. (RMR) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, o RMR Group Inc. mantém uma equipe de vendas direta de 87 profissionais focados em serviços institucionais de gerenciamento imobiliário.

Métrica do canal de vendas	2023 dados
Total de representantes de vendas	87
Custo médio de aquisição de clientes	$24,500
Cobertura geográfica da equipe de vendas	48 estados

Plataformas digitais e portais online

O RMR Group opera canais digitais com as seguintes especificações:

• Tráfego do site corporativo: 42.300 visitantes mensais
• Engajamento do portal de relações com investidores on -line: 18.500 usuários únicos trimestralmente
• Plataformas de comunicação digital: 3 plataformas proprietárias

Conferências do setor e eventos de rede

Tipo de evento	Participação anual	Alcance estimado
Conferências imobiliárias nacionais	12	3.200 clientes em potencial
Eventos regionais de networking	36	1.800 clientes em potencial

Redes de referência

Retrófica de canal de referência:

• Parceiros de referência ativos totais: 214
• Cobertura de rede de referência: investidores institucionais, fundos de pensão, fundos de investimento imobiliário
• Taxa de conversão de referência: 7,4%

Serviços de consultoria profissional

Categoria de serviço de consultoria	Receita anual	Base de clientes
Aviso de investimento	US $ 42,3 milhões	127 clientes institucionais
Advogado de gerenciamento de ativos	US $ 28,6 milhões	93 clientes institucionais

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

Investidores institucionais

A partir do quarto trimestre de 2023, o grupo RMR gerencia aproximadamente US $ 33,9 bilhões em ativos sob gestão (AUM) para investidores institucionais.

Tipo de investidor	Total de ativos	Porcentagem de portfólio
Fundos de pensão	US $ 12,4 bilhões	36.6%
Fundos de doação	US $ 8,7 bilhões	25.7%
Companhias de seguros	US $ 6,2 bilhões	18.3%

Funcionários de investimento imobiliário (REITs)

A RMR atende 12 REITs negociados publicamente a partir de 2024, com uma capitalização de mercado total de US $ 15,6 bilhões.

• REITs diversificados: 5
• REITs de hospitalidade: 3
• REITs do escritório: 2
• REITs industriais: 2

Empresas de private equity

A RMR gerencia portfólios de investimento para 8 empresas de private equity, com um valor total de investimento de US $ 5,2 bilhões.

Foco de investimento	Número de empresas	Valor total de investimento
Imobiliária	5	US $ 3,4 bilhões
Portfólio misto	3	US $ 1,8 bilhão

Indivíduos de alta rede

A RMR atende a 247 clientes individuais de alta rede com um valor combinado de portfólio de US $ 2,1 bilhões.

• Tamanho médio do portfólio: US $ 8,5 milhões
• Patrimônio líquido médio: US $ 25 milhões

Proprietários de propriedades comerciais

A RMR gerencia propriedades para 63 proprietários comerciais, representando um valor total da propriedade de US $ 7,8 bilhões.

Tipo de propriedade	Número de proprietários	Valor total da propriedade
Edifícios de escritórios	22	US $ 3,2 bilhões
Espaços de varejo	18	US $ 2,5 bilhões
Complexos industriais	15	US $ 1,6 bilhão
Propriedades de uso misto	8	US $ 500 milhões

O RMR Group Inc. (RMR) - Modelo de negócios: estrutura de custos

Aquisição de pessoal e talento

No ano fiscal de 2023, o RMR Group Inc. registrou despesas totais de pessoal de US $ 77,4 milhões. A quebra de compensação inclui:

Categoria de despesa	Valor ($)
Salários da base	52,300,000
Bônus de desempenho	15,600,000
Benefícios e seguro	9,500,000

Investimentos de tecnologia e infraestrutura

Os gastos com tecnologia para o grupo RMR em 2023 totalizaram US $ 22,1 milhões, com alocações específicas:

• Infraestrutura de TI: US $ 8,3 milhões
• Licenciamento de software: US $ 6,7 milhões
• Sistemas de segurança cibernética: US $ 4,5 milhões
• Serviços de computação em nuvem: US $ 2,6 milhões

Marketing e desenvolvimento de negócios

As despesas de marketing de 2023 foram de US $ 12,6 milhões, distribuídas da seguinte forma:

Canal de marketing	Despesas ($)
Marketing digital	5,200,000
Patrocínios de conferência e evento	3,800,000
Desenvolvimento da equipe de vendas	3,600,000

Conformidade e despesas regulatórias

Os custos de conformidade regulatória do grupo RMR em 2023 totalizaram US $ 9,3 milhões:

• Serviços de Consultoria Jurídica: US $ 4,1 milhões
• Auditoria e relatórios: US $ 3,2 milhões
• Taxas de arquivamento regulatório: US $ 2,0 milhões

Pesquisa e análise

As despesas de pesquisa e desenvolvimento para 2023 foram de US $ 16,5 milhões:

Categoria de pesquisa	Investimento ($)
Pesquisa de mercado	6,700,000
Plataformas de análise de dados	5,300,000
Projetos de inovação	4,500,000

The RMR Group Inc. (RMR) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento

Para o ano fiscal de 2023, o RMR Group relatou US $ 178,3 milhões Em taxas totais de gerenciamento em vários segmentos de investimento imobiliário.

Categoria de serviço	Receita da taxa de gerenciamento
Gerenciamento de hospitalidade	US $ 62,4 milhões
Gerenciamento de propriedades de escritórios	US $ 45,7 milhões
Gerenciamento de propriedades de varejo	US $ 37,2 milhões
Gerenciamento de propriedades industriais	US $ 33,0 milhões

Comissões de Serviço Consultivo

Grupo RMR gerado US $ 24,6 milhões em Comissões de Serviço Consultivo durante 2023.

Incentivos baseados em desempenho

Receitas de incentivo baseadas em desempenho totalizaram US $ 15,9 milhões Para o ano fiscal de 2023.

Retornos do portfólio de investimentos

O portfólio de investimentos retorna para o grupo RMR em 2023 totalizou US $ 22,1 milhões.

Tipo de investimento	Valor de retorno
Investimentos imobiliários	US $ 16,3 milhões
Investimentos em ações	US $ 5,8 milhões

Taxas de transação e consultoria

Taxas de transação e consultoria para 2023 alcançaram US $ 19,5 milhões.

• Taxas de transação imobiliária: US $ 12,7 milhões
• Serviços de consultoria estratégica: US $ 6,8 milhões

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.