The RMR Group said total assets under management reached more than $37 billion at Dec. 31, 2025, up from $36 billion at the end of 2024 and $33 billion at the end of 2023, with the portfolio shifting further toward private capital and now roughly 68% perpetual capital and 32% private capital.
Private capital assets under management stood at $11.8 billion, while perpetual capital assets totaled $25.4 billion. Within private capital, residential joint ventures were the largest bucket at $4.4 billion, followed by industrial real estate funds at $4.0 billion and medical office and life science real estate funds at $2.4 billion. On the perpetual capital side, the company reported $9.9 billion in retail and net lease assets, $6.8 billion in senior living and medical office properties, $5.4 billion in office assets, $2.6 billion in industrial and logistics assets, and $0.7 billion in mortgage loans.
RMR said adjusted EBITDA was $19 million for the three months ended Dec. 31, 2025, compared with $81 million in 2025, $91 million in 2024, $102 million in 2023, and $106 million in 2022. The company’s adjusted EBITDA margin was 42% in the latest quarter, down from 43% in 2025 and 45% in 2024, but below the 51% to 59% range it posted from 2020 through 2023.
Management and advisory services revenues were $43 million in the latest quarter, down from $182 million in 2025, $193 million in 2024, $190 million in 2023, and $200 million in 2022. Incentive fees and termination fees were $1 million in the latest quarter, compared with $0.7 million in 2025, $24 million in 2024, $1 million in 2023, and $46 million in 2022.
The quarterly dividend was $0.45 per share, or $1.80 annualized, up from $1.70 in 2024, $1.60 in 2023, $1.56 in 2022, $1.52 in both 2021 and 2020, and $1.40 in 2019. RMR said it has grown the annual dividend at an 8% compound annual rate since 2017.
The company estimated gross potential termination fees at $1.4 billion if perpetual capital clients ended management agreements. It also said its managed equity REITs created an approximately $57 million annual revenue opportunity if the gap between enterprise value and historical cost narrows.
RMR’s platform now includes nearly 900 real estate professionals, more than 30 offices nationwide, and about 1,800 properties. As a result of these announcements, the company's shares have moved 0.13% on the market, and are now trading at a price of $15.56. For more information, read the company's full 8-K submission here.
