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The RMR Group (RMR) investor relations material
The RMR Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported Q4 2025 results in line with expectations, with distributable earnings of $0.44/share, adjusted net income of $0.22/share, and adjusted EBITDA of $20.5 million.
Net income per share was $0.20, and net income totaled $7.6 million, with a margin of 16.6%.
Managed approximately $39 billion in assets, with a focus on both residential and commercial real estate.
Expanded Enhanced Growth Venture portfolio with $143.4 million in residential acquisitions.
Declared a quarterly dividend of $0.45 per share, supported by strong liquidity and coverage.
Financial highlights
Assets Under Management (AUM) totaled $39.0 billion as of September 30, 2025.
Recurring service revenues were $45.5 million, up $1.5 million sequentially.
Adjusted EBITDA was $20.5 million, with a margin of 42.9%.
Distribution payout ratio was 71.6%.
Ended the quarter with $162 million in liquidity, including $62 million in cash and $100 million undrawn revolver.
Outlook and guidance
Next quarter, recurring service revenues expected to decrease to ~$42.5 million due to lost fee revenue and lower managed REIT enterprise values.
Cash compensation projected to decline to ~$37 million, with reimbursement rate between 46%-47%.
Interest expense expected to rise to ~$2.6 million next quarter.
Tax rate forecasted at 15% in Q1 and 18% for Q2-Q4.
Management believes the company is well-positioned for continued scale and long-term value creation, supported by ample liquidity and disciplined execution.
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