For the three and six months ended June 30, 2026 and 2025, the business management fees, incentive management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:


		Three Months				Six Months
	Financial Statement	Ended June 30,				Ended June 30,
	Line Item	2026		2025		2026		2025
Pursuant to business management agreement:
Business management fees	General and administrative expenses (1)	$	4,901	$	3,741	$	9,178	$	7,550
Incentive management fees	General and administrative expenses	9,993		4,148		16,621		6,555
Total		$	14,894	$	7,889	$	25,799	$	14,105

Pursuant to property management agreement (2):
Property management fees	Property operating expenses	$	985	$	1,192	$	1,987	$	2,456
Construction supervision fees	Building and improvements (3)	307		208		632		434
Total		$	1,292	$	1,400	$	2,619	$	2,890

Expense reimbursement:
Property level expenses	Property operating expenses	$	2,279	$	3,318	$	4,596	$	7,059
Other expenses	General and administrative expenses	44		50		88		100
Total		$	2,323	$	3,368	$	4,684	$	7,159

(1)The net business management fees we recognized reflect a reduction of $743 for each of the three months ended June 30, 2026 and 2025, and $1,487 for each of the six months ended June 30, 2026 and 2025, for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc., as further described in Note 11.

(2)The net property management and construction supervision fees we recognized reflect a reduction of $199 for each of the three months ended June 30, 2026 and 2025, and $398 for each of the six months ended June 30, 2026 and 2025, for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 11.