We calculate basic earnings per share using the two-class method. Unvested Class A Common Shares awarded to our employees are deemed participating securities for purposes of calculating basic earnings per common share because they have dividend rights. Under the two-class method, we allocate earnings proportionately to vested Class A Common Shares and Class B-1 Common Shares outstanding and unvested Class A Common Shares outstanding for the period. Accordingly, earnings attributable to unvested Class A Common Shares are excluded from basic earnings per share under the two-class method. Our Class B-2 common stock of RMR Inc., or Class B-2 Common Shares, which are paired with ABP Trust’s Class A Units, have no independent economic interest in RMR Inc. and thus are not included as common shares outstanding for purposes of calculating basic earnings per common share.

Diluted earnings per share is calculated using the treasury stock method for unvested Class A Common Shares and the if-converted method for Class B-2 Common Shares. The 15,000,000 Class A Units that we do not own may be redeemed for our Class A Common Shares on a one-for-one basis, or upon such redemption, we may elect to pay cash instead of issuing Class A Common Shares. Upon redemption of a Class A Unit, the Class B-2 Common Share “paired” with such unit is canceled for no additional consideration and the related noncontrolling interest is eliminated, which may be dilutive. For the three months ended June 30, 2026 and 2025 and the nine months ended June 30, 2026, the assumed redemption is anti-dilutive to earnings per share. For the nine months ended June 30, 2025, the assumed redemption is dilutive to earnings per share.


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
Numerators:
Net income attributable to The RMR Group Inc.	$	3,197	$	4,186	$	16,394	$	14,182
Less: income attributable to unvested participating securities	(136)		(101)		(420)		(310)
Net income attributable to The RMR Group Inc. used in calculating basic EPS	3,061		4,085		15,974		13,872
Effect of dilutive securities:
Add back: income attributable to unvested participating securities	—		—		—		310
Add back: net income attributable to noncontrolling interest in The RMR Group LLC (1)	—		—		—		17,259
Add back: income tax expense	—		—		—		5,607
Less: income tax expense assuming redemption of noncontrolling interest’s Class A Units for Class A Common Shares (2)	—		—		—		(11,037)
Net income used in calculating diluted EPS	$	3,061	$	4,085	$	15,974	$	26,011

Denominators:
Common shares outstanding	17,092		16,870		17,092		16,870
Less: unvested participating securities and incremental impact of weighted average	(301)		(210)		(330)		(240)
Weighted average common shares outstanding - basic	16,791		16,660		16,762		16,630
Effect of dilutive securities:
Add: assumed redemption of noncontrolling interest’s Class A Units for Class A Common Shares	—		—		—		15,000
Add: incremental unvested shares	—		—		—		3
Weighted average common shares outstanding - diluted	16,791		16,660		16,762		31,633

Net income attributable to The RMR Group Inc. per common share - basic	$	0.18	$	0.25	$	0.95	$	0.83
Net income attributable to The RMR Group Inc. per common share - diluted	$	0.18	$	0.25	$	0.95	$	0.82