
	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
	Total						Total
	Management,						Management,
	Incentive						Incentive
	and Advisory		Total				and Advisory		Total
	Services		Reimbursable		Total		Services		Reimbursable		Total
	Revenues		Costs		Revenues		Revenues		Costs		Revenues
Perpetual Capital:
DHC	$	6,342	$	22,191	$	28,533	$	5,292	$	21,453	$	26,745
ILPT	9,598		9,878		19,476		9,135		10,727		19,862
OPI	6,110		29,395		35,505		5,781		38,762		44,543
SVC	9,967		15,484		25,451		9,621		18,900		28,521
Total Managed Equity REITs	32,017		76,948		108,965		29,829		89,842		119,671
SEVN	1,451		1,391		2,842		1,360		1,264		2,624
	33,468		78,339		111,807		31,189		91,106		122,295
Private Capital:

Sonesta	2,202		—		2,202		2,628		—		2,628
RMR Residential	4,435		4,883		9,318		3,454		5,110		8,564
Other private entities	5,421		19,574		24,995		6,797		11,734		18,531
	12,058		24,457		36,515		12,879		16,844		29,723
Total revenues from related parties	45,526		102,796		148,322		44,068		107,950		152,018
Income from loan investments, net	—		—		—		—		—		677
Rental property revenues	—		—		5,192		—		—		2,033
Total revenues from unrelated parties	—		—		5,192		—		—		2,710
Total revenues	$	45,526	$	102,796	$	153,514	$	44,068	$	107,950	$	154,728


	Nine Months Ended June 30, 2026						Nine Months Ended June 30, 2025
	Total						Total
	Management,						Management,
	Incentive						Incentive
	and Advisory		Total				and Advisory		Total
	Services		Reimbursable		Total		Services		Reimbursable		Total
	Revenues		Costs		Revenues		Revenues		Costs		Revenues
Perpetual Capital:
DHC	$	35,889	$	64,954	$	100,843	$	17,318	$	86,747	$	104,065
ILPT	33,948		28,507		62,455		27,503		29,349		56,852
OPI	17,380		97,620		115,000		18,188		120,061		138,249
SVC	29,110		46,707		75,817		29,532		92,846		122,378
Total Managed Equity REITs	116,327		237,788		354,115		92,541		329,003		421,544
SEVN	4,062		3,842		7,904		3,734		4,063		7,797
	120,389		241,630		362,019		96,275		333,066		429,341
Private Capital:

Sonesta	5,790		—		5,790		6,873		—		6,873
RMR Residential	11,365		14,514		25,879		13,878		18,499		32,377
Other private entities	16,725		53,311		70,036		19,939		45,393		65,332
	33,880		67,825		101,705		40,690		63,892		104,582
Total revenues from related parties	154,269		309,455		463,724		136,965		396,958		533,923
Income from loan investments, net	—		—		411		—		—		1,869
Rental property revenues	—		—		15,432		—		—		5,080
Total revenues from unrelated parties	—		—		15,843		—		—		6,949
Total revenues	$	154,269	$	309,455	$	479,567	$	136,965	$	396,958	$	540,872


	June 30, 2026						September 30, 2025
	Accounts		Reimbursable				Accounts		Reimbursable
	Receivable		Costs		Total		Receivable		Costs		Total
Perpetual Capital:
DHC	$	4,939	$	12,493	$	17,432	$	4,806	$	13,780	$	18,586
ILPT	4,468		11,448		15,916		4,011		8,922		12,933
OPI	4,784		17,257		22,041		4,031		15,819		19,850
SVC	5,302		6,972		12,274		6,831		9,943		16,774
Total Managed Equity REITs	19,493		48,170		67,663		19,679		48,464		68,143
SEVN	1,431		1,674		3,105		1,513		3,272		4,785
	20,924		49,844		70,768		21,192		51,736		72,928
Private Capital:

RMR Residential	6,756		—		6,756		6,117		—		6,117
Sonesta	19		—		19		51		—		51
Other private entities	1,796		11,911		13,707		3,365		7,616		10,981
	8,571		11,911		20,482		9,533		7,616		17,149
	$	29,495	$	61,755	$	91,250	$	30,725	$	59,352	$	90,077

Pursuant to the RMR LLC operating agreement, RMR LLC made required quarterly tax distributions to holders of its membership units based on each membership unit holder’s respective ownership percentage at the time of distribution as follows: