The RMR Group Inc. Q2 FY2026 earnings call

• Second quarter results had distributable earnings $0.44 per share and adjusted EBITDA $18.5 million, high end of expectations despite unsettled economic environment. • RMR active executing client strategic initiatives, DHC and ILPT among best performing REITs in 2026 for TSR. • DHC focused on improving operating performance, strengthening balance sheet; SVC improved balance sheet with equity offering; ILPT delivered strong results; Seven Hills active in deploying capital; OPI near emerging from bankruptcy. • Private capital segment grown from ~$0 to nearly $12 billion; international outreach with global investors, but Middle East conflict disrupted fundraising; residential business has over $4.7 billion in value-add residential real estate; closed acquisition of multifamily portfolio in Greenwich, CT for ~$350 million; new disclosure on share discount when looking at sum of parts perspective.

For DHC: In Q1, generated normalized FFO of $33 million (14 cents per share) and adjusted EBITDA of $74 million; same property NOI grew 13.5% year-over-year, occupancy up 110 basis points; completed sale of 13 unencumbered non-core communities for ~$23 million; Moody's upgraded debt ratings and revised outlook to positive. For SVC: Helped complete $575 million equity offering, participated with $50 million anchor investment; eliminated all unsecured debt maturities until 2028. For ILPT: Q1 normalized FFO $0.33 per share, adjusted EBITDA $87 million; executed ~862,000 sq ft leasing at 26% higher rents; assisted with refinancing $1.6 billion of new debt for consolidated mountain joint venture. For Seven Hills: Originated three loans totaling $67.5 million in quarter, generated distributable earnings 24 cents per share; total loan commitments ~$776 million in Q1. For OPI: Received court approval for plan of reorganization, expected to emerge from bankruptcy by end of Q2, RMR will continue managing OPI for 5 years with flat business management fee during first 2 years.

• Next quarter expected adjusted EBITDA ~$19 to $21 million, distributable earnings 48 - 50 cents per share. • Previously provided guidance on adjusted net income no longer useful due to investments in leveraged real estate. • Participated in SVC's equity offering and co-GP equity interest in Greenwich multifamily joint venture; current liquidity ~$133 million including $75 million capacity on revolving credit facility.

• Ongoing conflict in Middle East disrupted fundraising, first quarter 2026 fundraising dropped 50% from same time last year. • Market volatility and geopolitical uncertainty could impact results. • Fluctuations in income tax rate due to fair value adjustments may affect tax expense recognition, though not expected to materially impact full year estimated tax rate. • Hesitancy among investors to take further conversations around credit given market pullback in some credit funds.

Q: Mitch Germain at Citizens Bank asked about multifamily assets, potential for larger fund, priorities of commercial mortgage and development, and cash on hand.

A: Multifamily investments in joint ventures, likely continue with joint ventures; commercial mortgage and development are top priorities but development has high required returns; cash on hand over $100 million in liquidity with optimism on syndicating enhanced growth fund.

Q: Christopher Nolan at Leidenberg Thalmann asked if Seven Hills is providing financing for Greenwich project, adjusted EBITDA guidance, characterization of equity vs debt raising market, and distressed real estate funds.

A: Seven Hills not providing financing for Greenwich project; adjusted EBITDA next quarter ~$19 - $21 million; equity raising challenging due to Middle East volatility, debt has available lending but credit fundraising challenging; not actively pursuing distressed real estate fund setup.

Q: John Masaka at B. Reilly asked about capital reallocation from credit to real estate, appetite for wholly owned assets, and construction revenues trend.

A: Credit allocations not yet redeployed to benefit equity; more capacity to add wholly owned assets, especially after syndicating enhanced growth venture fund; construction revenues decline due to budget reset and capital improvement projects winding down, but expected to ramp in future