The RMR Group (RMR) Q2 2026 earnings summary

Executive summary

• Q2 2026 distributable earnings and Adjusted EBITDA reached the high end of expectations at $0.44 per share and $18.5 million, respectively, with net income attributable to the company at $1.0 million ($0.05 per share), despite ongoing market volatility and geopolitical uncertainty.

• Assets under management (AUM) totaled $37.1 billion as of March 31, 2026, with private capital segment AUM nearing $12 billion and perpetual capital AUM at $25.4 billion.

• Liquidity stood at $180.1 million at quarter-end, decreasing to $130.1 million after a $50 million investment in SVC in April.

• A quarterly dividend of $0.45 per share was declared, funded by distributable earnings and cash reserves, with sufficient reserves to maintain current dividend levels for over three years.

• Incentive fees for 2025 totaled $23.6 million, with additional incentive fees accrued in Q2 2026 as managed REITs DHC and ILPT continued strong performance.

Financial highlights

• Q2 distributable earnings were $0.44 per share and Adjusted EBITDA was $18.5 million (41.6% margin), with net income margin at 4.9%.

• Adjusted net income was $0.11 per share, $0.01 below guidance; recurring service revenues were $42 million, down $1 million sequentially.

• Distribution payout ratio was 72.2% for Q2 2026.

• Management and advisory services revenues totaled $42.0 million for Q2 2026.

• Distributable earnings per share were $0.44, compared to $0.47 in Q1 2026 and $0.40 in Q2 2025.

Outlook and guidance

• Q3 recurring service revenues expected to rise to $44 million, driven by new multifamily portfolio revenue and construction management fees.

• Q3 Adjusted EBITDA projected at $19–$21 million; distributable earnings expected between $0.48–$0.50 per share.

• Management expects continued positive momentum and improved earnings, with REIT clients on pace to generate nearly $33 million in incentive fees for calendar 2026.

• The company anticipates that its liquidity position will support opportunistic investments and strategic actions.

• Recurring cash compensation and G&A expected to remain consistent with Q2 levels.