RMR Group is an alternative asset manager focused exclusively on real estate. RMR's operating subsidiary, RMR LLC, provides external management services to a set of publicly traded REITs and other real estate entities, covering investment strategy, capital markets, and day-to-day property operations. The managed REITs have no employees of their own — RMR supplies all personnel and services. RMR's four primary clients are publicly traded equity REITs: DHC (healthcare and life science properties), ILPT (industrial and logistics), SVC (hotels and net lease retail), and OPI (office, currently restructuring through Chapter 11). RMR also manages Seven Hills Realty Trust, a mortgage REIT, and operates a growing private capital platform including RMR Residential, which manages multifamily communities primarily in Sunbelt markets. RMR earns fees three ways: base management fees tied to the lesser of invested capital or market cap (tiered at 0.5%–0.7%), performance-based incentive fees equal to 12% of excess total shareholder return above a REIT benchmark index, and property management and construction supervision fees at 3% of gross rents and 5% of construction costs respectively. RMR's private capital segment has grown from near zero to over $12B in AUM since 2021, though it remains roughly breakeven on an EBITDA basis. RMR's growth strategy centers on seeding new investment vehicles — in multifamily, real estate credit, and retail — with its own balance sheet, then raising third-party institutional capital around those established portfolios.