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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-37616
 
THE RMR GROUP INC.
(Exact Name of Registrant as Specified in Its Charter)
 
Maryland47-4122583
(State of Organization)(IRS Employer Identification No.)
 
Two Newton Place, 255 Washington Street, Suite 300, Newton, MA 02458-1634
(Address of Principal Executive Offices)                            (Zip Code)
Registrant’s Telephone Number, Including Area Code 617-796-8230
Securities registered pursuant to Section 12(b) of the Act:
Title Of Each ClassTrading SymbolName Of Each Exchange On Which Registered
Class A common stock, $0.001 par value per shareRMRThe Nasdaq Stock Market LLC
 (Nasdaq Capital Market)
Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided in Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No
As of May 3, 2022, there were 15,501,536 shares of Class A common stock, par value $0.001 per share, 1,000,000 shares of Class B-1 common stock, par value $0.001 per share, and 15,000,000 shares of Class B-2 common stock, par value $0.001 per share outstanding.


THE RMR GROUP INC.

FORM 10-Q

March 31, 2022
 
Table of Contents

Page
 
 

2

PART I. Financial Information
Item 1. Financial Statements
The RMR Group Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
March 31,September 30,
20222021
Assets
Current assets:
Cash and cash equivalents$181,740 $159,835 
Due from related parties96,212 88,661 
Prepaid and other current assets6,051 6,021 
Total current assets284,003 254,517 
Property and equipment, net2,604 2,218 
Due from related parties, net of current portion25,244 14,331 
Equity method investments accounted for under the fair value option35,904 39,476 
Goodwill and intangible assets, net of amortization2,075 2,094 
Operating lease right of use assets30,752 32,293 
Deferred tax asset18,394 18,671 
Other assets, net of amortization129,603 134,311 
Total assets$528,579 $497,911 
Liabilities and Equity
Current liabilities:
Reimbursable accounts payable and accrued expenses$64,897 $55,115 
Accounts payable and accrued expenses22,528 15,027 
Operating lease liabilities5,066 4,922 
Employer compensation liability3,386 6,076 
Total current liabilities95,877 81,140 
Operating lease liabilities, net of current portion27,312 29,148 
Amounts due pursuant to tax receivable agreement, net of current portion25,577 25,577 
Employer compensation liability, net of current portion25,244 14,331 
Total liabilities174,010 150,196 
Commitments and contingencies
Equity:
Class A common stock, $0.001 par value; 31,600,000 shares authorized; 15,501,536 and 15,485,236 shares issued and outstanding, respectively
16 15 
Class B-1 common stock, $0.001 par value; 1,000,000 shares authorized, issued and outstanding
1 1 
Class B-2 common stock, $0.001 par value; 15,000,000 shares authorized, issued and outstanding
15 15 
Additional paid in capital111,667 109,910 
Retained earnings336,379 321,945 
Cumulative common distributions(249,295)(236,766)
Total shareholders’ equity198,783 195,120 
Noncontrolling interest155,786 152,595 
Total equity354,569 347,715 
Total liabilities and equity$528,579 $497,911 
See accompanying notes.
3

The RMR Group Inc.
Condensed Consolidated Statements of Income
(amounts in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
March 31,March 31,
2022202120222021
Revenues:
Management services$48,151 $40,242 $93,048 $80,989 
Incentive business management fees 620  620 
Advisory services1,137 1,129 2,255 1,715 
Total management and advisory services revenues49,288 41,991 95,303 83,324 
Reimbursable compensation and benefits13,506 13,159 27,903 26,384 
Reimbursable equity based compensation1,367 1,206 2,965 4,209 
Other reimbursable expenses133,493 75,208 253,051 174,593 
Total reimbursable costs148,366 89,573 283,919 205,186 
Total revenues197,654 131,564 379,222 288,510 
Expenses:
Compensation and benefits31,710 30,586 63,501 60,080 
Equity based compensation1,988 1,752 4,207 5,313 
Separation costs217  217 4,159 
Total compensation and benefits expense33,915 32,338 67,925 69,552 
General and administrative8,470 7,104 16,141 13,364 
Other reimbursable expenses133,493 75,208 253,051 174,593 
Transaction and acquisition related costs 296  413 
Depreciation and amortization242 251 478 489 
Total expenses176,120 115,197 337,595 258,411 
Operating income21,534 16,367 41,627 30,099 
Interest and other income66 204 123 435 
Equity in earnings of investees 303  727 
Unrealized (loss) gain on equity method investments accounted for under the fair value option(4,560)(3,402)(3,364)4,720 
Income before income tax expense17,040 13,472 38,386 35,981 
Income tax expense(2,451)(1,992)(5,505)(4,748)
Net income14,589 11,480 32,881 31,233 
Net income attributable to noncontrolling interest(8,197)(6,539)(18,447)(17,395)
Net income attributable to The RMR Group Inc.$6,392 $4,941 $14,434 $13,838 
Weighted average common shares outstanding - basic16,329 16,256 16,327 16,254 
Weighted average common shares outstanding - diluted31,331 31,280 31,328 31,254 
Net income attributable to The RMR Group Inc. per common share - basic
$0.39 $0.30 $0.88 $0.84 
Net income attributable to The RMR Group Inc. per common share - diluted
$0.39 $0.30 $0.88 $0.81 
Substantially all revenues are earned from related parties. See accompanying notes.
4

The RMR Group Inc.
Condensed Consolidated Statements of Shareholders’ Equity
(dollars in thousands)
(unaudited)
Class A Common StockClass B-1 Common StockClass B-2 Common StockAdditional Paid In CapitalRetained EarningsCumulative Common DistributionsTotal Shareholders' EquityNoncontrolling InterestTotal Equity
Balance at September 30, 2021$15 $1 $15 $109,910 $321,945 $(236,766)$195,120 $152,595 $347,715 
Share awards, net— — — 613 — — 613 — 613 
Net income— — — — 8,042 — 8,042 10,250 18,292 
Tax distributions to member— — — — — — — (1,979)(1,979)
Common share distributions— — — — — (6,264)(6,264)(4,500)(10,764)
Balance at December 31, 202115 1 15 110,523 329,987 (243,030)197,511 156,366 353,877 
Share awards, net1 — — 1,144 — — 1,145 — 1,145 
Net income— — — — 6,392 — 6,392 8,197 14,589 
Tax distributions to member— — — — — — — (4,277)(4,277)
Common share distributions— — — — — (6,265)(6,265)(4,500)(10,765)
Balance at March 31, 2022$16 $1 $15 $111,667 $336,379 $(249,295)$198,783 $155,786 $354,569 
Balance at September 30, 2020$15 $1 $15 $106,622 $286,249 $(96,983)$295,919 $244,983 $540,902 
Share awards, net— — — 1,012 — — 1,012 — 1,012 
Net income— — — — 8,897 — 8,897 10,856 19,753 
Tax distributions to member— — — — — — — (2,820)(2,820)
Common share distributions— — — — — (6,230)(6,230)(4,500)(10,730)
Balance at December 31, 202015 1 15 107,634 295,146 (103,213)299,598 248,519 548,117 
Share awards, net— — — 1,298 — — 1,298 — 1,298 
Net income— — — — 4,941 — 4,941 6,539 11,480 
Tax distributions to member— — — — — — — (4,459)(4,459)
Common share distributions— — — — — (6,230)(6,230)(4,500)(10,730)
Balance at March 31, 2021$15 $1 $15 $108,932 $300,087 $(109,443)$299,607 $246,099 $545,706 
See accompanying notes.
5

The RMR Group Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
(unaudited)
Six Months Ended March 31,
20222021
Cash Flows from Operating Activities:
Net income$32,881 $31,233 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization478 489 
Straight line office rent(151)47 
Amortization expense related to other assets4,708 4,708 
Deferred income taxes277 1,434 
Operating expenses paid in The RMR Group Inc. common shares1,789 2,329 
Equity in earnings of investees (727)
Distributions from equity method investments208 864 
Unrealized loss (gain) on equity method investments accounted for under the fair value option3,364 (4,720)
Changes in assets and liabilities:
Due from related parties(10,241)(419)
Prepaid and other current assets(30)(4,677)
Reimbursable accounts payable and accrued expenses9,782 (5,492)
Accounts payable and accrued expenses7,266 11,036 
Net cash from operating activities50,331 36,105 
Cash Flows from Investing Activities:
Purchase of property and equipment(610)(758)
Net cash used in investing activities(610)(758)
Cash Flows from Financing Activities:
Distributions to noncontrolling interest(15,256)(16,279)
Distributions to common shareholders(12,529)(12,460)
Repurchase of common shares(31)(19)
Net cash used in financing activities(27,816)(28,758)
Increase in cash and cash equivalents21,905 6,589 
Cash and cash equivalents at beginning of period159,835 369,663 
Cash and cash equivalents at end of period$181,740 $376,252 
Supplemental Cash Flow Information and Non-Cash Activities:
Income taxes paid$4,486 $6,266 
Fair value of share based payments recorded$2,965 $4,209 
Recognition of right of use assets and related lease liabilities$783 $1,669 
See accompanying notes.
6


The RMR Group Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
(dollars in thousands, except per share amounts)


Note 1. Basis of Presentation
The RMR Group Inc., or RMR Inc., is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC, or RMR LLC. RMR Inc. is a Maryland corporation and RMR LLC is a Maryland limited liability company. RMR Inc. serves as the sole managing member of RMR LLC and, in that capacity, operates and controls the business and affairs of RMR LLC. In these financial statements, unless otherwise indicated, “we”, “us” and “our” refer to RMR Inc. and its direct and indirect subsidiaries, including RMR LLC.
As of March 31, 2022, RMR Inc. owned 15,501,536 class A membership units of RMR LLC, or Class A Units, and 1,000,000 class B membership units of RMR LLC, or Class B Units. The aggregate RMR LLC membership units RMR Inc. owns represented 52.4% of the economic interest of RMR LLC as of March 31, 2022. We refer to economic interest as the right of a holder of a Class A Unit or Class B Unit to share in distributions made by RMR LLC and, upon liquidation, dissolution or winding up of RMR LLC, to share in the assets of RMR LLC after payments to creditors. A wholly owned subsidiary of ABP Trust, a Maryland statutory trust, owns 15,000,000 redeemable Class A Units, representing 47.6% of the economic interest of RMR LLC as of March 31, 2022, which is presented as a noncontrolling interest within the condensed consolidated financial statements. Adam D. Portnoy, Chair of our Board and one of our Managing Directors, is the sole trustee of ABP Trust, and owns all of ABP Trust’s voting securities.
RMR LLC was founded in 1986 to manage public investments in real estate and, as of March 31, 2022, managed a diverse portfolio of real estate and real estate related businesses. RMR LLC provides management services to four publicly traded equity real estate investment trusts, or REITs: Diversified Healthcare Trust, or DHC, which owns medical office and life science properties, senior living communities and wellness centers; Industrial Logistics Properties Trust, or ILPT, which owns and leases industrial and logistics properties; Office Properties Income Trust, or OPI, which owns office properties primarily leased to single tenants and those with high quality credit characteristics, including the government; and Service Properties Trust, or SVC, which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties. DHC, ILPT, OPI and SVC are collectively referred to as the Managed Equity REITs.
RMR LLC also provides management services to three real estate operating companies: AlerisLife Inc., or ALR, a publicly traded operator of senior living communities, many of which are owned by DHC; Sonesta International Hotels Corporation, or Sonesta, a privately owned franchisor and operator of hotels, resorts and cruise ships in the United States, Latin America, the Caribbean and the Middle East, and many of the U.S. hotels that Sonesta operates are owned by SVC; and TravelCenters of America Inc., or TA, an operator and franchisor of travel centers primarily along the U.S. interstate highway system, many of which are owned by SVC, and standalone truck service facilities. ALR, Sonesta and TA are collectively referred to as the Managed Operating Companies.
In addition, RMR LLC provides management services to private capital vehicles, including ABP Trust and its subsidiaries, or collectively ABP Trust, and other private entities that own commercial real estate of which certain of our Managed Equity REITs own minority equity interests. In these financial statements, we refer to these clients as the Managed Private Real Estate Capital clients.
RMR LLC’s wholly owned subsidiary, Tremont Realty Capital LLC, or Tremont Realty Capital, an investment adviser registered with the Securities and Exchange Commission, or SEC, provides advisory services for Seven Hills Realty Trust, or SEVN. SEVN is a publicly traded mortgage REIT that focuses on originating and investing in first mortgage whole loans secured by middle market and transitional commercial real estate. Until September 30, 2021, Tremont Realty Capital also provided advisory services to Tremont Mortgage Trust, or TRMT, a publicly traded mortgage REIT that merged with and into SEVN on September 30, 2021, or the Merger, with SEVN continuing as the surviving company. Tremont Realty Capital has in the past and may in the future manage additional accounts that invest in commercial real estate debt. Employees of Tremont Realty Capital may also act as a transaction broker for non-investment advisory clients for negotiated fees, which we refer to as the Tremont business.
The Managed Equity REITs, SEVN, and, until September 30, 2021, TRMT, are collectively referred to as the Managed REITs or the Managed Public Real Estate Capital clients.
The accompanying condensed consolidated financial statements are unaudited. Certain information and disclosures required by U.S. Generally Accepted Accounting Principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the
7

The RMR Group Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(dollars in thousands, except per share amounts)
accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021, or our 2021 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
Preparation of these financial statements in conformity with GAAP requires our management to make certain estimates and assumptions that may affect the amounts reported in these financial statements and related notes. The actual results could differ from these estimates.
Note 2. Revenue Recognition
Revenues from services that we provide are recognized as earned over time as the services provided represent performance obligations that are satisfied over time.
Business Management Agreements with Managed Equity REITs
Base Business Management Fees We earn annual base business management fees from the Managed Equity REITs by providing continuous services pursuant to business management agreements equal to the lesser of:
the sum of (a) 0.5% of the historical cost of transferred real estate assets, if any, as defined in the applicable business management agreement, plus (b) 0.7% of the average invested capital (exclusive of the transferred real estate assets), as defined in the applicable business management agreement, up to $250,000, plus (c) 0.5% of the average invested capital exceeding $250,000; and
the sum of (a) 0.7% of the average market capitalization, as defined in the applicable business management agreement, up to $250,000, plus (b) 0.5% of the average market capitalization exceeding $250,000.
The foregoing base business management fees are paid in cash monthly in arrears. 
We earned aggregate base business management fees from the Managed Equity REITs of $23,985 and $22,573 for the three months ended March 31, 2022 and 2021, respectively, and $47,639 and $44,128 for the six months ended March 31, 2022 and 2021, respectively.
Incentive Business Management Fees We also may earn annual incentive business management fees from the Managed Equity REITs under the business management agreements. The incentive business management fees, which are payable in cash, are contingent performance based fees recognized only when earned at the end of each respective measurement period. Incentive business management fees are excluded from the transaction price until it becomes probable that there will not be a significant reversal of cumulative revenue recognized.
The incentive business management fees are calculated for each Managed Equity REIT as 12.0% of the product of (a) the equity market capitalization of the Managed Equity REIT, as defined in the applicable business management agreement, on the last trading day of the year immediately prior to the relevant measurement period and (b) the amount, expressed as a percentage, by which the Managed Equity REIT’s total return per share, as defined in the applicable business management agreement, exceeded the applicable benchmark total return per share, as defined in the applicable business management agreement, of a specified REIT index identified in the applicable business management agreement for the measurement period, as adjusted for net share issuances during the period and subject to caps on the values of the incentive fees. The measurement period for the annual incentive business management fees is defined as the three year period ending on December 31 of the year for which such fee is being calculated.
We did not earn incentive business management fees from the Managed Equity REITs for the calendar years 2021 and 2020.
Other Management Agreements
Managed Operating Companies We earn management fees by providing continuous services pursuant to the management agreements from the Managed Operating Companies equal to 0.6% of: (i) in the case of ALR, ALR’s revenues
8

The RMR Group Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(dollars in thousands, except per share amounts)
from all sources reportable under GAAP, less any revenues reportable by ALR with respect to properties for which it provides management services, plus the gross revenues at those properties determined in accordance with GAAP; (ii) in the case of Sonesta, Sonesta’s revenues from all sources reportable under GAAP, less any revenues reportable by Sonesta with respect to hotels for which it provides management services, plus the gross revenues at those hotels determined in accordance with GAAP; and (iii) in the case of TA, the sum of TA’s gross fuel margin, as defined in the applicable agreement, plus TA’s total nonfuel revenues. These management fees are estimated and payable in cash monthly in advance.
We earned aggregate fees from the Managed Operating Companies of $6,460 and $5,374 for the three months ended March 31, 2022 and 2021, respectively, and $13,030 and $11,012 for the six months ended March 31, 2022 and 2021, respectively.
Managed Private Real Estate Capital We earn management fees from the Managed Private Real Estate Capital clients based on a percentage of average invested capital, as defined in the applicable management agreements. These management fees are payable in cash monthly in arrears.
We earned aggregate fees from the Managed Private Real Estate Capital clients of $2,758 and $1,271 for the three months ended March 31, 2022 and 2021, respectively, and $4,159 and $2,187 for the six months ended March 31, 2022 and 2021, respectively.
Property Management Agreements
We earn property management fees by providing continuous services pursuant to property management agreements with our clients. We generally earn fees under these agreements equal to 3.0% of gross collected rents. Also, under the terms of the property management agreements, we receive additional fees for construction supervision services in connection with certain construction activities undertaken at the properties owned by the Managed Equity REITs up to 5.0% of the cost of such construction.
For the three months ended March 31, 2022 and 2021, we earned aggregate property management fees of $14,948 and $11,024, respectively, including construction supervision fees of $3,794 and $1,327, respectively. For the six months ended March 31, 2022 and 2021, we earned aggregate property management fees of $28,167 and $23,403, respectively, including construction supervision fees of $7,027 and $3,829, respectively.
Management Agreements with Advisory Clients
Tremont Realty Capital is primarily compensated pursuant to its management agreements with SEVN (beginning January 6, 2021) and TRMT (until September 30, 2021 when it was terminated in connection with the Merger) at an annual rate of 1.5% of equity, as defined in the applicable agreements. Tremont Realty Capital waived any business management fees otherwise due and payable by TRMT pursuant to the management agreement for the period beginning July 1, 2018 until December 31, 2020.
We earned advisory services revenue of $1,137 and $1,129 for the three months ended March 31, 2022 and 2021, respectively, and $2,255 and $1,715 for the six months ended March 31, 2022 and 2021, respectively.
Tremont Realty Capital may also earn an incentive fee under its management agreements with SEVN (beginning the second calendar quarter of 2021) and TRMT (until September 30, 2021) equal to, with respect to each company, the difference between: (a) the product of (i) 20% and (ii) the difference between (A) core earnings, as defined in the applicable agreements, for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (B) the product of (1) equity in the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (2) 7% per year and (b) the sum of any incentive fees paid to Tremont Realty Capital with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive fee shall be payable with respect to any calendar quarter unless core earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters from January 5, 2021 for SEVN) in the aggregate is greater than zero. The incentive fee may not be less than zero. Tremont Realty Capital did not earn incentive fees from SEVN for the three and six months ended March 31, 2022 and earned incentive fees from TRMT of $620 for the three and six months ended March 31, 2021.
9

The RMR Group Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(dollars in thousands, except per share amounts)
The Tremont business earns between 0.5% and 1.0% of the aggregate principal amounts of any loans it brokers. The Tremont business did not earn fees for such brokerage services during the three months ended March 31, 2022 and 2021. For the six months ended March 31, 2022 and 2021, the Tremont business earned fees for such brokerage services of $53 and $259, respectively, which amounts are included in management services revenue in our condensed consolidated statements of income.
Reimbursable Costs
Reimbursable Compensation and Benefits Reimbursable compensation and benefits include reimbursements, at cost, that arise primarily from services our employees provide pursuant to our property management agreements at the properties of our clients. A significant portion of these compensation and benefits are charged or passed through to and were paid by tenants of our clients. We recognize the revenue for reimbursements when we incur the related reimbursable compensation and benefits expense on behalf of our clients.
Reimbursable Equity Based Compensation Reimbursable equity based compensation includes awards of common shares by our clients directly to certain of our officers and employees in connection with the provision of management services to those clients. The revenue in respect of each award is based on the fair value as of the award date for those shares that have vested, with subsequent changes in the fair value of the unvested awards being recognized in our condensed consolidated statements of income over the requisite service periods. We record an equal, offsetting amount as equity based compensation expense for the value of these awards.
Other Reimbursable Expenses Other reimbursable expenses include reimbursements that arise from services we provide pursuant to our property management agreements, which include third party costs related to matters such as maintenance and repairs, security and cleaning services, a significant portion of which are charged or passed through to and were paid by tenants of our clients.
Note 3. Equity Method Investments
As of March 31, 2022, we had equity method investments in SEVN and TA that were accounted for under the fair value option.
Seven Hills Realty Trust
As of March 31, 2022, Tremont Realty Capital owned 825,651, or approximately 5.7%, of SEVN’s outstanding common shares. We account for our investment in SEVN using the equity method of accounting because we are deemed to exert significant influence, but not control, over SEVN’s most significant activities. As a result of the Merger, we elected the fair value option to account for our equity method investment in SEVN and determine fair value using the closing price of SEVN’s common shares as of the end of the period, which is a Level 1 fair value input. The aggregate market value of our investment in SEVN at March 31, 2022 and September 30, 2021, based on quoted market prices, was $9,189 and $8,513, respectively, and is included in equity method investments accounted for under the fair value option in our condensed consolidated balance sheets. The unrealized gain in our condensed consolidated statements of income related to our investment in SEVN was $826 and $884 for the three and six months ended March 31, 2022, respectively. During the three and six months ended March 31, 2022, we received distributions from SEVN of $208.
Immediately prior to the consummation of the Merger, Tremont Realty Capital owned 1,600,100, or approximately 19.3%, of TRMT’s then outstanding common shares that were accounted for under the equity method of accounting. Pursuant to the equity method, we recorded our share of earnings from our investment in TRMT in equity in earnings of investees in our condensed consolidated statements of income which totaled $303 and $727 for the three and six months ended March 31, 2021, respectively. We received aggregate distributions from TRMT of $847 and $864 during the three and six months ended March 31, 2021, respectively. Pursuant to the Merger, each common share of TRMT converted to 0.516 common shares of SEVN.
TravelCenters of America Inc.
As of March 31, 2022, we owned 621,853, or approximately 4.2%, of TA’s outstanding common shares. We account for our investment in TA using the equity method of accounting because we are deemed to exert significant influence, but not control, over TA’s most significant activities. We elected the fair value option to account for our equity method investment in TA and determine fair value using the closing price of TA’s common shares as of the end of the period, which is a Level 1 fair value input. The aggregate market value of our investment in TA at March 31, 2022 and September 30, 2021, based on quoted market prices, was $26,715 and $30,963, respectively, and is included in equity method investments accounted for under the
10

The RMR Group Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(dollars in thousands, except per share amounts)
fair value option in our condensed consolidated balance sheets. The unrealized (loss) gain in our condensed consolidated statements of income related to our investment in TA was $(5,386) and $(3,402) for the three months ended March 31, 2022 and 2021, respectively, and $(4,248) and $4,720 for the six months ended March 31, 2022 and 2021, respectively.
Note 4. Income Taxes
We are the sole managing member of RMR LLC. We are a corporation subject to U.S. federal and state income tax with respect to our allocable share of any taxable income of RMR LLC and its tax consolidated subsidiaries. RMR LLC is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, RMR LLC is generally not subject to U.S. federal and most state income taxes. Any taxable income or loss generated by RMR LLC is passed through to and included in the taxable income or loss of its members, including RMR Inc. and ABP Trust, based on each member’s respective ownership percentage.
For the three months ended March 31, 2022 and 2021, we recognized estimated income tax expense of $2,451 and $1,992, respectively, which includes $1,799 and $1,462, respectively, of U.S. federal income tax and $652 and $530, respectively, of state income taxes. For the six months ended March 31, 2022 and 2021, we recognized estimated income tax expense of $5,505 and $4,748, respectively, which includes $4,043 and $3,486, respectively, of U.S. federal income tax and $1,462 and $1,262, respectively, of state income taxes.
A reconciliation of the statutory income tax rate to the effective tax rate is as follows:
Three Months Ended March 31,Six Months Ended March 31,
2022202120222021
Income taxes computed at the federal statutory rate21.0 %21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.1 %3.3 %3.1 %3.2 %
Permanent items0.4 %0.7 %0.3 %0.6 %
Net income attributable to noncontrolling interest(10.1)%(10.2)%(10.1)%(10.1)%
Other (1)
 % % %(1.5)%
Total14.4 %14.8 %14.3 %13.2 %
(1)     In December 2020, the Internal Revenue Service and Department of Treasury released final regulations which, among other clarifications, established the effective date as it relates to limitations on the deductibility of certain executive compensation. The final regulations provide that the application of the limit applies to deductions after December 18, 2020. As such, during the three months ended December 31, 2020, we reduced our provision for income taxes for limitations applied prior to the effective date by $520, or $0.02 per diluted share.
ASC 740, Income Taxes, provides a model for how a company should recognize, measure and present in its financial statements uncertain tax positions that have been taken or are expected to be taken with respect to all open years and in all significant jurisdictions. Pursuant to this topic, we recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that is greater than 50.0% likely to be realized upon settlement. As of March 31, 2022 and 2021, we had no uncertain tax positions.
Note 5. Fair Value of Financial Instruments
As of March 31, 2022 and September 30, 2021, the fair values of our financial instruments, which include cash and cash equivalents, amounts due from related parties, accounts payable and accrued expenses and reimbursable accounts payable and accrued expenses, were not materially different from their carrying values due to the short term nature of these financial instruments.
On a recurring basis, we measure certain financial assets and financial liabilities at fair value based upon quoted market prices. ASC 820, Fair Value Measurements, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1), and the lowest priority to unobservable inputs (Level 3). A financial asset’s or financial liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
11

The RMR Group Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(dollars in thousands, except per share amounts)
The following are our assets and liabilities that have been measured at fair value using Level 1 inputs in the fair value hierarchy as of March 31, 2022 and September 30, 2021:
March 31,September 30,
20222021
Money market funds included in cash and cash equivalents$156,155 $131,065 
Current portion of due from related parties related to share based payment awards3,386 6,076 
Long term portion of due from related parties related to share based payment awards25,244 14,331 
Equity method investment in SEVN9,189 8,513 
Equity method investment in TA26,715 30,963 
Current portion of employer compensation liability related to share based payment awards3,386 6,076 
Long term portion of employer compensation liability related to share based payment awards25,244 14,331 
Note 6. Related Person Transactions
Adam D. Portnoy, Chair of our Board and one of our Managing Directors, is the sole trustee of our controlling shareholder, ABP Trust, and owns all of ABP Trust’s voting securities and a majority of the economic interests of ABP Trust. As of March 31, 2022, Adam D. Portnoy beneficially owned, in aggregate, (i) 173,502 shares of Class A common stock of RMR Inc., or Class A Common Shares; (ii) all the outstanding shares of Class B-1 common stock of RMR Inc., or Class B-1 Common Shares; (iii) all the outstanding shares of Class B-2 common stock of RMR Inc., or Class B-2 Common Shares; and (iv) 15,000,000 Class A Units of RMR LLC. Adam D. Portnoy and Jennifer B. Clark, our other Managing Director, are also officers of ABP Trust and RMR Inc. and officers and employees of RMR LLC. Matthew P. Jordan, our Executive Vice President, Chief Financial Officer and Treasurer, is also an officer of ABP Trust and an officer and employee of RMR LLC.
Adam D. Portnoy is the chair of the board of each of the Managed REITs, ALR and TA, a managing trustee or managing director of each of the Managed REITs, ALR and TA, a director of Sonesta (and its parent) and the controlling shareholder of Sonesta (and its parent). Jennifer B. Clark is a managing trustee of OPI, a managing director of ALR and a director of Sonesta (and its parent), and she previously served as a managing trustee of each of DHC and SEVN until June 3, 2021 and January 5, 2021, respectively. Ms. Clark also serves as the secretary of all our publicly traded clients and Sonesta.
As of March 31, 2022, Adam D. Portnoy beneficially owned, in aggregate, 6.2% of ALR’s outstanding common shares, 1.1% of SVC’s outstanding common shares, 1.2% of ILPT’s outstanding common shares, 1.5% of OPI’s outstanding common shares, 1.1% of DHC’s outstanding common shares, 4.4% of TA’s outstanding common shares (including through RMR LLC) and 7.4% of SEVN’s outstanding common shares (including through Tremont Realty Capital).
The Managed REITs have no employees. RMR LLC provides or arranges for all the personnel, overhead and services required for the operation of the Managed Equity REITs pursuant to management agreements with them. All the officers of the Managed Equity REITs and ABP Trust are officers or employees of RMR LLC. All the officers, overhead and required office space of SEVN are provided or arranged by Tremont Realty Capital, and prior to the Merger, Tremont Realty Capital provided or arranged for the officers, overhead and required office space for TRMT. All of SEVN’s officers are officers or employees of Tremont Realty Capital or RMR LLC. Many of the executive officers of the Managed Operating Companies are officers or employees of RMR LLC. Some of our executive officers are also managing directors or managing trustees of certain of the Managed REITs and the Managed Operating Companies.
Additional information about our related person transactions appears in Note 7, Shareholders’ Equity, below and in our 2021 Annual Report.
12

The RMR Group Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(dollars in thousands, except per share amounts)
Revenues from Related Parties
For the three months ended March 31, 2022 and 2021, we recognized revenues from related parties as set forth in the following table:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
TotalTotal
ManagementManagement
and AdvisoryTotaland AdvisoryTotal
ServicesReimbursableTotalServicesReimbursableTotal
RevenuesCostsRevenuesRevenuesCostsRevenues
Managed Public Real Estate Capital:(1)
DHC$7,404 $32,720 $40,124 $8,652 $30,901 $39,553 
ILPT7,227 5,581 12,808 4,173 4,476 8,649 
OPI10,518 70,479 80,997 8,628 41,930