Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of PPE

The following is a summary of property and equipment presented in our consolidated balance sheets, excluding assets held for sale:

	September 30,
	2025		2024
Land	$	35,586	$	10,084
Building	185,882		57,407
Furniture and equipment	8,046		5,996
Leasehold improvements	623		781
Capitalized software costs	6,498		5,612
Total property and equipment	236,635		79,880
Accumulated depreciation	(7,980)		(3,447)
Property and equipment, net	$	228,655	$	76,433

Schedule of Indefinite-Lived Intangible Assets

The following is a summary of intangible assets, net presented in our consolidated balance sheets, excluding assets held for sale:

	As of September 30, 2025						As of September 30, 2024
	Gross Carrying Value		Accumulated Amortization		Total		Gross Carrying Value		Accumulated Amortization		Total
Amortized intangible assets
Acquired leases	$	13,926	$	(2,924)	$	11,002	$	2,394	$	(270)	$	2,124
Management agreements	13,456		(4,799)		8,657		13,456		(2,145)		11,311
Investor relationships	1,843		(657)		1,186		1,843		(294)		1,549
Customer relationships and non-solicitation agreements	810		(694)		116		1,150		(1,010)		140
Total amortized intangible assets	30,035		(9,074)		20,961		18,843		(3,719)		15,124
Unamortized intangible assets
Trade name	5,175		—		5,175		5,175		—		5,175
Intangible assets, net	$	35,210	$	(9,074)	$	26,136	$	24,018	$	(3,719)	$	20,299

Schedule of Finite-Lived Intangible Assets

The following is a summary of intangible assets, net presented in our consolidated balance sheets, excluding assets held for sale:

	As of September 30, 2025						As of September 30, 2024
	Gross Carrying Value		Accumulated Amortization		Total		Gross Carrying Value		Accumulated Amortization		Total
Amortized intangible assets
Acquired leases	$	13,926	$	(2,924)	$	11,002	$	2,394	$	(270)	$	2,124
Management agreements	13,456		(4,799)		8,657		13,456		(2,145)		11,311
Investor relationships	1,843		(657)		1,186		1,843		(294)		1,549
Customer relationships and non-solicitation agreements	810		(694)		116		1,150		(1,010)		140
Total amortized intangible assets	30,035		(9,074)		20,961		18,843		(3,719)		15,124
Unamortized intangible assets
Trade name	5,175		—		5,175		5,175		—		5,175
Intangible assets, net	$	35,210	$	(9,074)	$	26,136	$	24,018	$	(3,719)	$	20,299

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows:

	September 30,
	2025		2024		2023
Cash and cash equivalents held by The RMR Group Inc.	$	19,478	$	23,189	$	26,802
Cash and cash equivalents held by The RMR Group LLC	42,819		118,410		241,187
Total cash and cash equivalents shown in the consolidated statements of cash flows	$	62,297	$	141,599	$	267,989