Acquisitions (Tables)

12 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Asset Acquisition

We allocated the purchase prices of these acquisitions based on the relative estimated fair values of the acquired assets and assumed liabilities as follows:

Acquisition Year	Location	Properties	Purchase Price (1)		Land		Buildings and Equipment		Acquired Real Estate Leases		Assumed Real Estate Obligations
2024	Denver, CO	1	$	70,509	$	10,084	$	58,032	$	2,393	$	—
2025	IL, NC, FL	3	166,008		25,500		129,511		11,537		(540)
		4	$	236,517	$	35,584	$	187,543	$	13,930	$	(540)

(1)Includes capitalized acquisition related costs of $509 and $1,372 for the 2024 and 2025 acquisitions, respectively.

Schedule of Business Combination

The following table summarizes the consideration transferred as of the MPC Acquisition Date, excluding transaction costs:

Cash consideration paid by RMR LLC	$	84,474
Earnout	14,547
Total consideration	$	99,021

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The purchase price of $99,021 was allocated to the assets acquired and liabilities assumed based on estimates of fair values as of the MPC Acquisition Date as follows:

Assets acquired:
Cash and cash equivalents	$	5,703
Real estate	8,460
Due from related parties	6,788
Prepaid and other current assets	1,373
Intangible assets:
Property management and investment management agreements	13,456
Trade name	5,175
Investor relationships	1,843
Acquired leases	703
Total intangible assets	21,177
Total assets acquired	43,501
Liabilities assumed:
Mortgage note payable	4,726
Other liabilities	9,212
Total liabilities	13,938
Net identifiable assets acquired	29,563
Noncontrolling interests in consolidated entity	(444)
Goodwill	69,902
Total consideration	$	99,021