Related Person Transactions (Tables)

12 Months Ended

Sep. 30, 2025

For the fiscal years ended September 30, 2025, 2024 and 2023, we recognized revenues from related parties as set forth in the following tables:


	Fiscal Year Ended September 30, 2025
	Total
	Management and		% of	Total		% of			% of
	Advisory Services		Total	Reimbursable		Total	Total		Total
	Revenues		Revenues	Costs		Revenues	Revenues		Revenues
Perpetual Capital:
DHC	$	22,974	11.9%	$	110,997	21.9%	$	133,971	19.1%
ILPT	36,935		19.1%	39,463		7.8%	76,398		10.9%
OPI	24,044		12.4%	156,376		30.9%	180,420		25.8%
SVC	39,816		20.5%	108,673		21.4%	148,489		21.2%
Total Managed Equity REITs	123,769		63.9%	415,509		82.0%	539,278		77.0%
SEVN	5,206		2.7%	5,452		1.1%	10,658		1.5%

	128,975		66.6%	420,961		83.1%	549,936		78.5%

Private Capital:
AlerisLife	5,720		3.0%	—		—%	5,720		0.8%
Sonesta	9,314		4.8%	—		—%	9,314		1.4%
RMR Residential	17,524		9.1%	23,390		4.6%	40,914		5.8%
Other private entities	21,170		10.9%	62,510		12.3%	83,680		11.9%
	53,728		27.8%	85,900		16.9%	139,628		19.9%

Total revenues from related parties	182,703		94.4%	506,861		100.0%	689,564		98.4%
Income from loan investments, net	2,447		1.3%	—		—%	2,447		0.4%
Rental property revenues	8,273		4.3%	—		—%	8,273		1.2%
Total revenues from unrelated parties	10,720		5.6%	—		—%	10,720		1.6%
Total revenues	$	193,423	100.0%	$	506,861	100.0%	$	700,284	100.0%


	Fiscal Year Ended September 30, 2024
	Total
	Management and		% of	Total		% of			% of
	Advisory		Total	Reimbursable		Total	Total		Total
	Services Revenues		Revenues	Costs		Revenues	Revenues		Revenues
Perpetual Capital:
DHC	$	24,516	12.6%	$	127,119	18.1%	$	151,635	16.9%
ILPT	36,704		18.9%	35,768		5.1%	72,472		8.1%
OPI	29,903		15.5%	212,054		30.3%	241,957		27.0%
SVC	43,759		22.6%	236,760		33.8%	280,519		31.3%
Total Managed Equity REITs	134,882		69.6%	611,701		87.3%	746,583		83.3%
SEVN	5,766		3.0%	6,064		0.9%	11,830		1.3%
	140,648		72.6%	617,765		88.2%	758,413		84.6%

Private Capital:
AlerisLife	5,632		2.9%	—		—%	5,632		0.6%
Sonesta	9,362		4.8%	—		—%	9,362		1.0%
RMR Residential	16,936		8.7%	23,369		3.3%	40,305		4.5%
Other private entities	21,342		11.0%	59,642		8.5%	80,984		9.0%
	53,272		27.4%	83,011		11.8%	136,283		15.1%

Total revenues from related parties	193,920		100.0%	700,776		100.0%	894,696		99.7%
Income from loan investments, net	—		—%	—		—%	1,313		0.1%
Rental property revenues	—		—%	—		—%	1,604		0.2%
Total revenues from unrelated parties	—		—%	—		—%	2,917		0.3%
Total revenues	$	193,920	100.0%	$	700,776	100.0%	$	897,613	100.0%


	Fiscal Year Ended September 30, 2023
	Total
	Management and		% of	Total		% of			% of
	Advisory		Total	Reimbursable		Total	Total		Total
	Services Revenues		Revenues	Costs		Revenues	Revenues		Revenues
Perpetual Capital:
DHC	$	23,675	10.0%	$	156,224	21.4%	$	179,899	18.7%
ILPT	36,834		15.5%	40,438		5.6%	77,272		8.0%
OPI	38,163		16.2%	334,208		46.0%	372,371		38.7%
SVC	40,543		17.2%	117,421		16.2%	157,964		16.5%
Total Managed Equity REITs	139,215		58.9%	648,291		89.2%	787,506		81.9%
SEVN	5,188		2.2%	4,865		0.7%	10,053		1.0%
TA (1)	55,214		23.4%	3,476		0.5%	58,690		6.1%
	199,617		84.5%	656,632		90.4%	856,249		89.0%

Private Capital:
AlerisLife (2)	5,414		2.3%	97		—%	5,511		0.6%
Sonesta	9,471		4.0%	544		0.1%	10,015		1.0%
Other private entities	21,531		9.1%	68,879		9.5%	90,410		9.4%
	36,416		15.4%	69,520		9.6%	105,936		11.0%

Total revenues from related parties	236,033		99.9%	726,152		100.0%	962,185		100.0%
Revenues from unrelated parties	131		0.1%	—		—%	131		—%
Total revenues	$	236,164	100.0%	$	726,152	100.0%	$	962,316	100.0%

(1)On May 15, 2023, BP acquired TA and TA terminated its management agreement with us. In connection with the termination of TA’s management agreement, we received the applicable termination fee of $45,282 during the fiscal year ended September 30, 2023.

(2)On March 30, 2023, AlerisLife merged with and into a subsidiary of ABP Trust and ceased to be a public company. As a result, the amounts due with respect to AlerisLife are characterized as Private Capital for the period presented.

The following table presents amounts due from related parties as of the dates indicated:


	September 30,
	2025						2024
	Accounts		Reimbursable				Accounts		Reimbursable
	Receivable		Costs		Total		Receivable		Costs		Total
Perpetual Capital:
DHC	$	4,806	$	13,780	$	18,586	$	6,307	$	11,358	$	17,665
ILPT	4,011		8,922		12,933		4,244		7,968		12,212
OPI	4,031		15,819		19,850		5,877		20,132		26,009
SVC	6,831		9,943		16,774		5,470		8,591		14,061
Total Managed Equity REITs	19,679		48,464		68,143		21,898		48,049		69,947
SEVN	1,513		3,272		4,785		2,551		2,601		5,152
	21,192		51,736		72,928		24,449		50,650		75,099

Private Capital:
AlerisLife	529		—		529		570		—		570
Sonesta	51		—		51		82		—		82
RMR Residential	6,117		—		6,117		9,587		—		9,587
Other private entities	2,836		7,616		10,452		3,909		54,133		58,042
	9,533		7,616		17,149		14,148		54,133		68,281
	$	30,725	$	59,352	$	90,077	$	38,597	$	104,783	$	143,380