Shareholders' Equity

We have common shares available for issuance under the terms of our 2018 Equity Compensation Plan, or the 2018 Plan. During the years ended December 31, 2025, 2024 and 2023, we awarded to our officers and certain other employees of The RMR Group LLC, or RMR, annual share awards of 386,988, 204,915 and 188,350 of our common shares, respectively, valued at $2,380, $992 and $684, in aggregate, respectively. During the years ended December 31, 2025, 2024 and 2023, we awarded each of our then seven Trustees 28,875, 23,316 and 20,000 of our common shares with an aggregate value of $665, $630 and $249, respectively, as part of their annual compensation in accordance with our trustee compensation arrangements. The values or numbers, as applicable, of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the dates of awards. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and certain other employees of RMR vest in five equal annual installments beginning on the date of award. We recognize share forfeitures as they occur and include the value of awarded shares in general and administrative expenses ratably over the vesting period.

A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Year Ended December 31,
	2025			2024			2023
		Weighted			Weighted			Weighted
		Average			Average			Average
	Number	Grant Date		Number	Grant Date		Number	Grant Date
	of Shares	Fair Value		of Shares	Fair Value		of Shares	Fair Value
Unvested at beginning of year	310,177	$	5.74	288,310	$	8.50	260,800	$	15.07
Granted	589,113	$	5.17	368,127	$	4.40	328,350	$	2.84
Vested	(417,128)	$	5.07	(346,260)	$	6.61	(296,890)	$	8.02
Forfeited	(4,051)	$	5.57	—	$	—	(3,950)	$	11.40
Unvested at end of year	478,111	$	5.63	310,177	$	5.74	288,310	$	8.50

As of December 31, 2025, the estimated future compensation expense for the unvested shares was approximately $2,426. The weighted average period over which the compensation expense will be recorded is approximately 24 months.

During the years ended December 31, 2025, 2024 and 2023, we recorded $2,059, $1,920 and $1,741, respectively, of compensation expense related to the 2018 Plan.

As of December 31, 2025, 2,346,871 common shares remain available for issuance under the 2018 Plan.

Common Share Purchases

During the years ended December 31, 2025, 2024 and 2023, we purchased an aggregate of 76,241, 67,206 and 49,158, respectively, of our common shares valued at weighted average prices of $5.93, $4.65 and $3.29 per common share, respectively, from certain of our Trustees, our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We withheld and purchased these common shares at their fair market values based upon the trading prices of our common shares at the close of trading on Nasdaq on the applicable purchase dates.

During the years ended December 31, 2025, 2024 and 2023, we paid distributions on our common shares as follows:



	Annual Per				Characterization of Distribution
	Share		Total		Return of		Ordinary		Capital
Year	Distribution		Distribution		Capital		Income		Gain
2025	$	0.12	$	7,973	100.0	%	—	%	—	%
2024	$	0.04	$	2,638	100.0	%	—	%	—	%
2023	$	0.04	$	2,627	100.0	%	—	%	—	%

On January 15, 2026, we declared a regular quarterly distribution to common shareholders of record on January 26, 2026 of $0.05 per share, or approximately $3,333. We expect to pay this distribution on or about February 19, 2026 using cash on hand.