For the three months ended March 31, 2026 and 2025, the business management fees, incentive management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:


		Three Months Ended March 31,
	Financial Statement Line Item	2026		2025
Pursuant to business management agreement:
Business management fees	General and administrative expenses (1)	$	4,277	$	3,809
Incentive management fees	General and administrative expenses	6,628		2,407
Total		$	10,905	$	6,216

Pursuant to property management agreement (2):
Property management fees	Property operating expenses	$	1,014	$	1,264
Construction supervision fees	Building and improvements (3)	325		226
Total		$	1,339	$	1,490

Expense Reimbursement:
Other expenses	General and administrative expenses	$	44	$	50
Property level expenses	Property operating expenses	2,317		3,741
Total		$	2,361	$	3,791

(1)The net business management fees we recognized for the three months ended March 31, 2026 and 2025 reflect a reduction of $744 for each of those periods for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc., as further described in Note 11.

(2)The net property management and construction supervision fees we recognized for the three months ended March 31, 2026 and 2025 reflect a reduction of $199 for each of those periods for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 11.