OFFICE PROPERTIES INCOME TRUST 10-Q

Item 1. Financial Statements OFFICE PROPERTIES INCOME TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (unaudited) Successor Predecessor June 30, 2026 December 31, 2025 ASSETS Real estate properties: Land $ 607,033 $ 706,623 Buildings and improvements 500,182 2,970,072 Total real estate properties, gross 1,107,215 3,676,695 Accumulated depreciation ( 746 ) ( 729,543 ) Total real estate properties, net 1,106,469 2,947,152 Assets of properties held for sale 294,960 — Investment in unconsolidated joint venture 12,856 16,965 Acquired real estate leases, net 826,305 150,254 Cash and cash equivalents 50,751 29,486 Restricted cash 54,038 51,175 Rents receivable 17,147 164,114 Due from related persons 407 231 Deferred leasing costs, net 2,688 98,268 Other assets, net 8,909 30,951 Total assets $ 2,374,530 $ 3,488,596 LIABILITIES AND SHAREHOLDERS’ EQUITY Secured debt, net $ 1,683,556 $ 889,557 Liabilities of properties held for sale 10,261 — Accounts payable and other liabilities 132,098 126,856 Due to related persons 4,751 4,689 Assumed real estate lease obligations, net 32,409 8,374 Total liabilities not subject to compromise 1,863,075 1,029,476 Liabilities subject to compromise — 1,578,133 Total liabilities 1,863,075 2,607,609 Commitments and contingencies Shareholders’ equity: Successor common shares of beneficial interest, $ .01 par value: 100,000,000 shares authorized, 21,953,577 shares issued and outstanding in 2026 220 — Predecessor common shares of beneficial interest, $ .01 par value: 250,000,000 shares authorized, 73,941,128 shares issued and outstanding in 2025 — 739 Additional paid in capital 514,322 2,658,471 Cumulative net loss ( 3,087 ) ( 308,307 ) Cumulative common distributions — ( 1,469,916 ) Total shareholders’ equity 511,455 880,987 Total liabilities and shareholders’ equity $ 2,374,530 $ 3,488,596 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents OFFICE PROPERTIES INCOME TRUST CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (amounts in thousands, except per share data) (unaudited) Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Rental income $ 18,359 $ 98,473 $ 114,499 Expenses: Real estate taxes 2,045 10,736 12,111 Utility expenses 1,081 4,664 5,683 Other operating expenses 4,019 26,303 31,237 Depreciation and amortization 8,094 54,436 43,838 Loss on impairment of real estate — — 2,426 Transaction related costs — — 3,940 General and administrative 1,263 4,213 4,816 Total expenses 16,502 100,352 104,051 Gain on sale of real estate — — 159 Fair value adjustment of warrants 1,491 — — Interest and other income 949 368 788 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $ 236 , $ 2,130 and $ 11,364 , respectively) ( 6,544 ) ( 42,341 ) ( 52,507 ) Net gain on early extinguishment of debt — — 148 Reorganization items, net ( 894 ) ( 745,342 ) — Loss before income tax expense and equity in net earnings (losses) of investees ( 3,141 ) ( 789,194 ) ( 40,964 ) Income tax expense ( 38 ) ( 207 ) ( 94 ) Equity in net earnings (losses) of investees 92 382 ( 128 ) Net loss $ ( 3,087 ) $ ( 789,019 ) $ ( 41,186 ) Weighted average common shares outstanding (basic and diluted) 21,954 72,916 71,282 Per common share amounts (basic and diluted): Net loss $ ( 0.14 ) $ ( 10.82 ) $ ( 0.58 ) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 Table of Contents OFFICE PROPERTIES INCOME TRUST CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (amounts in thousands, except per share data) (unaudited) Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Rental income $ 18,359 $ 207,341 $ 228,114 Expenses: Real estate taxes 2,045 23,830 25,569 Utility expenses 1,081 13,743 13,250 Other operating expenses 4,019 56,585 62,442 Depreciation and amortization 8,094 98,519 87,571 Loss on impairment of real estate — — 2,426 Transaction related costs — — 4,816 General and administrative 1,263 8,512 9,874 Total expenses 16,502 201,189 205,948 Loss on sale of real estate — — ( 4,578 ) Fair value adjustment of warrants 1,491 — — Interest and other income 949 799 1,950 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $ 236 , $ 4,653 and $ 23,283 , respectively) ( 6,544 ) ( 84,548 ) ( 105,885 ) Net loss on early extinguishment of debt — — ( 95 ) Reorganization items, net ( 894 ) ( 804,874 ) — Loss before income tax expense and equity in net earnings (losses) of investee ( 3,141 ) ( 882,471 ) ( 86,442 ) Income tax expense ( 38 ) ( 61 ) ( 231 ) Equity in net earnings (losses) of investees 92 492 ( 380 ) Net loss $ ( 3,087 ) $ ( 882,040 ) $ ( 87,053 ) Weighted average common shares outstanding (basic and diluted) 21,954 73,267 70,275 Per common share amounts (basic and diluted): Net loss $ ( 0.14 ) $ ( 12.04 ) $ ( 1.24 ) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents OFFICE PROPERTIES INCOME TRUST CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (dollars in thousands) (unaudited) Number of Shares Common Shares Additional Paid In Capital Cumulative Net Loss Cumulative Common Distributions Total Shareholders’ Equity Balance at December 31, 2025 (Predecessor) 73,941,128 $ 739 $ 2,658,471 $ ( 308,307 ) $ ( 1,469,916 ) $ 880,987 Common share grants — — 165 — — 165 Net loss — — — ( 93,021 ) — ( 93,021 ) Balance at March 31, 2026 (Predecessor) 73,941,128 739 2,658,636 ( 401,328 ) ( 1,469,916 ) 788,131 Common share grants — — 888 — — 888 Net loss — — — ( 789,019 ) — ( 789,019 ) Cancellation of Predecessor equity ( 73,941,128 ) ( 739 ) ( 2,659,524 ) 1,190,347 1,469,916 — Issuance of Successor common shares 21,953,577 220 514,322 — — 514,542 Balance at June 17, 2026 (Predecessor) 21,953,577 $ 220 $ 514,322 $ — $ — $ 514,542 Balance at June 18, 2026 (Successor) 21,953,577 $ 220 $ 514,322 $ — $ — $ 514,542 Net loss — — — ( 3,087 ) — ( 3,087 ) Balance at June 30, 2026 (Successor) 21,953,577 $ 220 $ 514,322 $ ( 3,087 ) $ — $ 511,455 Number of Shares Common Shares Additional Paid In Capital Cumulative Net Loss Cumulative Common Distributions Total Shareholders’ Equity Balance at December 31, 2024 (Predecessor) 69,824,743 $ 698 $ 2,656,548 $ ( 35,933 ) $ ( 1,468,509 ) $ 1,152,804 Issuance of common shares, net 238,343 3 142 — — 145 Common share grants — — 279 — — 279 Net loss — — — ( 45,867 ) — ( 45,867 ) Distributions to common shareholders — — — — ( 698 ) ( 698 ) Balance at March 31, 2025 (Predecessor) 70,063,086 701 2,656,969 ( 81,800 ) ( 1,469,207 ) 1,106,663 Issuance of common shares, net 3,933,346 39 922 — — 961 Common share grants — — 205 — — 205 Common share repurchases ( 20,242 ) — ( 6 ) — — ( 6 ) Net loss — — — ( 41,186 ) — ( 41,186 ) Distributions to common shareholders — — — — ( 709 ) ( 709 ) Balance at June 30, 2025 (Predecessor) 73,976,190 $ 740 $ 2,658,090 $ ( 122,986 ) $ ( 1,469,916 ) $ 1,065,928 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 6 Table of Contents OFFICE PROPERTIES INCOME TRUST CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) (unaudited) Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ ( 3,087 ) $ ( 882,040 ) $ ( 87,053 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 746 75,685 59,785 Net amortization of debt premiums, discounts and issuance costs 236 4,653 23,283 Amortization of acquired real estate leases and assumed real estate lease obligations, net 7,207 15,586 22,010 Amortization of deferred leasing costs 1 8,865 6,824 Loss on sale of real estate — — 4,578 Loss on impairment of real estate — — 2,426 Net gain on early extinguishment of debt — — ( 1,430 ) Fair value adjustment to warrants 1,491 — — Non-cash reorganization items — 648,892 — Straight line rental income ( 1,337 ) 1,063 ( 13,492 ) Other non-cash expenses, net — 751 156 Equity in net (earnings) losses of investees ( 92 ) ( 492 ) 380 Total adjustments to reconcile net loss to net cash provided by (used in) operating activities: Change in assets and liabilities: Rents receivable ( 3,241 ) ( 2,797 ) ( 2,503 ) Due from related persons 517 ( 692 ) ( 3,170 ) Deferred leasing costs ( 92 ) ( 2,635 ) ( 11,405 ) Other assets 1,862 4,707 505 Accounts payable and other liabilities 3,926 18,136 3,982 Due to related persons 1,427 ( 1,365 ) ( 1,065 ) Net cash provided by (used in) operating activities 9,564 ( 111,683 ) 3,811 CASH FLOWS FROM INVESTING ACTIVITIES: Real estate improvements — ( 22,337 ) ( 21,739 ) Proceeds from sale of property, net — — 26,245 Net cash (used in) provided by investing activities — ( 22,337 ) 4,506 CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of senior unsecured notes — — ( 171,600 ) Repayment of senior secured notes — — ( 18,469 ) Payment of debt issuance costs — — ( 1,153 ) Borrowings on debtor-in-possession secured term loan — 115,000 — Proceeds from rights offering — 33,584 — Proceeds from issuance of common shares, net — — 1,106 Repurchases of common shares — — ( 5 ) Distributions to common shareholders — — ( 1,407 ) Net cash provided by (used in) financing activities — 148,584 ( 191,528 ) Increase (decrease) in cash, cash equivalents and restricted cash 9,564 14,564 ( 183,211 ) Cash, cash equivalents and restricted cash at beginning of period 95,225 80,661 275,165 Cash, cash equivalents and restricted cash at end of period $ 104,789 $ 95,225 $ 91,954 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 7 Table of Contents OFFICE PROPERTIES INCOME TRUST CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (dollars in thousands) (unaudited) Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid $ — $ 80,604 $ 85,736 Income taxes paid $ — $ 279 $ 139 Cash paid for reorganization items, net $ 23 $ 128,246 $ — NON-CASH INVESTING ACTIVITIES: Real estate improvements accrued, not paid $ 3,077 $ 7,535 $ 14,772 NON-CASH FINANCING ACTIVITIES: Extinguishment of unsecured senior notes in exchange for senior priority guaranteed unsecured notes $ — $ — $ ( 6,537 ) SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows: Successor Predecessor As of June 30, 2026 As of June 30, 2025 Cash and cash equivalents $ 50,751 $ 78,176 Restricted cash (1) 54,038 13,778 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 104,789 $ 91,954 (1) Restricted cash consists of cash held for operations and amounts escrowed for professional fees and amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our debt agreements. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 8 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) (unaudited) Note 1. Basis of Presentation The accompanying condensed consolidated financial statements of Office Properties Income Trust and its subsidiaries, or OPI, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2025, or our 2025 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Due to the lack of comparability with historical consolidated financial statements, our unaudited consolidated financial statements and related footnotes are presented with a “black line” that separates the Predecessor and Successor periods to emphasize the lack of comparability between amounts presented after the Effective Date (as defined below) and amounts presented for all prior periods. The Successor’s financial results for future periods following the adoption of fresh start accounting will be different from historical trends and the differences may be material. See Note 2 “Fresh Start Accounting” for additional information. The preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles. There were no material changes to our significant accounting policies during the Predecessor and Successor periods of fiscal 2026, compared to the significant accounting policies described in our 2025 Annual Report. Voluntary Reorganization Under and Emergence from Chapter 11 Bankruptcy On October 30, 2025, or the Petition Date, OPI and certain of its subsidiaries, or the Debtors, voluntarily commenced cases, or the Chapter 11 Cases, under chapter 11 of title 11, or Chapter 11, of the United States Code, or the Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, or the Bankruptcy Court. In connection with the filing of the Chapter 11 Cases, OPI entered into a Restructuring Support Agreement, or the RSA, with certain holders of our prior 9.00 % senior secured notes due September 2029, or the Old September 2029 Notes, to implement a court-supervised financial restructuring pursuant to the transactions contemplated in the RSA. In connection with the Chapter 11 Cases, certain holders of the Old September 2029 Notes provided OPI with a $ 125,000 debtor-in-possession financing, or the DIP Facility, which was approved by the Bankruptcy Court on a final basis on February 4, 2026. See Note 7 for more information regarding the DIP Facility. During the pendency of the Chapter 11 Cases, the Debtors continued to operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As debtors-in-possession, the Debtors were authorized to pay all debts and honor all obligations arising in the ordinary course of our business after the Petition Date. While the commencement of the Chapter 11 Cases constituted an event of default under certain of our debt agreements, enforcement of any remedies in respect of such events of default was automatically stayed during the pendency of the Chapter 11 Cases. On April 21, 2026, the Debtors filed the Fourth Amended Joint Chapter 11 Plan of Reorganization of Office Properties Income Trust and Its Debtor Affiliates, or the Plan. On April 22, 2026, the Bankruptcy Court entered the Order Confirming Fourth Amended Joint Chapter 11 Plan of Reorganization of Office Properties Income Trust and Its Debtor Affiliates confirming the Plan. On June 17, 2026, or the Effective Date, the conditions precedent to the effectiveness of the Plan were satisfied and the Debtors emerged from the Chapter 11 Cases. Following the Effective Date, certain of the Debtors’ Chapter 11 Cases remain open to administer claims pursuant to the Plan. The claims resolutions process is ongoing and certain of these claims remain subject to the jurisdiction of the Bankruptcy Court. In accordance with the Plan approved by the Bankruptcy Court, the following significant transactions occurred on the Effective Date: 9 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) • We issued $ 420,000 of new 10.000 % senior secured notes due 2031, or the 2031 Secured Exit Notes. The 2031 Secured Exit Notes require semi-annual interest payments, may be prepaid at any time and are secured by first liens on 48 of our properties, 19 of which previously secured the Old September 2029 Notes, and second liens on the 19 properties securing our credit agreement (as defined below). The 2031 Secured Exit Notes and 6,183,467 of newly issued common shares of beneficial interest, $ .01 par value per share, of OPI, or the Reorganized Common Equity, were issued in settlement of allowed claims relating to the Old September 2029 Notes. • A newly formed bankruptcy-remote special purpose vehicle, which is a direct, wholly owned subsidiary of ours, issued $ 385,000 of new 8.375 % senior secured notes due 2029, or the 2029 Secured Exit Notes, in accordance with the terms of the settlement with certain holders of our previously outstanding 3.25 % senior secured notes due 2027, or the Old 2027 Senior Secured Notes. The 2029 Secured Exit Notes require quarterly interest payments, may be prepaid at any time, subject to certain early redemption fees, and are secured by first liens on 31 of our properties which previously secured the Old 2027 Senior Secured Notes. On July 31, 2026, we paid a settlement fee of $ 10,000 in accordance with the terms of the settlement with certain holders of the Old 2027 Senior Secured Notes. • We entered into a waiver and amendment, or the credit agreement amendment, to our credit agreement which governs our $ 325,000 secured revolving credit facility and $ 100,000 secured term loan, or our credit agreement, pursuant to which, (i) all of the defaults under our credit agreement arising from the Chapter 11 Cases were permanently waived, (ii) interest payable on borrowings under our credit agreement was set at a rate of the secured overnight financing rate, or SOFR, plus a margin of 550 basis points, which margin increases to 750 basis points effective January 1, 2027, and (iii) our credit agreement was ratified and confirmed and remains in full force and effect. • The DIP Facility was terminated in connection with our emergence from the Chapter 11 Cases. Allowed claims related to the DIP Facility, including outstanding principal under the DIP Facility, plus all accrued interest, fees, costs and other charges, were satisfied through the issuance of shares of the Reorganized Common Equity at a conversion price of $ 12.60 per share. Additional fees related to the DIP Facility were satisfied through (i) in respect of the anchor capital commitment fee and exit fee, a distribution of Reorganized Common Equity at a conversion price of $ 20.00 per share and (ii) in respect of the upfront fee, a distribution of Reorganized Common Equity at a conversion price of $ 12.60 per share. The aggregate number of shares of Reorganized Common Equity issued in satisfaction of allowed claims for the DIP Facility was 11,056,417 . • Holders of certain of our then outstanding unsecured notes received subscription rights to participate in an offering of $ 35,000 of Reorganized Common Equity, or the Rights Offering. Holders who elected to participate purchased shares of Reorganized Common Equity at a price of $ 17.00 per share. To facilitate the Rights Offering, we entered into an agreement with certain holders of certain of our then outstanding unsecured notes, whereby those holders agreed to purchase the unsubscribed shares of Reorganized Common Equity in the Rights Offering. We issued an aggregate amount of 2,150,506 shares of Reorganized Common Equity through the Rights Offering, including in respect of fees to the holders that purchased the unsubscribed shares. • Holders of certain of our series of unsecured notes received the following: ◦ Pro rata share of 1,351,308 of newly issued shares of Reorganized Common Equity; and ◦ 1,155,450 warrants, each exercisable for one share of Reorganized Common Equity, or the New Warrants, which have an exercise price of $ 25.00 per share and are exercisable within seven years from the Effective Date. • Treatment of certain of our other debt instruments and allowed claims were as follows: ◦ Holders of our prior 8.00 % senior priority guaranteed unsecured notes due 2030 received their pro rata share of 772,807 shares of Reorganized Common Equity; ◦ Our 9.00 % senior secured notes due March 2029 were reinstated and rendered unimpaired; ◦ Any claims under our mortgage notes were rendered unimpaired and reinstated at the Effective Date; 10 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) ◦ Allowed administrative claims, priority tax claims, other secured claims, trade and vendor claims and other priority claims were paid in full in cash or received such other treatment reinstating such claims or rendering such claims unimpaired; and ◦ Other general unsecured claims that were allowed for $ 25 or less were paid in full in cash and other general unsecured claims that were allowed for more than $ 25 received $ 25 in cash. • All of our common shares of beneficial interest issued and outstanding immediately prior to the Effective Date were deemed cancelled, discharged and of no force or effect. • All obligations under each of our previously outstanding senior unsecured notes were cancelled. In addition, on the Effective Date, we entered into a Third Amended and Restated Business Management Agreement, or the Amended Business Management Agreement, and a Third Amended and Restated Property Management Agreement, or the Amended Property Management Agreement, and, together with the Amended Business Management Agreement, the Amended RMR Management Agreements, with The RMR Group LLC, or RMR. The initial term of each of the Amended RMR Management Agreements is five years , with the annual fee under the Amended Business Management Agreement set at $ 14,000 per year for the first two years and the fees under the Amended Property Management Agreement being consistent with the fees under our prior property management agreement with RMR. In addition to the management fees, pursuant to the Amended Business Management Agreement, we issued 439,072 shares of Reorganized Common Equity to RMR on the Effective Date. The Amended Business Management Agreement also provides for the issuance to RMR of common shares equal to up to 8 % of the Reorganized Common Equity upon the satisfaction of certain financial and/or performance metrics to be determined by our Board of Trustees. See Note 10 for more information regarding our new and prior management agreements with RMR. Going Concern Prior to and during the Chapter 11 Cases, substantial doubt about our ability to continue as a going concern existed. As a result of the restructuring transactions completed on the Effective Date, we reduced our aggregate outstanding debt obligations by approximately $ 714,000 , while also increasing the weighted average term to maturity of our indebtedness. Following emergence from the Chapter 11 Cases, the reduction in indebtedness and extension of debt maturities improved our financial flexibility, alleviated near-term refinancing pressures and restored our ability to pursue capital market alternatives that were not available prior to emergence. We currently have $ 425,000 outstanding under our credit agreement that matures in January 2027 and are required to make $ 50,000 of principal payments under the 2029 Secured Exit Notes during the next twelve months. We currently expect to satisfy these obligations through our existing cash balances, operating cash flows, asset sales and potential capital market transactions. As part of these plans, we are currently actively working with a bank on options to refinance our revolving credit facility and term loan prior to its maturity and we have identified 32 properties for sale, two of which were sold in July 2026 for an aggregate gross sales price of $ 58,500 , nine of which are under agreement to sell for an aggregate gross sales price of $ 49,675 , and the remaining 21 of which are being actively marketed. After considering the actions through the restructuring and management’s plans, including anticipated asset sales and refinancing activities, management believes it is probable that we will be able to satisfy our obligations as they become due during the next 12 months. Accordingly, management concluded that the conditions that raised substantial doubt about our ability to continue as a going concern have been alleviated. 11 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Note 2. Fresh Start Accounting Adoption of ASC 852 Effective on the Petition Date, we applied Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 852, Reorganizations, or ASC 852, which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. Beginning on the Petition Date, these requirements included distinguishing transactions directly associated with the reorganization reported separately as reorganization items, net in the condensed consolidated statement of comprehensive income (loss) and to distinguish certain liabilities subject to compromise, or LSTC, in the condensed consolidated balance sheet. Fresh Start Accounting In connection with our emergence from bankruptcy and in accordance with ASC 852, we qualified for and applied fresh start accounting on the Effective Date. We were required to apply fresh start accounting because (i) the holders of existing voting shares of OPI prior to its emergence received less than 50 % of the voting shares of OPI outstanding following its emergence from bankruptcy and (ii) the reorganization value of our assets immediately prior to confirmation of the Plan of $ 2,364,978 was less than the post-petition liabilities and allowed claims of $ 2,739,137 . Under fresh start accounting, we allocated our reorganization value to our individual assets based on their estimated fair value in conformity with FASB ASC Topic 820, Fair Value Measurements and FASB ASC Topic 805, Business Combinations . Our condensed consolidated financial statements and notes segregate the financial position and results of operations of OPI up to and including its emergence from the Chapter 11 Cases on the Effective Date, or the Predecessor, and the financial position and results of operations of OPI subsequent to its emergence from the Chapter 11 Cases on the Effective Date, or the Successor. References to Successor relate to the financial position and results of operations of OPI after the Effective Date and references to Predecessor relate to the financial position and results of operations up to and including the Effective Date. As a result, the condensed consolidated financial statements subsequent to the Effective Date are not comparable with the condensed consolidated financial statements as of or prior to that date. Reorganization Value Reorganization value approximates the fair value of an entity immediately after a restructuring. As set forth in the disclosure statement with respect to the Chapter 11 Cases approved by the Bankruptcy Court, the enterprise value of the Successor is estimated to be in a range of $ 2,050,000 and $ 2,250,000 . We engaged third-party valuation advisors to assist with the determination of the estimate of the enterprise value and the corresponding implied equity value of the Successor. The estimate of the enterprise value was derived using a discounted cash flow, or DCF, analysis based on financial projections for our properties. The DCF analysis estimated the present value of projected debt-free, after-tax free cash flows through December 31, 2030, together with an estimated terminal value, using discount rates based on our weighted average cost of capital. The most significant assumptions included projected operating cash flows, exit capitalization rates within a range of 9.50 % to 12.50 %, discount rates within a range of 8.75 % to 11.00 % and financing assumptions. Our third-party valuation advisors also considered market based valuation methodologies, including analyses of select market peers and comparable transactions. Management concluded that the appropriate estimate of the enterprise value was $ 2,150,000 . Because the valuation is dependent on assumptions regarding future operating performance and market conditions, actual results could differ materially from those estimates. The following table reconciles the enterprise value to the implied value of the Successor equity as of the Effective Date: Enterprise Value $ 2,150,000 Plus: Cash and cash equivalents 45,799 Plus: Fair value of our investment in unconsolidated joint venture 12,764 Less: Fair value of debt ( 1,683,321 ) Less: Fair value of New Warrants ( 10,700 ) Implied Successor equity value $ 514,542 12 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to our individual assets as of the Effective Date: Enterprise Value $ 2,150,000 Plus: Cash and cash equivalents 45,799 Plus: Accounts payable and other liabilities 167,115 Plus: Fair value of our investment in unconsolidated joint venture 12,764 Less: Fair value of New Warrants included in accounts payable and other liabilities ( 10,700 ) Reorganization value of Successor assets $ 2,364,978 Valuation Process The fair values of our properties, investment in unconsolidated joint venture, long-term debt and warrants were estimated as of the Effective Date. Real Estate Properties. We determined the fair value of each property with the engagement of a third-party valuation specialist and using methods similar to those used by independent appraisers, which involved estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocated a portion of the fair value of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocated a portion of the fair value to acquired in place leases and tenant relationships based upon market estimates of the cost to lease up the property based on the leases in place. Investment in Unconsolidated Joint Venture. The fair value of our investment in our unconsolidated joint venture was determined by valuing the underlying real estate properties owned by the joint venture through the same valuation methods outlined above. We then applied our percentage of ownership to the fair value of the assets and liabilities of the joint venture, which resulted in the fair value of our investment in the unconsolidated joint venture. Senior Notes and Credit Facility. The estimated fair values of our senior secured notes and secured revolving credit facility and secured term loan were determined using income based valuation techniques that incorporated contractual cash flows, market interest rates and credit spreads for comparable debt instruments. Significant inputs included market based yield assumptions reflecting our credit risk and the terms and characteristics of the underlying debt instruments. Warrants. We estimated the fair value of the New Warrants as of the Effective Date using an option-pricing valuation technique that considered the market value of the underlying common shares, the exercise price and contractual term of the warrants, as well as assumptions regarding expected volatility, risk-free interest rates and expected dividend yield. Enterprise value includes the value of warrants that are classified as liabilities. Condensed Consolidated Balance Sheet The following condensed consolidated balance sheet is as of June 17, 2026. This condensed consolidated balance sheet includes adjustments that reflect the consummation of the transactions contemplated by the Plan (reflected in the column “Reorganization Adjustments”), as well as fair value adjustments as a result of the adoption of fresh start accounting (reflected in the column “Fresh Start Adjustments”) as of the Effective Date. The explanatory notes following the table below provide further details on the adjustments, including the assumptions and methods used to determine fair value for the assets and liabilities. 13 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Predecessor Reorganization Adjustments Fresh Start Adjustments Successor ASSETS Real estate properties: Land $ 706,623 $ ( 218,408 ) (a) $ 118,818 (k) $ 607,033 Buildings and improvements 2,955,273 ( 608,900 ) (a) ( 1,849,262 ) (l) 497,111 Total real estate properties, gross 3,661,896 ( 827,308 ) (a) ( 1,730,444 ) 1,104,144 Accumulated depreciation ( 777,430 ) 146,687 630,743 (m) — Total real estate properties, net 2,884,466 ( 680,621 ) ( 1,099,701 ) 1,104,144 Investment in unconsolidated joint venture 17,457 — ( 4,693 ) (n) 12,764 Assets of properties held for sale — 707,854 (a) ( 412,740 ) (o) 295,114 Acquired real estate leases, net 134,160 ( 7,409 ) (a) 706,982 (p) 833,733 Cash and cash equivalents 68,349 ( 22,550 ) (b) — 45,799 Restricted cash 45,094 4,332 (c) — 49,426 Rents receivable 165,849 ( 11,503 ) (a) ( 141,361 ) (q) 12,985 Due from related persons 924 — — 924 Deferred leasing costs, net 91,953 ( 6,919 ) (a) ( 85,034 ) (r) — Other assets, net 23,668 ( 235 ) (d) ( 13,344 ) (s) 10,089 Total assets $ 3,431,920 $ ( 17,051 ) $ ( 1,049,891 ) $ 2,364,978 LIABILITIES AND SHAREHOLDERS’ EQUITY Secured debt, net $ 1,010,588 $ 677,188 (e) $ ( 4,455 ) (t) $ 1,683,321 Liabilities of properties held for sale — 8,050 (a) 2,583 (o) 10,633 Accounts payable and other liabilities 151,873 ( 20,964 ) (f) ( 10,382 ) (u) 120,527 Due to related persons 3,324 — — 3,324 Assumed real estate lease obligations, net 7,867 ( 352 ) (a) 25,116 (v) 32,631 Total liabilities not subject to compromise 1,173,652 663,922 12,862 1,850,436 Liabilities subject to compromise 1,565,485 ( 1,565,485 ) (g) — — Total liabilities 2,739,137 ( 901,563 ) 12,862 1,850,436 Commitments and contingencies Shareholders’ equity: Predecessor common shares 739 ( 739 ) (h) — — Predecessor additional paid in capital 2,659,524 ( 2,659,524 ) (h) — — Successor common shares — 220 (i) — 220 Successor additional paid in capital — 514,322 (i) — 514,322 Cumulative net loss ( 497,564 ) 1,560,317 (j) ( 1,062,753 ) (w) — Cumulative common distributions ( 1,469,916 ) 1,469,916 (h) — — Total shareholders’ equity 692,783 884,512 ( 1,062,753 ) 514,542 Total liabilities and shareholders’ equity $ 3,431,920 $ ( 17,051 ) $ ( 1,049,891 ) $ 2,364,978 14 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Reorganization Adjustments (a) Represents reclassification of properties that met the held for sale criteria as of the Effective Date. (b) Changes in cash and cash equivalents include the following: Cash proceeds from Rights Offering $ 33,584 Release of funds held in segregated bank accounts to cash and cash equivalents 22,768 Payment of lender professional fees and expenses, including lender success fees ( 37,142 ) Funding of the professional and success fee escrow, classified as restricted cash ( 34,667 ) Payment of accrued interest on certain prepetition debt ( 5,876 ) Payment of RMR business management fee ( 1,167 ) Payment of DIP Facility fees and expenses ( 50 ) Net change in cash and cash equivalents $ ( 22,550 ) (c) Changes in restricted cash include the following: Funding of the professional and success fee escrow, classified as restricted cash $ 34,667 Release of funds held in segregated bank accounts to cash and cash equivalents ( 22,768 ) Payment of lender professional fees and expenses ( 5,107 ) Payment of accrued interest on certain prepetition debt ( 2,460 ) Net change in restricted cash $ 4,332 (d) Represents the payment of the RMR business management fee in accordance with the Amended Business Management Agreement, classified as a prepaid asset of $ 1,167 and reclassification of other assets, net for properties held for sale. (e) Changes in secured debt include the following: Issuance of 2031 Secured Exit Notes $ 420,000 Issuance of 2029 Secured Exit Notes 385,000 Settlement of DIP Facility ( 127,812 ) Net change in secured debt, net $ 677,188 15 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) (f) Changes in accounts payable and other liabilities include the following: Accrual of certain success fee $ 14,825 Issuance of New Warrants 10,700 Accrual of settlement fee 10,000 Reinstatement of accounts payable from liabilities subject to compromise 4,186 Payment of accrued lender fees and expenses ( 20,646 ) Equitization of DIP Facility fees ( 12,500 ) Settlement of postpetition accrued interest ( 11,495 ) Reclassification of accounts payable and other liabilities for properties held for sale ( 7,698 ) Payment of accrued interest on certain prepetition debt from cash and cash equivalents ( 5,876 ) Payment of accrued interest on certain prepetition debt from restricted cash ( 2,460 ) Net change in accounts payable and other liabilities $ ( 20,964 ) (g) LSTC settled in accordance with the Plan and the resulting gain were determined as follows: Liabilities subject to compromise $ 1,565,485 Less: Reinstatement of accounts payable from liabilities subject to compromise ( 4,186 ) Consideration provided to settle amounts per Plan: Issuance of 2031 Secured Exit Notes ( 420,000 ) Issuance of 2029 Secured Exit Notes ( 385,000 ) Issuance of Reorganized Common Equity to holders of certain prepetition claims ( 192,758 ) Issuance of Reorganized Common Equity in connection with the Rights Offering ( 48,856 ) Cash proceeds from Rights Offering 33,584 Issuance of New Warrants ( 10,700 ) Recognition of settlement fee ( 10,000 ) Issuance of Reorganized Common Equity in connection with the Rights Offering backstop agreement ( 3,500 ) Net gain on settlement of liabilities subject to compromise $ 524,069 (h) Represents the cancellation of Predecessor equity. (i) Changes in successor equity include the following: Issuance of Reorganized Common Equity in connection with the settlement of DIP Facility and DIP Facility fee claims $ 259,137 Issuance of Reorganized Common Equity to holders of prepetition claims 192,758 Issuance of Reorganized Common Equity in connection with the Rights Offering 48,856 Issuance of Reorganized Common Equity to RMR in connection with Amended Business Management Agreement 10,291 Issuance of Reorganized Common Equity in connection with the Rights Offering backstop agreement 3,500 Net change in successor equity $ 514,542 16 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) (j) Reflects the Plan effects on cumulative net income as follows: Gain on settlement of liabilities subject to compromise $ 524,069 Gain on settlement of postpetition accrued interest 11,495 Loss on settlement of DIP Facility claims, including fees and expenses ( 118,825 ) Recognition of lender professional fees and expenses, including lender success fees ( 21,653 ) Recognition of certain success fee ( 14,825 ) Issuance of Reorganized Common Equity to RMR in connection with Amended Business Management Agreement ( 10,291 ) Total reorganization items, net 369,970 Cancellation of Predecessor equity (direct to cumulative net income) 1,190,347 Net change in cumulative net income $ 1,560,317 Fresh Start Adjustments We have applied fresh start accounting in accordance with ASC 852. Fresh start accounting requires the revaluation of our assets and liabilities on the basis of fair value and the assignment of the Successor's reorganization value to identifiable tangible and intangible assets. These adjustments reflect the actual amounts recorded as of the Effective Date. (k) Reflects the removal of historical basis and step-down to estimated fresh start value of land under the purchase price allocation. (l) Reflects the removal of historical basis and step-down to estimated fresh start value of buildings and improvements under the purchase price allocation. (m) Reflects the elimination of historical accumulated depreciation in connection with the fresh start value of the related real estate. (n) Reflects the fresh start adjustment to the investment in unconsolidated joint venture. (o) Reflects the fresh start adjustment to assets and liabilities held for sale. (p) Reflects the fresh start adjustment to acquired real estate leases, net, representing acquired in place leases and above-market lease intangibles recognized at emergence. (q) Reflects the elimination of rents receivable, including straight line rent, which has no continuing fresh start value at emergence. (r) Reflects the elimination of historical deferred leasing costs, net, which have no continuing fresh start value at emergence. (s) Reflects the fresh start adjustment to other assets, net, consisting of adjustments to deferred financing fees on the secured line of credit and other assets. (t) Reflects the fresh start adjustment to secured debt. (u) Reflects the fresh start adjustment to accounts payable and other liabilities for below-market lease intangibles recognized at emergence. (v) Reflects the fresh start adjustment to assumed real estate lease obligations, net. (w) The table below reflects the fresh start adjustments impact on cumulative net income discussed above: 17 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Fresh start adjustment to land $ 118,818 Fresh start adjustment to buildings and improvements ( 1,849,262 ) Fresh start adjustment to accumulated depreciation 630,743 Fresh start adjustment to investment in unconsolidated joint venture ( 4,693 ) Fresh start adjustment to assets of properties held for sale ( 412,740 ) Fresh start adjustment to acquired real estate leases, net 706,982 Fresh start adjustment to rents receivable ( 141,361 ) Fresh start adjustment to deferred leasing costs, net ( 85,034 ) Fresh start adjustment to other assets, net ( 13,344 ) Fresh start adjustment to secured debt, net 4,455 Fresh start adjustment to liabilities of properties held for sale ( 2,583 ) Fresh start adjustment to accounts payable and other liabilities 10,382 Fresh start adjustment to assumed real estate lease obligations, net ( 25,116 ) Total fresh start adjustments, net $ ( 1,062,753 ) Contractual interest. Effective as of the Petition Date, we ceased accruing interest expense on our unsecured debt instruments. As a result, we did not recognize $ 9,427 of aggregate contractual interest expense during the 2026 Predecessor period that would have otherwise been recorded under these instruments. Reorganization items, net. Reorganization items, net represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of bankruptcy-related professional fees and adjustments to reflect the carrying value of LSTC at their estimated allowed claim amounts. The following tables present reorganization items, net during the three and six months ended June 30, 2026: Successor Predecessor Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Professional fees $ 894 $ 84,919 $ 894 $ 142,748 Debt issuance costs — 3,528 — 5,465 Interest income earned on debtor-in-possession borrowings — ( 72 ) — ( 306 ) Net gain on the settlement of liabilities subject to compromise — ( 524,069 ) — ( 524,069 ) Net loss on fresh start adjustments — 1,062,753 — 1,062,753 Loss on settlement of DIP Facility claims, including fees and expenses — 118,825 — 118,825 Other items, net — ( 542 ) — ( 542 ) Total reorganization items, net $ 894 $ 745,342 $ 894 $ 804,874 Income taxes. In connection with our emergence from the Chapter 11 Cases on the Effective Date, our net operating loss carryforwards and other tax attributes may be subject to limitation under section 382 of the Internal Revenue Code of 1986, as amended, or the Code, unless an exception applies. We believe that the specific circumstances of our bankruptcy reorganization may allow us to qualify for an exception to the general limitations of section 382 of the Code. We expect that our net operating loss carryforwards and other tax attributes will be reduced by the amount of discharge of indebtedness income arising from our Chapter 11 Cases that is excluded from our gross income under section 108 of the Code. 18 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Note 3. Per Common Share Amounts We calculate basic earnings per common share using the two class method. We calculate diluted earnings per common share using the more dilutive of the two class method or the treasury stock method, including the impact of potentially dilutive common shares. Potentially dilutive common shares during the Predecessor period included unvested share awards. All unvested share awards were cancelled on the Effective Date. Potentially dilutive common shares in the Successor period include the New Warrants. The New Warrants were not included in our weighted average common shares outstanding - basic and diluted because the exercise price is above the fair market value of our common shares for the period presented. The calculation of basic and diluted earnings per common share is as follows (amounts in thousands, except per share data): Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Numerators: Net loss $ ( 3,087 ) $ ( 789,019 ) $ ( 41,186 ) Income attributable to unvested participating securities — — ( 6 ) Net loss used in calculating earnings per common share $ ( 3,087 ) $ ( 789,019 ) $ ( 41,192 ) Denominators: Weighted average common shares outstanding - basic and diluted 21,954 72,916 71,282 Net loss per common share - basic and diluted $ ( 0.14 ) $ ( 10.82 ) $ ( 0.58 ) Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Numerators: Net loss $ ( 3,087 ) $ ( 882,040 ) $ ( 87,053 ) Income attributable to unvested participating securities — — ( 12 ) Net loss used in calculating earnings per common share $ ( 3,087 ) $ ( 882,040 ) $ ( 87,065 ) Denominators: Weighted average common shares outstanding - basic and diluted 21,954 73,267 70,275 Net loss per common share - basic and diluted $ ( 0.14 ) $ ( 12.04 ) $ ( 1.24 ) 19 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Note 4. Real Estate Properties As of June 30, 2026, our 122 wholly owned properties contained approximately 17,113,000 rentable square feet, with an undepreciated carrying value of $ 1,336,780 . We also had a noncontrolling ownership interest of 51 % in an unconsolidated joint venture that owned two properties containing approximately 346,000 rentable square feet. We generally lease space at our properties on a gross lease, modified gross lease or net lease basis pursuant to fixed term contracts expiring between 2026 and 2044. Some of our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the three months ended June 30, 2026, we entered into nine leases for approximately 176,000 rentable square feet for a weighted (by rentable square feet) average lease term of 7.3 years, and we made commitments of $ 2,813 for leasing related costs. During the six months ended June 30, 2026, we entered into 22 leases for approximately 388,000 rentable square feet for a weighted (by rentable square feet) average lease term of 5.7 years, and we made commitments of $ 7,329 for leasing related costs. As of June 30, 2026, we had estimated unspent leasing related obligations of $ 48,106 . We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress re-leasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives. Dispositions We did not sell any properties during the six months ended June 30, 2026. As of June 30, 2026, we had 32 properties containing approximately 3,690,000 rentable square feet classified as held for sale in our condensed consolidated balance sheet, two of which were sold in July 2026 and nine of which are under agreement to sell as follows: Location Number of Properties Status Rentable Square Feet Gross Sales Price (1) Redwood City, CA 1 Sold 7/20/2026 63,000 $ 16,500 Philadelphia, PA 1 Sold 7/30/2026 441,000 42,000 Pittsford, NY 1 Under Agreement 55,000 3,750 Indianapolis, IN 2 Under Agreement 275,000 5,500 Reston, VA 1 Under Agreement 275,000 18,125 Columbia, MD 2 Under Agreement 87,000 10,300 Baltimore, MD 1 Under Agreement 85,000 5,050 Lakewood, CO 1 Under Agreement 167,000 3,700 Richmond, VA 1 Under Agreement 50,000 3,250 11 1,498,000 $ 108,175 (1) Gross sales price is the gross contract price, excluding closing costs. We cannot be sure that we will sell any properties we are marketing for prices in excess of our carrying values, or at all. In addition, the pending sales in the preceding table are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or the pricing will not change. 20 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Unconsolidated Joint Venture As of June 30, 2026, we owned an interest in one joint venture that owned two properties. We accounted for this investment under the equity method of accounting. As of June 30, 2026 and December 31, 2025, our investment in our unconsolidated joint venture is as follows: OPI Carrying Value of Investment at Successor Predecessor Joint Venture OPI Ownership June 30, 2026 December 31, 2025 Number of Properties Location Rentable Square Feet Prosperity Metro Plaza 51 % $ 12,856 $ 16,965 2 Fairfax, VA 346 As of June 30, 2026 and December 31, 2025, the mortgage debt of our unconsolidated joint venture is as follows: Joint Venture Interest Rate (1) Maturity Date Principal Balance at June 30, 2026 (2) Principal Balance at December 31, 2025 (2) Prosperity Metro Plaza 4.09 % 12/1/2029 $ 48,645 $ 49,106 (1) Includes the effect of mark to market accounting. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interest in the joint venture we did not own. None of the debt is recourse to us. The filing of the Chapter 11 Cases constituted an event of default under the mortgage note secured by the properties owned by the Prosperity Metro Plaza joint venture. The Prosperity Metro Plaza joint venture remains current on debt service under this mortgage note and continues to own, operate and lease the collateral properties. Prior to the Effective Date, we had an unamortized basis difference of our joint venture of $ 631 primarily attributable to the difference between the amount we paid to purchase our interest in the joint venture, including transaction costs, and the historical carrying value of the net assets of the joint venture. The difference was being amortized over the remaining useful life of the related property and the resulting amortization expense was included in equity in net losses of investees in the Predecessor condensed consolidated statements of comprehensive income (loss). On the Effective Date, we established a new basis in our investment in our unconsolidated joint venture based on our proportionate share of the fair value of the joint venture’s underlying assets and liabilities. We elected not to adopt pushdown accounting and the joint venture continues to report assets and liabilities at the historical amount. As of the Effective Date, the fair value of our investment in the joint venture approximated our proportionate share of the carrying value of the assets of the joint venture, and as a result there is no longer a basis difference. Note 5. Leases Our leases provide for base rent payments and, in addition, may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term once we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. 21 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) We recorded rental income under our leases during the three and six months ended June 30, 2026 and 2025, including adjustments to increase rental income to record revenue on a straight line basis during the three and six months ended June 30, 2026 and 2025 as follows: Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Rental income from leases $ 17,076 $ 90,373 $ 105,082 Non-cash straight line rent adjustments included in rental income $ 1,337 $ ( 2,999 ) $ 6,636 Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Rental income from leases $ 17,076 $ 192,139 $ 211,544 Non-cash straight line rent adjustments included in rental income $ 1,337 $ ( 1,063 ) $ 13,492 As of June 30, 2026 (Successor) and December 31, 2025 (Predecessor), accounts receivable, excluding properties classified as held for sale, included $ 1,337 and $ 151,525 of straight line rents receivable, respectively. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments are included in the following table for the three and six months ended June 30, 2026 and 2025: Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Variable lease payments $ 3,121 $ 16,274 $ 18,916 Tenant reimbursements included in variable lease payments $ 2,992 $ 15,582 $ 18,164 Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Variable lease payments $ 3,121 $ 35,650 $ 38,770 Tenant reimbursements included in variable lease payments $ 2,992 $ 34,148 $ 37,256 Note 6. Concentration Tenant and Credit Concentration As of June 30, 2026 and 2025, the U.S. government and certain state and other government tenants combined were responsible for approximately 26.8 % and 25.4 %, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 18.0 % and 17.1 % of our annualized rental income as of June 30, 2026 and 2025, respectively. We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. 22 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Geographic Concentration As of June 30, 2026, our 122 wholly owned properties were located in 29 states and the District of Columbia. Properties located in Virginia, California, Georgia, Texas and Illinois were responsible for approximately 14.5 %, 11.4 %, 10.9 %, 10.3 % and 10.3 % of our annualized rental income as of June 30, 2026, respectively. Note 7. Indebtedness As of June 30, 2026 and December 31, 2025, our outstanding debt principal consisted of the following: Successor Predecessor June 30, 2026 December 31, 2025 Secured revolving credit facility, due in 2027 $ 325,000 $ 325,000 Secured term loan, due in 2027 100,000 100,000 Debtor-in-possession term loan, 12.000 % interest rate, due in 2026 — 10,225 Senior unsecured notes, 2.650 % interest rate, due in 2026 (1) — 133,929 Senior unsecured notes, 2.400 % interest rate, due in 2027 (1) — 78,306 Senior secured notes, 3.250 % interest rate, due in 2027 (1) — 417,994 Mortgage note payable, 8.272 % interest rate, due in 2028 42,700 42,700 Mortgage note payable, 8.139 % interest rate, due in 2028 26,340 26,340 Mortgage note payable, 7.671 % interest rate, due in 2028 54,300 54,300 Senior secured notes, 9.000 % interest rate, due in March 2029 300,000 300,000 Senior secured notes, 9.000 % interest rate, due in September 2029 (1) — 609,999 Senior secured notes, 8.375 % interest rate, due in December 2029 385,000 — Senior unsecured notes, 8.000 % interest rate, due in 2030 (1) — 14,439 Senior secured notes, 10.000 % interest rate, due in 2031 420,000 — Senior unsecured notes, 3.450 % interest rate, due in 2031 (1) — 102,402 Mortgage note payable, 7.210 % interest rate, due in 2033 30,680 30,680 Mortgage note payable, 7.305 % interest rate, due in 2033 8,400 8,400 Mortgage note payable, 7.717 % interest rate, due in 2033 14,900 14,900 Senior unsecured notes, 6.375 % interest rate, due in 2050 (1) — 162,000 1,707,320 2,431,614 Unamortized debt premiums, discounts and issuance costs ( 23,764 ) ( 22,988 ) $ 1,683,556 $ 2,408,626 (1) In connection with the commencement of the Chapter 11 Cases, the principal amount of these instruments was reclassified to LSTC in our consolidated balance sheet as of December 31, 2025 and the applicable debt issuance costs and discounts were written off to reorganization items, net in our consolidated statement of comprehensive net income (loss). See Note 2 for further information on our LSTC and their treatment under fresh start accounting. Credit Agreement Our $ 325,000 secured revolving credit facility and $ 100,000 secured term loan are governed by our credit agreement, as amended, with a syndicate of institutional lenders. As collateral for all loans and other obligations under our credit agreement, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on 19 properties that had a gross book value of real estate assets of $ 502,072 as of June 30, 2026. The maturity date of our credit agreement is January 29, 2027. Our credit agreement contains a number of covenants, including covenants that require us to maintain certain financial ratios, restrict our ability to incur additional debt in excess of calculated amounts and, subject to limited exceptions, restrict our ability to increase our distribution rate above $ 0.01 per common share per quarter and enter into share repurchases. Availability of borrowings 23 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) under our credit agreement is subject to ongoing minimum performance and market values of the 19 collateral properties, our satisfying certain financial covenants and other credit facility conditions. Interest payable on borrowings under our credit agreement was previously at a rate of SOFR plus a margin of 350 basis points through the Petition Date. Effective on the Petition Date, interest payable on borrowings under our credit agreement changed to a rate of the U.S. federal prime rate plus a margin of 250 basis points. Effective February 4, 2026, in accordance with an order entered by the Bankruptcy Court, the margin increased to 450 basis points pursuant to the default rate stipulated in our credit agreement. In accordance with the Plan, upon emergence, we were required to pay interest under the default rate retroactive to the Petition Date. Pursuant to the credit agreement amendment and beginning on the Effective Date, interest payable on borrowings under our credit agreement is at a rate of SOFR plus a margin of 550 basis points, which margin increases to 750 basis points effective January 1, 2027. We are also required to pay an unused facility fee on the amount of total lending commitments of 25 basis points per annum based on amounts outstanding. As of June 30, 2026 and August 4, 2026, our $ 325,000 revolving credit facility was fully drawn and $ 100,000 was outstanding under our term loan. As of June 30, 2026, the annual interest rate payable on borrowings under our credit agreement was 9.2 %. The weighted average annual interest rate for borrowings under our credit agreement for the three and six months ended June 30, 2026 was 10.9 % and 11.3 %, respectively, and 7.9 % and 8.9 % for the three and six months ended June 30, 2025, respectively. Secured Senior Notes Our $ 420,000 of 2031 Secured Exit Notes bear interest at a rate of 10.000 %, require semi-annual interest payments, may be prepaid at any time and are secured by first liens on 48 of our properties, 19 of which previously secured the Old September 2029 Notes, that had an aggregate gross book value of real estate assets of $ 641,422 as of June 30, 2026, and second liens on the 19 properties securing our credit agreement. Our $ 385,000 of 2029 Secured Exit Notes bear interest at a rate of 8.375 %, require quarterly interest payments, may be prepaid at any time, subject to certain early redemption fees, and are secured by first liens on 31 of our properties that had an aggregate gross book value of real estate assets of $ 483,743 as of June 30, 2026. As required under these notes, we made a required principal payment of $ 5,000 on August 1, 2026. These notes also require additional mandatory principal payments as follows: $ 15,000 on or before November 1, 2026, $ 30,000 on or before February 1, 2027 and $ 45,000 on or before each of February 1, 2028 and 2029. Our $ 300,000 of 9.000 % senior secured notes due March 2029 were reinstated upon emergence from the Chapter 11 Cases, require semi-annual interest payments, are prepayable at any time, subject to certain early redemption fees, and are secured by first liens on 17 of our properties that had an aggregate gross book value of real estate assets of $ 350,033 as of June 30, 2026. Our credit agreement and senior notes indentures provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR ceasing to act as our business and property manager. Our credit agreement and senior notes indentures also contain covenants, including covenants that restrict our ability to incur debts, require us to comply with certain financial covenants and, in the case of our credit agreement, restrict our ability to increase our distribution rate above the level of $ 0.01 per common share per quarter. The filing of the Chapter 11 Cases constituted an event of default under our credit agreement and our prior senior notes indentures and their supplements which accelerated amounts due under the applicable agreements. Efforts to enforce financial obligations under the applicable agreements were stayed as a result of the filing of the Chapter 11 Cases and the creditors’ rights of enforcement were subject to the applicable provisions of the Bankruptcy Code. 24 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Mortgage Notes As of June 30, 2026, seven of our properties with an aggregate gross book value of real estate assets of $ 220,559 were encumbered by mortgage notes, or our Mortgage Notes, with an aggregate principal amount of $ 177,320 . Our Mortgage Notes are non-recourse, subject to certain limited exceptions and do not contain any material financial covenants. The borrowers under our Mortgage Notes, or the Mortgage Note Borrowers, are certain of our subsidiaries that were not included in the Chapter 11 Cases. However, we provide certain guarantees under our Mortgage Notes, and as a result, the filing of the Chapter 11 Cases constituted an event of default under our Mortgage Notes and each Mortgage Note was transferred to special servicing. The Mortgage Note Borrowers continued to own, operate and lease the applicable collateral properties and remain current on their debt service obligations. As of August 4, 2026, two of the Mortgage Note Borrowers have entered into waiver agreements with their respective lenders regarding the default. We remain in negotiation with the special servicers and lenders of our other Mortgage Notes regarding potential waiver agreements. DIP Term Loan Credit Agreement On November 5, 2025, the Bankruptcy Court entered an interim order allowing us to enter into a debtor-in-possession term loan credit agreement, or the Initial DIP Credit Agreement. The Initial DIP Credit Agreement provided for a multiple draw secured debtor-in-possession term loan facility in an aggregate principal amount of up to $ 125,000 . An initial borrowing of $ 10,000 was made following the entry of the interim order and our entry into the Initial DIP Credit Agreement on November 6, 2025. On February 5, 2026, we entered into an amended and restated DIP term loan credit agreement, or the A&R DIP Credit Agreement, pursuant to a final order entered by the Bankruptcy Court on February 4, 2026. The A&R DIP Credit Agreement provided for the DIP Facility, a multiple draw secured debtor-in-possession term loan facility in an aggregate principal amount of up to $ 125,000 , of which: (a) we borrowed $ 10,000 on November 6, 2025 pursuant to an interim order entered by the Bankruptcy Court; (b) $ 75,000 was made available to us and drawn as follows: (i) we borrowed $ 64,300 on February 5, 2026 and (ii) we borrowed $ 10,700 on March 13, 2026; and (c) we borrowed $ 40,000 , or the Tranche B Term Loan, on April 7, 2026. We had the option to repay borrowings under the DIP Facility in Reorganized Common Equity. Borrowings under the DIP Facility bore interest, payable in cash, at a rate of 12.00 % per annum. Fees and expenses under the DIP Facility included: (a) an upfront fee equal to (i) cash at 2.25 % of the lenders’ commitments or (ii) Reorganized Common Equity equal to 3.60 % of the commitments, which fee was earned upon the initial funding of each loan under the DIP Facility and was payable in kind; (b) an anchor capital commitment fee of 10.00 % of the lenders’ commitments under the DIP Facility payable to certain backstop parties, which was earned upon the initial funding of the DIP Facility, and could be paid, at our election, in cash or Reorganized Common Equity; and (c) an exit fee of 4.50 % of the aggregate borrowings under the DIP Facility, which was due and payable upon the repayment of any loans under the DIP Facility, at our election, in cash or Reorganized Common Equity. A commitment fee was also due for the ratable account of each Tranche B Term Loan lender, in an aggregate amount equal to 0.75 % per annum times the actual daily amount of the aggregate undrawn Tranche B Term Loan commitments. As discussed in Note 1, the DIP Facility was terminated in connection with our emergence from the Chapter 11 Cases and all allowed claims related to the DIP Facility were satisfied through the issuance of shares of the Reorganized Common Equity. 25 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Note 8. Fair Value of Assets and Liabilities The following table presents certain of our liabilities measured at fair value at June 30, 2026, categorized by level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each liability: Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Fair Value Measurements Liabilities Warrants $ 9,209 $ — $ — $ 9,209 The following table reconciles Level 3 instruments for which significant unobservable inputs were used to determine fair value: For the period from June 18 through June 30, 2026 Balance as of June 17, 2026 (Successor) $ 10,700 Fair value adjustment of warrants ( 1,491 ) Balance as of June 30, 2026 (Successor) $ 9,209 Warrants. On the Effective Date, we issued 1,155,450 New Warrants to holders of our previously outstanding senior unsecured notes pursuant to a warrant agreement. Each New Warrant is exercisable for one common share, has an exercise price of $ 25.00 per share and may be exercised through June 17, 2033. Due to certain features that provide for changes in the settlement amounts, the New Warrants did not meet the criteria for equity classification under FASB ASC Topic 815, Derivatives and Hedging, and are recorded at fair value within accounts payable and other liabilities in our condensed consolidated balance sheet. Changes in fair value are recorded as change in fair value of warrants in our condensed consolidated statement of comprehensive income (loss). As of June 30, 2026, the New Warrants had an aggregate fair value of $ 9,209 . We estimated the fair value of the New Warrants using an option-pricing valuation technique that considered the market value of the underlying common shares, the exercise price and contractual term of the warrants, as well as assumptions regarding expected volatility, risk-free interest rates and expected dividend yield. The table below summarizes the significant inputs used in the option-pricing model as of June 17, 2026 and June 30, 2026: As of June 17, 2026 As of June 30, 2026 Underlying stock price $ 19.38 $ 17.00 Exercise price $ 25.00 $ 25.00 Risk free interest rate 4.3 % 4.3 % Volatility factor 47 % 50 % Expected lives (years) 7.0 7.0 Value per unit $ 9.26 $ 7.97 26 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Our financial instruments also include our cash and cash equivalents, restricted cash, rents receivable, amounts due from related persons, accounts payable, a revolving credit facility, a term loan, senior notes, mortgage notes payable, a debtor-in-possession secured term loan, amounts due to related persons, other accrued expenses and security deposits. At June 30, 2026 and December 31, 2025, the fair values of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: Successor Predecessor As of June 30, 2026 As of December 31, 2025 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 2.650 % interest rate, due in 2026 $ — $ — $ 133,929 $ 13,393 Senior unsecured notes, 2.400 % interest rate, due in 2027 — — 78,306 7,831 Senior secured notes, 3.250 % interest rate, due in 2027 — — 417,994 336,485 Senior secured notes, 9.000 % interest rate, due in March 2029 297,042 306,417 281,366 306,444 Senior secured notes, 9.000 % interest rate, due in September 2029 — — 609,999 530,699 Senior secured notes, 8.375 % interest rate, due in December 2029 376,100 366,054 — — Senior priority guaranteed unsecured notes, 8.000 % interest rate, due in 2030 — — 14,439 4,918 Senior secured notes, 10.000 % interest rate, due in 2031 408,094 413,398 — — Senior unsecured notes, 3.450 % interest rate, due in 2031 — — 102,402 10,240 Senior unsecured notes, 6.375 % interest rate, due in 2050 — — 162,000 12,312 Mortgage notes payable 177,320 179,432 173,840 182,223 Total $ 1,258,556 $ 1,265,301 $ 1,974,275 $ 1,404,545 (1) Includes net unamortized debt premiums, discounts and issuance costs totaling $ 23,764 and $ 22,115 as of June 30, 2026 and December 31, 2025, respectively. See Notes 2 and 7 for further information on our debt. For the Successor period, we estimated the fair value of our senior notes using independent pricing services that utilize observable market information, including recent indicative bid and ask quotations, market observations and prices for comparable debt instruments (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date and we estimated the fair values of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates (Level 3 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. For the Predecessor period, we estimated the fair values of our senior notes (except for our senior priority guaranteed unsecured notes due 2030 and senior unsecured notes due 2050) using an average of the bid and ask price of the notes (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair value of our senior unsecured notes due 2050 based on the closing price on the OTC Pink Market, (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our senior unsecured notes due 2030 and our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates (Level 3 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values. Note 9. Shareholders’ Equity New Common Shares. As discussed in Note 1, on the Effective Date, we issued 21,953,577 shares of Reorganized Common Equity in accordance with the Plan. All of our common shares of beneficial interest issued and outstanding immediately prior to the Effective Date were deemed cancelled, discharged and of no force or effect. Note 10. Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Amended RMR Management Agreements . In connection with our emergence from the Chapter 11 Cases, on the Effective Date, we entered into the Amended Business Management Agreement and the Amended Property Management Agreement. 27 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) The initial term of each of the Amended RMR Management Agreements is five years , expiring on June 17, 2031. Pursuant to the Amended Business Management Agreement, we are required to pay RMR an annual business management fee of $ 14,000 for each of the first two years of the initial term. Pursuant to the Amended Property Management Agreement, we are required to pay RMR a property management fee equal to 3.0 %, and a construction supervision fee equal to 5.0 %, in each case consistent with our prior property management agreement with RMR. In addition, pursuant to the Amended Business Management Agreement (i) we issued to RMR 439,072 common shares equal to 2.0 % of our outstanding common shares on the Effective Date and (ii) we may issue to RMR common shares equal to up to an additional 8.0 % of our outstanding common shares upon the satisfaction of certain financial and/or performance metrics to be determined by our Board of Trustees. The Amended Property Management Agreement also contains certain customary major decisions that require the approval of a majority of our Board of Trustees. We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR. For the three months ended June 30, 2026 and 2025, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows: Successor Predecessor Financial Statement Line Item Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Pursuant to business management agreement: Business management fees (1) General and administrative expenses $ 583 $ 2,664 $ 3,036 Pursuant to property management agreement: Property management fees (2) Other operating expenses $ 456 $ 2,664 $ 2,822 Construction supervision fees Buildings and improvements (3) 7 77 342 $ 463 $ 2,741 $ 3,164 Expense reimbursement: Property level expenses Other operating expenses $ 741 $ 4,147 $ 5,681 Other reimbursed expenses General and administrative expenses — 44 51 $ 741 $ 4,191 $ 5,732 (1) Predecessor periods above reflect a reduction of $ 127 in 2026 and $ 151 in 2025 for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc. (2) Predecessor periods above reflect a reduction of $ 102 in 2026 and $ 121 in 2025 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. (3) Amounts capitalized as buildings and improvements are depreciated over the estimated useful lives of the related assets. 28 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) For the six months ended June 30, 2026 and 2025, the business management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows: Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Financial Statement Line Item Pursuant to business management agreement: Business management fees (1) General and administrative expenses $ 583 $ 5,687 $ 6,151 Pursuant to property management agreement: Property management fees (2) Other operating expenses $ 456 $ 5,625 $ 5,696 Construction supervision fees Buildings and improvements (3) 7 201 649 $ 463 $ 5,826 $ 6,345 Expense reimbursement: Property level expenses Other operating expenses $ 741 $ 9,343 $ 11,169 Other reimbursed expenses General and administrative expenses — 88 101 $ 741 $ 9,431 $ 11,270 (1) Predecessor periods above reflect a reduction of $ 278 in 2026 and $ 302 in 2025 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. (2) Predecessor periods above reflect a reduction of $ 223 in 2026 and $ 242 in 2025 for the amortization of the liability we recorded in connection with our former investment in RMR Inc. (3) Amounts capitalized as buildings and improvements are depreciated over the estimated useful lives of the related assets. Based on our common share total return, as defined in our prior business management agreement, as of June 30, 2026, no estimated incentive fees were included in the net business management fees we recognized for the three and six months ended June 30, 2026. The Amended Business Management Agreement does not provide for an incentive fee payable to RMR. We did no t incur an incentive fee payable to RMR for the year ended December 31, 2025. Management Agreement Between Our Joint Venture and RMR . RMR provides management services to our unconsolidated joint venture. We are not obligated to pay management fees to RMR under our management agreement with RMR for the services it provides regarding the joint venture. The joint venture pays management fees directly to RMR. Note 11. Related Person Transactions We have relationships and historical and continuing transactions with RMR, RMR Inc. and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned subsidiary of RMR Inc. Prior to the Effective Date, Adam Portnoy served as the Chair of our Board of Trustees and one of our Managing Trustees, and as of the Effective Date, he was elected a Trustee of our Board of Trustees. Mr. Portnoy is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Yael Duffy, our President and Chief Executive Officer, is also an executive vice president of RMR Inc. and an officer and employee of RMR and, prior to the Effective Date, she served as our other Managing Trustee. Each of our other officers is also an officer and employee of RMR. Mr. Portnoy serves as chair of the boards and as a managing trustee of other public companies to which RMR or its subsidiaries provide management services and one of our other Trustees serves as an independent trustee of certain of these public companies. Other officers of RMR, including Ms. Duffy, serve as managing trustees or officers of certain of these public companies. Our Manager, RMR. We have two agreements with RMR to provide management services to us, each of which was amended and restated in connection with our emergence from the Chapter 11 Cases on the Effective Date. Pursuant to the Amended Business Management Agreement (i) we issued to RMR 439,072 common shares, which is equal to 2.0 % of our outstanding common shares on the Effective Date, and (ii) we may issue to RMR common shares equal to up to an additional 29 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) 8.0 % of our outstanding common shares upon the satisfaction of certain financial and/or performance metrics to be determined by our Board of Trustees. RMR also provides management services to our unconsolidated joint venture. See Note 10 for more information regarding the Amended RMR Management Agreements and our unconsolidated joint venture’s management agreement with RMR. Leases with RMR. We lease office space to RMR in certain of our properties for RMR’s property management offices. Pursuant to our lease agreements with RMR, we recognized rental income from RMR for the three and six months ended June 30, 2026 and 2025 as follows: Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Rental income from RMR for leased space $ 30 $ 164 $ 232 Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Rental income from RMR for leased space $ 30 $ 344 $ 433 Sonesta. Sonesta International Hotels Corporation, or Sonesta, operates a 246,000 square foot hotel within a mixed-use property in Washington D.C. under a management agreement, or the Sonesta Management Agreement, that expires on December 31, 2040, and includes two 10-year renewal options. The Sonesta Management Agreement provides that we are paid an annual owner’s priority return if gross revenues of the hotel, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. The Sonesta Management Agreement further provides that we are paid an additional return of the operating profits, as defined therein, after paying the owner’s priority return, reimbursing owner or manager advances, funding furniture, fixtures and equipment, or FF&E, reserves and paying Sonesta’s incentive fee, if applicable. The stated annual owner’s priority return is $ 7,500 and increases by 8.0 % of our out-of-pocket capital expenditures and will increase annually to 102 % of our prior year’s annual owner’s priority return. We are responsible for any capital expenditures in excess of available funds in the FF&E reserve. Our annual priority return under the Sonesta Management Agreement as of June 30, 2026 was $ 7,637 . The Sonesta Management Agreement requires that 1.0 % of gross revenues for 2025, 3.0 % of gross revenues for 2026 and 4.0 % of gross revenues for each calendar year thereafter be escrowed for future capital expenditures as FF&E reser ves. Hotel operating revenues, realized returns under the Sonesta Management Agreement and FF&E escrow amounts funded during the three and six months ended June 30, 2026 and 2025 were as follows: Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Hotel operating revenues $ 1,283 $ 8,100 $ 9,417 Hotel returns $ 228 $ 1,968 $ 2,260 FF&E escrow deposits $ 38 $ 244 $ 101 30 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Hotel operating revenues $ 1,283 $ 15,202 $ 16,570 Hotel returns $ 228 $ 2,789 $ 3,170 FF&E escrow deposits $ 38 $ 456 $ 182 Sonesta owed us $ 407 and $ 231 in returns under the Sonesta Management Agreement as of June 30, 2026 and December 31, 2025, respectively. Amounts due from Sonesta are included in due from related persons in our condensed consolidated balance sheets. We are required to maintain working capital under the Sonesta Management Agreement and advanced $ 548 of working capital in 2025 to meet the cash needs for hotel operations. Pursuant to the Sonesta Management Agreement, we are required to pay Sonesta, after p ayment of hotel operating expenses, a base management fee equal to 1.5 % of gross revenues, as defined in the Sonesta Management Agreement, for 2025 and 3.0 % of gross revenues each calendar year thereafter. Additionally, we are required to pay (i) an incentive fee equal to 20 % of net operating profit, as defined in the Sonesta Management Agreement, in excess of the annual owner’s priority; (ii) a brand promotion fee of 1.75 % of gross revenues for 2025 and 3.5 % of gross revenues for each calendar year thereafter; and (iii) a loyalty fee of the greater of 1.0 % of room revenues or 4.5 % of qualified room revenues from guests participating in certain loyalty programs. Sonesta’s incentive management fee, but not its other fees, is earned only after our annual owner’s priority return is paid. The Sonesta Management Agreement also provides that the pro rata costs Sonesta incurs for advertising, marketing, promotional and public relations programs and campaigns, including its rewards program, for the benefit of this hotel are subject to reimbursement by us or are otherwise treated as hotel operating expenses. The following tables present management, brand promotion and loyalty fees, which are included in other operating expenses in our condensed consolidated statements of comprehensive income (loss), for the three and six months ended June 30, 2026 and 2025: Successor Predecessor Period from June 18 through June 30, 2026 Period from April 1 through June 17, 2026 Three Months Ended June 30, 2025 Management fee $ 15 $ 73 $ 139 Brand promotion fee 44 278 162 Loyalty fee 31 199 146 Total management, brand promotion and loyalty fees $ 90 $ 550 $ 447 Successor Predecessor Period from June 18 through June 30, 2026 Period from January 1 through June 17, 2026 Six Months Ended June 30, 2025 Management fee $ 15 $ 104 $ 245 Brand promotion fee 44 520 285 Loyalty fee 31 372 278 Total management, brand promotion and loyalty fees $ 90 $ 996 $ 808 31 Table of Contents OFFICE PROPERTIES INCOME TRUST NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) (dollars in thousands, except per share data) (unaudited) Prior to the Effective Date, we were amortizing a straight line rent receivable through July 2053, the original expiration date of a prior lease for the hotel with Sonesta, as an increase to other operating expenses in our condensed consolidated statements of comprehensive income (loss). The remaining unamortized balance was written off to reorganization costs, net as of the Effective Date. During the Predecessor period, we recognized $ 91 and $ 199 of amortization expense during the three and six months ended June 30, 2026, respectively, and $ 108 and $ 216 for the three and six months ended June 30, 2025, respectively. As of December 31, 2025, the remaining unamortized balance of this receivable was $ 11,911 . Mr. Portnoy is a director and controlling shareholder of Sonesta. Another officer and employee of RMR is co-president and co-chief executive officer of Sonesta. For more information about these and other such relationships and certain other related person transactions, refer to our 2025 Annual Report. Note 12. Segment Reporting We manage our business on a consolidated basis and therefore have one reportable segment: ownership and leasing of real estate properties. The chief operating decision maker, or CODM, is our President and Chief Executive Officer. The CODM assesses performance, allocates resources and makes strategic decisions based on net income (loss) as shown in our condensed consolidated statements of comprehensive income (loss). The CODM is also regularly provided with information on expenses related to our management agreements with RMR, which are detailed in Note 10. The measure of segment assets is reported as total assets in our condensed consolidated balance sheets. 32 Table of Contents