Form 8-K

8-K — Seven Hills Realty Trust

Accession: 0001104659-26-068960

Filed: 2026-06-01

Period: 2026-06-01

CIK: 0001452477

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2616458d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2616458d1_ex99-1.htm)

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2026-06-01

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date

of report (Date of earliest event reported): June 1, 2026

Seven Hills Realty Trust

(Exact name of registrant as specified in

its charter)

Maryland

001-34383

20-4649929

(State or other jurisdiction

(Commission File Number)

(IRS Employer

of incorporation)

Identification No.)

Two Newton Place

255 Washington Street, Suite 300

Newton, MA 02458

02458-1634

(Address of principal executive offices)

(Zip Code)

(617)

332-9530

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b)

of the Act:

Titles

of Each Class

Trading

Symbol

Name

of exchange on which

registered

Common Shares of Beneficial Interest

SEVN

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging

growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of

the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by

check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01.

Regulation FD Disclosure.

On June 1, 2026, Seven Hills Realty Trust posted to its website an

investor presentation, a copy of which is furnished hereto as Exhibit 99.1.

Item 9.01.

Financial Statements and Exhibits.

(d)  Exhibits.

99.1 Investor Presentation dated June 2026. (Furnished herewith.)

104 Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

SIGNATURE

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the

undersigned hereunto duly authorized.

SEVEN HILLS REALTY TRUST

By:

/s/ Matthew C. Brown

Name:

Matthew C. Brown

Title:

Chief Financial Officer and Treasurer

Date: June 1, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2616458d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

June 2026

INVESTOR PRESENTATION

S E V E N H I L L S R E A L T Y T R U S T

This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform

Act of 1995 and other securities laws. Whenever Seven Hills Realty Trust, or SEVN, uses words such as “believe”, “could”, “expect”, “anticipate”,

“intend”, “plan”, “estimate”, “will”, “would”, “should”, “may” and negatives or derivatives of these or similar expressions, SEVN is making forward-looking statements. These forward-looking statements include, among others, statements about: economic, market and industry conditions;

demand for commercial real estate, debt and opportunities that may exist for alternative lenders like SEVN; the diversity of SEVN's loan

investment portfolio; SEVN's future lending activity and opportunities; the ability of SEVN's borrowers to achieve their business plans; SEVN's

leverage levels and possible future financings; SEVN's liquidity needs and sources; and the amount and timing of future distributions. Forward-looking statements reflect SEVN's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to

risks, uncertainties and other factors, which could cause SEVN's actual results, performance or achievements to differ materially from expected

future results, performance or achievements expressed or implied in any forward-looking statements.

The information contained in SEVN's filings with the Securities and Exchange Commission, or the SEC, including under the heading “Risk Factors”

in SEVN’s Annual Report on Form 10-K for the year ended December 31, 2025, and its other periodic reports, or incorporated therein, identifies

other important factors that could cause SEVN’s actual results to differ materially from those stated in or implied by SEVN’s forward-looking

statements. SEVN’s filings with the SEC are available on the SEC’s website at www.sec.gov. These risks, uncertainties and other factors are not

exhaustive and should be read in conjunction with other cautionary statements that are included in this presentation and in SEVN's periodic

filings. SEVN assumes no obligation to update or supplement forward‐looking statements that become untrue because of subsequent events or

circumstances, except as required by law. SEVN's manager, Tremont Realty Capital, or Tremont, is registered with the SEC as an investment

adviser. Tremont is owned by The RMR Group (Nasdaq: RMR).

Notes Regarding Certain Information in this Presentation

This presentation contains industry and statistical data that SEVN obtained from various second party sources. Nothing in the data used or

derived from second party sources should be construed as investment advice. Some data and other information presented are also based on

SEVN’s good faith estimates and beliefs derived from its review of internal surveys and independent sources and its experience. SEVN believes

that these external sources, estimates and beliefs are reliable and reasonable, but it has not independently verified them. Although SEVN is not

aware of any misstatements regarding the data presented herein, these estimates and beliefs involve inherent risks and uncertainties and are

based on assumptions that are subject to change. Unless otherwise noted, all data presented are as of or for the three months ended March 31,

2026.

Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures including Distributable Earnings and Distributable Earnings per common share. Please

refer to Non-GAAP Financial Measures and Certain Definitions in the Appendix for terms used throughout this presentation.

WARNING REGARDING FORWARD-LOOKING STATEMENTS

Table of Contents

Page

COMPANY OVERVIEW 4

RECENT HIGHLIGHTS 8

MARKET OPPORTUNITY 15

EXECUTION & PORTFOLIO GROWTH 18

APPENDIX 22

Company Overview

S E V E N H I L L S R E A L T Y T R U S T

BUSINESS AT A GLANCE1

Seven Hills Realty Trust is a real estate investment trust that originates and

invests in floating rate first mortgage loans secured by middle market

transitional commercial real estate, or CRE.

1.4x

Debt to Equity Ratio

~20%

Manager Ownership

in SEVN

$865M

Total Debt Capacity

67%

Weighted Average

LTV

7.8%

Weighted Average

All In Yield

$747M

Total Loan

Commitments

Floating-Rate First

Mortgage Loans

SEVN

Nasdaq Listed

1. All information presented as of June 1, 2026, pro forma for two loan originations and two repayments which occurred in Q2 2026.

S E V E N H I L L S R E A L T Y T R U S T

• 100% invested in floating rate first mortgage loans

• Diversified across geographies, sponsors and property types

• Portfolio construction emphasizes visible cash flow and moderate LTV

High Quality Portfolio

• Fully performing loan portfolio with no losses or 5-rated loans

• Conservative average risk rating of 2.8

• Disciplined credit selection focused on resilient sectors

Performance Grounded in

Credit Discipline

• $3T of maturing CRE debt over the next five years

• Secured debt investments provide compelling risk-adjusted returns

• Interest rate environment driving renewed transaction activity and

financing demand

Attractive Market

Opportunity

• Deeply experienced team with 20+ years average tenure in CRE lending

• Established relationships and repeat borrower base

• ~20% ownership of SEVN aligns management and shareholder interests

Managed by

Tremont Realty Capital

• ~$37B in AUM, ~800 professionals across more than 30 U.S. offices, and

40 years of experience

• RMR’s operating scale, property management capabilities and market

insight enhance all facets of our business

Integrated with

RMR Real Estate Platform

COMPELLING INVESTMENT OPPORTUNITY

Senior secured, diversified loan portfolio managed by an established CRE lender with an

impressive track record and supported by a nationwide real estate platform.

S E V E N H I L L S R E A L T Y T R U S T

TARGET INVESTMENTS

Selective origination strategy providing flexible capital solutions for middle market CRE,

underpinned by disciplined underwriting and downside protection

Loan Size Principal balances typically $20 million to $75 million.

Collateral First lien mortgages on middle market transitional assets, with focus on cash-flowing

properties in liquid markets and strong locations.

Property Type Multifamily, Industrial, Hospitality, Student Housing, and other commercial property types.

Geography Primary and secondary markets nationwide.

Loan to Value Stabilized LTV ≤75%, supported by third-party appraisals and downside protection

analysis.

Interest Rates Competitive rates over SOFR.

Term 2 - 5 years including extension options, aligned with business plan execution.

Amortization Interest only.

Recourse Non-recourse to borrowers.

Sponsorship Experienced, well-capitalized sponsors with meaningful alignment and executable

business plans.

Recent Highlights

S E V E N H I L L S R E A L T Y T R U S T

• Generated Distributable Earnings of $0.24 per

diluted share and declared a quarterly

distribution of $0.28 per common share.

• Continued deploying Rights Offering proceeds,

originating three loans with aggregate total

commitments of $67.5 million.

• Loans originated at the highest net interest

margins achieved over the past four years.

• Portfolio’s weighted average risk rating remained

strong at 2.8, with no realized losses.

• Maintained strong liquidity, with $56.6 million of

cash on hand and $397.5 million of available

capacity to support new investments.

While distributable earnings have been temporarily impacted by declining base rates and

dilution from the December rights offering, SEVN’s increased shareholders’ equity positions

the Company to invest capital and grow earnings in upcoming quarters.

Distributable Earnings Per Share

and Shareholders’ Equity

1Q26 Highlights

Dividend Payout Ratio

90% 97%

S E V E N H I L L S R E A L T Y T R U S T

100% 117%

PORTFOLIO PERFORMANCE

$0.31

$0.29 $0.28

$0.24

$267.0 $266.5

$328.7 $327.0

Q2 2025 Q3 2025 Q4 2025 Q1 2026

Distributable Earnings Per Share

Shareholders' Equity (Millions)

S E V E N H I L L S R E A L T Y T R U S T

1Q26 originations achieved the highest net interest margins over the past four years, with additional upside to

total returns from exit fees. This reflects improved transaction conditions and the strength of SEVN’s platform.

Average

Advance Rate 73.9% 72.4% 68.7% 71.0% 70.8%

INCOME FROM LOAN INVESTMENTS, NET - INTEREST RATE TRENDS

1. Represents the weighted average coupon rate for SEVN's Secured Financing Facilities during the respective period.

2. Represents the weighted average coupon rate for SEVN's portfolio of investment loans during the respective period.

3. Represents the weighted average net interest margin for originations during the respective period.

S E V E N H I L L S R E A L T Y T R U S T

Loan Roswell, GA Philadelphia, PA

Type First Mortgage Loan First Mortgage Loan

Size $36.3 million $16.0 million

Collateral Multifamily Self Storage

LTV 79% 70%

Term

Three-year initial term;

Two 12-month extension

options

Three-year initial term;

Two 12-month extension

options

Loan Purpose Refinance Refinance

Investment Date May 2026 May 2026

NOTABLE 2Q26 TRANSACTIONS

Recent Loan Originations Office Loan Repayment

Loan Downers Grove, IL

Type First Mortgage Loan

Size $26.5 million

Collateral Office

Origination Date September 2020

Scheduled Maturity May 2026

Outcome

Repaid in full via

borrower refinancing in

May 2026

Portfolio Impact

Reduces SEVN’s office

exposure to ~20% of

current portfolio with

no exposure to urban or

CBD office assets.1

1. Pro forma for two loan originations and two repayments which occurred in Q2 2026.

S E V E N H I L L S R E A L T Y T R U S T

LOAN PORTFOLIO OVERVIEW

Number of Loans 5 26

Average Loan Commitment $23,962 $28,719

Total Loan Commitments $119,810 $746,693

Unfunded Loan Commitments $11,180 $45,324

Principal Balance $108,630 $701,369

Weighted Average Coupon Rate 7.37% 7.34%

Weighted Average All In Yield 7.96% 7.79%

Weighted Average LTV 71% 67%

Weighted Average Floor 3.10% 2.95%

Weighted Average Maximum Maturity 4.9 3.0

Weighted Average Risk Rating 3.0 3.0

Well diversified portfolio of 100% floating rate loans with strong credit metrics.

2026 YTD Originations As of June 1, 2026

S E V E N H I L L S R E A L T Y T R U S T

LOAN PORTFOLIO OVERVIEW (Continued)

Property Type1 Geographic Diversity1

Loan to Value1 Risk Rating Distribution1

South

38%

East

35%

West

24%

Midwest

21%

13%

20%

31%

15%

30%-60% 61%-65% 66%-70% 71%-75% 76%-80%

13%

58%

23%

-- %

Lower

Risk (1)

Average

Risk (2) Acceptable

Risk (3)

Higher

Risk (4)

Impaired/

Loss Likely (5)

Office

20%

Hotel

17%

Student

Housing 17%

Industrial

16%

Multifamily

10%

Self Storage

Mixed Use

Medical Office

Retail

1. All information presented as of June 1, 2026, pro forma for two loan originations and two repayments which occurred in Q2 2026.

S E V E N H I L L S R E A L T Y T R U S T

FIRST QUARTER CAPITALIZATION

$136 $138

$85 $104

$79

$112

$65

$146

$215

$150

Citibank UBS BMO Wells Fargo

Advanced Unused Capacity

Secured Financing Facilities1

(Dollars in millions)

Strong relationships with Secured Financing Providers continue to support

SEVN’s growth strategy to invest in accretive loan opportunities.

Highlights

• Secured Financing Facilities provide

total borrowing capacity of $865

million.

• Extended the maturity dates of our UBS

and Wells Fargo Facilities to 2028 and

increased the Wells Fargo facility size

by $125 million to $250 million.

• Available borrowing capacity of $398

million and $57 million of cash on

hand.

• Conservative leverage with debt-to-equity ratio of ~1.4x.

S E V E N H I L L S R E A L T Y T R U S T

$250 $250

1. All information presented as of June 1, 2026, pro forma for two loan originations and two repayments which occurred in Q2 2026.

Market Opportunity

S E V E N H I L L S R E A L T Y T R U S T

$15 million - $100 million

85%

>$100 million

15%

STRUCTURAL TAILWINDS IN MIDDLE MARKET CRE LENDING

Demand for CRE debt capital in the underserved middle market is expected to remain strong as

regional banks reduce CRE exposure, creating an opportunity for alternative lenders like SEVN

to benefit from favorable market conditions.

• ~85% of CRE asset sales transactions occur in the $15 million to $100 million range, commonly defined

as the middle market.

• Demand for alternative and flexible sources of CRE debt capital remains strong and competitive

conditions remain favorable due to interest rate volatility and curtailed lending in the banking sector.

• Focus on underserved middle market presents opportunity to generate attractive risk adjusted returns.

Alternative Lender Market Share2 CRE Asset Sales Transactions > $15 Million1

Q1 2017 – Q1 2026

1. Source: Real Capital Analytics; Data obtained April 2026. Includes all properties sold in transactions greater than $15 million from 2017 to 2025 in the following

property types: Office, Industrial, Retail, Hotel, Apartment and Senior Housing & Care.

2. Source: Real Capital Analytics as of April 2026.

10% 10%

12% 12%

10%

11%

14%

2017 2018 2019 2020 2021 2022 2023 2024 2025

Middle Market

Upper Market

S E V E N H I L L S R E A L T Y T R U S T

LARGE AND NEAR-TERM CRE DEBT MATURITY OPPORTUNITY

~$3.0T of CRE debt, including ~$1.2T in multifamily, matures over the next five years,

creating a substantial financing opportunity for flexible lenders.

1. Source: Mortgage Bankers Association, as of 12/31/2025. All figures in billions USD.

Middle Market

CRE Debt Maturities, 2026-2030 ($B)1

Office,

$167 Office,

$123 Office, $76 Office, $70 Office, $55

Multifamily,

$297

Multifamily,

$223 Multifamily,

$237

Multifamily,

$237 Multifamily,

$235

Commercial/Other,

$400

Commercial/Other,

$298 Commercial/Other,

$268 Commercial/Other,

$204 Commercial/Other,

$153

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2026 2027 2028 2029 2030

Total: $864

Total: $644

Total: $581

Total: $511

Total: $443

Execution & Portfolio Growth

S E V E N H I L L S R E A L T Y T R U S T

DISCIPLINED INVESTMENT SCREENING PROCESS

Term Sheets Issued

48 Loans

$1.5 billion

10 Loans

$264 million

Seven Hills employs a rigorous, multi-disciplinary screening process to identify loan

opportunities with the most attractive risk-adjusted returns.

• Screened loans with an average size

of ~$41 million.

• Converted 14% of term sheets

issued into closed loans.

• Closed approximately 1.6% of loans

screened.

• Closed three loans for an aggregate

total commitment of $67.5 million

during the first quarter of 2026.

425 Loans

$17.3 billion

Loans Screened

Applications

Closed

Production Statistics

1Q26 Trailing Twelve Months

9 Loans

$249 million

All information presented as of the three months ended March 31, 2026.

S E V E N H I L L S R E A L T Y T R U S T

Tremont’s reputation in CRE lending and RMR’s scope and scale across the U.S. provides a deep network

of relationships for sourcing opportunities.

Repeat Business Approximately one-third of Tremont’s loan volume is attributable to repeat sponsors.

Relationships Tremont reviewed opportunities from over 400 different sponsors in 2025.

Lenders Tremont and RMR have 30+ active lending relationships.

Brokers Tremont and RMR have utilized more than 50 broker relationships for debt placement

and property sales.

Representative Relationships

Note: This is a sampling of the firms with which Tremont has worked with and do not reflect all relevant relationships. Logos are protected trademarks of their respective

owners, and RMR disclaims any association with them and any rights associated with such trademarks.

DIFFERENTIATED SOURCING THROUGH DEEP RELATIONSHIPS

S E V E N H I L L S R E A L T Y T R U S T

CONSISTENT PORTFOLIO GROWTH THROUGH CAPITAL DEPLOYMENT

SEVN is growing the portfolio through selective deployment, prioritizing high-quality loans

in capital-constrained segments where fundamentals remain strong.

$661.4

$632.8 $614.3

$687.6

$732.0

$701.4

$29.5 $32.6 $27.6

$36.9

$44.0

$690.9 $45.3 $665.4

$641.9

$724.5

$776.0

$746.7

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Pro Forma as of

June 1, 2026

Total Loan Commitments by Quarter

(Dollars in millions)

Total Commitments

Unfunded Commitments

Principal Balance

Loan Count 23 23 22 24 26 26

* Rights offering completed during the quarter ended December 31, 2025.

Appendix

S E V E N H I L L S R E A L T Y T R U S T

MANAGED BY TREMONT REALTY CAPITAL

Impressive track record with deep experience originating and actively managing middle market and

transitional CRE loans.

• ~$9.5 billion of loan originations completed

since inception in 2000.

• Seasoned origination, underwriting, and asset

management teams support continued growth.

• Team of professionals with an average of over

20 years experience in the CRE finance sector.

• As a wholly owned subsidiary of RMR, Tremont

benefits from a fully integrated platform with

ownership experience across all major property

types, in-house property management, and

operational experience to help protect

shareholder value in the event of a borrower

default and foreclosure situation.

• Strong shareholder alignment with ~20% equity

ownership of SEVN.

Fully Integrated Platform

Origination Underwriting

Diligence Asset

Management

Reporting Investor

Relations

Compliance Marketing

Established Manager

S E V E N H I L L S R E A L T Y T R U S T

Industrial

Residential

Senior Living

Medical Office

Life Science

Hotels

Retail

Office

Over

$37 Billion

in AUM

RMR Platform

Over

800

Real Estate Professionals

More than

Offices Nationwide

Approximately

1,800

Properties

National Multi-Sector

Investment Platform RMR Clients

Private Real Estate Vehicles

32%

$11.8 Billion

Private

Capital

68%

$25.4 Billion

Perpetual

Capital

Information on this page is as of March 31, 2026.

VERTICALLY INTEGRATED NATIONAL REAL ESTATE INVESTING PLATFORM

S E V E N H I L L S R E A L T Y T R U S T

LOAN INVESTMENT DETAILS

(Dollars in thousands)

First mortgage loans, pro forma as of June 1, 2026:

# Location Property Type

Origination

Date

Committed

Principal

Amount

Principal

Balance

Coupon

Rate

All in

Yield

Maturity

Date

Maximum

Maturity

Date LTV

Risk

Rating

1 Passaic, NJ Industrial 09/08/2022 $ 47,000 $ 45,260 S + 3.85% S + 4.42% 09/08/2026 09/08/2027 69% 3

2 Dallas, TX Office 08/25/2021 46,811 44,217 S + 3.25% S + 3.27% 08/25/2026 08/25/2026 72% 4

3 Boston, MA Hotel 12/16/2024 45,000 39,800 S + 3.95% S + 4.39% 12/16/2027 12/16/2029 49% 3

4 Oxford, MS Student Housing 11/26/2024 42,000 42,000 S + 2.95% S + 3.35% 11/26/2027 11/26/2029 75% 1

5 College Park, MD Student Housing 11/12/2025 37,320 28,327 S + 2.95% S + 3.45% 11/12/2028 11/12/2030 43% 3

6 Revere, MA Hotel 07/01/2024 37,000 37,000 S + 3.95% S + 5.14% 07/01/2026 07/01/2029 73% 3

7 Roswell, GA Multifamily 05/29/2026 36,310 34,440 S + 3.35% S + 4.16% 05/29/2029 05/29/2031 79% 3

8 New York, NY Mixed Use 09/05/2025 34,500 34,500 S + 3.20% S + 4.02% 09/05/2027 09/05/2030 70% 2

9 San Marcos, TX Student Housing 01/14/2025 31,200 28,811 S + 3.25% S + 3.67% 01/14/2028 01/14/2030 62% 2

10 Atlanta, GA Medical Office 02/05/2026 30,500 25,500 S + 3.95% S + 4.42% 02/05/2029 02/05/2031 66% 3

11 Anaheim, CA Hotel 11/29/2023 29,000 29,000 S + 4.00% S + 4.05% 11/29/2026 11/29/2028 55% 2

12 San Antonio, TX Industrial 06/13/2025 28,000 22,800 S + 3.40% S + 3.88% 06/13/2028 06/13/2030 62% 3

13 Plano, TX Office 07/01/2021 27,385 26,569 S + 3.75% S + 3.76% 07/01/2026 07/01/2026 78% 4

14 Wayne, PA Industrial 07/18/2024 27,000 25,252 S + 4.25% S + 4.72% 07/18/2027 07/18/2029 62% 3

15 Fayetteville, GA Self Storage 10/06/2023 25,250 25,250 S + 3.35% S + 3.73% 10/06/2026 10/06/2028 55% 3

S E V E N H I L L S R E A L T Y T R U S T

LOAN INVESTMENT DETAILS (Continued)

(Dollars in thousands)

First mortgage loans, pro forma as of June 1, 2026:

# Location Property Type

Origination

Date

Committed

Principal

Amount

Principal

Balance

Coupon

Rate

All in

Yield

Maturity

Date

Maximum

Maturity

Date LTV

Risk

Rating

16 Carlsbad, CA Office 10/27/2021 24,750 24,417 S + 3.25% S + 3.26% 10/27/2026 10/27/2026 78% 4

17 Los Angeles, CA Self Storage 06/28/2024 23,800 23,093 S + 3.40% S + 3.82% 06/28/2027 06/28/2029 58% 3

18 Downers Grove, IL Office 12/09/2021 23,530 23,530 S + 4.25% S + 4.51% 12/09/2026 12/09/2026 72% 3

19 Fontana, CA Industrial 11/18/2022 22,080 20,470 S + 3.75% S + 4.03% 11/18/2026 11/18/2026 72% 3

20 Bellevue, WA Office 11/05/2021 21,000 20,817 S + 2.85% S + 2.85% 04/07/2028 04/07/2029 68% 4

21 Palm Desert, CA Retail 02/25/2026 19,500 15,190 S + 3.60% S + 4.12% 02/25/2029 02/25/2031 72% 3

22 Waco, TX Student Housing 03/06/2025 18,500 18,500 S + 3.35% S + 3.75% 03/06/2028 03/06/2030 73% 3

23 Boise, ID Multifamily 06/26/2025 18,000 18,000 S + 3.50% S + 4.28% 06/26/2028 06/26/2030 79% 3

24 Newport News, VA Multifamily 04/25/2024 17,757 15,126 S + 3.15% S + 3.85% 04/25/2027 04/25/2029 71% 3

25 Scottsdale, AZ Hotel 03/06/2026 17,500 17,500 S + 3.85% S + 4.44% 03/06/2029 03/06/2031 63% 3

26 Philadelphia, PA Self Storage 5/7/2026 16,000 16,000 S + 4.00% S + 4.41% 05/07/2029 05/07/2031 70% 3

Total/weighted average $ 746,693 $ 701,369 S + 3.55% S + 3.99% 67% 3.0

S E V E N H I L L S R E A L T Y T R U S T

Three Months Ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Distributable

Earnings

Net income $ 4,385 $ 4,794 $ 3,430 $ 2,678 $ 4,532

Non-cash equity compensation expense 207 216 487 677 356

Non-cash accretion of purchase discount (145) (37) — — —

Provision for (reversal of) credit losses 603 (593) 37 912 (153)

Depreciation and amortization of real estate owned 253 247 278 269 269

Distributable Earnings $ 5,303 $ 4,627 $ 4,232 $ 4,536 $ 5,004

Weighted average common shares outstanding - basic

and diluted 22,398 16,578 14,826 14,785 14,757

Distributable Earnings per common share - basic and

diluted $ 0.24 $ 0.28 $ 0.29 $ 0.31 $ 0.34

As of

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Adjusted

Book Value

Shareholders' equity $ 326,982 $ 328,651 $ 266,481 $ 267,020 $ 268,945

Allowance for credit losses (1) 9,714 9,111 9,704 9,667 8,755

Adjusted Book Value $ 336,696 $ 337,762 $ 276,185 $ 276,687 $ 277,700

Total outstanding common shares 22,596 22,584 15,069 14,944 14,907

Book value per common share $ 14.47 $ 14.55 $ 17.68 $ 17.87 $ 18.04

Adjusted Book Value per common share $ 14.90 $ 14.96 $ 18.33 $ 18.51 $ 18.63

NON-GAAP FINANCIAL MEASURES

(amounts in thousands, except per share data)

(1) Amounts include our allowance for credit losses for our loan portfolio and our unfunded commitments. The

allowance for credit losses for our unfunded commitments is included in accounts payable, accrued liabilities and

other liabilities in our consolidated balance sheets.

S E V E N H I L L S R E A L T Y T R U S T

NON-GAAP FINANCIAL MEASURES (Continued)

We present Distributable Earnings, Distributable Earnings per common share, Adjusted Book Value and Adjusted Book Value per common share, which are considered “non-GAAP financial

measures” within the meaning of the applicable SEC rules. These non-GAAP financial measures do not represent book value, book value per common share, net income, net income per

common share or cash generated from operating activities and should not be considered as alternatives to book value, book value per common share, net income or net income per

common share determined in accordance with GAAP or as an indication of our cash flows from operations determined in accordance with GAAP, a measure of our capital adequacy, liquidity

or operating performance or an indication of funds available for our cash needs. In addition, our methodologies for calculating these non-GAAP financial measures may differ from the

methodologies employed by other companies to calculate the same or similar supplemental capital adequacy or performance measures; therefore, our reported Adjusted Book Value,

Adjusted Book Value per common share, Distributable Earnings and Distributable Earnings per common share may not be comparable to adjusted book value, adjusted book value per

common share, distributable earnings and distributable earnings per common share as reported by other companies.

We believe that Adjusted Book Value and Adjusted Book Value per common share is a meaningful measure of our capital adequacy because it excludes the impact of certain non-cash

estimates or adjustments, including our allowance for credit losses for our loan portfolio and unfunded loan commitments. Adjusted Book Value per common share does not represent book

value per common share or alternative measures determined in accordance with GAAP. Our methodology for calculating Adjusted Book Value per common share may differ from the

methodologies employed by other companies to calculate the same or similar supplemental capital adequacy measures; therefore, our Adjusted Book Value per common share may not be

comparable to the adjusted book value per common share reported by other companies.

In order to maintain our qualification for taxation as a REIT, we are generally required to distribute substantially all of our taxable income, subject to certain adjustments, to our shareholders.

We believe that one of the factors that investors consider important in deciding whether to buy or sell securities of a REIT is its distribution rate. Over time, Distributable Earnings and

Distributable Earnings per common share may be useful indicators of distributions to our shareholders and are measures that are considered by our Board of Trustees when determining the

amount of distributions. We believe that Distributable Earnings and Distributable Earnings per common share provide meaningful information to consider in addition to net income, net

income per common share and cash flows from operating activities determined in accordance with GAAP. These measures help us to evaluate our performance excluding the effects of

certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. In addition, Distributable Earnings, excluding incentive

fees, is used in determining the amount of base management and management incentive fees payable by us to Tremont under our management agreement.

Distributable Earnings:

We calculate Distributable Earnings and Distributable Earnings per common share as net income and net income per common share, respectively, computed in accordance with GAAP,

including realized losses not otherwise included in net income determined in accordance with GAAP, and excluding: (a) depreciation and amortization of real estate owned and related

intangible assets, if any; (b) non-cash equity compensation expense; (c) unrealized gains, losses and other similar non-cash items that are included in net income for the period of the

calculation (regardless of whether such items are included in or deducted from net income or in other comprehensive income under GAAP), if any; and (d) one-time events pursuant to

changes in GAAP and certain non-cash items, if any. Distributable Earnings are reduced for realized losses on loan investments when amounts are deemed uncollectable. This is generally at

the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but may also be when, in our determination, it is nearly certain that all amounts due will not be

collected. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received or expected to be received and the carrying value of the asset.

S E V E N H I L L S R E A L T Y T R U S T

NON-GAAP FINANCIAL MEASURES (Continued)

All In Yield:

All In Yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan and excluding any purchase discount accretion.

BMO Facility:

Amounts advanced under the facility loan agreement and security agreement with BMO Harris Bank N.A., or BMO, are pursuant to separate facility loan agreements that we refer to as the

BMO Facility.

CBD:

The central business district, or CBD, is the center of business and economic activity in major markets of the United States.

GAAP:

GAAP refers to generally accepted accounting principles.

Gross AUM:

Gross AUM refers to gross assets under management.

LTV:

Loan to value ratio, or LTV, represents the initial loan amount divided by the underwritten in-place value of the underlying collateral at closing.

Master Repurchase Facilities:

Collectively, we refer to the master repurchase facilities with UBS AG, or UBS, Citibank, N.A., or Citibank, and Wells Fargo, National Association, or Wells Fargo, as our Master Repurchase

Facilities.

Maximum Maturity:

Maximum Maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions.

Net Interest Margin:

Net interest margin refers to the difference between the interest rate margin of an investment loan and the interest rate margin under the respective Secured Financing Facility for that loan.

Secured Financing Facilities:

Collectively, we refer to the Master Repurchase Facilities and our BMO Facility as our Secured Financing Facilities.

SOFR:

SOFR refers to the Secured Overnight Financing Rate.

WALT:

WALT refers to weighted average lease term.

TWO NEWTON PLACE | 255 WASHINGTON STREET,

SUITE 300 | NEWTON, MASSACHUSETTS 02458

S E V N R E I T . C O M

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