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"text": "\n\nDriving Net Interest Margin through selective originations.\n<::Combined Bar and Line Chart: This chart displays Net Interest Margin data from 2022 to 2026, with a primary Y-axis on the left (0.00% to 10.00%) and a secondary Y-axis on the right (0.00% to 3.00%). The X-axis represents years.\n\nStacked Bar Chart Data (Left Y-axis):\n- **2022**: Green bar: 4.36%; Light gray bar: 1.76%; Total: 6.12%\n- **2023**: Green bar: 7.23%; Light gray bar: 1.77%; Total: 9.00%\n- **2024**: Green bar: 7.21%; Light gray bar: 1.63%; Total: 8.84%\n- **2025**: Green bar: 6.30%; Light gray bar: 1.56%; Total: 7.86%\n- **2026**: Green bar: 5.84%; Light gray bar: 1.60%; Total: 7.44%\n\nLine Graph Data (Right Y-axis):\n- **2022**: 1.74%\n- **2023**: 1.09%\n- **2024**: 1.04%\n- **2025**: 1.44%\n- **2026**: 1.95%\n\nTable below the chart:\n| | 2022 | 2023 | 2024 | 2025 | 2026 |\n|:---|:---|:---|:---|:---|:---|\n| Average Advance Rate | 73.9% | 72.4% | 68.7% | 71.0% | 70.8% |\n: chart::>",
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"text": "\n\n<::\n[Green square] Coupon Rate - Secured Financing (left axis) (1)\n[Light gray square] Coupon Rate - Investments (left axis) (2)\n[Blue circle] Originations - Net Interest Margin (right axis) (3)\n: chart::>",
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"text": "\n\n(1) Represents the weighted average coupon rate for SEVN's Secured Financing Facilities during the respective period.\n(2) Represents the weighted average coupon rate for SEVN's portfolio of investment loans during the respective period.\n(3) Represents the weighted average net interest margin for originations and acquisitions during the respective period.",
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"text": "\n\nCollateral Type\nLocation\nMedical Office\nAtlanta, GA\nRetail\nPalm Desert, CA\nHotel\nScottsdale, AZ\n\nOrigination\nDate\nFebruary 2026\nFebruary 2026\nMarch 2026\n\nCommitment\n$30.5 million\n$19.5 million\n$17.5 million\n\nInitial\nMaturity Date\nFebruary 2029\nFebruary 2029\nMarch 2029\n\nCoupon Rate\nS + 3.95%\nS + 3.60%\nS + 3.85%\n\n<::Three photographs illustrating the properties listed in the table above.\nImage 1: An aerial view of a modern, multi-story office building surrounded by trees with autumn foliage. This corresponds to the Medical Office in Atlanta, GA.\nImage 2: A ground-level view of a Trader Joe's grocery store with palm trees in front and cars in the parking lot. This corresponds to the Retail property in Palm Desert, CA.\nImage 3: A modern hotel building with a prominent sign that reads \"SPRINGHILL SUITES\" and \"1500\" below it. This corresponds to the Hotel in Scottsdale, AZ.\n: photos::>",
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"text": "\n\n<::\nLoan Originations by Quarter\n(dollars in millions)\n\nStacked Bar Chart Data:\n| Quarter | Principal Balance | Unfunded Commitments | Total Loan Commitments |\n|---|---|---|---|\n| Q1 2025 | $46.5 | $3.2 | $49.7 |\n| Q2 2025 | $40.8 | $5.2 | $46.0 |\n| Q3 2025 | $34.5 | $- | $34.5 |\n| Q4 2025 | $89.4 | $11.9 | $101.3 |\n| Q1 2026 | $58.1 | $9.4 | $67.5 |\n\nTable Data:\n| | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |\n|---|---|---|---|---|---|\n| Loan Count | 2 | 2 | 1 | 3 | 3 |\n: chart and table::>",
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"text": "\n\nGeographic Region (1)\n<::donut chart\nMidwest: 14%\nSouth: 32%\nEast: 31%\nWest: 23%\n: chart::>\nProperty Type (1)",
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"text": "\n\n<::Donut chart showing categories and their percentages:\nOffice: 23%\nHotel: 17%\nStudent Housing: 16%\nIndustrial: 15%\nMultifamily: 12%\nSelf Storage: 7%\nOther: 10%::>",
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"text": "\n\nLoan Portfolio Investment Activity and Diversity",
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"text": "\n\n(1) Based on principal balance of loans held for investment as of March 31, 2026.",
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"text": "\n\n<::\nLoan to Value (1)\n% of Portfolio\n\nBar chart showing the percentage of portfolio for different Loan to Value (LTV) ranges:\n- LTV 30% - 60%: 20%\n- LTV 61% - 65%: 20%\n- LTV 66% - 70%: 21%\n- LTV 71% - 75%: 30%\n- LTV 76% - 80%: 9%\n\nTable below the chart:\n| Loan to Value Range | Loan Count |\n|:--------------------|:-----------|\n| 30% - 60% | 5 |\n| 61% - 65% | 5 |\n| 66% - 70% | 5 |\n| 71% - 75% | 8 |\n| 76% - 80% | 3 |\n\nWeighted Average LTV: 66%\n: bar chart and table::>",
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"text": "\n\nRisk Rating Distribution (1)\n% of Portfolio\nWeighted Average\nRisk Rating: 2.8\n<::\nbar chart with the title \"Risk Rating Distribution (1)\" and y-axis labeled \"% of Portfolio\".\n- Lower Risk (1): 13%\n- Average Risk (2): 13%\n- Acceptable Risk (3): 52%\n- Higher Risk (4): 22%\n- Impaired/Loss Likely (5): -%\n\ntable:\n| | Lower Risk (1) | Average Risk (2) | Acceptable Risk (3) | Higher Risk (4) | Impaired/Loss Likely (5) |\n|:---|:---|:---|:---|:---|:---|\n| Loan Count | 2 | 3 | 16 | 5 | 0 |\n: chart and table::>\n",
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"text": "\n\nTotal Loan Portfolio\n<::donut chart::>\nTotal Loan Portfolio donut chart showing:\n- Other Property Types: 77%\n- Office Risk Rating 3: 7%\n- Office Risk Rating 4: 16%\n\n<::arrow pointing right::>\n\nOffice Risk Rating Distribution\nRisk Rating\n3\n30% of office\n$26.5 million principal balance / Class B / Downers Grove, IL\n• Leased occupancy of 91% and a WALT of 4.1 years.\n• $3.0 million principal paydown in May 2025.\n$23.5 million principal balance / Class B / Downers Grove, IL\n• Leased occupancy of 93% and a WALT of 5.2 years.\n$44.2 million principal balance / Class B / suburban Dallas, TX\n• Leased occupancy of 77% and a WALT of 4.2 years.\n• Demonstrated commitment from sponsor, with $7.1 million of\nadditional equity contributions to date.\n$26.6 million principal balance / Class B / Plano, TX\nRisk Rating\n4\n70% of office\n• Leased occupancy of 78% and a WALT of 3.1 years.\n$24.4 million principal balance / Class A / Carlsbad, CA\n• Leased occupancy of 89% and a WALT of 3.7 years.\n• Demonstrated commitment from sponsor, with $1.1 million of\nadditional equity contributions to date.\n$20.8 million principal balance / Class B / Bellevue, WA\n• Leased occupancy of 83% and a WALT of 6.1 years.\n• Demonstrated commitment from sponsor, with $1.6 million of\nadditional equity contributions to date.\n:chart and detailed list::>",
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"text": "\n\n* No office loans in urban or CBD markets in our portfolio.\n* As of March 31, 2026, all of our borrowers had paid their debt service obligations owed and due to us.",
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"text": "\n\n<::Annualized Impact to Net Interest Income per Share (As of March 31, 2026)\n: bar chart::>\n<::\nChart displaying the annualized impact to net interest income per share based on interest rate changes.\n\nY-axis (left): Net Interest Income per Share, ranging from $0.00 to $0.10.\nX-axis: Interest Rate Changes in basis points (bps).\n\nBars and their corresponding values:\n- -100 bps: $0.04\n- -75 bps: $0.01\n- -50 bps: $-\n- -25 bps: $-\n- 0 bps: $-\n- +25 bps: $0.01\n- +50 bps: $0.03\n- +75 bps: $0.05\n- +100 bps: $0.08\n\nTable below the chart:\n| | -100 bps | -75 bps | -50 bps | -25 bps | 0 bps | +25 bps | +50 bps | +75 bps | +100 bps |\n|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|\n| Number of Loans Subject to Floor | 21 | 20 | 11 | 9 | 7 | 6 | 2 | 0 | 0 |\n: chart::>",
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"text": "\n\n<::A close-up, blurred image showing glowing green lines and dots on a dark background. The green elements suggest a digital interface, circuit board, or abstract geometric pattern. Part of the background has a grid-like pattern of dots.::>",
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"text": "\n\nInterest Rate Sensitivity",
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"text": "\n\n- Weighted average interest rate floor of 2.83%. All but one of our loan agreements contain floor provisions, ranging from 0.25% to 4.34%.\n- Seven of our loans currently have active interest rate floors, providing annualized earnings protection of $0.04 per share.\n- No interest rate floors on advances under our Secured Financing Facilities.",
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"text": "\n\nThe above table illustrates the incremental impact on our annual income from investments, net, from hypothetical immediate changes in SOFR, taking into consideration our borrowers' interest rate floors as of March 31, 2026. The results in the table above are based on our loan portfolio and debt outstanding as of March 31, 2026 and weighted average common shares outstanding - basic and diluted for three months ended March 31, 2026. Any changes to the mix of our investments or debt outstanding could impact the interest rate sensitivity analysis. This illustration is not meant to forecast future results.",
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