![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000000_b2b6b70b9703e2fa06ce02de5816ca913817fe7865a522dbe4bf83c1487da8d5.png) Logo Financial Results and Supplemental Information SECOND QUARTER 2026 July 28, 2026 O ## Seven Hills Realty Trust Announces Second Quarter 2026 Results 'Seven Hills generated Distributable Earnings of $0.23 per share during the quarter while continuing to deploy capital raised through our December rights offering. We originated three loans totaling approximately $75 million and closed an additional $24 million loan in July. We also received more than $85 million of repayment proceeds, including the full repayment of a $26.5 million office loan, further reducing our exposure to the sector. Our portfolio remains fully performing, with a risk rating of 2.9 and no realized losses to date. We ended the second quarter with $70 million of cash on hand and nearly $400 million of unused financing capacity. Supported by an active pipeline with several transactions in process, we remain focused on deploying capital into compelling lending opportunities while maintaining our disciplined investment approach and staying on plan to provide dividend coverage by year end.' Tom Lorenzini, President and Chief Investment Officer of SEVN ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000001_3f664f4ab6cc41cd2152d3f89799b56fea3bff387b5afee5e6f7dde4285138cc.png) Logo Newton, MA (July 28, 2026). Seven Hills Realty Trust (Nasdaq: SEVN) today announced its financial results for the quarter and six months ended June 30, 2026. ## Distributions On July 9, 2026, SEVN declared a quarterly distribution of $0.28 per common share, or approximately $6.3 million, to shareholders of record on July 20, 2026. SEVN expects to pay this distribution on or about August 13, 2026. ## Conference Call A conference call to discuss SEVN's second quarter 2026 results will be held on Wednesday, July 29, 2026 at 11:00 a.m. Eastern Time. The conference call telephone number is (866) 739-7850. Participants calling from outside the United States and Canada should dial (412) 317-6592. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. Eastern Time on Wednesday, August 5, 2026. To access the replay, dial (855) 669-9658. The replay pass code is 3705292. A live audio webcast of the conference call will also be available in a listen only mode on SEVN's website, at www.sevnreit.com. The archived webcast will be available for replay on SEVN's website after the call. The transcription, recording and retransmission of SEVN's second quarter conference call in any way are strictly prohibited without the prior written consent of SEVN. ## About Seven Hills Realty Trust Seven Hills Realty Trust (Nasdaq: SEVN), or SEVN, we, our or us, is a real estate investment trust, or REIT, that originates and invests in first mortgage loans secured by middle market transitional commercial real estate. SEVN is managed by Tremont Realty Capital, an affiliate of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com. ## Company Snapshot (As of June 30, 2026, unless otherwise noted) | Strong Loan Portfolio | Conservative Leverage | Integrated with RMR Real Estate Platform | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | $765 million 27 floating rate first mortgage loan commitments | 1.5x Debt to equity ratio | ~20% Ownership of SEVN | | $28 million Average loan commitment | $865 million Maximum facility size | ~$37 billion of Gross AUM | | 67% Weighted average LTV | $393 million Unused financing capacity | ~800 CRE professionals | | 7.7% Weighted average All In Yield | $70 million Cash on hand | ~1,800 Properties managed across the U.S. | | 100% floating rate first mortgage loan portfolio secured by properties with diversification by property type and geography and owned by high quality sponsors. All but one loan are subject to an interest rate floor, providing SEVN earnings downside protection. | Conservative leverage levels and ample cash on hand provide SEVN with liquidity to continue to originate accretive loans that meet our disciplined underwriting criteria. | SEVN is managed by Tremont Realty Capital, a wholly owned subsidiary of RMR, providing a depth of market knowledge and an extensive network of real estate owners, operators, sponsors and financial institutions. | ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000002_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo ## Second Quarter 2026 Highlights (As of and for the three months ended June 30, 2026, unless otherwise noted) ## Financial Results ## Investment Activity ## Portfolio ## Liquidity & Capitalization - Generated a net loss of $0.9 million, or $0.04 per diluted share. - Generated Distributable Earnings of $5.1 million, or $0.23 per diluted share. - Originated three loans with aggregate total commitments of $75.0 million. - Received $85.2 million in repayment proceeds: - Full repayment of a $54.7 million loan secured by a multifamily property in Olmsted Falls, OH. - Full repayment of a $26.5 million loan secured by an office property in Downers Grove, IL. - $4.0 million partial repayment in conjunction with a one year loan extension on a $37.0 million loan secured by a hotel in Revere, MA. - Net activity during the quarter reduced office exposure from 23% to 19% as of June 30, 2026. - Subsequent to quarter end, originated a $24.3 million loan secured by a retail property in Park City, UT. - Weighted average coupon of S + 3.54% and All In Yield of S + 3.94%. - Weighted average risk rating of 2.9 and an allowance for credit losses representing 1.9% of total loan commitments. - No realized losses as of quarter ended June 30, 2026. - Cash on hand of $70.0 million and unused financing capacity of $393.3 million under our Secured Financing Facilities. - Weighted average coupon of S + 2.15% on borrowings under our Secured Financing Facilities. Please refer to Non-GAAP Financial Measures and Other Measures and Definitions within the Appendix for terms used throughout this document. All amounts in this presentation are unaudited. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000003_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000004_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo | Collateral Type Location | Self Storage Philadelphia, PA | Multifamily Roswell, GA | Medical Office Sugar Land, TX | Retail Park City, UT | |----------------------------|---------------------------------|---------------------------|---------------------------------|------------------------| | Origination Date | May 2026 May 2026 | June | 2026 July 2026 | | | Commitment | $16.0 million | $36.3 million | $22.7 million | $24.3 million | | Initial Maturity Date | May 2029 | May 2029 | June 2029 | July 2029 | | Coupon Rate | S + 4.00% | S + 3.35% | S + 3.60% | S + 3.25% | ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000005_b90f7302dfe1869e664cebb0bfbd000729f458c2530477a5e805892429ee13a8.png) Photograph ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000006_c0eeb40bda1c35bc32f74726f581a5825b1ec77b96cba12646c3a1cc91fc2cf5.png) Photograph ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000007_348050f9cd99d91155b04f18371c8ce7a2428501581ddf7d7d80498eadd880ab.png) Photograph ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000008_a4cb2244b3428d420c798b2b7e254d44644dda9174200bb2c67f1dc32e72156b.png) Photograph (amounts in thousands, except per share data) ## Income Statement | | Three Months Ended June 30, 2026 | |-----------------------------------------------------------------|------------------------------------| | Income from loan investments, net | $ 7,507 | | Revenue from real estate owned | 618 | | Other expenses | (4,069) | | Provision for credit losses | (4,923) | | Net loss | $ (867) | | Weighted average common shares outstanding - basic and diluted | 22,419 | | Net loss per common share - basic and diluted | $ (0.04) | | Distributable Earnings (1) | $ 5,052 | | Distributable Earnings per common share - basic and diluted (1) | $ 0.23 | | Quarterly distribution per common share | $ 0.28 | | Quarterly distributable earnings payout ratio | 122% | (1) See appendix for definitions and reconciliations of non-GAAP measures. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000009_2bd176cf8dd6450d603380e357bc01ce7bca27d57fcbe7f7739fd461b460c263.png) Logo ## Balance Sheet | | June 30, 2026 | June 30, 2026 | |------------------------------------------|-----------------|-----------------| | Loans held for investment, net | $ | 705,230 | | Real estate owned, net | | 10,792 | | Cash and cash equivalents | | 69,975 | | Other assets | | 9,126 | | Total assets | $ | 795,123 | | Secured financing facilities, net | $ | 470,334 | | Other liabilities | | 4,116 | | Total liabilities | $ | 474,450 | | Total shareholders' equity | $ | 320,673 | | Total outstanding common shares | | 22,665 | | Book value per common share | $ | 14.15 | | Adjusted book value (1) | $ | 335,310 | | Adjusted book value per common share (1) | $ | 14.79 | ## Income from Loan Investments, Net - Interest Rate Trends ## Driving Net Interest Margin through selective originations. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000010_2d8af2277b9b11547f490ad622631cdf6ace1aa67f0e7ecf738dabafd0af8d7e.png) Bar chart - (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 and acquisitions during the respective period. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000011_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo ## Loan Portfolio Summary | (dollars in thousands) | Second Quarter Originations | As of June 30, 2026 | |-----------------------------------|-------------------------------|-----------------------| | Number of loans | 3 | 27 | | Average loan commitment | $24,987 | $28,346 | | Total loan commitments | $74,960 | $765,343 | | Unfunded loan commitments | $3,020 | $43,018 | | Principal balance | $71,940 | $722,325 | | Weighted average coupon rate | 7.19% | 7.29% | | Weighted average All In Yield | 7.85% | 7.69% | | Weighted average Maximum Maturity | 4.9 | 2.9 | | Weighted average LTV | 71% | 67% | | Weighted average floor | 3.07% | 2.96% | | Weighted average risk rating | 3.0 | 2.9 | ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000012_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000013_80a31a885d03b84e99994382da09dbe7ef5eeb031a2b21645d41ea0819e5a79b.png) Bar chart ## Loan Portfolio Investment Activity and Diversity ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000014_0cb370e6f8abd1972ae326bf81bf65e3fad7abb137486f5c8210742a30703ac2.png) Bar chart (1) Based on principal balance of loans held for investment as of June 30, 2026. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000015_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000016_62bdd7355f7f53c58ee18834299ba4bf281f598f239a2d531ecb750aa366f3c7.png) Pie chart ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000017_2bd176cf8dd6450d603380e357bc01ce7bca27d57fcbe7f7739fd461b460c263.png) Logo ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000018_e320705d6fea0f21e9a8c685e751cd74a275613627c84a098faace43eb71dc0a.png) Bar chart ## Office Loans (1) - No office loans in urban or CBD markets in our portfolio. - As of June 30, 2026, all of our borrowers had paid their debt service obligations owed and due to us. ## Office Risk Rating Distribution $23.5 million principal balance / Class B / Downers Grove, IL - Leased occupancy of 93% and a WALT of 5.2 years. - Pending maturity December 2026. $44.2 million principal balance / Class B / suburban Dallas, TX - Leased occupancy of 77% and a WALT of 4.1 years. - Pending maturity August 2026. $26.6 million principal balance / Class B / Plano, TX - Retail · Leased occupancy of 80% and a WALT of 3.1 years. - In July 2026, extended the maturity date by two years to July 2028. $24.5 million principal balance / Class A / Carlsbad, CA - Leased occupancy of 94% and a WALT of 3.5 years. - Demonstrated commitment from sponsor, with $1.1 million of additional equity contributions to date. - Pending maturity October 2026. $20.8 million principal balance / Class B / Bellevue, WA - Leased occupancy of 83% and a WALT of 5.9 years. - Demonstrated commitment from sponsor, with $1.6 million of additional equity contributions to date. - Maturity April 2028. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000019_3820cbf5ccab9b3e5bc6b95d28c86934d5b05a56b05ea74fb0643d8581a64ab1.png) Pie chart ## Risk Rating 3 17% of office Risk Rating 4 83% of office ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000020_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo (As of June 30, 2026) | | UBS | Citibank | BMO | Wells Fargo | Total/Weighted Average | |-------------------------------------------------|-----------|------------|-----------|---------------|--------------------------| | (dollars in thousands) | | | | | | | Maximum facility size | $ 250,000 | 215,000 | $ 150,000 | $ 250,000 | $ 865,000 | | Principal balance | $ 134,692 | 135,715 | $ 85,032 | $ 116,305 | $ 471,744 | | Unused capacity | $ 115,308 | 79,285 | $ 64,968 | $ 133,695 | $ 393,256 | | Weighted average coupon rate | 6.22% | 5.71% | 5.64% | 5.43% | 5.78% | | Weighted average advance rate | 68.9% | 67.7% | 74.0% | 74.8% | 70.8% | | Weighted average remaining maturity (years) (1) | 0.9 | 0.2 | 1.0 | 1.5 | 0.9 | | Collateral: | | | | | | | Number of loans | 7 | 7 | 4 | 7 | 25 | | Principal balance | $ 195,585 | 200,410 | $ 114,925 | $ 155,465 | $ 666,385 | (1) The weighted average remaining maturity of our Master Repurchase Facilities is determined using the earlier of the underlying loan investment maturity date and the respective repurchase agreement maturity date. The weighted average remaining maturity of the BMO Facility is determined using the underlying loan investment maturity date. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000021_2bd176cf8dd6450d603380e357bc01ce7bca27d57fcbe7f7739fd461b460c263.png) Logo ## Appendix SEVEN HILLS ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000022_2bd176cf8dd6450d603380e357bc01ce7bca27d57fcbe7f7739fd461b460c263.png) Logo ## Company Profile, Governance and Research Coverage ## Management Our manager, Tremont, is registered with the Securities and Exchange Commission, or SEC, as an investment adviser and is owned by The RMR Group. The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. As of June 30, 2026, RMR had over $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. We believe Tremont's relationship with RMR provides us with a depth of market knowledge that may allow us to identify high quality investment opportunities and to evaluate them more thoroughly than many of our competitors, including other commercial mortgage REITs. We also believe RMR's broad platform provides us with access to RMR's extensive network of real estate owners, operators, intermediaries, sponsors, financial institutions and other real estate related professionals and businesses with which RMR has historical relationships. We also believe that Tremont provides us with significant experience and expertise in investing in middle market transitional CRE. ## Equity Research Coverage ## Citizens Chris Muller, christopher.muller@equities.citizensbank.com (212) 906-3559 ## Jones Trading Institutional Services, LLC Jason Weaver, jweaver@jonestrading.com (646) 454-2710 ## Lucid Capital Markets Craig Kucera, ckucera@lucidcm.com (703) 862-5249 SEVN is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding SEVN's performance made by these analysts do not represent opinions, estimates or forecasts of SEVN or its management. SEVN does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts. ## Ladenburg Thalmann Christopher Nolan, cnolan@ladenburg.com (212) 409-2068 ## UBS Marissa Lobo, marissa.lobo@ubs.com (212) 713-3922 ## Board of Trustees Ann M. Danner Independent Trustee Barbara D. Gilmore Independent Trustee William A. Lamkin Independent Trustee Joseph L. Morea Lead Independent Trustee Mark A. Talley Independent Trustee Matthew P. Jordan Managing Trustee Adam D. Portnoy Chair of the Board & Managing Trustee ## Executive Officers Thomas J. Lorenzini President and Chief Investment Officer Jared R. Lewis Vice President Matthew C. Brown Chief Financial Officer and Treasurer ## Contact Information ## Investor Relations Seven Hills Realty Trust Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458.1634 (617) 796-8253 ir@sevnreit.com www.sevnreit.com ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000023_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo ## Inquiries Financial, investor and media inquiries should be directed to: Matt Murphy, Manager, Investor Relations at (617) 796-8253 or ir@sevnreit.com (dollars in thousands) ## First mortgage loans as of June 30, 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% | 4 | | 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 | 30,675 | S + 2.95% | S + 3.42% | 11/12/2028 | 11/12/2030 | 43% | 3 | | 6 | Roswell, GA | Multifamily | 05/29/2026 | 36,310 | 34,440 | S + 3.35% | S + 4.16% | 05/29/2029 | 05/29/2031 | 79% | 3 | | 7 | 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 | | 8 | Revere, MA | Hotel | 07/01/2024 | 33,000 | 33,000 | S + 3.95% | S + 4.27% | 07/01/2027 | 07/01/2029 | 73% | 3 | | 9 | San Marcos, TX | Student Housing | 01/14/2025 | 31,200 | 29,270 | S + 3.25% | S + 3.66% | 01/14/2028 | 01/14/2030 | 62% | 2 | | 10 | Atlanta, GA | Medical Office | 02/05/2026 | 30,500 | 25,888 | S + 3.95% | S + 4.41% | 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% | 1 | | 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 (1) | 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 | (1) In July 2026, the maturity date of this loan was extended by two years to July 1, 2028. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000024_2bd176cf8dd6450d603380e357bc01ce7bca27d57fcbe7f7739fd461b460c263.png) Logo (dollars in thousands) ## First mortgage loans as of June 30, 2026: | # | Location | Property Type | Origination Date | Committed Principal Amount | Principal Balance | Coupon Rate | All in Yield | Maturity Date | Maximum Maturity Date | LTV | Risk Rating | |-----|------------------------|-----------------|--------------------|------------------------------|---------------------|---------------|----------------|-----------------|-------------------------|-------|---------------| | 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 | | 16 | Carlsbad, CA | Office | 10/27/2021 | 24,750 | 24,464 | 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 | 23,307 | S + 3.40% | S + 3.81% | 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 | Sugar Land, TX | Medical Office | 06/05/2026 | 22,650 | 21,500 | S + 3.60% | S + 4.21% | 06/05/2029 | 06/05/2031 | 60% | 3 | | 20 | Fontana, CA | Industrial | 11/18/2022 | 22,080 | 20,470 | S + 3.75% | S + 4.03% | 11/18/2026 | 11/18/2027 | 72% | 3 | | 21 | Bellevue, WA | Office | 11/05/2021 | 21,000 | 20,817 | S + 2.85% | S + 2.85% | 04/07/2028 | 04/07/2029 | 68% | 4 | | 22 | 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 | | 23 | 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 | | 24 | Boise, ID | Multifamily | 06/26/2025 | 18,000 | 18,000 | S + 3.50% | S + 4.28% | 06/26/2028 | 06/26/2030 | 79% | 3 | | 25 | 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 | | 26 | Scottsdale, AZ | Hotel | 03/06/2026 | 17,500 | 17,500 | S + 3.85% | S + 4.44% | 03/06/2029 | 03/06/2031 | 63% | 3 | | 27 | Philadelphia, PA | Self Storage | 05/07/2026 | 16,000 | 16,000 | S + 4.00% | S + 4.41% | 05/07/2029 | 05/07/2031 | 70% | 3 | | | Total/weighted average | | | $ 765,343 | $ 722,325 | S + 3.54% | S + 3.94% | | | 67% | 2.9 | ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000025_2bd176cf8dd6450d603380e357bc01ce7bca27d57fcbe7f7739fd461b460c263.png) Logo ## Interest Rate Sensitivity ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000026_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000027_c4d92da7abb577f2c519f8bc33f83bb7b09c56fe1a98647876927366724e103e.png) Bar chart - Weighted average interest rate floor of 2.96%. All but one of our loan agreements contain floor provisions, ranging from 0.25% to 4.34%. - Six of our loans currently have active interest rate floors, providing annualized earnings protection of $0.03 per share. - No interest rate floors on advances under our Secured Financing Facilities. The 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 June 30, 2026. The results in the table above are based on our loan portfolio and debt outstanding as of June 30, 2026 and weighted average common shares outstanding - basic and diluted for three months ended June 30, 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. ## Condensed Consolidated Balance Sheets | (dollars in thousands, except per share data) | June 30, 2026 | December 31, 2025 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|---------------------| | ASSETS | | | | Cash and cash equivalents | $ 69,975 | $ 123,471 | | Loans held for investment | 719,634 | 685,707 | | Allowance for credit losses | (14,404) | (8,799) | | Loans held for investment, net | 705,230 | 676,908 | | Real estate owned, net | 10,792 | 10,986 | | Acquired real estate leases, net | 2,526 | 2,772 | | Accrued interest receivable | 3,131 | 3,186 | | Financial Prepaid expenses and other assets, net | 3,469 | 3,533 | | Total assets | $ 795,123 | $ 820,856 | | Summary LIABILITIES AND SHAREHOLDERS' EQUITY | | | | Accounts payable, accrued liabilities and other liabilities | $ 2,698 | $ 3,305 | | Secured financing facilities, net | 470,334 | 487,657 | | Due to related persons | 1,418 | 1,243 | | Total liabilities | 474,450 | 492,205 | | Commitments and contingencies | | | | Shareholders' equity: | | | | Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 22,665,251 and 22,584,285 shares issued and outstanding, respectively | 23 | 23 | | Additional paid in capital | 304,349 | 303,191 | | Cumulative net income | 108,432 | 104,914 | | Cumulative distributions | (92,131) | (79,477) | | Total shareholders' equity | 320,673 | 328,651 | | Total liabilities and shareholders' equity | $ 795,123 | $ 820,856 | ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000028_7c9e92632481bf423ec6eb2bc158a4d6caa631f7182bcfa4e16ff1c5850bf890.png) Logo ## Condensed Consolidated Statements of Operations ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000029_7c9e92632481bf423ec6eb2bc158a4d6caa631f7182bcfa4e16ff1c5850bf890.png) Logo | (amounts in thousands, except per share data) | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | |----------------------------------------------------------------|-------------------------------|-------------------------------|-----------------------------|-----------------------------| | | 2026 | 2025 | 2026 | 2025 | | INCOME FROM INVESTMENTS: | | | | | | Interest and related income | $ 14,678 $ | 14,359 | 29,517 | 28,681 | | Less: interest and related expenses | (7,171) | (7,524) | (14,353) | (14,961) | | Income from loan investments, net | 7,507 | 6,835 | 15,164 | 13,720 | | Revenue from real estate owned | 618 | 558 | 1,300 | 1,267 | | Total revenue | 8,125 | 7,393 | 16,464 | 14,987 | | OTHER EXPENSES: | | | | | | Base management fees | 1,299 | 1,076 | 2,604 | 2,155 | | Incentive fees | 91 | 229 | 91 | 247 | | General and administrative expenses (1) | 1,562 | 1,381 | 2,448 | 2,344 | | Reimbursement of shared services expenses | 574 | 551 | 1,148 | 1,101 | | Provision for credit losses | 4,923 | 912 | 5,526 | 759 | | Expenses from real estate owned | 554 | 569 | 1,134 | 1,163 | | Total other expenses | 9,003 | 4,718 | 12,951 | 7,769 | | Income before income taxes | (878) | 2,675 | 3,513 | 7,218 | | Income tax benefit (expense) | 11 | 3 | 5 | (8) | | Net (loss) income | $ (867) $ | 2,678 | 3,518 | 7,210 | | Weighted average common shares outstanding - basic and diluted | 22,419 | 14,785 | 22,408 | 14,771 | | Net (loss) income per common share - basic and diluted | $ (0.04) $ | 0.18 | 0.15 | 0.48 | (1) Increase reflects non-cash equity compensation expense to SEVN's Board of Trustees during the three months ended June 30, 2026. (amounts in thousands, except per share data) | | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |------------------------|----------------------------------------------------------------|----------------------|----------------------|----------------------|----------------------|----------------------| | | | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | | Distributable Earnings | Net (loss) income | $ (867) | $ 4,385 | $ 4,794 | $ 3,430 | $ 2,678 | | Distributable Earnings | Non-cash equity compensation expense | 891 | 207 | 216 | 487 | 677 | | Distributable Earnings | Non-cash accretion of purchase discount | (188) | (145) | (37) | - | - | | Distributable Earnings | Provision for (reversal of) credit losses | 4,923 | 603 | (593) | 37 | 912 | | Distributable Earnings | Depreciation and amortization of real estate owned | 253 | 253 | 247 | 278 | 269 | | Distributable Earnings | Exit fees collected on acquired loans | 40 | - | - | - | - | | Distributable Earnings | Distributable Earnings | $ 5,052 | $ 5,303 | $ 4,627 | $ 4,232 | $ 4,536 | | Distributable Earnings | Weighted average common shares outstanding - basic and diluted | 22,419 | 22,398 | 16,578 | 14,826 | 14,785 | | Distributable Earnings | Distributable Earnings per common share - basic and diluted | $ 0.23 | $ 0.24 | $ 0.28 | $ 0.29 | $ 0.31 | | | As of | As of | As of | As of | As of | As of | |---------------|--------------------------------------|---------------|----------------|-------------------|--------------------|---------------| | | | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | | Adjusted Book | Shareholders' equity | $ 320,673 | $ 326,982 | $ 328,651 | $ 266,481 | $ 267,020 | | Adjusted Book | Allowance for credit losses (1) | 14,637 | 9,714 | 9,111 | 9,704 | 9,667 | | Adjusted Book | Adjusted Book Value | $ 335,310 | $ 336,696 | $ - $ 337,762 | $ 276,185 | $ 276,687 | | Adjusted Book | Total outstanding common shares | 22,665 | 22,596 | 22,584 | 15,069 | 14,944 | | Adjusted Book | Book value per common share | $ 14.15 | $ 14.47 | $ 14.55 | $ 17.68 | $ 17.87 | | Adjusted Book | Adjusted Book Value per common share | $ 14.79 | $ 14.90 | $ 14.96 | $ 18.33 | $ 18.51 | (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. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000030_2bd176cf8dd6450d603380e357bc01ce7bca27d57fcbe7f7739fd461b460c263.png) Logo ## Non-GAAP Financial Measures (Continued) ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000031_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo 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 (loss) income, net (loss) 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 (loss) income or net (loss) 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 nonGAAP 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 are meaningful measures of our capital adequacy because they exclude the impact of certain noncash 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. 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 (loss) income, net (loss) 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 (loss) income and net (loss) income per common share, respectively, computed in accordance with GAAP, including realized losses not otherwise included in net (loss) 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 (loss) income for the period of the calculation (regardless of whether such items are included in or deducted from net (loss) 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. ## Other Measures and Definitions ## 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. ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000032_003329708be8c20d1a27d4ba1bc91d3eb684cd639d6d456bd39e5fde4e17a381.png) Logo ## Warning Concerning Forward-Looking Statements ![Image](data/playground/uploads/6eefa242f7c5d960-artifacts/6eefa242f7c5d960.docling_artifacts/image_000033_2bd176cf8dd6450d603380e357bc01ce7bca27d57fcbe7f7739fd461b460c263.png) Logo 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. These statements include words such as 'believe', 'could', 'expect', 'anticipate', 'intend', 'plan', 'estimate', 'will', 'would', 'should', 'may' and negatives or derivatives of these or similar expressions. These forwardlooking statements include, among others, statements about: SEVN's investment portfolio and loan investment performance; the quality of the sponsors of SEVN's borrowers; SEVN's office sector exposure; SEVN's future lending activity and opportunities; SEVN's liquidity and leverage levels and capacity; the ability of SEVN to capitalize on opportunities; SEVN's ability to achieve its investment objectives and generate attractive returns for its shareholders; the benefits and opportunities SEVN believes that Tremont's relationship with RMR provide to SEVN; 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. Some of the risks, uncertainties and other factors that may cause SEVN's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: SEVN's ability to execute its business strategy and compete in the CRE lending market; the ability of SEVN's manager, Tremont Realty Capital LLC, or Tremont, to make suitable investments for it, including through the deployment of capital from SEVN's equity rights offering completed in December 2025, to monitor, service and administer SEVN's existing investments and to otherwise implement its investment strategy and successfully manage SEVN; SEVN's borrowers' ability to successfully execute their business plans, including SEVN's borrowers' ability to manage and stabilize properties; SEVN's ability to diversify its investment portfolio based on industry and market conditions and whether the diversity and other characteristics of SEVN's loan portfolio will benefit it to the extent it expects; the impact of inflation, geopolitical instability and tension, interest rate fluctuations, new trade policies, tariffs and economic recession or downturn, and market trends (such as reduced demand for office or retail space) on the CRE industry generally and specific CRE sectors applicable to SEVN's investments and lending markets, as well as on its borrowers; fluctuations in interest rates and credit spreads may reduce the returns SEVN may receive on its investments and increase its borrowing costs; fluctuations in and overall market demand for CRE debt and the volume of available opportunities in the CRE debt market, including the middle market; volatility in the capital markets; SEVN's ability to utilize its existing Secured Financing Facilities and to obtain additional capital to enable it to attain its target leverage, to make additional investments and to increase its potential returns and the cost of obtaining any additional capital; SEVN's ability to pay distributions to its shareholders and sustain or increase the amount of such distributions; the amount and timing of cash flows SEVN receives from its investments; SEVN's ability to maintain and improve a favorable net interest spread between the interest it earns on its investments and the interest SEVN pays on its borrowings; the extent to which SEVN earns and receives origination, extension, exit, prepayment or other fees from its investments; yields that may be available to SEVN from mortgages on middle market transitional CRE; the duration and other terms of SEVN's loan agreements with borrowers and its ability to match its loan investments with its repurchase lending arrangements; the credit qualities of SEVN's borrowers; defaults by SEVN's borrowers and the ability and willingness of its borrowers to repay its investments in a timely manner or at all; the extent to which SEVN's borrowers' sponsors provide support to its borrowers or SEVN regarding its loans; SEVN's ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended; events giving rise to increases in SEVN's credit loss reserves; the ability of Tremont to arrange for the successful management of property SEVN owns as a result of foreclosure of loans secured by such property and SEVN's ability to sell those CRE properties at prices that allow SEVN to recover amounts it invested; changes in the availability, sourcing and structuring of CRE lending; compliance with, and changes to, U.S. federal, state or local laws or regulations, accounting rules, tax laws or similar matters; limitations imposed on SEVN's business and its ability to satisfy complex rules in order for SEVN to maintain its qualification for taxation as REIT for U.S. federal income tax purposes; actual and potential conflicts of interest with SEVN's related parties, including its Managing Trustees, Tremont, The RMR Group LLC, or RMR, and others affiliated with them; acts of terrorism, outbreaks of pandemics, or other public health safety events or conditions, war or other hostilities, global climate change or other manmade or natural disasters beyond SEVN's control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in SEVN's periodic filings. The information contained in SEVN's filings with the SEC including under the caption 'Risk Factors' in its periodic reports, or incorporated therein, identifies other important factors that could cause differences from the forwardlooking statements in this presentation. SEVN's filings with the SEC are available on its website and at www.sec.gov. You should not place undue reliance on forward-looking statements. Except as required by law, SEVN does not intend to update or change any forward-looking statements, as a result of new information, future events or otherwise.