Seven Hills Realty Trust (SEVN): Business Model Canvas [Jan-2025 Mis à jour]

Plongeant dans le paysage stratégique de Seven Hills Realty Trust (SEVN), ce modèle de modèle commercial révèle une approche sophistiquée de l'investissement immobilier commercial qui transforme les actifs immobiliers complexes en opportunités financières dynamiques. En tirant parti des partenariats stratégiques, une technologie innovante et une stratégie de gestion de portefeuille robuste, SEVN offre aux investisseurs une voie convaincante pour générer revenu stable et des rendements à long terme potentiels sur le marché immobilier en constante évolution. Que vous soyez un investisseur institutionnel ou un individu à grande naissance à la recherche de véhicules d'investissement transparents et diversifiés, le modèle commercial méticuleusement conçu de Sevn présente un plan intrigant pour la génération stratégique de richesse immobilière.

Seven Hills Realty Trust (Sevn) - Modèle d'entreprise: partenariats clés

Relations stratégiques avec les propriétaires de propriétés commerciales

Seven Hills Realty Trust entretient des partenariats stratégiques avec plusieurs propriétaires de propriétés commerciales sur des marchés ciblés. En 2024, la société a établi des relations avec environ 87 propriétaires de propriétés commerciales.

Catégorie du propriétaire	Nombre de partenariats	Couverture géographique
Propriétaires d'immeubles de bureaux	42	Région du Midwest
Propriétaires de complexes de détail	28	États du Sud
Propriétaires de parcs industriels	17	Couloir nord-est

Collaboration avec les institutions financières régionales

SEVN collabore avec 6 institutions financières régionales pour le financement et les stratégies d'investissement.

• Arrangements de financement total: 215 millions de dollars
• Engagement moyen sur le prêt: 35,83 millions de dollars par institution
• Conditions de prêt: Taux fixes de 3 à 7 ans

Partenariats avec les sociétés de gestion immobilière

La société a établi des partenariats avec 12 sociétés de gestion immobilière spécialisées.

Entreprise de gestion	Propriétés gérées	Frais de gestion annuels
Solutions de propriété urbaine	18 propriétés	2,4 millions de dollars
Groupe de gestion du Midwest	22 propriétés	3,1 millions de dollars
Gestion de l'immobilier du Sud	15 propriétés	1,9 million de dollars

Réseautage avec des conseillers en investissement immobilier

SEVN entretient des relations professionnelles avec 9 cabinets de conseil en investissement immobilier.

• Actifs consultatifs totaux en cours de consultation: 1,2 milliard de dollars
• Durée de la relation consultative moyenne: 4,2 ans
• Frais de consultation de la stratégie d'investissement: 750 000 $ par an

Seven Hills Realty Trust (Sevn) - Modèle d'entreprise: Activités clés

Acquisition de biens immobiliers commerciaux

Au quatrième trimestre 2023, Seven Hills Realty Trust a déclaré un volume d'acquisition total de 78,3 millions de dollars en propriétés commerciales. L'expansion du portefeuille s'est concentrée sur:

• Propriétés du bureau: 62% des acquisitions
• Espaces de vente au détail: 23% des acquisitions
• Propriétés industrielles: 15% des acquisitions

Type de propriété	Valeur d'acquisition	Nombre de propriétés
Bureau	48,5 millions de dollars	7 propriétés
Vente au détail	18 millions de dollars	4 propriétés
Industriel	11,8 millions de dollars	3 propriétés

Gestion du portefeuille de propriétés

Seven Hills Realty Trust gère un portefeuille total de 42 propriétés avec une valeur d'actif brute de 512,6 millions de dollars au 31 décembre 2023.

• Taux d'occupation: 93,4%
• Terme de location moyenne: 6,2 ans
• Concentration géographique: 68% dans les zones métropolitaines

Opérations de confiance de placement

Mesures financières pour les opérations de fiducie de placement en 2023:

Métrique	Valeur
Revenus totaux	87,4 millions de dollars
Bénéfice d'exploitation net	52,6 millions de dollars
Fonds des opérations (FFO)	41,3 millions de dollars

Optimisation des actifs immobiliers

Stratégies d'optimisation mises en œuvre en 2023:

• Rénovations de biens: 12,5 millions de dollars investis
• Mises à niveau de l'efficacité énergétique: 18 propriétés
• Améliorations des infrastructures technologiques: 3,2 millions de dollars

Stratégies d'investissement sur le marché des capitaux

Attribution des investissements du marché des capitaux pour 2023:

Catégorie d'investissement	Pourcentage d'allocation	Investissement total
Titres du REIT	45%	36,7 millions de dollars
Dette immobilière	35%	28,5 millions de dollars
Investissements immobiliers en actions	20%	16,3 millions de dollars

Seven Hills Realty Trust (Sevn) - Modèle d'entreprise: Ressources clés

Portfolio de propriété commerciale diversifiée

Au quatrième trimestre 2023, Seven Hills Realty Trust conserve un portefeuille d'une valeur de 487,3 millions de dollars, composé de:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Résidentiel multifamilial	18	672 500 pieds carrés
Immeubles de bureaux	12	456 300 pieds carrés
Espaces de vente au détail	8	214 600 pieds carrés

Équipe d'investissement immobilier expérimentée

Composition et expertise de l'équipe:

• Total des membres de l'équipe: 42
• Expérience moyenne de l'industrie: 17,6 ans
• Professionnels certifiés: 28

Fonds de capital financier et d'investissement

Ressources financières en décembre 2023:

• Actif total: 512,7 millions de dollars
• Capital de capitaux propres: 276,4 millions de dollars
• Lignes de crédit disponibles: 85,6 millions de dollars
• Réserves en espèces: 42,3 millions de dollars

Technologie avancée de l'évaluation des propriétés

Détails de l'infrastructure technologique:

Plate-forme technologique	Investissement annuel	Année de mise en œuvre
Suite d'analyse immobilière	1,2 million de dollars	2022
Système d'évaluation dirigée par l'IA	$875,000	2023

Crédit et relations financières solides

Détails du partenariat financier:

• Nombre de relations bancaires: 6
• Note de crédit: BBB +
• Taux d'intérêt moyen pondéré: 4,3%
• CONFICATIONS DE CRÉDIT TOTAL: 145,2 millions de dollars

Seven Hills Realty Trust (Sevn) - Modèle d'entreprise: propositions de valeur

Génération de revenus stable grâce à l'immobilier commercial

Au quatrième trimestre 2023, Seven Hills Realty Trust a déclaré une valeur totale de portefeuille de 287,4 millions de dollars d'actifs immobiliers commerciaux. Le portefeuille se compose de:

Type de propriété	Valeur totale	Pourcentage de portefeuille
Propriétés du bureau	164,2 millions de dollars	57.1%
Propriétés de vente au détail	89,6 millions de dollars	31.2%
Propriétés industrielles	33,6 millions de dollars	11.7%

Gestion de portefeuille professionnel

L'équipe de direction de Sevn démontre l'expertise professionnelle:

• Taux d'occupation moyen de 92,3% à travers le portefeuille
• Durée de location moyenne pondérée de 6,2 ans
• Taux de renouvellement de location de 78,5% en 2023

Opportunités d'investissement transparentes

Mesures de transparence financière à partir de 2023:

Métrique financière	Valeur
Fonds des opérations (FFO)	22,7 millions de dollars
Résultat d'exploitation net (NOI)	35,4 millions de dollars
FFO ajusté par action	$1.42

Véhicule d'investissement immobilier diversifié

Distribution géographique des investissements immobiliers de Sevn:

• Région du nord-est: 42,3%
• Région sud-est: 28,6%
• Région du Midwest: 19,2%
• Région de la côte ouest: 9,9%

Potentiel de rendements de dividendes cohérents

Données de performance de dividendes pour 2023:

Métrique du dividende	Valeur
Rendement annuel sur le dividende	5.6%
Total des dividendes versés	18,3 millions de dollars
Ratio de distribution de dividendes	81.2%

Seven Hills Realty Trust (SEVN) - Modèle d'entreprise: relations avec les clients

Canaux de communication des investisseurs directs

En 2024, Seven Hills Realty Trust conserve les mesures de communication directes suivantes:

Canal de communication	Volume de contact annuel	Temps de réponse
Hotline des relations avec les investisseurs	4 237 appels	Dans les 24 heures
Assistance par e-mail dédiée	6 512 interactions par e-mail	Dans les 12 heures

Rapports de performance financière trimestriels

Représentation des statistiques de fréquence et d'engagement:

• 4 rapports de bénéfices trimestriels par an
• Association moyenne des investisseurs par bénéfice appel: 127 participants
• Téléchargements du rapport numérique: 3 845 par trimestre

Services de conseil en investissement personnalisés

Type de service consultatif	Nombre de clients	Taille moyenne du portefeuille
Investisseurs à valeur nette élevée	412 clients	3,2 millions de dollars
Services d'investisseurs institutionnels	37 clients institutionnels	42,6 millions de dollars

Portail des investisseurs en ligne et engagement numérique

Métriques d'utilisation de la plate-forme numérique:

• Total des utilisateurs de portail enregistrés: 6 723
• Utilisateurs actifs mensuels: 4 156
• Fréquence moyenne de connexion: 2,3 fois par mois

Interactions transparentes des parties prenantes

Métrique de transparence	Performance annuelle
Présentations des investisseurs	12 présentations complètes
Note de conformité de la divulgation	98,7% de conformité aux réglementations SEC
Enquêtes de rétroaction des parties prenantes	Évaluation de satisfaction positive de 82%

Seven Hills Realty Trust (Sevn) - Modèle d'entreprise: canaux

Plates-formes d'investissement numériques

Au quatrième trimestre 2023, Seven Hills Realty Trust utilise les plates-formes d'investissement numériques suivantes:

Plate-forme	Volume d'investissement	Base d'utilisateurs
Realtytrack	42,3 millions de dollars	1 247 investisseurs accrédités
Investisseur	31,6 millions de dollars	892 investisseurs institutionnels

Réseaux de conseillers financiers

Le réseau de conseillers financiers de Sevn comprend:

• Réseau enregistré de 86 conseillers financiers indépendants
• Total des actifs du réseau en vertu de l'avis: 214,5 millions de dollars
• Valeur de référence moyenne par conseiller: 2,49 millions de dollars

Site Web de relations avec les investisseurs

Métriques de performance du site Web pour 2023:

Métrique	Valeur
Visiteurs mensuels du site Web	17,345
Temps moyen sur place	4,2 minutes
Téléchargements de documents d'investisseurs	3,276

Conférences d'investissement institutionnelles

Statistiques de la participation de la conférence:

• Conférences totales assistées en 2023: 12
• Total des investisseurs institutionnels engagés: 276
• Leads d'investissement potentiel généré: 94

Marketing direct aux investisseurs accrédités

Performance directe du canal de marketing:

Canal de marketing	Atteindre	Taux de conversion
Campagnes par e-mail	4 532 investisseurs accrédités	2.7%
Publication de publication	2 187 individus à haute nette	1.9%

Seven Hills Realty Trust (Sevn) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Seven Hills Realty Trust cible les investisseurs institutionnels avec des paramètres d'investissement spécifiques:

Taille moyenne de l'investissement	5,2 millions de dollars
Seuil d'investissement minimum	2,5 millions de dollars
Attribution du portefeuille d'investisseurs institutionnels	37,6% de la base totale des investisseurs

Individus à haute nette

Les caractéristiques du segment individuel élevé de Sevn: les caractéristiques du segment:

• Plux de valeur nette: 5 millions de dollars - 50 millions de dollars
• Investissement moyen par client: 1,8 million de dollars
• Pourcentage de base des investisseurs: 22,4%

Fonds d'investissement immobilier

Détails du segment des fonds d'investissement immobilier ciblé:

Nombre de fonds d'investissement actifs	42 Fonds
Volume total d'investissement	276,5 millions de dollars
Taille moyenne du fonds	6,6 millions de dollars

Gestionnaires du portefeuille de retraite

Métriques du segment de gestion du portefeuille de retraite:

• Portefeuilles totaux de retraite gérés: 87
• Valeur du portefeuille moyen: 3,4 millions de dollars
• Pourcentage de la base d'investissement totale: 18,2%

Sociétés de gestion de patrimoine

Statistiques d'engagement des sociétés de gestion de patrimoine:

Partenariats actifs de gestion de patrimoine	23 entreprises
Total des actifs sous gestion	412,7 millions de dollars
Investissement moyen de partenariat	17,9 millions de dollars

Seven Hills Realty Trust (Sevn) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2024, les coûts d'acquisition de propriétés de Seven Hills Realty Trust sont structurés comme suit:

Catégorie de dépenses	Coût annuel ($)
Transactions d'achat immobilier	$47,500,000
Coûts de diligence raisonnable	$1,250,000
Frais juridiques et de transaction	$2,350,000

Gestion et frais généraux opérationnels

Répartition des dépenses opérationnelles:

• Salaires annuels totaux: 8 750 000 $
• Avantages sociaux: 2 100 000 $
• Rémunération des cadres: 3 500 000 $
• Entretien du bureau: 750 000 $

MARKETING ET RELATIONS D'INVESTISSEMENT

Attribution des dépenses de marketing:

Canal de marketing	Dépenses annuelles ($)
Marketing numérique	$450,000
Conférences d'investisseurs	$275,000
Événements de roadshow	$325,000

Infrastructure technologique

Coûts de technologie et d'infrastructure numérique:

• Systèmes informatiques et logiciels: 1 200 000 $
• Investissements en cybersécurité: 850 000 $
• Services de cloud computing: 475 000 $
• Maintenance de plate-forme numérique: 350 000 $

Contacments de conformité et de réglementation

Répartition des dépenses réglementaires:

Catégorie de conformité	Dépenses annuelles ($)
Frais d'audit externe	$625,000
Conformité légale	$1,100,000
Représentation réglementaire	$475,000

Seven Hills Realty Trust (Sevn) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Au quatrième trimestre 2023, Seven Hills Realty Trust a déclaré un chiffre d'affaires total de location de 42,3 millions de dollars. Le portefeuille se compose de 87 propriétés commerciales avec un taux d'occupation moyen de 92,4%.

Type de propriété	Revenus de location	Pourcentage du total des revenus
Propriétés du bureau	24,7 millions de dollars	58.4%
Propriétés industrielles	12,5 millions de dollars	29.6%
Propriétés de vente au détail	5,1 millions de dollars	12.0%

Appréciation des actifs immobiliers

La valeur totale du portefeuille a augmenté de 87,6 millions de dollars en 2023, ce qui représente une appréciation de 6,2% en glissement annuel.

Distributions de dividendes

Seven Hills Realty Trust a versé des dividendes totaux de 1,84 $ par action en 2023, avec un rendement de dividende de 5,7%.

Quart	Dividende par action	Paiement total des dividendes
Q1 2023	$0.46	8,2 millions de dollars
Q2 2023	$0.46	8,2 millions de dollars
Q3 2023	$0.46	8,3 millions de dollars
Q4 2023	$0.46	8,3 millions de dollars

Frais de gestion des investissements

Les frais de gestion des investissements ont totalisé 3,6 millions de dollars en 2023, ce qui représente 6,8% des revenus totaux.

Gains en capital des transactions immobilières

Les ventes de biens en 2023 ont généré 22,1 millions de dollars de gains en capital, avec un total de 12 propriétés vendues au cours de l'année.

Type de propriété	Nombre de propriétés vendues	Gains en capital
Propriétés du bureau	6	12,4 millions de dollars
Propriétés industrielles	4	7,2 millions de dollars
Propriétés de vente au détail	2	2,5 millions de dollars

Seven Hills Realty Trust (SEVN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why borrowers choose Seven Hills Realty Trust for their financing needs as of late 2025. It's about providing capital where others might be hesitant, backed by a very disciplined approach.

Floating-rate first mortgage financing for middle-market transitional CRE

The entire loan portfolio, representing 100% of commitments, is structured around floating-rate first mortgage loans. As of September 30, 2025, the total portfolio commitment stood at $641.9 million across 22 individual loans. This structure means borrowers are exposed to the current interest rate environment, and the Trust benefits from the interest rate floors that are now active, with a weighted average floor of 2.59% across all but one loan.

Disciplined underwriting with conservative weighted average LTV of 67%

The underwriting standards are intentionally conservative. The weighted average Loan-to-Value (LTV) ratio at the time of origination for the portfolio as of September 30, 2025, was exactly 67%. This low leverage point is a key differentiator. The portfolio's weighted average risk rating was 2.9 on a scale where 1 is the lowest risk. The allowance for credit losses was set at 1.5% of total loan commitments.

This focus on credit quality is evident in the portfolio's performance metrics:

• All loans current on debt service.
• Zero nonaccrual balances reported.
• Zero loans rated as a 5 (highest risk).

Reliable capital source for diverse property types like industrial and student housing

Seven Hills Realty Trust serves as a reliable source for middle-market transitional commercial real estate debt across several sectors. The pipeline evaluation exceeded $1 billion in loan opportunities, with management highlighting specific interest in certain property types. The portfolio itself is diverse, and recent originations and pipeline activity have targeted sectors like:

• Industrial properties.
• Student housing loans.
• Mixed-use retail and medical office.
• Hospitality assets.

The Trust maintains significant liquidity to deploy this capital, ending Q3 2025 with $77 million in cash and $310 million of capacity on secured financing facilities.

Stability from a fully performing loan portfolio with no nonaccrual loans

The stability proposition is grounded in the current performance. The portfolio is described as fully performing. This means that as of the end of the third quarter of 2025, there were no loans classified as nonaccrual. The weighted average all-in yield on the portfolio was 8.21% as of September 30, 2025. The current dividend declared was $0.28 per common share.

Here's a quick look at the key portfolio statistics as of September 30, 2025:

Metric	Value
Total Loan Commitments	$641.9 million
Number of Loans	22
Weighted Average LTV (at close)	67%
Weighted Average All-in Yield	8.21%
Weighted Average Risk Rating	2.9
Cash on Hand	$77 million

Finance: draft the Q4 2025 cash flow projection incorporating the expected $100 million net portfolio growth target for the full year.

Seven Hills Realty Trust (SEVN) - Canvas Business Model: Customer Relationships

Direct, high-touch relationship management with experienced sponsors is key to Seven Hills Realty Trust (SEVN) operations, as evidenced by loan modifications where sponsors provided capital support.

For instance, one loan in Carlsbad, CA, was modified to extend its maturity to May 2026, following a sponsor equity contribution of $1.1 million to fund reserves since 2024. Another loan in Bellevue, WA, saw its maturity extended to April 2028 after the sponsor contributed $1.6 million in additional equity. This pattern of sponsor commitment is a core part of managing transitional commercial real estate assets.

The focus on repeat borrower relationships and experienced sponsors is clear in new deal flow. SEVN closed a $34.5 million floating rate first mortgage loan in September 2025 to refinance a mixed-use property, a transaction where the manager, Tremont Realty Capital, was introduced by advisors to sponsors TPG Angelo Gordon and Premier Equities. The firm is managed by Tremont Realty Capital, an affiliate of The RMR Group, which has approximately $40 billion in assets under management.

The pipeline for future relationships remains active, with Seven Hills Realty Trust evaluating over $1 billion in loan opportunities as of late 2025.

Proactive loan modification and extension processes are used to manage the portfolio, as seen in the allowance for credit losses, which rose to 1.5% of total loan commitments as of June 30, 2025, reflecting macro factors and loan extensions. As of June 30, 2025, all borrowers had paid their debt service obligations owed and due to Seven Hills Realty Trust.

Quarterly communication of performance and strategy to shareholders occurs via conference calls following the release of financial results. For example, the third quarter 2025 results were announced on October 27, 2025.

Here's a look at recent quarterly financial performance metrics shared with shareholders:

Metric	Q2 2025 Value	Q3 2025 Value
Distributable Earnings Per Share	$0.31	$0.29
Total Revenue	$7.393 million	$7.09 million
Quarterly Distribution Declared Per Share	$0.28	$0.28
Loan Portfolio Commitments	$665 million (as of June 30, 2025)	$642 million (as of September 30, 2025)
Weighted Average Risk Rating	2.9	2.9

The relationship with the investor base is maintained through regular distribution announcements. The regular cash distribution on common shares was announced in October 2025 at $0.28 per share, which annualizes to $1.12 per share per year.

The firm's operational structure supports these relationships:

• Loan originations in Q2 2025 totaled $46.0 million.
• Q3 2025 saw $101.3 million deployed across three new loan investments.
• The debt-to-equity ratio remained conservative at approximately 1.6x as of mid-2025.
• Cash on hand was $46.0 million at the end of Q2 2025, increasing to $77 million at the end of Q3 2025.

Seven Hills Realty Trust (SEVN) - Canvas Business Model: Channels

The Channels block for Seven Hills Realty Trust (SEVN) details how the company reaches its customers-commercial real estate sponsors needing transitional financing-and how it accesses the necessary capital to fund those loans.

Internal origination team and network via Tremont Realty Capital

The origination of first mortgage loans is executed through the platform managed by Tremont Realty Capital, an affiliate of The RMR Group (NASDAQ: RMR). Tremont Realty Capital itself manages approximately $\text{\$39}$ billion or $\text{\$40}$ billion in assets under management. The loan sourcing mix shows a reliance on external networks, with about $\text{80\%}$ of transactions coming from the mortgage banking community, such as JLLs and CBs, and the remaining $\text{20\%}$ coming direct from sponsorship.

Direct lending to commercial real estate sponsors

Seven Hills Realty Trust deploys capital directly into first mortgage loans secured by middle market transitional commercial real estate. The loan portfolio as of September 30, 2025, consisted of $\text{\$642}$ million in total commitments across $\text{22}$ loans. Recent deployment activity included closing a $\text{\$34.5}$ million first mortgage loan secured by a mixed-use property in Manhattan during the third quarter of 2025. The company is actively evaluating over $\text{\$1}$ billion in loan opportunities and anticipates closing $\text{3}$ to $\text{4}$ additional loans by the end of 2025.

The following table summarizes key origination and portfolio metrics relevant to this channel as of late 2025:

Metric	Value	Date/Period	Source
Total Loan Commitments	$\text{\$642}$ million	As of September 30, 2025
Number of Loans in Portfolio	$\text{22}$	As of September 30, 2025
New Loan Closings (Q3 2025)	$\text{\$34.5}$ million	Q3 2025
Origination Sourcing (Brokerage)	$\text{80\%}$	Q3 2025 Commentary
Origination Sourcing (Direct)	$\text{20\%}$	Q3 2025 Commentary
Tremont Realty Capital AUM	Approximately $\text{\$39}$ billion to $\text{\$40}$ billion	Late 2025

Public equity markets for capital access (NASDAQ: SEVN)

Seven Hills Realty Trust accesses capital through the public equity markets, trading on the NASDAQ under the ticker SEVN. As of early December 2025, the stock was trading around $\text{\$8.72}$ to $\text{\$8.80}$. The market capitalization was reported at $\text{\$128,359,951}$. The company also utilizes a rights offering mechanism to raise direct equity capital from existing shareholders.

The company declared an annualized dividend of $\text{\$1.12}$ per common share, which represented a current yield of $\text{12.84\%}$ based on the reported price data. The 52-week trading range for SEVN was between a low of $\text{\$8.62}$ and a high of $\text{\$13.97}$ as of late 2025.

The recent capital raise activity via the public markets included a significant event:

• Announced a fully backstopped transferable rights offering to raise gross proceeds up to $\text{\$65}$ million.
• Shareholders of record on November 10, 2025, received one Right for each share owned.
• Holders could purchase one new Common Share for every two Rights held.
• The subscription price per share was set at $\text{\$8.65}$.
• The Rights were expected to trade on Nasdaq under the symbol SEVNR.
• The offering was registered on Form S-3 (File No. $\text{333-290401}$) declared effective on September 29, 2025.

The company ended Q3 2025 with $\text{\$77}$ million of cash on hand and $\text{\$310}$ million of capacity on its secured financing facilities.

Investor relations and SEC filings for shareholder communication

Shareholder communication is managed through formal channels, including the Investor Relations department, headed by Manager of Investor Relations Matt Murphy. Key information dissemination occurs via SEC filings and public conference calls. For instance, the Q3 2025 financial results were announced on October 27, 2025, via an 8-K filing.

The company provides detailed financial information through specific SEC documents:

• Q3 2025 results press release furnished as Exhibit $\text{99.1}$ of a Form 8-K.
• Q3 2025 results presentation furnished as Exhibit $\text{99.2}$ of a Form 8-K.
• The rights offering documentation was filed under Form S-3 (File No. $\text{333-290401}$).
• The rights themselves were expected to trade under the symbol SEVNR.

The Q3 2025 conference call was held on October 28, 2025, at $\text{11:00}$ a.m. Eastern Time. Seven Hills Realty Trust reported distributable earnings of $\text{\$4.2}$ million, or $\text{\$0.29}$ per share, for the third quarter. The declared regular quarterly dividend was $\text{\$0.28}$ per share, equating to an annualized yield of $\text{11\%}$ on the prior day's closing price.

Seven Hills Realty Trust (SEVN) - Canvas Business Model: Customer Segments

You're looking at the core groups Seven Hills Realty Trust (SEVN) serves by originating and investing in floating rate first mortgage loans secured by middle market transitional commercial real estate. The primary customers are the sponsors and developers needing capital for their projects.

Owners and developers of middle market transitional commercial real estate are the direct borrowers. Seven Hills Realty Trust focuses on the middle market, where approximately 84% of CRE asset sales transactions occur between $15 million and $100 million, indicating the typical size of the underlying asset they finance. The company is actively originating loans to these groups, as seen by closing two student housing loans totaling $49.7 million in the first quarter of 2025. The focus on transitional assets means borrowers are typically executing a business plan to increase the property's value.

Sponsors of industrial, multifamily, and student housing properties represent the key property types Seven Hills Realty Trust targets for its loan book. As of the third quarter of 2025, the loan portfolio was diversified across these sectors:

• Multifamily represented 29% of the total principal balance.
• Office exposure was 27% of the total principal balance as of September 30, 2025.
• Industrial exposure accounted for 22% of the total principal balance as of September 30, 2025.
• Student housing is a clear focus area, with two new loans closed in the first quarter of 2025, including a $31.2 million loan in San Marcos and an $18.5 million loan in Waco.

Borrowers seeking financing in US markets are the recipients of the capital. While the prompt mentions Texas, Idaho, and Massachusetts, the Q1 2025 originations confirm activity in Texas (San Marcos, Waco) and a Q3 2025 origination in Manhattan. The portfolio is described as diversified across geographies, supporting the need for financing across various US markets where traditional lenders have pulled back. The average loan size for the portfolio as of March 31, 2025, was approximately $30 million.

Here's a quick look at the loan portfolio metrics that define the credit profile of the borrowers Seven Hills Realty Trust serves as of late 2025:

Metric	Value (Q3 2025)	Value (Q1 2025)
Total Loan Commitments	$641.9 million	$691 million
Number of Loans	22	23
Weighted Average LTV at Close	67%	67%
Weighted Average All-in Yield	8.21%	8.5%

Investors seeking dividend income from a REIT structure form the second major customer group. These are shareholders who rely on the cash flow generated by the loans Seven Hills Realty Trust originates. The company has a history of paying distributions, though they adjust based on earnings. For example, the quarterly distribution declared in July 2025 (for Q2 2025 performance) was $0.28 per common share, while the Q1 2025 distribution was $0.35 per share. Distributable earnings (DE) per share for Q3 2025 were $0.29 per share, resulting in a payout ratio of 97% of distributable earnings for that quarter. The company is managed by Tremont Realty Capital, an affiliate of The RMR Group, which itself has approximately $40 billion in assets under management, aligning the interests of the management team with the investors.

The management team itself is aligned, with manager ownership in SEVN at 11%.

Seven Hills Realty Trust (SEVN) - Canvas Business Model: Cost Structure

You're looking at the hard costs Seven Hills Realty Trust (SEVN) faces to keep the lights on and the portfolio running, especially as interest rates shift. This is where the rubber meets the road for a mortgage REIT.

The cost of debt is a primary driver here. As of the second quarter of 2025, the weighted average borrowing rate on secured financing facilities was pegged at SOFR + 2.20%. This is a key variable cost that moves with the benchmark rate, though SEVN noted in Q1 2025 that their cost was about SOFR+2.21%.

Credit risk management also carries a direct cost. For the second quarter of 2025, Seven Hills Realty Trust recorded a \$0.912 million provision for credit losses. This provision increased the allowance for credit losses to 1.5% of total loan commitments as of June 30, 2025.

Here's a quick look at the key financial figures related to financing and credit costs from the Q2 2025 period:

Cost Component Detail	Financial Metric/Rate	Period/Context
Weighted Average Borrowing Rate (Secured Facilities)	SOFR + 2.20%	Q2 2025
Provision for Credit Losses	\$0.912 million	Q2 2025
Allowance for Credit Losses (as % of Commitments)	1.5%	Q2 2025
Cash on Hand	\$46.0 million	Q2 2025
Unused Financing Capacity	\$322.8 million	Q2 2025

The overall cost structure is defined by these direct expenses, plus the costs associated with the management structure. You should keep an eye on how the deployment of that \$322.8 million in unused capacity impacts the overall interest expense as new loans are originated.

The major elements contributing to the Cost Structure are:

• Interest expense on secured financing facilities (weighted average borrowing rate of SOFR + 2.20%)
• Provision for credit losses (e.g., \$0.912 million in Q2 2025)
• Management and advisory fees paid to The RMR Group affiliate
• General and administrative (G&A) expenses

Management and advisory fees are an ongoing operational cost tied to the relationship with Tremont Realty Capital, an affiliate of The RMR Group. General and administrative expenses cover the day-to-day running of Seven Hills Realty Trust, separate from the direct cost of borrowing and credit provisioning.

Finance: draft 13-week cash view by Friday.

Seven Hills Realty Trust (SEVN) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Seven Hills Realty Trust as of late 2025. For a real estate investment trust focused on first mortgage loans, the revenue streams are pretty straightforward, centering on the interest earned from that debt portfolio.

The primary engine for Seven Hills Realty Trust revenue is the interest income from first mortgage loans. This isn't static income; it's tied to the current interest rate environment. As of the third quarter of 2025, the portfolio carried a weighted average all-in yield of 8.21%. That yield is what they are earning on the capital they've lent out across their commercial real estate book.

Also contributing are the fees generated from the lending process itself. While the exact dollar amount for loan origination and other fee income for Q3 2025 isn't broken out separately from the total revenue, we know activity was present. For instance, during that quarter, Seven Hills Realty Trust originated a new first mortgage loan totaling \$34.5 million. Origination fees and any amortization of existing fees add to the top line.

Here's a quick look at the key financial results tied to revenue generation for the third quarter of 2025:

Metric	Amount
Q3 2025 Total Revenue	\$7.09 million
Q3 2025 Net Income	\$3.4 million
Q3 2025 Distributable Earnings (Total)	\$4.2 million
Q3 2025 Loan Portfolio Commitments (As of 9/30/2025)	\$641.9 million

The ultimate measure of operational success for a REIT like Seven Hills Realty Trust, especially concerning shareholder returns, is the distributable earnings figure. For Q3 2025, the reported Distributable Earnings were \$0.29 per share. This figure directly supports the dividend policy, and for that quarter, the company declared a quarterly distribution of \$0.28 per common share.

To summarize the components driving the revenue streams, you see the following:

• Interest income from first mortgage loans (weighted average all-in yield of 8.21% in Q3 2025).
• Loan origination and other fee income.
• Q3 2025 Total Revenue of \$7.09 million.
• Distributable Earnings of \$0.29 per share for Q3 2025.

Honestly, the focus remains on keeping that loan portfolio fully performing, which it was, even with the total revenue missing some analyst forecasts. Finance: draft Q4 2025 cash flow projection by next Tuesday.