Seven Hills Realty Trust · NASDAQ:SEVN
Seven Hills Realty Trust — Q3 2026 Earnings Presentation
23 slides from Seven Hills Realty Trust's earnings presentation, Oct 28, 2026
Slide 1: Financial Results and Supplemental Information Third Quarter 2026
Financial Results and Supplemental Information THIRD QUARTER 2026 October 27, 2026 Exhibit 99.2
Slide 2: Seven Hills Realty Trust Announces Third Quarter 2026 Results
Q3 2026 2 Seven Hills Realty Trust Announces Third Quarter 2026 Results “Seven Hills had a strong overall quarter, generating Distributable Earnings of $0.24 per share, excluding a modest loss of $1.5 million associated with our Dallas office loan. Importantly, the loan was repaid at 97% of par, res
Slide 3: Company Snapshot
Q3 2026 3 Company Snapshot Strong Loan Portfolio Conservative Leverage Integrated with RMR Real Estate Platform $745 million 26 floating rate first mortgage loan commitments 1.4x Debt to equity ratio ~20% Ownership of SEVN $29 million Average loan commitment $865 million Maximum facility size ~$37 b
Slide 4: Financial Results and Investment Activity
Q3 2026 4 Financial Results • Generated net income of $8.1 million, or $0.36 per diluted share. • Generated Distributable Earnings of $3.8 million, or $0.17 per diluted share. • Generated Distributable Earnings of $5.3 million, or $0.24 per diluted share, excluding a realized loss of $1.5 million, o
Slide 5: New Loan Investment Activity
Q3 2026 5 New Loan Investment Activity Collateral Type Location Retail Park City, UT Retail Charlotte, NC Multifamily Chattanooga, TN Origination Date July 2026 September 2026 September 2026 Commitment $24.3 million $30.0 million $68.0 million Initial Maturity Date July 2029 September 2029 September
Slide 6: Third Quarter 2026 Financial Summary
Q3 2026 6 Third Quarter 2026 Financial Summary Income Statement Three Months Ended September 30, 2026 Income from loan investments, net $ 7,675 Revenue from real estate owned 596 Other expenses (3,819) Reversal of credit losses 3,600 Net income $ 8,052 Weighted average common shares outstanding - ba
Slide 7: Income from Loan Investments, Net - Interest Rate Trends
Q3 2026 7 Income from Loan Investments, Net - Interest Rate Trends 4.36% 7.23% 7.21% 6.30% 5.84% 1.74% 1.09% 1.04% 1.44% 1.65% Coupon Rate - Secured Financing (left axis) Coupon Rate - Investments (left axis) Originations - Net Interest Margin (right axis) 2022 2023 2024 2025 2026 2.00% 3.00% 4.00%
Slide 8: Third Quarter 2026 Loan Portfolio Activity
Q3 2026 8 $722.3 $722.3 $844.4 $710.2 $707.2 $707.2 $122.1 $3.3 ($139.0) ($1.5) $43.0 $0.2 ($2.6) $37.3 Q2 2026 Loan Portfolio Originations Fundings Repayments Realized loss Q3 2026 Loan Portfolio Third Quarter 2026 Loan Portfolio Activity (dollars in millions) Total Loan Commitments (dollars in tho
Slide 9: Loan Portfolio Investment Activity and Diversity
Q3 2026 9 Retail South 39% East 34% West 23% Midwest 4% Multifamily 19% Industrial 16% Office 13%Hotel 13% Student Housing 11% Other 11% Retail 10% Medical Office 7% Geographic Region (1) Property Type (1) (dollars in millions) Loan Portfolio Investment Activity and Diversity $34.5 $89.4 $58.1 $72.0
Slide 10: Loan Portfolio Credit Quality
Q3 2026 10 24% 14% 20% 18% 24% 30% - 60% 61% - 65% 66% - 70% 71% - 75% 76% - 80% Loan to Value (1) % of Portfolio Loan Portfolio Credit Quality —% 9% 68% 19% 4% Lower Risk (1) Average Risk (2) Acceptable Risk (3) Higher Risk (4) Impaired/Loss Likely (5) Risk Rating Distribution (1) % of Portfolio We
Slide 11: Office Loan Portfolio Update
Q3 2026 11 Retail Office Loan Portfolio Update Illustrates increased loan origination capacity resulting from repayment of under levered Dallas, TX office loan in August 2026, includes the effect of $1.5 million realized loss. Assumes 75% leverage on new loan investments, net of liquidity requiremen
Slide 12: Secured Financing Facilities
Q3 2026 12 Secured Financing Facilities (As of September 30, 2026) UBS Citibank (1) BMO Wells Fargo Total/Weighted Average (dollars in thousands) Maximum facility size $ 250,000 $ 215,000 $ 150,000 $ 250,000 $ 865,000 Principal balance $ 111,492 $ 81,691 $ 102,232 $ 143,857 $ 439,272 Unused capacity
Slide 13: Appendix
Mba SEVEN HILLS Appendix
Slide 14: Management
Q3 2026 14 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 relate
Slide 15: First mortgage loans as of September 30, 2026
Q3 2026 15 First mortgage loans as of September 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 Chattanooga, TN Multifamily 9/30/2026 $ 68,000 $ 68,000 S + 2.75% S + 3.13%
Slide 16: First mortgage loans as of September 30, 2026 (continued)
Q3 2026 16 First mortgage loans as of September 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 Park City, UT Retail 7/23/2026 24,250 24,125 S + 3.25% S + 4.02% 7/23/2029
Slide 17: Interest Rate Sensitivity
Q3 2026 17 Interest Rate Changes $(0.02) $(0.04) $(0.03) $(0.02) $— $0.02 $0.04 $0.07 $0.10 -100 bps -75 bps -50 bps -25 bps 0 bps +25 bps +50 bps +75 bps +100 bps $(0.06) $(0.04) $(0.02) $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 Interest Rate Sensitivity Annualized Impact to Net Interest Income per
Slide 18: Financial Summary
Q3 2026 18 Financial Summary September 30, December 31, 2026 2025 ASSETS Cash and cash equivalents $ 51,468 $ 123,471 Loans held for investment 703,765 685,707 Allowance for credit losses (9,344) (8,799) Loans held for investment, net 694,421 676,908 Real estate owned, net 10,678 10,986 Acquired rea
Slide 19: Condensed Consolidated Statements of Operations
Q3 2026 19 Condensed Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 INCOME FROM INVESTMENTS: Interest and related income $ 14,676 $ 13,442 $ 44,193 $ 42,123 Less: interest and related expenses (7,001) (6,998) (21,354) (21,95
Slide 20: Distributable Earnings Reconciliation
Q3 2026 20 Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Distributable Earnings Net income (loss) $ 8,052 $ (867) $ 4,385 $ 4,794 $ 3,430 Non-cash equity compensation expense 585 891 207 216 487 Non-cash accretion of purchase discount — (188)
Slide 21: Non-GAAP Financial Measures
Q3 2026 21 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 b
Slide 22: Definitions
Q3 2026 22 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
Slide 23: Forward-Looking Statements
Q3 2026 23 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”, “esti
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