Seven Hills Realty Trust

What Seven Hills Realty Trust does

Seven Hills Realty Trust (Nasdaq: SEVN) is a Maryland-domiciled, publicly traded mortgage REIT founded in 2021 that originates and invests in first mortgage loans secured by middle market and transitional commercial real estate in major U.S. markets. The company's core product is a portfolio of floating-rate senior mortgage loans with principal balances typically ranging from $20 million to $75 million, stabilized loan-to-value ratios of 75% or less (averaging 66% as of Q1 2026), terms of five years or less, and SOFR-based pricing plus a competitive market spread. As of Q1 2026, the portfolio comprised 26 first mortgage loans with record total commitments of approximately $776 million, diversified across property types including multifamily, student housing, hospitality, industrial, retail, medical office, and self-storage, with office exposure deliberately reduced to roughly 20% of total assets.

The company is externally managed by Tremont Realty Capital, a wholly-owned subsidiary of The RMR Group (Nasdaq: RMR), a publicly traded U.S. alternative asset manager with over $37 billion in AUM and 40 years of institutional CRE experience and a network of 30+ offices and nearly 900 real estate professionals. Tremont sources deals directly and through commercial real estate intermediaries including JLL and Colliers. Revenue is generated almost entirely through net interest income on the floating-rate loan portfolio, with Q1 2026 net interest margins of 195 basis points representing a four-year high, and distributable earnings of $5.3 million ($0.24 per share) at the high end of guidance. The RMR Group increased its equity interest to 20.3% via a $65.2 million fully backstopped rights offering completed in December 2025, and the company is governed by a seven-member board with 71% independent trustees.

Name

Seven Hills Realty Trust

Legal name

Seven Hills Realty Trust

Website

https://sevnreit.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Seven Hills Realty Trust is a publicly traded mortgage REIT (Nasdaq: SEVN) that originates floating-rate first mortgage loans secured by middle market transitional commercial real estate in major U.S. markets, managed by Tremont Realty Capital, a subsidiary of The RMR Group.

Ownership category

akta.pro rank

Product category

Commercial Mortgage Lending

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Direct Lending — Senior Secured (First Lien) (FSAHAJAA)

akta.pro secondary industry

Real Estate Private Credit (CRE Debt) (FSANADAG)

Keywords

• Commercial mortgage lending
• First mortgage loans
• Mortgage REIT
• Transitional real estate finance
• Middle market bridge loans

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Others

Revenue model

1. Interest Income from First Mortgage Loans: The company generates revenue primarily through interest income on its portfolio of first mortgage floating rate loans. Loans are structured with SOFR-based floating rates plus competitive market spreads, generating net interest margins of approximately 195 basis points.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Seven Hills Realty Trust is a mortgage REIT that originates and invests in first mortgage whole loans secured by middle market and transitional commercial real estate properties. Loans typically range from $20 million to $75 million in principal balance with floating interest rates tied to SOFR plus a market spread, terms of five years or less, and conservative loan-to-value ratios generally 75% or less. The company is managed by Tremont Realty Capital, a subsidiary of The RMR Group.

Product overview

Seven Hills Realty Trust operates as a single unified REIT offering, primarily focused on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate. The company's core product is its first mortgage loan portfolio, which includes floating-rate bridge loans with principal balances typically ranging from $20 million to $75 million, structured with terms of five years or less and LTV ratios generally at 75% or less. The investment platform leverages the resources and expertise of its manager, Tremont Realty Capital, and its parent company, The RMR Group, to source and underwrite loan opportunities across various commercial real estate sectors including multifamily, hospitality, industrial, retail, medical office, and self-storage.

Differentiator

Problem solved

Functional benefit

Products and services

• First Mortgage Whole Loans SEVN originates and invests in first mortgage whole loans secured by middle market and transitional commercial real estate, with principal balances of $20 million to $75 million, stabilized LTV ratios generally 75% or less, terms of five years or less, and floating interest rates based on SOFR plus a competitive market spread. Loans are non-recourse to sponsors with customary carve-out guarantees.
• Mortgage REIT Investment Platform SEVN's investment platform focuses on originating first mortgage loans backed by middle-market commercial real estate, providing a balanced approach to capital preservation and risk-adjusted returns through diversified property-type exposure including multifamily, hospitality, industrial, retail, medical office, and self-storage. Managed by Tremont Realty Capital with access to RMR Group's nationwide network and proprietary underwriting capabilities.

Quantifiable outcome

• Record $776 million in total outstanding loan commitments with no non-accruals or losses
• +2 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• JLL (Jones Lang LaSalle)coreChannel Partner/ Reseller/ DistributorJLL serves as a key intermediary bringing loan opportunities to Tremont Realty Capital. Multiple transactions have been sourced through JLL, including loans for Enclave at Roswell multifamily property, Snapbox Self Storage Philadelphia, and SpringHill Suites Scottsdale.
• CollierscoreChannel Partner/ Reseller/ DistributorColliers brings loan transaction opportunities to Tremont Realty Capital, including the $22.7 million Sugar Land Medical Plaza refinancing loan for sponsors Harrison Street and Pinecroft Realty.
• Palmer CapitalminorChannel Partner/ Reseller/ DistributorCapital advisory firm that brought the Town Center Plaza retail loan opportunity to Tremont Realty Capital on behalf of sponsor United Growth.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Apollo Commercial Real Estate Finance: Externally-managed mortgage REIT (NYSE: ARI) focused on originating and acquiring senior secured floating-rate loans across CRE property types — directly comparable mandate and similar middle-market orientation.
• Ready Capital: Publicly-traded mortgage REIT (NYSE: RC) that originates and acquires small-balance commercial real estate loans — adjacent in CRE lending mandate but more heavily focused on smaller-balance / non-bank-eligible CRE loans.
• Starwood Property Trust: Largest externally-managed mortgage REIT (NYSE: STWD) with a senior secured floating-rate CRE loan book as a core strategy; provides a comparable product but at meaningfully greater scale and diversification.
• Blackstone Mortgage Trust: Externally-managed mortgage REIT (NYSE: BXMT) sponsored by Blackstone that originates senior secured floating-rate loans, primarily transitional, on institutional CRE in major U.S. markets.
• TPG RE Finance Trust: Externally-managed mortgage REIT (NYSE: TRTX) sponsored by TPG that originates senior secured floating-rate loans on commercial real estate, with comparable focus on transitional middle market assets.
• Ladder Capital: Internally-managed commercial real estate finance company (NYSE: LADR) that originates senior secured first mortgage loans on transitional and stabilized middle market CRE — closely aligned with SEVN's loan-by-loan underwriting model.
• Ares Commercial Real Estate: Externally-managed mortgage REIT (NYSE: ACRE) that originates and invests in first mortgage loans and junior capital solutions secured by income-producing commercial real estate in the U.S. — directly comparable to SEVN in mandate, scale, and target market.
• KKR Real Estate Finance Trust: Externally-managed mortgage REIT (NYSE: KREF) affiliated with KKR that primarily originates and acquires senior secured floating-rate CRE loans — directly comparable in structure, asset class, and sponsorship model.

Broad incumbents

• AG Mortgage Investment Trust: Mortgage REIT (NYSE: MITT) investing in residential and commercial mortgage-related assets — overlapping in CRE credit but with a meaningfully broader (multi-sector) portfolio mandate.
• Chimera Investment Corporation: Hybrid mortgage REIT (NYSE: CIM) with primarily residential mortgage credit exposure but also participating in CRE credit — adjacent rather than directly comparable, included for breadth across the mortgage REIT universe.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds8 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seven Hills Realty Trust