Seven Hills Realty Trust is a Maryland-based mortgage REIT that originates and holds floating rate first mortgage bridge loans on transitional commercial real estate across the U.S. Transitional CRE refers to properties undergoing redevelopment or repositioning that are not yet stabilized. Seven Hills focuses on middle-market loans between $15M and $75M on properties valued up to $100M, with LTVs of 75% or less at close. As of year-end 2025, the portfolio consisted of 24 loans with $724.5M in total commitments. Loans are floating rate, benchmarked to SOFR, and typically carry terms of five years or less. About 80% of originations come through CRE brokers like JLL, CBRE, and Newmark, with the remainder sourced directly from sponsors. Seven Hills earns money on the spread between loan yields and the cost of its repo financing facilities with UBS, Citibank, and Wells Fargo. Most loans include SOFR floors, which protect income if rates decline. Seven Hills has no employees; operations are managed externally by Tremont Realty Capital, a subsidiary of RMR Group. As a REIT, Seven Hills distributes at least 90% of taxable income, making portfolio reinvestment and origination pace key earnings drivers. The portfolio skews toward multifamily and industrial, and Seven Hills has been actively reducing office exposure, directing new originations toward multifamily, student housing, industrial, and necessity-based retail.