Third Quarter 2021 Supplemental

THIRD QUARTER 2021

Supplemental Operating and Financial Data

ALL AMOUNTS IN THIS REPORT ARE UNAUDITED.

Table of Contents
CORPORATE INFORMATION
Company Profile......................................................................................................................................................................	3
Investor Information and Research Coverage ...................................................................................................................	4
Company Highlights...............................................................................................................................................................	5
PORTFOLIO OVERVIEW
Third Quarter 2021 Highlights..............................................................................................................................................	6
Loan Portfolio Summary.........................................................................................................................................................	7
Portfolio Growth and Diversification ...................................................................................................................................	8
Portfolio Credit Quality ..........................................................................................................................................................	9
Capital Structure Overview....................................................................................................................................................	10
Interest Rate Sensitivity...........................................................................................................................................................	11
APPENDIX
Loan Investment Details.........................................................................................................................................................	13
Purchase Discount Details .....................................................................................................................................................	15
Condensed Consolidated Balance Sheet ..........................................................................................................................	16
Condensed Consolidated Statements of Operations......................................................................................................	17
Reconciliation of Net Income to Distributable Earnings..................................................................................................	18
Pro Forma Condensed Consolidated Statements of Operations..................................................................................	19
WARNING CONCERNING FORWARD-LOOKINGSTATEMENTS ................................................................................................	21
NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS
Non-GAAPFinancial Measures.............................................................................................................................................	22
Other Measures and Definitions ..........................................................................................................................................	23

Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document.

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Supplemental Q3 2021

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Company Profile

The Company:

Seven Hills Realty Trust (formerly RMR Mortgage Trust, or RMRM), or SEVN, we, our or us, is a real estate finance company that focuses on originating and investing in floating rate first mortgage loans secured by middle market and transitional commercial real estate, or CRE. We define middle market CRE as commercial properties that have values up to $100.0 million and transitional CRE as commercial properties subject to redevelopment or repositioning activities that are expected to increase the value of the properties.

On September 30, 2021, we completed our previously announced merger with Tremont Mortgage Trust, or TRMT, whereby TRMT merged with and into RMRM, or the Merger. The Merger was effective after the close of trading on September 30, 2021. Accordingly, the assets acquired and liabilities assumed from TRMT in the Merger are included in SEVN's condensed consolidated balance sheet as of September 30, 2021; however, TRMT's results of operations are excluded from SEVN's condensed consolidated statements of operations for all periods presented. Upon the closing of the Merger, RMR Mortgage Trust changed its name to Seven Hills Realty Trust.

Certain pro forma financial information within the Appendix is presented as if the Merger had occurred on July 1, 2021.

Business Change:

As previously announced, on January 5, 2021, the Securities and Exchange Commission, or SEC, issued an order granting our request to deregister as an investment company under the Investment Company Act of 1940. This order enables us to proceed with full implementation of our new business mandate to operate as a commercial mortgage real estate investment trust, or REIT. As a result of the changes to our business, we have not provided a comparison of our financial statements to prior periods in which we were operating as a registered investment company because it would not be useful to our shareholders.

Management:

Our manager, Tremont Realty Capital LLC, or TRC, or our Manager, is registered with the SEC as an investment adviser. TRC is owned by The RMR Group LLC, or RMR LLC, the majority owned operating subsidiary of The RMR Group Inc., or RMR Inc., a holding company listed on The Nasdaq Stock Market LLC, or Nasdaq, under the symbol "RMR". We collectively refer to RMR Inc. and its consolidated subsidiaries, including RMR LLC, as RMR. RMR is an alternative asset management company that is focused on commercial real estate and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of September 30, 2021, RMR had $32.7 billion of real estate assets under management and the combined RMR managed companies had approximately $10.0 billion of annual revenues, nearly 2,100 properties and approximately 37,000 employees. We believe our Manager'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 our Manager provides us with significant experience and expertise in investing in middle market and transitional CRE.

Corporate Headquarters:

Two Newton Place

255 Washington Street, Suite 300 Newton, MA 02458-1634

[phone]

Stock Exchange Listing:

Nasdaq

Trading Symbol:

Common Shares: SEVN

Key Data (as of and for the three months ended September 30, 2021): (dollars in thousands)

Q3	2021 income from investments, net	$	4,022
Q3	2021 net income	$	2,484
Q3	2021 Distributable Earnings	$	2,484
Loans held for investment, net	$	434,474
Total assets	$	456,203

CORPORATE INFORMATION

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Supplemental Q3 2021

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Investor Information and Research Coverage

Board of Trustees

Barbara D. Gilmore	William A. Lamkin	Joseph L. Morea	Jeffrey P. Somers
Independent Trustee	Independent Trustee	Lead Independent Trustee	Independent Trustee
Matthew P. Jordan	Adam D. Portnoy
Managing Trustee	Chair of the Board & Managing Trustee
Executive Officers			Equity Research Coverage
Thomas J. Lorenzini	G. Douglas Lanois		JMP Securities
President	Chief Financial Officer and Treasurer		Steven C. Delaney
			[phone]
Contact Information			[e-mail]
Investor Relations	Inquiries
Seven Hills Realty Trust	Financial, investor and media inquiries should be directed to:	Jones Trading Institutional Services, LLC
Two Newton Place	Kevin Barry, Director, Investor Relations		Jason M. Stewart
255 Washington Street, Suite 300	at [phone] or [e-mail]		[phone]
[phone]			[e-mail]
[e-mail]
www.sevnreit.com			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.
CORPORATE INFORMATION			RETURN TO TABLE OF4 CONTENTS	Supplemental Q3 2021	4

Company Highlights

SEVN

Nasdaq Listed

100%

Loans Current on Debt

Service

$405M

Total Debt Capacity

22

Floating Rate First Mortgage Loans

68%

Weighted Average

Loan to Value

0.9x

Debt to Equity Ratio

$526M

Total Loan

Commitments

3.0

Weighted Average Portfolio Risk Rating

0.5x

Price to Adjusted Book

Value

Note: As of and for the three months ended September 30, 2021 (unless otherwise noted)

CORPORATE INFORMATION

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Supplemental Q3 2021

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