Seven Hills Realty Trust
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
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Schedule IV - Mortgage Loans on Real Estate S-1
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
DECEMBER 31, 2023
| # · Property Type/Location · Interest Rate · Maturity Date · Maximum Maturity Date (1) · Payment Terms (2) · Prior Liens (3) · Principal · Carrying Value | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| First Mortgage Loans (4) | |||||||||
| 1 | Multifamily, Olmsted Falls, OH | S + 4.00% | 01/28/2024 | 01/28/2026 | I/O | — | $46,083 | $46,471 | |
| 2 | Office, Dallas, TX | S + 3.25% | 08/25/2024 | 08/25/2026 | I/O | — | 43,510 | 41,949 | |
| 3 | Industrial, Passaic, NJ | S + 3.85% | 09/08/2025 | 09/08/2027 | I/O | — | 38,985 | 38,723 | |
| 4 | Retail, Brandywine, MD | S + 3.85% | 03/29/2025 | 03/29/2027 | I/O | — | 42,200 | 42,089 | |
| 5 | Multifamily, Auburn, AL | S + 3.25% | 11/11/2025 | 11/11/2026 | I/O | — | 37,500 | 37,323 | |
| 6 | Multifamily, Starkville, MS | S + 4.00% | 03/22/2025 | 03/22/2027 | I/O | — | 36,919 | 36,767 | |
| 7 | Multifamily, Farmington Hills, MI | S + 3.15% | 05/24/2025 | 05/24/2027 | I/O | — | 29,121 | 29,287 | |
| 8 | Office, Downers Grove, IL | S + 4.25% | 11/25/2024 | 11/25/2024 | I/O | — | 29,500 | 29,544 | |
| 9 | Hotel, Anaheim, CA | S + 4.00% | 11/29/2025 | 11/29/2028 | I/O | — | 29,000 | 28,711 | |
| 10 | Multifamily, Las Vegas, NV | S + 3.30% | 06/10/2025 | 06/10/2027 | I/O | — | 25,185 | 25,196 | |
| 11 | Industrial, Fountain Inn, SC | S + 4.25% | 07/13/2025 | 07/13/2026 | I/O | — | 24,300 | 24,084 | |
| 12 | Office, Plano, TX | S + 4.75% | 07/01/2024 | 07/01/2026 | I/O | — | 26,463 | 26,475 | |
| 13 | Industrial, Fayetteville, GA | S + 3.35% | 10/06/2026 | 10/06/2028 | I/O | — | 25,250 | 25,007 | |
| 14 | Office, Carlsbad, CA | S + 3.25% | 10/27/2024 | 10/27/2026 | I/O | — | 24,417 | 24,349 | |
| 15 | Industrial, Fontana, CA | S + 3.75% | 11/18/2024 | 11/18/2026 | I/O | — | 22,000 | 21,891 | |
| 16 | Office, Downers Grove, IL | S + 4.25% | 12/09/2024 | 12/09/2026 | I/O | — | 23,530 | 23,574 | |
| 17 | Office, Bellevue, WA | S + 3.85% | 11/05/2024 | 11/05/2026 | I/O | — | 20,000 | 19,941 | |
| 18 | Multifamily, Portland, OR | S + 3.57% | 07/09/2024 | 07/09/2026 | I/O | — | 19,688 | 19,695 | |
| 19 | Hotel, Scottsdale, AZ | S + 4.25% | 09/27/2026 | 09/27/2028 | I/O | — | 17,250 | 17,081 | |
| 20 | Retail, Delray Beach, FL | S + 4.25% | 03/18/2024 | 03/18/2026 | I/O | — | 15,602 | 15,627 | |
| 21 | Retail, Sandy Springs, GA | S + 3.75% | 09/23/2024 | 09/23/2026 | I/O | — | 15,287 | 15,245 | |
| 22 | Office, Westminster, CO | S + 3.75% | 05/25/2024 | 05/25/2026 | I/O | — | 15,750 | 15,435 | |
| 23 | Multifamily, Portland, OR | S + 3.57% | 07/30/2024 | 07/30/2026 | I/O | — | 13,400 | 12,995 | |
| 24 | Industrial, Allentown, PA | S + 3.50% | 01/24/2024 | 01/24/2025 | I/O | — | 8,952 | 9,003 | |
| Total | $629,892 | $626,462 | |||||||
| Less: allowance for credit losses (5) | (4,376) | ||||||||
| Total carrying value including allowance for credit losses | $622,086 | ||||||||
(1)Maximum maturity assumes all extension option have been exercised, which options are subject to the borrower meeting certain conditions.
(2)I/O = interest only until final maturity.
(3)Represents only third party prior liens.
(4)As of December 31, 2023, none of our borrowers were delinquent in payment.
(5)For further information regarding our allowance for credit losses, see Note 3 to our Consolidated Financial Statements.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (CONTINUED)
DECEMBER 31, 2023
| Reconciliation of Mortgage Loans on Real Estate: | Carrying Value |
|---|---|
| Balance as of January 1, 2022 | $570,780 |
| Additions during the year: | |
| Originations | 203,244 |
| Additional funding | 17,310 |
| Purchase discount accretion | 10,689 |
| Net amortization of deferred fees | 3,780 |
| Deductions during the year: | |
| Repayments | (133,568) |
| Deferred fees | (2,306) |
| Balance as of December 31, 2022 | 669,929 |
| Additions during the year: | |
| Originations | 133,300 |
| Additional funding | 5,636 |
| Purchase discount accretion | 4,128 |
| Net amortization of deferred fees | 3,333 |
| Decrease in allowance for credit losses | 517 |
| Deductions during the year: | |
| Repayments | (172,283) |
| Transfer to real estate owned | (15,960) |
| Deferred fees | (1,621) |
| Cumulative effect adjustment upon adoption of ASU No. 2016-13 | (4,893) |
| Balance as of December 31, 2023 | $622,086 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.