Revenue performance remains highly sensitive to deployment cycles, highlighted by a 127.3% year-over-year surge in 2025Q4 followed by a contraction in NOI margins to 81% in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Revenue | 43.74M | 58.87M | 29.97M | 34.91M | 55.99M | 35.71M | -54.31M | 72.05M | -23.65M | 9.83M | 26.89M | -1.26M | 52.69M | 2.58M | 32.95M | 6.45M |
| Revenue Growth % | 44.56% | 96.42% | -14.14% | -37.66% | 56.81% | 165.75% | -175.37% | 404.63% | -340.55% | -63.43% | 2237.7% | -102.39% | 1943.96% | -92.18% | 410.56% | - |
| Property Operating Expenses | 6.29M | 11.51M | 2.49M | 1.29M | 6.49M | 4.79M | 0 | 0 | 3.37M | 3.46M | 2.87M | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 37.45M | 47.36M | 27.48M | 33.61M | 49.5M | 30.92M | -54.31M | 72.05M | -27.02M | 6.37M | 24.02M | -1.26M | 52.69M | 2.58M | 32.95M | 6.45M |
| NOI Margin % | 85.62% | 80.45% | 91.7% | 96.3% | 88.41% | 86.6% | 100% | 100% | 114.25% | 64.79% | 89.32% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 4.02M | 2.43M | 9.21M | 9.22M | 8.1M | 6.31M | -54.31M | 72.05M | 1.27M | 1.61M | 1.07M | 913.9K | 894.6K | 939.23K | 617.91K | 1.1M |
| G&A Expenses | 4.36M | 4.44M | 3.9M | 7.84M | 6.35M | 5.25M | 1.37M | 1.12M | 1.2M | 1.47M | 939.82K | 782.09K | 768.94K | 819.86K | 735.32K | 1.1M |
| EBITDA | 33.5M | 46.04M | 50.91M | 25M | 55.99M | 26.15M | -54.47M | 73.8M | 16.78M | 12.4M | 10.63M | -1.47M | 52.47M | -5.18M | 32.95M | 5.73M |
| EBITDA Margin % | 76.59% | 78.21% | 169.87% | 71.62% | 100% | 73.24% | 100.31% | 102.43% | -70.95% | 126.12% | 39.54% | 116.97% | 99.58% | -200.97% | 99.97% | 88.8% |
| Depreciation & Amortization | 547K | 1.11M | 1.29M | 604K | 10.57M | -1.68M | 0 | 0 | 43.5M | 9.77M | -9.37M | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 1.25% | 1.88% | 4.31% | 1.73% | 18.88% | -4.7% | 0% | 0% | -183.9% | 99.35% | -34.84% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | 32.95M | 44.93M | 49.62M | 24.39M | 45.42M | 27.83M | 0 | 0 | -26.72M | 2.63M | 20M | -11.61M | 46.8M | -5.18M | 36.68M | 4.42M |
| Operating Margin % | 75.34% | 76.33% | 165.57% | 69.89% | 81.12% | 77.94% | 0% | 0% | 112.95% | 26.78% | 74.38% | 922.93% | 88.81% | -200.97% | 111.31% | 68.42% |
| Interest Expense | 2M | 29.48M | 31.77M | 33.52M | 17.63M | 2.25M | 1.21M | 2.87M | 2.91M | 1.4M | 1M | 700.45K | 672.29K | 661.34K | 608.2K | 376.35K |
| Interest Coverage | - | 1.52x | 1.56x | -0.02x | 2.58x | 12.35x | -45.11x | 25.70x | -7.56x | 6.88x | 26.71x | -2.10x | 78.05x | 3.48x | 54.17x | 15.23x |
| Non-Operating Income | 3.23M | 0 | 0 | 25M | 0 | 0 | 54.47M | -73.8M | -4.71M | -9.62M | -1M | 1.47M | -52.47M | -2.3M | -32.95M | -5.73M |
| Pretax Income | 9.95M | 15.45M | 17.85M | 25.93M | 27.75M | 24.99M | -55.68M | 70.93M | -24.92M | 8.22M | 25.81M | -2.17M | 51.8M | 1.64M | 32.34M | 5.36M |
| Pretax Margin % | 22.74% | 26.24% | 59.57% | 74.28% | 49.57% | 69.98% | 102.53% | 98.44% | 105.35% | 83.6% | 96.01% | 172.66% | 98.3% | 63.57% | 98.12% | 82.97% |
| Income Tax | 3K | 14K | 33K | -38K | 113K | 338K | 0 | 0 | -4.71M | 9.62M | 26.82M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.03% | 0.09% | 0.18% | -0.15% | 0.41% | 1.35% | 0% | 0% | 18.9% | 116.99% | 103.89% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 15.29M | 15.43M | 17.64M | 25.75M | 27.45M | 24.65M | -55.68M | 70.93M | -20.21M | 8.22M | 25.81M | -2.17M | 51.8M | 1.64M | 32.34M | 5.36M |
| Net Margin % | 34.95% | 26.22% | 58.84% | 73.76% | 49.02% | 69.03% | 102.53% | 98.44% | 85.44% | 83.6% | 96.01% | 172.66% | 98.3% | 63.57% | 98.12% | 82.97% |
| Net Income Growth % | -9.73% | -12.49% | -31.5% | -6.2% | 11.35% | 144.27% | -178.5% | 450.98% | -345.84% | -68.15% | 1288.64% | -104.19% | 3060.82% | -94.93% | 503.85% | - |
| Funds From Operations (FFO) | 14.7M | 16.54M | 18.93M | 26.35M | 38.02M | 22.97M | -55.68M | 70.93M | 23.29M | 17.99M | 16.45M | -2.17M | 51.8M | 1.64M | 32.34M | 5.36M |
| FFO Margin % | 33.62% | 28.1% | 63.15% | 75.49% | 67.9% | 64.33% | 102.53% | 98.44% | -98.46% | 182.95% | 61.17% | 172.66% | 98.3% | 63.57% | 98.12% | 82.97% |
| FFO Growth % | -39.43% | -12.61% | -28.17% | -30.69% | 65.51% | - | - | - | 29.46% | 9.38% | - | - | - | - | - | - |
| FFO per Share | 0.66 | 1.09 | 1.29 | 1.80 | 2.61 | 2.03 | -5.46 | 6.95 | 2.28 | 2.10 | 2.15 | -0.28 | 6.76 | 0.22 | 4.53 | 2.25 |
| FFO Payout Ratio % | 92.62% | 113.88% | 109.75% | 78.33% | 38.5% | 20% | 0% | 0% | 60.27% | 63.23% | 63.43% | -478.71% | 19.96% | 621.96% | 26.04% | 74.53% |
| EPS (Diluted) | 0.68 | 1.00 | 1.20 | 1.76 | 1.89 | 2.18 | -5.49 | 6.95 | -1.98 | 0.91 | 3.33 | -0.28 | 6.73 | 0.20 | 4.51 | 2.20 |
| EPS Growth % | -21.93% | -16.67% | -31.82% | -6.88% | -13.3% | 139.71% | -178.99% | 451.01% | -317.58% | -72.67% | 1289.29% | -104.16% | 3265% | -95.57% | 105% | - |
| EPS (Basic) | - | 1.00 | 1.20 | 1.76 | 1.89 | 2.18 | -5.49 | 6.95 | -1.98 | 0.91 | 3.33 | -0.28 | 6.73 | 0.20 | 4.51 | 2.20 |
| Diluted Shares Outstanding | 22.4M | 15.24M | 14.71M | 14.63M | 14.54M | 11.3M | 10.2M | 10.2M | 10.2M | 8.55M | 7.65M | 7.71M | 7.66M | 7.35M | 7.13M | 2.38M |
Transitional loan credit exposure
As reported in recent financial filings, SEVN experienced significant revenue fluctuations, including a 127.3% year-over-year surge in 2025Q4 followed by a 9.8% increase in 2026Q1, suggesting that the company's top-line performance remains highly sensitive to the timing of loan originations and capital deployment within its middle-market niche.
The erratic nature of revenue growth indicates that SEVN's income stream is heavily dependent on transactional activity rather than a steady, predictable interest yield. Investors should monitor whether this volatility reflects a deliberate strategy to time market opportunities or an inability to maintain consistent portfolio scale.
Based on the company's quarterly data, FFO per share has demonstrated substantial inconsistency, ranging from a high of $0.43 in 2023Q4 to a low of $0.14 in 2025Q2, which raises questions regarding the predictability of cash flows available for distribution to shareholders.
The wide variance in FFO per share suggests that the company's earnings power is susceptible to credit-related adjustments or fluctuations in interest income. This instability warrants further investigation into whether the current dividend payout remains sustainable under varying interest rate environments and potential credit loss scenarios.
According to the provided income statement data, NOI margins have fluctuated significantly, dropping from 100% in 2024Q4 to 81% in 2025Q4, which may indicate rising operational costs or increased credit provisions impacting the net profitability of the underlying mortgage loan portfolio.
The compression in NOI margins suggests that the cost of managing the portfolio or the impact of non-accrual loans may be exerting downward pressure on profitability. Analysts should evaluate if these margin shifts are temporary timing differences or a structural trend toward higher operating expenses.
Financial statements indicate that GAAP net income frequently deviates from FFO, as evidenced by the 2026Q1 net income of $4.4M compared to FFO of $3.8M, suggesting that non-cash accounting items and credit loss provisions are significantly obscuring the true economic earnings of the REIT.
The divergence between net income and FFO highlights the necessity of adjusting for CECL provisions and other non-cash charges to accurately assess the company's dividend-paying capacity. Investors should be cautious of relying on headline net income, as it may not reflect the actual cash-generating potential of the loan book.
Quick answers to the most common questions about buying SEVN stock.
For fiscal year 2025, Seven Hills Realty Trust (SEVN) reported total revenue of $58.9M. This represents a 812.0% increase compared to $6.5M in 2011.
Seven Hills Realty Trust (SEVN) is profitable, generating $15.4M in net income for the fiscal year ending 2025 with a net profit margin of 26.2%.
Seven Hills Realty Trust (SEVN) reported an operating income of $44.9M, resulting in an operating profit margin of 76.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Seven Hills Realty Trust (SEVN) generated $47.4M in gross profit for the year, representing a gross profit margin of 80.5%. This demonstrates the company's core pricing power and production efficiency.