Seven Hills Realty Trust (SEVN) 10-K 17 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 14, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34383
Entity Registrant Name	Seven Hills Realty Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-4649929
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	332-9530
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	SEVN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 118.8
Entity Common Stock, Shares Outstanding		14,597,079
Documents Incorporated by Reference	Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2022 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2021.
Entity Central Index Key	0001452477
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor [Line Items]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts
RMR Mortgage Trust
Auditor [Line Items]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Boston, Massachusetts

CONSOLIDATED BALANCE SHEET_CONS

CONSOLIDATED BALANCE SHEET/CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 26,197	$ 103,314
Restricted cash	98	250
Loans held for investment, net	570,780	91,879
Accrued interest receivable	1,433
Prepaid expenses and other assets	1,485
Dividends and interest receivable		139
Prepaid expenses		345
Other assets		128
Total assets	599,993	196,055
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, accrued liabilities and deposits	1,561
Secured financing facilities, net	339,627
Due to related persons	1,111
Accrued income taxes		2,386
Accrued expenses and other liabilities		491
Advisory fee payable		141
Deferred revenue		82
Compliance and internal audit costs payable		31
Administrative fee payable		30
Total liabilities	342,299	3,161
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $0.001 par value per share; 25,000,000 shares authorized; 14,597,079 shares issued and outstanding	15	10
Additional paid in capital	237,624	192,884
Cumulative net income	24,650
Cumulative distributions	(4,595)
Total shareholders' equity	257,694	192,894
Total liabilities and shareholders' equity	599,993
Net assets attributable to common shares		192,894
Composition of net assets attributable to common shares
Common shares, $0.001 par value per share; unlimited number of shares authorized	15	10
Additional paid in capital	$ 237,624	192,884
Net assets attributable to common shares		$ 192,894
Common shares outstanding (in shares)	14,597,079	10,202,000
Net asset value per share attributable to common shares (in dollars per share)		$ 18.91

CONSOLIDATED BALANCE SHEET_CO_2

CONSOLIDATED BALANCE SHEET/CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Loans held for investment, cost		$ 91,879
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares authorized (in shares)	25,000,000
Common shares issued (in shares)	14,597,079
Common shares outstanding (in shares)	14,597,079	10,202,000

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME FROM INVESTMENTS/INVESTMENT INCOME:
Interest income from investments	$ 16,775
Purchase discount accretion	18,932
Less: interest and related expenses	(2,253)	$ (1,208)
Income from investments, net	33,454
Dividend income		6,804
Interest income from mortgage loan investments		563
Other income		353
Total investment income		7,720
OTHER EXPENSES/EXPENSES:
Base management fees	3,221
General and administrative expenses	3,091
Reimbursement of shared services expenses	1,565
Other transaction related costs	589
Total other expenses	8,466
Advisory		2,364
Legal		362
Compliance and internal audit		145
Shareholder reporting		110
Custodian		86
Administrative		77
Preferred share remarketing and auction fees		65
Trustees' fees and expenses		55
Audit		49
Other		424
Total expenses before interest expense		3,737
Interest expense	2,253	1,208
Total expenses		4,945
Income before income tax expense	24,988
Income tax expense	(338)	(2,386)
Net income	$ 24,650
Net investment income		2,775
Weighted average common shares outstanding- basic (in shares)	11,304
Weighted average common shares outstanding, diluted (in shares)	11,304
Net income per common share, basic (in dollars per share)	$ 2.18
Net income per common share, diluted (in dollars per share)	$ 2.18
Realized and change in unrealized gains (losses) on investments
Net realized gain on investments before taxes		13,208
Income tax expense	$ 338	2,386
Net realized gains on investments after taxes		10,822
Net change in unrealized loss on investments		(69,278)
Net realized and change in unrealized loss on investments after taxes		(58,456)
Net decrease in net assets before preferred distributions resulting from operations		(55,681)
Distributions to preferred shareholders from net investment income		(323)
Net decrease in net assets attributable to common shares resulting from operations		$ (56,004)

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY/CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Cumulative Net Income	Cumulative Distributions
Beginning balance (in shares) at Dec. 31, 2019	10,202,000
Ending balance (in shares) at Dec. 31, 2020	10,202,000	10,202,000
Ending balance at Dec. 31, 2020	$ 192,894	$ 10	$ 192,884	$ 0	$ 0
Investment Company, Net Assets from Operations, Increase (Decrease) [Abstract]
Net investment income	2,775
Net realized gain on investments after taxes	10,822
Net change in unrealized loss on investments	(69,278)
Distributions to preferred shareholders from net investment income	(323)
Net decrease in net assets attributable to common shares resulting from operations	(56,004)
Distributions to common shareholders from:
Distributable earnings	(6,427)
Total distributions to common shareholders	(6,427)
Capital shares transactions
Redemption of auction rate preferred shares	(16,675)
Net decrease in capital share transactions	(16,675)
Liquidation preference of preferred shares repurchased	16,675
Total decrease in net assets attributable to common shares	(62,431)
Beginning of year at Dec. 31, 2019	255,325
End of year at Dec. 31, 2020	$ 192,894
Beginning balance (in shares) at Dec. 31, 2019	10,202,000
Ending balance (in shares) at Dec. 31, 2020	10,202,000	10,202,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)		4,285,000
Issuance of shares	$ 44,175	$ 5	44,170
Share grants (in shares)		116,000
Share grants	627		627
Share repurchases (in shares)		(6,000)
Share repurchases	(57)		(57)
Net income	24,650			24,650
Distributions	$ (4,595)				(4,595)
Ending balance (in shares) at Dec. 31, 2021	14,597,079	14,597,000
Ending balance at Dec. 31, 2021	$ 257,694	$ 15	$ 237,624	$ 24,650	$ (4,595)
Beginning balance (in shares) at Dec. 31, 2020	10,202,000	10,202,000
Ending balance (in shares) at Dec. 31, 2021	14,597,079	14,597,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 24,650
Net decrease in net assets before preferred distributions resulting from operations		$ (55,681)
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of purchase discount	(18,932)
Share based compensation	627
Amortization of deferred financing costs	211
Amortization of loan origination and exit fees	(1,679)
Origination of loans held for investment		(91,879)
Purchases of long term investments		(10,078)
Proceeds from sales of long term investments		302,797
Net sales of short term investments		4,477
Decrease in payable for securities purchased		(10)
Changes in operating assets and liabilities:
Accrued interest receivable and interest advances	(1,107)
Prepaid expenses and other assets	(932)
Accounts payable, accrued liabilities and deposits	(2,329)
Due to related persons	283
Decrease in dividends and interest receivable and other assets		2,436
Increase in accrued income taxes		2,386
Increase in accrued expenses and other liabilities		430
Increase in prepaid expenses		(296)
Decrease in advisory fee payable		(118)
Decrease in interest payable		(212)
Decrease in compliance and internal audit costs payable		(6)
Increase in administrative fee payable		3
Net change in unrealized loss on investments		69,278
Net realized gain on investments and foreign currency transactions		(13,208)
Net cash provided by operating activities	792	210,319
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination of loans held for investment	(343,471)
Additional funding of loans held for investment	(4,343)
Repayment of loans held for investment	59,041
Payment of merger related costs	(6,160)
Cash assumed in merger	11,070
Net cash used in investing activities	(283,863)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from secured financing facilities	249,804
Repayments under secured financing facilities	(37,897)
Payments of deferred financing costs	(1,453)
Repurchase of common shares	(57)
Distributions	(4,595)
Distributions paid to preferred shareholders		(323)
Distributions paid to common shareholders		(6,427)
Repayment of RMR credit agreement		(88,000)
Redemption of auction preferred shares		(16,675)
Net cash provided by financing activities	205,802	(111,425)
Decrease in cash, cash equivalents and restricted cash	(77,269)	98,894
Cash, cash equivalents and restricted cash at beginning of period	103,564	4,670
Cash, cash equivalents and restricted cash at end of period	26,295	103,564
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	1,718	1,420
Income taxes paid	2,681
NON-CASH INVESTING ACTIVITIES
Loans held for investment acquired by issuance of common shares	162,990
Working capital net liabilities assumed	924
NON-CASH FINANCING ACTIVITIES
Assumption of master repurchase facility	128,962
Issuance of common shares	44,175
Cash and cash equivalents	26,197	103,314
Restricted cash	98	250
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 26,295	$ 103,564

CONSOLIDATED PORTFOLIO OF INVES

CONSOLIDATED PORTFOLIO OF INVESTMENTS $ in Thousands		12 Months Ended
		Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Investment Company, Financial Highlights [Line Items]
Net assets attributable to common shareholders		100.00%
Other assets less liabilities	[1]	$ 101,015
Net assets attributable to common shares		$ 192,894	$ 255,325
Mortgage Loan
Investment Company, Financial Highlights [Line Items]
Net assets attributable to common shareholders	[2]	47.60%
Cost		$ 91,879
Value		91,879
Mortgage Loan | Office Property, Downers Grove, IL
Investment Company, Financial Highlights [Line Items]
Committed Principal Amount		30,000
Cost		29,232
Value		$ 29,232
Mortgage Loan | Office Property, Downers Grove, IL | LIBOR
Investment Company, Financial Highlights [Line Items]
Coupon Rate		0.0425
Mortgage Loan | Laboratory Property, Durham, NC
Investment Company, Financial Highlights [Line Items]
Committed Principal Amount		$ 21,500
Cost		13,281
Value		$ 13,281
Mortgage Loan | Laboratory Property, Durham, NC | LIBOR
Investment Company, Financial Highlights [Line Items]
Coupon Rate		0.0435
Mortgage Loan | Retail Property, Los Angeles, CA
Investment Company, Financial Highlights [Line Items]
Committed Principal Amount		$ 24,600
Cost		17,029
Value		$ 17,029
Mortgage Loan | Retail Property, Los Angeles, CA | LIBOR
Investment Company, Financial Highlights [Line Items]
Coupon Rate		0.0425
Mortgage Loan | Office/Industrial Property, Aurora, IL
Investment Company, Financial Highlights [Line Items]
Committed Principal Amount		$ 16,500
Cost		14,540
Value		$ 14,540
Mortgage Loan | Office/Industrial Property, Aurora, IL | LIBOR
Investment Company, Financial Highlights [Line Items]
Coupon Rate		0.0435
Mortgage Loan | Laboratory Property, Berkeley, CA
Investment Company, Financial Highlights [Line Items]
Committed Principal Amount		$ 19,120
Cost		17,797
Value		$ 17,797
Mortgage Loan | Laboratory Property, Berkeley, CA | LIBOR
Investment Company, Financial Highlights [Line Items]
Coupon Rate		0.0435
Non-Mortgage Loan Investments
Investment Company, Financial Highlights [Line Items]
Net assets attributable to common shareholders	[1]	52.40%
[1]	Please refer to our consolidated statement of assets and liabilities for further information on these amounts.
[2]	The mortgage loans we invest in are not registered under the securities laws. These mortgage loans are valued using Level III inputs as defined in the fair value hierarchy under GAAP.

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Seven Hills Realty Trust (formerly known as RMR Mortgage Trust) is a Maryland real estate investment trust, or REIT. We were previously organized as a Maryland statutory trust and were registered under the Investment Company Act of 1940, as amended, or the 1940 Act, as a closed-end management investment company. Our investment objective while we operated as a registered investment company was investing in equity securities of real estate companies. 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 1940 Act, or the Deregistration Order. As a result, we changed our SEC registration to a reporting company under the Securities Exchange Act of 1934, as amended, or the Exchange Act. The issuance of the Deregistration Order enabled us to proceed with full implementation of our new business mandate to operate as a REIT that focuses primarily on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate, or CRE, or the Business Change. On December 22, 2021, we converted from a Maryland statutory trust to a Maryland REIT. Merger with Tremont Mortgage Trust On April 26, 2021, we and Tremont Mortgage Trust, or TRMT, entered into an Agreement and Plan of Merger, or the Merger Agreement, pursuant to which, on the terms and subject to the satisfaction or waiver of the conditions thereof, TRMT agreed to merge with and into us, with us continuing as the surviving entity. The merger with TRMT, or the Merger, was consummated and became effective at 4:01 p.m., Eastern Time, on September 30, 2021, or the Effective Time. At the Effective Time, the separate existence of TRMT ceased and we changed our name to “Seven Hills Realty Trust”. The combined company continues to be managed by Tremont Realty Capital LLC, or TRC, or our Manager, and our common shares continue to trade on The Nasdaq Stock Market LLC, or Nasdaq, under our current symbol “SEVN". Pursuant to the terms set forth in the Merger Agreement and the letter agreement, dated as of August 26, 2021, by and between us and TRMT, or the Letter Agreement, at the Effective Time, each one issued and outstanding common share of beneficial interest, $0.01 par value per share, of TRMT, or the TRMT Common Shares, was automatically converted into the right to receive 0.516 of our common shares of beneficial interest, $0.001 par value per share, or our common shares. No fractional common shares of ours were issued in the Merger, and holders of shares of TRMT Common Shares received cash in lieu of any such fractional shares. Pursuant to the Merger Agreement and the Letter Agreement, at the Effective Time, each outstanding unvested TRMT Common Share awarded under TRMT's equity compensation plan was converted into an award of our common shares determined by multiplying the number of unvested TRMT Common Shares subject to such award by 0.516 (rounded down to the nearest whole number). Such award will continue to be subject to the same vesting and other terms and conditions as were in effect immediately prior to the Effective Time. Upon consummation of the Merger, TRMT's separate management agreement with TRC was terminated and TRC waived its right to receive payment of the termination fee that would otherwise have been payable as a result of that termination. In consideration of this waiver, we agreed that, effective upon consummation of the Merger and the termination of TRMT's management agreement with TRC, certain of the expenses TRC had paid pursuant to such management agreement will be included in the “Termination Fee” under and as defined in our existing management agreement with TRC. The purchase price, based on the closing price per share of our common shares on September 30, 2021 of $10.31 per share, was $169,150, including the assumption of $128,962 outstanding under TRMT's master repurchase facility with Citibank, N.A., or Citibank, or the Citibank Master Repurchase Facility, and closing costs of $6,160 and assumed working capital of $10,146. Following the Merger and the other transactions contemplated by the Merger Agreement, we assumed the Citibank Master Repurchase Facility and the portfolio of 10 loans with an aggregate principal balance of $204,692.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Prior to the Business Change, the Trust was accounted for as an investment company in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 946, Financial Services - Investment Companies , or the Predecessor Basis. Upon the Business Change, we discontinued the application of guidance in ASC Topic 946 and prospectively applied the guidance required under U.S. generally accepted accounting principles, or GAAP, applicable to companies that are not investment companies, or the Successor Basis. As a result of these changes, our consolidated financial statements as of and for the year ended December 31, 2021 are presented separately from our financial statements on the Predecessor Basis, as of and for the year ended December 31, 2020. The results of operations from January 1, 2021 through January 4, 2021 were not material to the Trust's consolidated financial statements and have not been presented separately, but they are included in our consolidated statement of operations for the year ended December 31, 2021. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim periods have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the accompanying consolidated financial statements include the fair value of financial instruments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Consolidation. These consolidated financial statements include the accounts of ours and our subsidiaries, all of which are 100% owned directly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. For each investment we make, we evaluate whether consolidation of the borrower's financial statements is required under GAAP. GAAP addresses the application of consolidation principles to an investor with a controlling financial interest. Cash, Cash Equivalents and Restricted Cash. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash primarily consists of deposit proceeds from potential borrowers when originating loans, which may be returned to the applicable borrower upon the closing of the loan, after deducting any transaction costs paid by us for the benefit of such borrower. Secured Financing Agreements. Loans financed through secured financing agreements are treated as collateralized financing transactions, unless they meet sales treatment under GAAP. Pursuant to GAAP treatment of collateralized financing transactions, loans financed through secured financing agreements remain on our consolidated balance sheet as assets and cash received from the purchasers is recorded on our consolidated balance sheet as liabilities. Interest paid in accordance with secured financing agreements is recorded as interest expense. Loans Held for Investment. Generally, our loans are classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of unamortized loan origination fees, accreted fees, unamortized premiums and unaccreted discounts, as applicable, that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are deemed to be impaired. Loans that we have a plan to sell or liquidate are held at the lower of cost or fair value less cost to sell. We evaluate each of our loans for impairment at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, risk of loss, current loan to value ratio, or LTV, debt yield, collateral performance, structure, exit plan and sponsorship. Loans are rated “1” (lower risk) through “5” (impaired/loss likely) as defined below: "1" lower risk—Criteria reflects a sponsor having a strong financial condition and low credit risk and our evaluation of management's experience; collateral performance exceeding performance metrics included in the business plan or credit underwriting; and the property demonstrating stabilized occupancy and/or market rates, resulting in strong current cash flow and net operating income and/or having a very low LTV. "2" average risk—Criteria reflects a sponsor having a stable financial condition and our evaluation of management's experience; collateral performance meeting or exceeding substantially all performance metrics included in the business plan or credit underwriting; and the property demonstrating improved occupancy at market rents, resulting in sufficient current cash flow and/or having a low LTV. "3" acceptable risk—Criteria reflects a sponsor having a history of repaying loans at maturity and meeting its credit obligations and our evaluation of management's experience; collateral performance expected to meet performance metrics included in the business plan or credit underwriting; and the property having a moderate LTV. New loans and loans with a limited history will typically be assigned this rating and will be adjusted to other levels from time to time as appropriate. "4" higher risk—Criteria reflects a sponsor having a history of unresolved missed or late payments, maturity extensions and difficulty timely fulfilling its credit obligations and our evaluation of management's experience; collateral performance failing to meet the business plan or credit underwriting; the existence of a risk of default possibly leading to a loss and/or potential weaknesses that deserve management’s attention; and/or the property having a high LTV. "5" impaired/loss likely—Criteria reflects a very high risk of realizing a principal loss or having incurred a principal loss; a sponsor having a history of default payments, trouble fulfilling its credit obligations, deeds in lieu of foreclosures, and/or bankruptcies; collateral performance is significantly worse than performance metrics included in the business plan; loan covenants or performance milestones having been breached or not attained; timely exit via sale or refinancing being uncertain; and/or the property having a very high LTV. See Note 6 for further information regarding our current loan portfolio’s assessment under our internal risk rating policy. Impairment occurs when it is deemed probable that we will not be able to collect all amounts due under a loan according to its contractual terms. Impairment will then be measured based on the present value of the expected future cash flows discounted at the loan's contractual effective rate and the fair value of any available collateral, net of any costs we expect to incur to realize that value. The determination of this estimated fair value involves judgments and assumptions based on objective and subjective factors. Consideration will be given to various factors, such as business plans, property occupancies, tenant profiles, rental rates, operating expenses and borrowers’ repayment plans, among others, and will require significant judgments regarding certain circumstances, such as guarantees, if any. Upon measurement of an impairment, we will record an allowance to reduce the carrying value of the loan accordingly, and record a corresponding charge to net income in our consolidated statement of operations. As of December 31, 2021, we have not recorded any allowance for losses as we believe it is probable that we will collect all amounts due pursuant to the contractual terms of our loan agreements with borrowers. Fair Value of Financial Instruments. FASB ASC Topic 820-10, Fair Value Measurements and Disclosures , defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands the required disclosure regarding fair value measurements. ASC Topic 820-10 defines fair value as the price that would be received for a financial instrument in a current sale, which assumes an orderly transaction between market participants on the measurement date. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes the inputs used in measuring fair value. GAAP establishes market based or observable inputs as the preferred source of values followed by valuation models using management assumptions in the absence of market inputs. The three levels of inputs that may be used to measure fair value are as follows: Level I—Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level II—Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly. Level III—Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement. Loan Deferred Fees. Loan origination and exit fees are reflected in loans held for investment, net, in our consolidated balance sheet and include fees charged to borrowers. These fees are amortized and accreted, respectively, into interest income over the life of the related loans held for investment. Deferred Financing Costs. Costs incurred in connection with financings are capitalized and recorded as an offset to the related liability and amortized over the respective financing terms and are recorded in our consolidated statement of operations as a component of interest and related expenses. Net Income Per Common Share. We calculate net income per common share - basic by dividing net income by the weighted average number of common shares outstanding during the period. We calculate net income per common share - diluted using the more dilutive of the two class or treasury stock method. Unvested share awards and other potentially dilutive common share issuances, and the related impact on earnings, are considered when calculating net income per common share -diluted. Revenue Recognition. Interest income related to our first mortgage loans secured by CRE will generally be accrued based on the coupon rates applied to the outstanding principal balance of such loans. Fees, premiums and discounts, if any, will be amortized or accreted into interest income over the remaining lives of the loans using the effective interest method, as adjusted for any prepayments. If a loan's interest or principal payments are not paid when due and there is uncertainty that such payments will be collected, the loan may be categorized as non-accrual and no interest will be recorded unless it is collected. When all overdue payments are collected and, in our judgment, a loan is likely to remain current, it may be re-categorized as accrual. For loans purchased at a discount, GAAP limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. GAAP also requires that the excess of contractual cash flows over cash flows expected to be collected (non-accretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected from such loans generally will be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected will be recorded as an impairment. Securities Transactions and Investment Income. Under the Predecessor Basis, we recorded securities transactions on a trade date basis, dividend income on the ex-dividend date and any non-cash dividends at the fair market value of the securities received. We used the accrual method for recording interest income, including accretion of original issue discount, where applicable, and accretion of discount on short term investments and identified cost basis for realized gains and losses from securities transactions. The difference between cost and fair value for investments we continue to hold is reflected as unrealized gain (loss), and any change in that amount from a prior period is reflected in the accompanying consolidated statement of operations under the Predecessor Basis.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. As a smaller reporting company, we expect to adopt ASU No. 2016-13 on January 1, 2023. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have on our consolidated financial statements. The effect of the adoption of ASU No. 2016-13, if material, will be presented as a cumulative-effect adjustment to equity as of the date of adoption. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires that an acquirer account for the related revenue contracts in accordance with FASB ASC Topic 606 as if it had originated the contracts. The acquiring entity shall recognize and measure the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements, rather than at fair value at the acquisition date. ASU No. 2021-08 is effective for fiscal years

Merger with Tremont Mortgage Tr

Merger with Tremont Mortgage Trust	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Merger with Tremont Mortgage Trust	Merger with Tremont Mortgage Trust As described in Note 1, on September 30, 2021, we completed the Merger, pursuant to which we acquired TRMT's loans held for investment portfolio consisting of 10 loans with an aggregate principal balance of $204,692. The purchase price, based on the closing price of our common shares on September 30, 2021 of $10.31 per share, was $169,150, including the assumption of $128,962 outstanding under the Citibank Master Repurchase Facility and closing costs of $6,160 and assumed working capital of $10,146. The following table summarizes the consideration transferred and liabilities assumed as a result of the Merger: TRMT Common Shares outstanding 8,303,629 Multiplied by the exchange ratio 0.516 4,284,673 TRMT fractional shares adjustment (73) SEVN common shares issued 4,284,600 Closing price of SEVN common shares on September 30, 2021 $ 10.31 Value of consideration transferred $ 44,174 Assumed working capital (10,146) Assumed Citibank Master Repurchase Facility, principal balance 128,962 Merger related costs 6,160 Consideration transferred and liabilities assumed $ 169,150 After consideration of applicable factors pursuant to ASC Topic 805, Business Combinations , including the application of a screen test to evaluate if substantially all the fair value of TRMT as the acquired entity is concentrated in a single identifiable asset or group of similar identifiable assets, we have concluded that the Merger qualifies as an asset acquisition under GAAP. Accordingly, SEVN accounted for the Merger as an asset acquisition, with Merger related costs capitalized as a component of the cost of the assets acquired and SEVN treated as the acquirer of TRMT. The assets acquired and liabilities assumed were recorded at their relative fair values and added to our consolidated balance sheet as of September 30, 2021. The fair value of the loans acquired in the Merger exceeded the purchase price of the loans. In accordance with GAAP, a purchase discount of $36,443 was recorded for the difference between the fair value and purchase price of the loans acquired. The purchase discount was allocated to each acquired TRMT loan based on their relative fair value and has been and is being accreted into income over the remaining term of the respective loan. For the year ended December 31, 2021, we recorded purchase discount accretion of $18,932. The following table summarizes the purchase price allocation for the Merger: Cash and cash equivalents $ 11,070 Loans held for investment, net 169,150 Accrued interest receivable 603 Prepaid expenses and other assets 31 Total assets 180,854 Accounts payable and other liabilities (901) Citibank Master Repurchase Facility (128,962) Due to related persons (657) Net assets acquired 50,334 Assumed working capital (10,146) Assumed Citibank Master Repurchase Facility, principal balance 128,962 Consideration transferred and liabilities assumed $ 169,150

Loans Held for Investment

Loans Held for Investment	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment We originate first mortgage loans secured by middle market and transitional CRE, which are generally to be held as long term investments. We funded our loan portfolio using cash on hand and advancements under our debt facilities and we acquired TRMT's loan portfolio in the Merger with our common shares. See Note 7 for further information regarding our secured debt agreements. The table below provides overall statistics for our loan portfolio as of December 31, 2021 and 2020: As of December 31, 2021 2020 (Predecessor Basis) Number of loans 26 5 Total loan commitments $ 648,266 $ 111,720 Unfunded loan commitments (1)(2) $ 57,772 $ 18,857 Principal balance (2) $ 590,590 $ 92,863 Carrying value $ 570,780 $ 91,879 Weighted average coupon rate 4.54 % 5.08 % Weighted average all in yield (3) 5.08 % 5.71 % Weighted average LIBOR floor 0.68 % 0.78 % Weighted average maximum maturity (years) (4) 3.8 4.2 Weighted average risk rating 2.9 3.0 (1) Unfunded loan commitments are primarily used to finance property and building improvements and leasing capital and are generally funded over the term of the loan. (2) The principal balance as of December 31, 2021 includes $96 of capitalized interest that does not reduce the amount of unfunded loan commitments. (3) All in yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan and excluding any purchase discount accretion. (4) Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions. The table below represents our loan activities during the year ended December 31, 2021: Principal Balance Deferred Fees and Other Items Carrying Value Balance at December 31, 2020 (Predecessor Basis) $ 92,863 $ (984) $ 91,879 Additional funding 4,710 — 4,710 Originations 347,366 (3,895) 343,471 Repayments (59,041) (156) (59,197) Net amortization of deferred fees — 1,835 1,835 Loans acquired in Merger (1) 204,692 901 205,593 Purchase discount on loans acquired in Merger — (36,443) (36,443) Purchase discount accretion (2) — 18,932 18,932 Balance at December 31, 2021 (Successor Basis) $ 590,590 $ (19,810) $ 570,780 (1) Deferred fees and other items for loans acquired in Merger represent exit fees contractually due upon repayment of loans acquired in the Merger. (2) Purchase discount accretion reflects the impact of a waived exit fee of $120 due from a borrower of a loan acquired in the Merger. The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of December 31, 2021 and 2020: As of December 31, 2021 2020 Property Type Number of Loans Carrying Value Percentage of Value Number of Loans Carrying Value Percentage of Value Office (1) 13 $ 269,865 47 % 2 $ 38,106 41 % Multifamily 5 106,002 19 % — — — % Lab 1 13,398 2 % 2 31,078 34 % Retail 4 88,724 16 % 1 17,029 19 % Industrial (1) 3 92,791 16 % — 5,666 6 % 26 $ 570,780 100 % 5 $ 91,879 100 % (1) Two loan investments secured by mixed use properties consisting of office space and an industrial warehouse in Aurora, IL and Colorado Springs, CO are classified as office for the purpose of counting the number of loans in our portfolio because the majority of the square footage of the properties consists of office space. The carrying value of these loan investments are reflected in office and industrial based on the fair value of the buildings at the time of origination relative to the total fair value of the properties. As of December 31, 2021 2020 Geographic Location Number of Loans Carrying Value Percentage of Value Number of Loans Carrying Value Percentage of Value East 3 $ 55,132 10 % — $ — — % South 7 153,495 27 % 1 13,281 14 % West 8 145,453 25 % 2 34,826 38 % Midwest 8 216,700 38 % 2 43,772 48 % 26 $ 570,780 100 % 5 $ 91,879 100 % Loan Risk Ratings We evaluate each of our loans for impairment at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. The higher the number, the greater the risk level. The following table allocates the carrying value of our loan portfolio as of December 31, 2021 and 2020 based on our internal risk rating policy: As of December 31, 2021 (Successor Basis) 2020 (Predecessor Basis) Risk Rating Number of Loans Carrying Value Number of Loans Carrying Value 1 — $ — — $ — 2 4 94,743 — — 3 21 463,600 5 91,879 4 1 12,437 — — 5 — — — — 26 $ 570,780 5 $ 91,879 The weighted average risk rating of our loans by carrying value was 2.9 and 3.0 as of December 31, 2021 and 2020, respectively. The COVID-19 pandemic has negatively impacted some of our borrowers’ business operations or tenants, particularly in the cases of our retail and hospitality collateral, some of which are the types of properties that have been most negatively impacted by the pandemic. We expect that those negative impacts may continue and may apply to other borrowers and/or their tenants. Further, although economic activity in the United States has improved significantly from the low points during the pandemic to date, certain industries have not recovered to their pre-pandemic positions. Therefore, certain of our borrowers’ business plans will likely take longer to execute than initially expected and certain of our borrowers may be unable to pay their debt service obligations owed and due to us as currently scheduled or at all. As of December 31, 2021, we had one loan representing approximately 2% of the carrying value of our loan portfolio with a loan risk rating of “4” or “higher risk". We did not have any impaired loans or nonaccrual loans as of December 31, 2021 or 2020. See Note 3 for further information regarding our loan risk ratings. As of December 31, 2021 and February 14, 2022, all of our borrowers had paid all of their debt service obligations owed and due to us and none of the loans included in our investment portfolio were in default.

Secured Financing Agreements

Secured Financing Agreements	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Secured Financing Agreements	Secured Financing Agreements UBS Master Repurchase Facility On February 18, 2021, one of our wholly owned subsidiaries entered into our master repurchase agreement with UBS AG, or UBS, or our UBS Master Repurchase Agreement, for a facility, or our UBS Master Repurchase Facility, pursuant to which we may sell to UBS, and later repurchase, commercial mortgage loans, which are referred to as purchased assets. The maximum amount of available advancements under the UBS Master Repurchase Agreement is $192,000, and the expiration date of the UBS Master Repurchase Agreement is February 18, 2024, unless extended or earlier terminated in accordance with the terms of the UBS Master Repurchase Agreement. Pursuant to the UBS Master Repurchase Agreement, we will pay UBS a non-refundable upfront fee that is equal to 0.50% of the applicable tranche amount on each Purchase Date (as each term is defined in the UBS Master Repurchase Agreement). Under our UBS Master Repurchase Facility, the initial purchase price paid by UBS for each purchased asset is up to 75% of the lesser of the market value of the purchased asset and the unpaid principal balance of such purchased asset, subject to UBS’s approval. Upon the repurchase of a purchased asset, we are required to pay UBS the outstanding purchase price of the purchased asset, accrued interest and all accrued and unpaid expenses of UBS relating to such purchased assets. The pricing rate (or interest rate) relating to a purchased asset is equal to one month LIBOR plus a customary premium within a fixed range, determined by the debt yield and property type of the purchased asset’s real estate collateral. UBS has the discretion under our UBS Master Repurchase Agreement to make advancements at margins higher than 75%. In connection with our UBS Master Repurchase Agreement, we entered into a guaranty, or the UBS Guaranty, which requires us to guarantee 25% of the aggregate repurchase price, and 100% of losses in the event of certain bad acts as well as any costs and expenses of UBS related to our UBS Master Repurchase Agreement. The UBS Guaranty also requires us to comply with customary financial covenants, which include the maintenance of a minimum tangible net worth, minimum cash liquidity and a total indebtedness to stockholders' equity ratio. Our UBS Master Repurchase Facility also contains margin maintenance provisions that provide UBS with the right, in certain circumstances related to a credit event, as defined in the UBS Master Repurchase Agreement, to redetermine the value of purchased assets. Where a decline in the value of such purchased assets has resulted in a margin deficit, UBS may require us to eliminate any margin deficit through a combination of purchased asset repurchases and cash transfers to UBS subject to UBS’s approval. In addition, our UBS Master Repurchase Agreement provides for acceleration of the date of repurchase of the purchased assets by us and UBS’s liquidation of the purchased assets upon the occurrence and continuation of certain events of default, including a change of control of us, which includes our Manager ceasing to act as our sole manager or to be a wholly owned subsidiary of The RMR Group LLC, or RMR LLC. Citibank Master Repurchase Facility As previously mentioned in Notes 1 and 5, as a result of the Merger, we assumed the Citibank Master Repurchase Facility. TRMT had a master repurchase facility pursuant to a master repurchase agreement with Citibank, or the Citibank Master Repurchase Agreement, dated as of February 9, 2018, as amended by the First Amendment to the Citibank Master Repurchase Agreement, dated as of November 6, 2018, and the Second Amendment to the Citibank Master Repurchase Agreement, dated as of October 30, 2020. On September 30, 2021, as a result of the Merger, we became party to TRMT's master repurchase facility and entered into a guaranty, or the Citibank Guaranty, in favor of Citibank, pursuant to which, among other things, we replaced TRMT as guarantor of certain obligations under the Citibank Master Repurchase Agreement. In connection with the closing of the Merger, TRMT's wholly owned subsidiary also entered into a Third Amendment to the Citibank Master Repurchase Agreement and Fifth Amendment to Fee Agreement with Citibank. Pursuant to the Citibank Master Repurchase Agreement, as amended, we may sell to Citibank, and later repurchase, floating rate mortgage loans and other related assets. The maximum amount of available advancements under the Citibank Master Repurchase Agreement is $213,482, and the expiration date thereof is November 6, 2022, subject to earlier termination as provided for in the Citibank Master Repurchase Agreement. Under our Citibank Master Repurchase Agreement, the initial purchase price paid by Citibank for each purchased asset is up to 75% of the lesser of the market value of the purchased asset or the unpaid principal balance of such purchased asset, subject to Citibank’s approval. Upon the repurchase of a purchased asset, we are required to pay Citibank the outstanding purchase price of the purchased asset, accrued interest and all accrued and unpaid expenses of Citibank relating to such purchased asset. The price differential (or interest rate) relating to a purchased asset is equal to LIBOR plus a premium of 200 to 250 basis points, determined by the yield of the purchased asset and the property type of the purchased asset’s real estate collateral. Citibank has the discretion under our Citibank Master Repurchase Agreement to make advancements at margins higher than 75% and at premiums of less than 200 basis points. The Citibank Guaranty, which requires us to guarantee 25% of our subsidiary's prompt and complete payment of the purchase price, purchase price differential and any costs and expenses of Citibank related to our Citibank Master Repurchase Agreement. The Citibank Guaranty also requires us to comply with customary financial covenants, which include the maintenance of a minimum tangible net worth, minimum cash liquidity, a total indebtedness to tangible net worth ratio and a minimum interest coverage ratio. These maintenance provisions provide Citibank with the right, in certain circumstances related to a credit event, as defined in our Citibank Master Repurchase Agreement, to re-determine the value of purchased assets. Where a decline in the value of such purchased assets has resulted in a margin deficit, Citibank may require us to eliminate any margin deficit through a combination of purchased asset repurchases and cash transfers to Citibank, subject to Citibank's approval. Our Citibank Master Repurchase Agreement also provides for acceleration of the date of repurchase of the purchased assets by us and Citibank’s liquidation of the purchased assets upon the occurrence and continuation of certain events of default, including a change of control of us, which includes our Manager ceasing to act as our sole manager or to be a wholly owned subsidiary of RMR LLC. BMO Facility On November 9, 2021, one of our wholly owned subsidiaries entered into our facility loan program agreement and the security agreement with BMO Harris Bank N.A., or our BMO Loan Program Agreement, with BMO as administrative agent for the lenders. Amounts advanced under an uncommitted credit facility in the maximum principal amount of $100 million, or the BMO Facility, may be used to fund new mortgage loan originations and/or fund future funding obligations under existing and new mortgage loans pursuant to separate agreements, or the BMO Facility Loan Agreements. BMO Facility Loan Agreements issued under the BMO Facility will be coterminous with the pledged mortgage loan investments, are not subject to margin calls and allow for up to an 80% advance rate, subject to certain loan to cost and LTV limits. Interest on advancements under the BMO Facility will be calculated at SOFR plus a premium. BMO Facility Loan Agreements issued under our BMO Facility are secured by a security interest and collateral assignment of the underlying loans to our borrowers which are secured by real property owned by such borrowers. In connection with our BMO Loan Program Agreement, we guaranteed certain of the obligations under our BMO Loan Program Agreement and the BMO Facility Loan Agreements pursuant to a limited guaranty from us to and for the benefit of the administrative agent for itself and such other lenders. Specifically, the BMO Guaranty requires us to guarantee 25% of the then current outstanding principal balance of the facility loans and 100% of losses or the entire indebtedness in the event of certain bad acts as well as any costs and expenses of the administrative agent or lenders related to our BMO Loan Program Agreement. In addition, the BMO Guaranty contains customary financial covenants that require us to maintain a minimum tangible net worth and a minimum cash liquidity and satisfy a total indebtedness to stockholders’ equity ratio. Our BMO Loan Program Agreement provides for acceleration of all payment obligations due under the facility loans upon the occurrence and continuation of certain events of default, including a change of control of us, which includes our Manager ceasing to act as our sole manager or to be a wholly owned subsidiary of R MR LLC. We refer to the UBS Master Repurchase Facility, the Citibank Master Repurchase Facility and the BMO Facility, collectively, as our Secured Financing Facilities. We refer to the UBS Master Repurchase Agreement and the Citibank Master Repurchase Agreement, collectively, as our Master Repurchase Agreements, and to our Master Repurchase Agreements, the BMO Loan Program Agreement and the BMO Facility Loan Agreements, collectively, as our Secured Financing Agreements. We refer to the UBS Guaranty, Citibank Guaranty and BMO Guaranty, collectively, as our Guarantees. The weighted average interest rate for advancements under the UBS Master Repurchase Facility, the Citibank Master Repurchase Facility and the BMO Facility were 2.1%, 1.9% and 2.0%, respectively, for the year ended December 31, 2021. As of December 31, 2021, we have not received a margin call under any of our Master Repurchase Agreements and we were in compliance with all of the covenants and ot her terms under our Secured Financing Agreements and Guarantees. As of December 31, 2021 and February 14, 2022, we had aggregate outstanding principal balances under our Secured Financing Facilities of $340,869 and $278,782, respectively. The table below summarizes our Secured Financing Agreements as of December 31, 2021: Debt Obligation Weighted Average Collateral Maximum Facility Size Principal Balance Carrying Value Coupon Rate Remaining Maturity (1) (years) Principal Balance Master Repurchase Agreements UBS Master Repurchase Facility $ 192,000 $ 167,928 $ 167,024 L + 1.99% 2.0 $ 225,868 Citibank Master Repurchase Facility 213,482 161,825 161,724 L + 1.92% 0.7 222,129 Asset Specific Financing BMO Facility 100,000 11,116 10,879 S + 1.96% 2.7 14,821 Total/Weighted Average $ 505,482 $ 340,869 $ 339,627 1.4 $ 462,818 (1) The weighted average remaining maturity is determined using the current maturity date of the corresponding loans, assuming no borrower loan extension options have been exercised. Our UBS Master Repurchase Facility and Citibank Master Repurchase Facility mature on February 18, 2024 and November 6, 2022, respectively. Our BMO Facility matures at various dates based on the respective underlying loans held for investment. As of December 31, 2021, our outstanding borrowings had the following remaining maturities: Principal Payments on 2022 $ 161,825 2023 50,483 2024 128,561 2025 — 2026 — $ 340,869 For the year ended December 31, 2021, we recorded interest expense of $1,514, $724 and $15 related to our UBS Master Repurchase Facility, Citibank Master Repurchase Facility and BMO Facility, respectively. For the year ended December 31, 2020, we recorded interest expense of $1,208 related to our former revolving credit facility with BNP Paribas Prime Brokerage International Ltd. In November 2020, we repaid all outstanding amounts and terminated that facility.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level I) and the lowest priority to unobservable inputs (Level III). A financial asset’s or financial liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. As of December 31, 2021 and 2020, the carrying values of cash and cash equivalents, restricted cash and accounts payable approximate their fair values due to the short term nature of these financial instruments. We estimate the fair values of our loans held for investment and outstanding principal balances under our Secured Financing Facilities by using Level III inputs, including discounted cash flow analyses and currently prevailing market terms as of the measurement date, determined by significant unobservable market inputs, which include holding periods, discount rates based on LTV, property types and loan pricing expectations which are corroborated by a comparison with other market participants to determine the appropriate market spread to add to the current base interest. The table below provides information regarding financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheets: As of December 31, 2021 (Successor Basis) 2020 (Predecessor Basis) Carrying Value Fair Value Carrying Value Fair Value Financial assets Loans held for investment $ 570,780 $ 597,669 $ 91,879 $ 91,879 Financial liabilities Secured Financing Facilities $ 339,627 $ 341,679 — —

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2021 Equity Compensation Plan, or the 2021 Plan. The values of the share awards are based upon the closing price of our common shares on Nasdaq on the date of award. The common shares awarded to our Trustees vest immediately. The common shares awarded to our officers and other employees of our Manager and of RMR LLC vest in five equal annual installments beginning on the date of award. We recognize the value of awarded shares in general and administrative expenses ratably over the vesting period. We recognize any share forfeitures as they occur. On May 27, 2021, we awarded to each of our then five Trustees 3,000 of our common shares, valued at $12.10 per common share, the closing price of our common shares on Nasdaq on that day. On October 1, 2021, we awarded to each of our then six Trustees 3,000 of our common shares, valued at $10.41 per common share, the closing price of our common shares on Nasdaq on that day. On October 1, 2021, we awarded an aggregate of 83,000 of our common shares, valued at $10.41 per share, the closing price of our common shares on Nasdaq on that day, to our officers and certain other employees of our Manager and of RMR LLC. A summary of shares granted, forfeited, vested and unvested under the terms of the 2021 Plan for the year ended December 31, 2021 is as follows: 2021 Number of Weighted Average Grant Unvested shares, beginning of year — $ — Shares granted 116,000 $ 10.63 Shares vested (50,786) $ 10.89 Shares granted at the Effective Time of the Merger 26,370 $ 10.31 Unvested shares, end of year 91,584 $ 10.39 The 91,584 unvested shares as of December 31, 2021 are scheduled to vest as follows: 28,415 shares in 2022, 25,306 shares in 2023, 21,263 shares in 2024 and 16,600 shares in 2025. As of December 31, 2021, the estimated future compensation expense for the unvested shares was $903. The weighted average period over which the compensation expense will be recorded is approximately 24 months. During the year ended December 31, 2021, we recorded $627 of compensation expense related to the 2021 Plan. At December 31, 2021, 363,160 of our common shares remained available for issuance under the 2021 Plan. Common Share Purchases During the year ended December 31, 2021, we purchased 5,530 of our common shares from certain former and current officers and employees of our Manager and RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the applicable purchase date. The aggregate value of common shares purchased during the year ended December 31, 2021 was $57. Distributions For the year ended December 31, 2021, we declared and paid distributions to common shareholders as follows: Record Date Payment Date Distribution per Share Total Distribution April 26, 2021 May 20, 2021 $ 0.15 $ 1,530 July 26, 2021 August 19, 2021 0.15 1,532 September 7, 2021 September 29, 2021 0.15 1,533 $ 0.45 $ 4,595 On January 13, 2022, we declared a quarterly distribution of $0.25 per common share, or $3,649, to shareholders of record on January 24, 2022. We expect to pay this distribution to our shareholders on or about February 17, 2022 using cash on hand. Distributions per share paid by us to our common shareholders for the year ended December 31, 2021 were $0.45. The characterization of our distributions for 2021 was 79% ordinary income and 21% return of capital.

Management Agreement with our M

Management Agreement with our Manager	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Management Agreement with our Manager	Management Agreement with our Manager We have no employees. The personnel and various services we require to operate our business are provided to us by our Manager, pursuant to a management agreement, which provides for the day to day management of our operations by our Manager, subject to the oversight and direction of our Board of Trustees. Prior Agreements with RMR Advisors Administration Agreement. Prior to its merger with our Manager on January 6, 2021, RMR Advisors LLC, or RMR Advisors, performed administrative functions for us pursuant to an administration agreement with us. RMR Advisors was also a party to a subadministration agreement with State Street Bank and Trust Company, or State Street, to perform substantially all fund accounting and other administrative services for us. Under the administration agreement, RMR Advisors was entitled to reimbursement of the cost of providing administrative services. On January 6, 2021, RMR Advisors merged with and into our Manager, with our Manager being the surviving entity, and our Manager assumed the administration agreement with us and the subadministration agreement with State Street. Each of those agreements was terminated, effective March 16, 2021. We incurred administration service fees of $15 for the period from January 1, 2021 to March 16, 2021 and $77 for the year ended December 31, 2020, all of which related to the subadministration service fees payable by RMR Advisors to State Street and reimbursable by us; we did not incur any additional administration service fees beyond those reimbursable amounts for those periods. Investment Advisory Agreement. Prior to January 5, 2021, RMR Advisors provided us with a continuous investment program, made day to day investment decisions and generally managed our business affairs in accordance with our investment objectives and policies as a registered investment company pursuant to an investment advisory agreement. The investment advisory agreement was terminated on January 5, 2021 with our deregistration as an investment company. Pursuant to the investment advisory agreement, RMR Advisors was compensated at an annual rate of 0.85% of our average daily managed assets. We incurred advisory fees of $22 for the period from January 1, 2021 to January 5, 2021 and $2,364 for the year ended December 31, 2020 which is included in advisory fees in our consolidated statement of operations. We incurred internal audit and compliance costs reimbursable to RMR Advisors of $145 for the year ended December 31, 2020. Current Management Agreement with our Manager Effective January 5, 2021, we entered into a new management agreement with our Manager. Prior to the Merger, our Manager also provided management services to TRMT. In connection with the Merger, TRMT terminated its management agreement with our Manager , and our Manager waived its right to receive payment of the termination fees that would have otherwise resulted due to the Merger. In consideration of this waiver, we agreed that, effective upon consummation of the Merger and the termination of TRMT’s management agreement with our Manager , certain of the expenses our Manager had paid pursuant to TRMT’s management agreement will be included in the “Termination Fee” under and as defined in our existing management agreement with our Manager. See Note 1 for further information regarding this waiver and change to the "Termination Fee" and the Merger. Our management agreement with our Manager provides for an annual base management fee and an incentive fee, payable in cash, among other terms: • Base Management Fee . We are required to pay our Manager the annual base management fee equal to 1.5% of our “Equity”, payable in cash quarterly (0.375% per quarter) in arrears. Under our management agreement, “Equity” means (a) the sum of (i) our net asset value as of January 5, 2021, plus (ii) the net proceeds received by us from any future sale or issuance of shares of beneficial interest, plus (iii) our cumulative “Distributable Earnings,” as defined below, for the period commencing on January 5, 2021 to the end of the applicable most recent completed calendar quarter, less (b) (i) any distributions previously paid to holders of our common shares, (ii) any incentive fee previously paid to our Manager and (iii) any amount that we may have paid to repurchase our common shares. All items in the foregoing sentence (other than clause (a)(iii)) are calculated on a daily weighted average basis. As a result of the Merger, as of September 30, 2021, the net book value of TRMT was included as "Equity" under the management agreement. • Incentive Fee. We are required to pay our Manager quarterly an incentive fee in arrears in cash equal to the difference between: ▪ The product of (i) 20% and (ii) the difference between (A) our Distributable Earnings for the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (B) the product of (1) our Equity in the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of the incentive fee is being made, and (2) 7% per year, and ▪ The sum of any incentive fees paid to our Manager with respect to the first three calendar quarters of the most recent 12 month period (or such lesser number of completed calendar quarters, if applicable). No incentive fee shall be payable with respect to any calendar quarter unless Distributable Earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters, if applicable) in the aggregate is greater than zero . Pursuant to the terms of our management agreement, no management incentive fees were payable until after the quarter ended March 31, 2021 and, thereafter, any management incentive fees are subject to our Manager earning those fees in accordance with the management agreement. For purposes of the calculation of base management fees and incentive fees payable to our Manager under our management agreement, “Distributable Earnings” is defined as net income (or loss) attributable to our common shareholders, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss), and excluding: (a) the incentive fees earned by our Manager; (b) depreciation and amortization (if any); (c) non-cash equity compensation expense (if any); (d) unrealized gains, losses and other similar non-cash items that are included in net income for the period of the calculation (regardless of whether such items are included in or deducted from net income or in other comprehensive income or loss under GAAP); and (e) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussion between our Manager and our Independent Trustees and approved by a majority of our Independent Trustees. Distributable Earnings are reduced for realized losses on loan investments when amounts are deemed uncollectable. Pursuant to the terms of our management agreement, the exclusion of depreciation and amortization from the calculation of Distributable Earnings shall only apply with respect to real property we own. Our shares of beneficial interest that are entitled to a specific periodic distribution or have other debt characteristics will not be included in “Equity” for the purpose of calculating incentive fees payable to our Manager. Instead, the aggregate distribution amount that accrues to such shares during the calendar quarter of such calculation will be subtracted from Distributable Earnings for purposes of calculating incentive fees, unless such distribution is otherwise already excluded from Distributable Earnings. Equity and Distributable Earnings as defined in our management agreement are non-GAAP financial measures and may be different from our shareholders’ equity and our net income calculated according to GAAP. We recognized base management fees of $3,221 for the year ended December 31, 2021. No incentive fee was earned for the year ended December 31, 2021. Term. The initial term of our management agreement ends on December 31, 2023, and the agreement will automatically renew for successive one year terms beginning January 1, 2024, and each January 1 thereafter, unless it is sooner terminated as detailed below. Termination Rights. We have the right to terminate our management agreement with our Manager upon written notice delivered no later than 180 days prior to a renewal date by the affirmative vote of at least two-thirds (2/3) of our Independent Trustees based upon a determination that: (a) our Manager’s performance is unsatisfactory and materially detrimental to us or (b) the base management fee and incentive fee, taken as a whole, payable to our Manager under our management agreement are not fair to us (provided that, in the instance of (b), our Manager will be afforded the opportunity to renegotiate the base management fee and incentive fee prior to termination). Our management agreement may be terminated by our Manager before each annual renewal upon written notice delivered to our Board of Trustees no later than 180 days prior to an annual renewal date. We may also terminate our management agreement at any time without the payment of any termination fee, with at least 30 days’ prior written notice from us upon the occurrence of a “cause event,” as defined in the management agreement. Our Manager may terminate our management agreement in certain other circumstances, including if we become required to register as an investment company under the 1940 Act, as amended, for our uncured “material breach,” as defined in our management agreement, we materially reduce our Manager’s duties and responsibilities or scope of its authority under our management agreement or we cease or take steps to cease to conduct the business of originating or investing in CRE loans. Termination Fee. In the event our management agreement is terminated by us without a cause event or by our Manager for a material breach, we will be required to pay our Manager a termination fee equal to: (a) three times the sum of (i) the average annual base management fee and (ii) the average annual incentive fee, in each case paid or payable to our Manager during the 24 month period immediately preceding the most recently completed calendar quarter prior to the date of termination or, if such termination occurs within 24 months of its initial commencement, the base management fee and the incentive fee will be annualized for such two year period based on such fees earned by our Manager during the period from the effective date of the agreement through the most recently completed calendar quarter prior to the termination date, plus (b) $1,600. No termination fee will be payable if our management agreement is terminated by us for a cause event or by our Manager without our material breach. In addition, as described above, in connection with the Merger and the termination of TRMT’s management agreement with our Manager, the initial organizational costs related to TRMT’s formation and the costs of its initial public offering and the concurrent private placement that our Manager had paid pursuant to that management agreement of $6,680 will be included in the “Termination Fee” under and as defined in our management agreement with our Manager. Expense Reimbursement. Our Manager, and not us, is responsible for the costs of its employees who provide services to us, including the cost of our Manager’s personnel who originate our loans, unless any such payment or reimbursement is specifically approved by a majority of our Independent Trustees, is a shared services cost or relates to awards made under any equity compensation plan adopted by us. Generally, it is the practice of our Manager and RMR LLC to treat individuals who spend 50% or more of their business time providing services to our Manager as employees of our Manager. We are required to pay or to reimburse our Manager and its affiliates for all other costs and expenses of our operations, including but not limited to, the cost of rent, utilities, office furniture, equipment, machinery and other overhead type expenses, the costs of legal, accounting, auditing, tax planning and tax return preparation, consulting services, diligence costs related to our investments, investor relations expenses and other professional services, and other costs and expenses not specifically required under our management agreement to be borne by our Manager. Some of these overhead, professional and other services are provided by RMR LLC pursuant to a shared services agreement between our Manager and RMR LLC. We reimburse our Manager for shared services costs our Manager pays to RMR LLC and its affiliates, and these reimbursements include an allocation of the cost of applicable personnel employed by RMR LLC and our share of RMR LLC’s costs of providing our internal audit function, with such shared services costs being subject to approval by a majority of our Independent Trustees at least annually. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. We incurred shared services costs of $1,565 for the year ended December 31, 2021, payable to our Manager as reimbursement for shared services costs it paid to RMR LLC. We include these amounts in reimbursement of shared services expenses in our consolidated statement of operations. Business Opportunities. Under our management agreement, we and our Manager have agreed that for so long as our Manager is managing us, neither our Manager nor any of its affiliates, including RMR LLC, will sponsor or manage any other publicly traded REIT that invests primarily in first mortgage loans secured by middle market and transitional CRE located in the United States, unless such activity is approved by our Independent Trustees. However, our management agreement does not prohibit our Manager or its affiliates (including RMR LLC) or their respective directors, trustees, officers, employees or agents from competing or providing services to other persons, funds and investment vehicles, including Centre Street Finance LLC, a private fund focused on originating and investing in mortgage loans, private REITs or other entities that may compete with us, including, among other things, with respect to the origination, acquisition, making, arranging or managing of first mortgage loans secured by middle market or transitional CRE or other investments like those we intend to make. Because our Manager and RMR LLC will not be prohibited from competing with us in all circumstances, and RMR LLC provides management services to other companies, conflicts of interest exist with regard to the allocation of investment opportunities and for the time and attention of our Manager, RMR LLC and their personnel. Our management agreement acknowledges these conflicts of interest and, in that agreement, we agree that our Manager, RMR LLC and their subsidiaries may resolve such conflicts in good faith in their fair and reasonable discretion. In the case of such a conflict, our Manager, RMR LLC and their subsidiaries will endeavor to allocate such investment opportunities in a fair and reasonable manner, taking into account such factors as they deem appropriate. Our management agreement also provides that if our Manager, its affiliates (including RMR LLC) or any of their respective directors, trustees, officers, employees or agents acquires knowledge of a potential business opportunity, we renounce any potential interest or expectation in, or right to be offered or to participate in, such business opportunity to the maximum extent permitted by Maryland law. Liability and Indemnification . Our Manager maintains a contractual as opposed to a fiduciary relationship with us. Pursuant to our management agreement, our Manager does not assume any responsibility other than to render the services called for thereunder in good faith and is not responsible for any action of our Board of Trustees in following or declining to follow its advice or recommendations. Under the terms of our management agreement, our Manager and its affiliates, including RMR LLC, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and personnel will not be liable to us or any of our Trustees, shareholders or subsidiaries, or any of the trustees, directors or shareholders of any of our subsidiaries, for any acts or omissions related to the provision of services to us under our management agreement, except by reason of acts or omissions that have been determined in a final, non-appealable adjudication to have constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of our Manager under our management agreement. In addition, under the terms of our management agreement, we agree to indemnify, hold harmless and advance expenses to our Manager and its affiliates, including RMR LLC, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and personnel from and against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, including all reasonable attorneys’, accountants’ and experts’ fees and expenses, arising from any acts or omissions related to the provision of services to us or the performance of any matters pursuant to an instruction by our Board of Trustees, except to the extent there is a final, non-appealable adjudication that such acts or omissions constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of our Manager under our management agreement. Such persons will also not be liable for trade errors that may result from ordinary negligence, including errors in the investment decision making or trade process. Other. In addition to the fees and expense reimbursements payable to our Manager under our management agreement, our Manager and its affiliates may benefit from other fees paid to them in respect of our investments. For example, if we seek to securitize some of our CRE loans, our Manager or its affiliates may act as collateral manager. In any of these or other capacities, our Manager and its affiliates may receive fees for their services if approved by a majority of our Independent Trustees.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with our Manager, RMR LLC, The RMR Group Inc., or RMR Inc., and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. Our Manager is a subsidiary of RMR LLC, which is a majority owned subsidiary of RMR Inc., and RMR Inc. is the managing member of RMR LLC. RMR LLC provides certain shared services to our Manager that are applicable to us, and we reimburse our Manager or pay RMR LLC for the amounts our Manager or RMR LLC pays for those services. One of our Managing Trustees and Chair of our Board of Trustees, Adam Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., and he is also a director of our Manager, a managing director and the president and chief executive officer of RMR Inc., and an officer and employee of RMR LLC. In connection with the Business Change, our Board of Trustees appointed Thomas J. Lorenzini as our President and G. Douglas Lanois as our Chief Financial Officer and Treasurer. Messrs. Lorenzini and Lanois succeeded Fernando Diaz and Brian E. Donley, respectively, who each resigned from our Company, effective January 5, 2021. In addition, on January 5, 2021, Jennifer B. Clark resigned as our Managing Trustee, and our Board of Trustees elected Matthew P. Jordan as successor Managing Trustee to fill the vacancy created by Ms. Clark’s resignation. Also effective January 1, 2021, Mr. Jordan was appointed as a director and the president and chief executive officer of our Manager. Mr. Jordan is an officer of RMR Inc. and an officer and employee of RMR LLC, and Messrs. Lorenzini and Lanois are officers and employees of our Manager and/or RMR LLC. Our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR LLC or its subsidiaries provide management services. Adam Portnoy serves as the chair of the board and as a managing director or managing trustee of those companies and other officers of RMR LLC, including Mr. Jordan and certain of our other officers and officers of our Manager, serve as managing trustees, managing directors or officers of certain of these companies. Our Manager, Tremont Realty Capital LLC. Our Manager provides management services to us pursuant to our management agreement. See Note 10 for further information regarding our management agreement. Our Manager also provided management services to TRMT until the Merger. As of December 31, 2021, our Manager owned 825,651 of our common shares, or approximately 5.7% of our outstanding common shares. RMR Advisors . Under our previous investment advisory agreement with RMR Advisors, RMR Advisors provided us with a continuous investment program, made day to day investment decisions and generally managed our business affairs in accordance with our investment objectives and policies. This agreement was terminated on January 5, 2021 in connection with the Business Change. Pursuant to this agreement, RMR Advisors was compensated at an annual rate of 0.85% of our average daily managed assets. See Note 10 for further information regarding our investment advisory agreement. RMR Advisors was a wholly owned subsidiary of RMR LLC until it merged out of existence pursuant to its merger with our Manager. RMR Inc. and RMR LLC . RMR LLC provides certain shared services to our Manager which are applicable to us, and we reimburse our Manager or pay RMR LLC for the amounts our Manager or RMR LLC pays for those services. See Note 10 for further information regarding this shared services arrangement. TRMT . As described further in Note 1, TRMT merged with and into us as of the Effective Time. Prior to the Merger, Adam D. Portnoy and Matthew P. Jordan, our Managing Trustees, were also TRMT’s managing trustees, Thomas J. Lorenzini, our President, also served as president of TRMT, and G. Douglas Lanois, our Chief Financial Officer and Treasurer, also served as chief financial officer and treasurer of TRMT. Joseph L. Morea, one of our Independent Trustees, previously served as an independent trustee of TRMT and Jeffrey P. Somers, one of our Independent Trustees, previously served as an independent trustee of TRMT. Effective as of the Effective Time, John L. Harrington resigned from our Board of Trustees; he had served as one of our Independent Trustees and as an independent trustee of TRMT. Share Awards to our Officers and Employees of our Manager and RMR LLC. During the year ended December 31, 2021, we awarded to our officers and employees of our Manager and/or RMR LLC awards of 83,000 of our common shares, which were valued at $10.41 per share, based upon the per share closing price of our common shares on Nasdaq on the day those shares were issued. One fifth of these awards vested on the award date and one fifth vests on each of the next four anniversaries of the award date. These awards to employees of our Manager and RMR LLC are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to our Manager. We purchased common shares awarded to certain of our officers and employees of our Manager and/or RMR LLC in satisfaction of tax withholding obligations in connection with the vesting of awards of our common shares. See Note 9 for further information regarding these purchases.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesWe have elected to be taxed as a REIT under the Internal Revenue Code of 1986, or the IRC, effective for our 2020 taxable year. Accordingly, we generally are not, and will not be, subject to U.S. federal income tax, provided that we meet certain distribution and other requirements. We are also subject to certain state and local taxes, certain of which amounts are or will be reported as income taxes in our consolidated statement of operations. For the year ended December 31, 2021, we incurred income tax expense of $282 on realized gains on the disposition of our securities portfolio as a result of the Business Change.

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares We calculate net income per common share - basic by dividing net income by the weighted average number of common shares outstanding during the period. We calculate net income per common share - diluted using the more dilutive of the two class or treasury stock method. Unvested share awards and other potentially dilutive common share issuances, and the related impact on earnings, are considered when calculating net income per common share - diluted. The table below provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted net income per share (amounts in thousands): For the Year Ended December 31, 2021 Weighted average common shares for basic net income per share 11,304 Effect of dilutive securities: unvested share awards — Weighted average common shares for diluted net income per share 11,304

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Loan Commitments As of December 31, 2021, we had unfunded loan commitments of $57,772 related to our loans held for investment that are not reflected in our consolidated balance sheet. These unfunded loan commitments had a weighted average initial maturity of 2.1 years as of December 31, 2021. See Note 6 for further information related to our loans held for investment. Secured Borrowings As of December 31, 2021, we had an aggregate of $340,869 in principal amount outstanding under our Secured Financing Facilities with a weighted average life to maturity of 1.4 years. See Note 7 for further information regarding our secured debt agreements.

Legal Proceedings

Legal Proceedings	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings During the year ended December 31, 2021, eight lawsuits had been filed by purported shareholders of ours (then known as RMR Mortgage Trust, or RMRM) and TRMT in connection with the proposed Merger between us and TRMT. The lawsuits were brought by the plaintiffs individually and are captioned Bishins v. Tremont Mortgage Trust, et al. , Case No. 1:21-cv-05435 (S.D.N.Y., filed June 21, 2021), Lee v. Tremont Mortgage Trust, et al ., Case No. 1:21-cv-05618 (S.D.N.Y., filed June 29, 2021), Merewether v. Tremont Mortgage Trust, et al ., Case No. 1:21-cv-13116 (D.N.J., filed June 29, 2021) Parthenakis v. RMR Mortgage Trust, et al ., Case No. 1:21-cv-05694 (S.D.N.Y, filed July 1, 2021); Carlisle v. Tremont Mortgage Trust, et al ., Case No. 1:21-cv-0748 (S.D.N.Y., filed September 3, 2021), Finger v. Tremont Mortgage Trust, et al. , Case No. 1:21-cv-07421 (S.D.N.Y., filed September 3, 2021); Whitfield v. Tremont Mortgage Trust, et al. , Case No. 2:21-cv-03970 (S.D.N.Y., filed September 3, 2021); and Wilson v. Tremont Mortgage Trust, et al. , Case No. 1:21-cv-07446 (S.D.N.Y., filed September 6, 2021), each, a complaint, and collectively, the complaints. The Bishins , Lee, Merewether, Carlisle , Finger , Whitfield and Wilson complaints named as defendants TRMT and the TRMT board of trustees. The Bishins and Lee complaints also named RMRM as a defendant. The Parthenakis complaint named as defendants RMRM and RMRM's Board of Trustees. The plaintiffs generally asserted claims under Section 14(a) and Section 20(a) of the Exchange Act, contending that the registration statement on Form S-4, and serving as the preliminary joint proxy statement/prospectus, omitted or misrepresented material information regarding the proposed merger between us and TRMT. The complaints generally sought injunctive relief preventing us and TRMT from consummating the Merger, rescission or rescissory damages, an award of plaintiffs’ costs, including attorneys’ fees and expenses, and such other relief the court may deem just and proper. The Bishins complaint also sought a declaration that the Merger Agreement was entered into in breach of the Bishins individual defendants’ fiduciary duties and is therefore unlawful and unenforceable. The Lee, Merewether, Wilson , Finger and Whitfield complaints additionally sought a declaration that the defendants violated Sections 14(a) and 20(a) of the Exchange Act. The Lee, Merewether , Wilson and Whitfield complaints sought an order directing the defendants to disseminate a registration statement that does not contain any untrue or misleading statements of material fact. The Parthenakis complaint also sought an order requiring the Parthenakis defendants to account to plaintiffs for all damages suffered as a result of their wrongdoing. On September 27, 2021, plaintiff in the Merewether action filed a notice of voluntary dismissal. On October 12, 2021, plaintiffs in the Lee , Finger , Carlisle , Whitfield and Wilson actions each filed a notice of voluntary dismissal. On October 14, 2021, the plaintiff in the Bishins action filed a notice of voluntary dismissal. On October 15, 2021, plaintiff in the Parthenakis action filed a notice of voluntary dismissal. We incurred $240 in connection with the final settlement of the complaints, which is included in other transaction related costs in our consolidated statement of operations.

SCHEDULE IV - MORTGAGE LOANS ON

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	Property Type/Location Interest Rate Maturity Date Maximum Maturity Date (1) Payment Terms (2) Prior Liens (3) Principal Carrying Value First Mortgage Loans (4) Office, Downers Grove, IL L + 4.25% 11/25/2023 11/25/2024 I/O — $ 29,500 $ 29,384 Lab, Durham, NC L + 4.35% 12/17/2023 12/17/2025 I/O — 13,500 13,398 Retail, Los Angeles, CA L + 4.25% 12/17/2022 12/17/2024 I/O — 18,374 18,409 Office / Industrial, Aurora, IL L + 4.35% 12/18/2023 12/18/2024 I/O — 14,710 14,660 Office, Miami, FL L + 4.50% 01/19/2023 01/19/2025 I/O — 10,900 10,893 Multifamily, Olmstead Falls, OH L + 4.00% 01/28/2024 01/28/2026 I/O — 45,820 45,576 Office / Industrial, Colorado Springs, CO L + 4.50% 04/06/2024 04/06/2025 I/O — 29,642 29,426 Industrial, Londonderry, NH L + 4.00% 04/06/2024 04/06/2026 I/O — 34,391 34,170 Office, Plano, TX L + 4.75% 07/01/2024 07/01/2026 I/O — 24,935 24,714 Multifamily, Portland, OR L + 3.57% 07/09/2024 07/09/2026 I/O — 19,688 19,524 Multifamily, Seattle, WA L + 3.55% 08/16/2024 08/16/2026 I/O — 12,229 12,112 Retail, Sandy Springs, GA L + 3.75% 09/23/2024 09/23/2026 I/O — 14,821 14,663 Office, St. Louis, MO L + 3.25% 12/19/2022 12/19/2023 I/O — 28,421 28,498 Retail, Coppell, TX L + 3.50% 02/12/2022 02/12/2022 I/O — 19,615 18,685 Office, Yardley, PA L + 3.75% 12/19/2022 01/24/2025 I/O — 14,265 12,437 Industrial, Allentown, PA L + 3.50% 01/24/2023 01/24/2025 I/O — 10,350 8,525 Office, Dublin, OH L + 3.75% 02/18/2022 02/18/2023 I/O — 21,735 20,708 Office, Westminster, CO L + 3.75% 05/25/2024 05/25/2026 I/O — 13,506 11,400 Multifamily, Portland, OR L + 3.57% 07/30/2024 07/30/2026 I/O — 13,400 11,291 Office, Dallas, TX L + 3.25% 08/25/2024 08/25/2026 I/O — 43,450 36,498 Office, Carlsbad, CA L + 3.25% 10/27/2024 10/27/2026 I/O — 23,740 23,499 Multifamily, Bellevue, WA L + 3.85% 11/05/2024 11/05/2026 I/O — 20,000 19,792 Multifamily, Ames, IA L + 3.80% 11/15/2024 11/15/2026 I/O — 17,680 17,499 Office, Downers Grove, IL L + 4.25% 12/09/2024 12/09/2026 I/O — 23,530 23,407 Retail, West Bloomfield, MI L + 3.85% 12/16/2023 12/16/2024 I/O — 37,388 36,968 Industrial, Summerville, SC L + 3.50% 12/20/2024 12/20/2026 I/O — 35,000 34,644 $ 590,590 $ 570,780 (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, 2021, none of our borrowers was delinquent in payment. Reconciliation of Mortgage Loans on Real Estate: Balance as of January 1, 2021 $ 91,879 Additions during the year: Originations 347,366 Loans acquired in the Merger 205,593 Additional funding 4,710 Purchase discount accretion 18,932 Net amortization of deferred fees 1,835 Deductions during the year: Repayment of mortgage loans (59,197) Deferred fees (3,895) Purchase discount on loans acquired in the Merger (36,443) Balance as of December 31, 2021 $ 570,780

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Prior to the Business Change, the Trust was accounted for as an investment company in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 946, Financial Services - Investment Companies , or the Predecessor Basis. Upon the Business Change, we discontinued the application of guidance in ASC Topic 946 and prospectively applied the guidance required under U.S. generally accepted accounting principles, or GAAP, applicable to companies that are not investment companies, or the Successor Basis. As a result of these changes, our consolidated financial statements as of and for the year ended December 31, 2021 are presented separately from our financial statements on the Predecessor Basis, as of and for the year ended December 31, 2020. The results of operations from January 1, 2021 through January 4, 2021 were not material to the Trust's consolidated financial statements and have not been presented separately, but they are included in our consolidated statement of operations for the year ended December 31, 2021.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the accompanying consolidated financial statements include the fair value of financial instruments
Consolidation	Consolidation. These consolidated financial statements include the accounts of ours and our subsidiaries, all of which are 100% owned directly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash primarily consists of deposit proceeds from potential borrowers when originating loans, which may be returned to the applicable borrower upon the closing of the loan, after deducting any transaction costs paid by us for the benefit of such borrower.
Secured Financing Agreements	Secured Financing Agreements. Loans financed through secured financing agreements are treated as collateralized financing transactions, unless they meet sales treatment under GAAP. Pursuant to GAAP treatment of collateralized financing transactions, loans financed through secured financing agreements remain on our consolidated balance sheet as assets and cash received from the purchasers is recorded on our consolidated balance sheet as liabilities. Interest paid in accordance with secured financing agreements is recorded as interest expense.
Loans Held for Investment	Loans Held for Investment. Generally, our loans are classified as held for investment based upon our intent and ability to hold them until maturity. Loans that are held for investment are carried at cost, net of unamortized loan origination fees, accreted fees, unamortized premiums and unaccreted discounts, as applicable, that are required to be recognized in the carrying value of the loans in accordance with GAAP, unless the loans are deemed to be impaired. Loans that we have a plan to sell or liquidate are held at the lower of cost or fair value less cost to sell. We evaluate each of our loans for impairment at least quarterly by assessing a variety of risk factors in relation to each loan and assigning a risk rating to each loan based on those factors. Factors considered in these evaluations include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, risk of loss, current loan to value ratio, or LTV, debt yield, collateral performance, structure, exit plan and sponsorship. Loans are rated “1” (lower risk) through “5” (impaired/loss likely) as defined below: "1" lower risk—Criteria reflects a sponsor having a strong financial condition and low credit risk and our evaluation of management's experience; collateral performance exceeding performance metrics included in the business plan or credit underwriting; and the property demonstrating stabilized occupancy and/or market rates, resulting in strong current cash flow and net operating income and/or having a very low LTV. "2" average risk—Criteria reflects a sponsor having a stable financial condition and our evaluation of management's experience; collateral performance meeting or exceeding substantially all performance metrics included in the business plan or credit underwriting; and the property demonstrating improved occupancy at market rents, resulting in sufficient current cash flow and/or having a low LTV. "3" acceptable risk—Criteria reflects a sponsor having a history of repaying loans at maturity and meeting its credit obligations and our evaluation of management's experience; collateral performance expected to meet performance metrics included in the business plan or credit underwriting; and the property having a moderate LTV. New loans and loans with a limited history will typically be assigned this rating and will be adjusted to other levels from time to time as appropriate. "4" higher risk—Criteria reflects a sponsor having a history of unresolved missed or late payments, maturity extensions and difficulty timely fulfilling its credit obligations and our evaluation of management's experience; collateral performance failing to meet the business plan or credit underwriting; the existence of a risk of default possibly leading to a loss and/or potential weaknesses that deserve management’s attention; and/or the property having a high LTV. "5" impaired/loss likely—Criteria reflects a very high risk of realizing a principal loss or having incurred a principal loss; a sponsor having a history of default payments, trouble fulfilling its credit obligations, deeds in lieu of foreclosures, and/or bankruptcies; collateral performance is significantly worse than performance metrics included in the business plan; loan covenants or performance milestones having been breached or not attained; timely exit via sale or refinancing being uncertain; and/or the property having a very high LTV. See Note 6 for further information regarding our current loan portfolio’s assessment under our internal risk rating policy. Impairment occurs when it is deemed probable that we will not be able to collect all amounts due under a loan according to its contractual terms. Impairment will then be measured based on the present value of the expected future cash flows discounted at the loan's contractual effective rate and the fair value of any available collateral, net of any costs we expect to incur to realize that value. The determination of this estimated fair value involves judgments and assumptions based on objective and subjective factors. Consideration will be given to various factors, such as business plans, property occupancies, tenant profiles, rental rates, operating expenses and borrowers’ repayment plans, among others, and will require significant judgments regarding certain circumstances, such as guarantees, if any. Upon measurement of an impairment, we will record an allowance to reduce the carrying value of the loan accordingly, and record a corresponding charge to net income in our consolidated statement of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. FASB ASC Topic 820-10, Fair Value Measurements and Disclosures , defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands the required disclosure regarding fair value measurements. ASC Topic 820-10 defines fair value as the price that would be received for a financial instrument in a current sale, which assumes an orderly transaction between market participants on the measurement date. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes the inputs used in measuring fair value. GAAP establishes market based or observable inputs as the preferred source of values followed by valuation models using management assumptions in the absence of market inputs. The three levels of inputs that may be used to measure fair value are as follows: Level I—Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level II—Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly.
Loan Deferred Fees	Loan Deferred Fees. Loan origination and exit fees are reflected in loans held for investment, net, in our consolidated balance sheet and include fees charged to borrowers. These fees are amortized and accreted, respectively, into interest income over the life of the related loans held for investment.
Deferred Financing Costs	Deferred Financing Costs. Costs incurred in connection with financings are capitalized and recorded as an offset to the related liability and amortized over the respective financing terms and are recorded in our consolidated statement of operations as a component of interest and related expenses.
Net Income Per Common Share	Net Income Per Common Share. We calculate net income per common share - basic by dividing net income by the weighted average number of common shares outstanding during the period. We calculate net income per common share - diluted using the more dilutive of the two class or treasury stock method. Unvested share awards and other potentially dilutive common share issuances, and the related impact on earnings, are considered when calculating net income per common share -diluted.
Revenue Recognition	Revenue Recognition. Interest income related to our first mortgage loans secured by CRE will generally be accrued based on the coupon rates applied to the outstanding principal balance of such loans. Fees, premiums and discounts, if any, will be amortized or accreted into interest income over the remaining lives of the loans using the effective interest method, as adjusted for any prepayments. If a loan's interest or principal payments are not paid when due and there is uncertainty that such payments will be collected, the loan may be categorized as non-accrual and no interest will be recorded unless it is collected. When all overdue payments are collected and, in our judgment, a loan is likely to remain current, it may be re-categorized as accrual.
Securities Transactions and Investment Income	Securities Transactions and Investment Income. Under the Predecessor Basis, we recorded securities transactions on a trade date basis, dividend income on the ex-dividend date and any non-cash dividends at the fair market value of the securities received. We used the accrual method for recording interest income, including accretion of original issue discount, where applicable, and accretion of discount on short term investments and identified cost basis for realized gains and losses from securities transactions. The difference between cost and fair value for investments we continue to hold is reflected as unrealized gain (loss), and any change in that amount from a prior period is reflected in the accompanying consolidated statement of operations under the Predecessor Basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. As a smaller reporting company, we expect to adopt ASU No. 2016-13 on January 1, 2023. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have on our consolidated financial statements. The effect of the adoption of ASU No. 2016-13, if material, will be presented as a cumulative-effect adjustment to equity as of the date of adoption. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires that an acquirer account for the related revenue contracts in accordance with FASB ASC Topic 606 as if it had originated the contracts. The acquiring entity shall recognize and measure the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements, rather than at fair value at the acquisition date. ASU No. 2021-08 is effective for fiscal years

Merger with Tremont Mortgage _2

Merger with Tremont Mortgage Trust (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Summary of Asset Acquisition	The following table summarizes the consideration transferred and liabilities assumed as a result of the Merger: TRMT Common Shares outstanding 8,303,629 Multiplied by the exchange ratio 0.516 4,284,673 TRMT fractional shares adjustment (73) SEVN common shares issued 4,284,600 Closing price of SEVN common shares on September 30, 2021 $ 10.31 Value of consideration transferred $ 44,174 Assumed working capital (10,146) Assumed Citibank Master Repurchase Facility, principal balance 128,962 Merger related costs 6,160 Consideration transferred and liabilities assumed $ 169,150 The following table summarizes the purchase price allocation for the Merger: Cash and cash equivalents $ 11,070 Loans held for investment, net 169,150 Accrued interest receivable 603 Prepaid expenses and other assets 31 Total assets 180,854 Accounts payable and other liabilities (901) Citibank Master Repurchase Facility (128,962) Due to related persons (657) Net assets acquired 50,334 Assumed working capital (10,146) Assumed Citibank Master Repurchase Facility, principal balance 128,962 Consideration transferred and liabilities assumed $ 169,150

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Loans	The table below provides overall statistics for our loan portfolio as of December 31, 2021 and 2020: As of December 31, 2021 2020 (Predecessor Basis) Number of loans 26 5 Total loan commitments $ 648,266 $ 111,720 Unfunded loan commitments (1)(2) $ 57,772 $ 18,857 Principal balance (2) $ 590,590 $ 92,863 Carrying value $ 570,780 $ 91,879 Weighted average coupon rate 4.54 % 5.08 % Weighted average all in yield (3) 5.08 % 5.71 % Weighted average LIBOR floor 0.68 % 0.78 % Weighted average maximum maturity (years) (4) 3.8 4.2 Weighted average risk rating 2.9 3.0 (1) Unfunded loan commitments are primarily used to finance property and building improvements and leasing capital and are generally funded over the term of the loan. (2) The principal balance as of December 31, 2021 includes $96 of capitalized interest that does not reduce the amount of unfunded loan commitments. (3) All in yield represents the yield on a loan, including amortization of deferred fees over the initial term of the loan and excluding any purchase discount accretion. (4) Maximum maturity assumes all borrower loan extension options have been exercised, which options are subject to the borrower meeting certain conditions. The table below represents our loan activities during the year ended December 31, 2021: Principal Balance Deferred Fees and Other Items Carrying Value Balance at December 31, 2020 (Predecessor Basis) $ 92,863 $ (984) $ 91,879 Additional funding 4,710 — 4,710 Originations 347,366 (3,895) 343,471 Repayments (59,041) (156) (59,197) Net amortization of deferred fees — 1,835 1,835 Loans acquired in Merger (1) 204,692 901 205,593 Purchase discount on loans acquired in Merger — (36,443) (36,443) Purchase discount accretion (2) — 18,932 18,932 Balance at December 31, 2021 (Successor Basis) $ 590,590 $ (19,810) $ 570,780 (1) Deferred fees and other items for loans acquired in Merger represent exit fees contractually due upon repayment of loans acquired in the Merger. (2) Purchase discount accretion reflects the impact of a waived exit fee of $120 due from a borrower of a loan acquired in the Merger. The tables below detail the property type and geographic location of the properties securing the loans in our portfolio as of December 31, 2021 and 2020: As of December 31, 2021 2020 Property Type Number of Loans Carrying Value Percentage of Value Number of Loans Carrying Value Percentage of Value Office (1) 13 $ 269,865 47 % 2 $ 38,106 41 % Multifamily 5 106,002 19 % — — — % Lab 1 13,398 2 % 2 31,078 34 % Retail 4 88,724 16 % 1 17,029 19 % Industrial (1) 3 92,791 16 % — 5,666 6 % 26 $ 570,780 100 % 5 $ 91,879 100 % (1) Two loan investments secured by mixed use properties consisting of office space and an industrial warehouse in Aurora, IL and Colorado Springs, CO are classified as office for the purpose of counting the number of loans in our portfolio because the majority of the square footage of the properties consists of office space. The carrying value of these loan investments are reflected in office and industrial based on the fair value of the buildings at the time of origination relative to the total fair value of the properties. As of December 31, 2021 2020 Geographic Location Number of Loans Carrying Value Percentage of Value Number of Loans Carrying Value Percentage of Value East 3 $ 55,132 10 % — $ — — % South 7 153,495 27 % 1 13,281 14 % West 8 145,453 25 % 2 34,826 38 % Midwest 8 216,700 38 % 2 43,772 48 % 26 $ 570,780 100 % 5 $ 91,879 100 % The following table allocates the carrying value of our loan portfolio as of December 31, 2021 and 2020 based on our internal risk rating policy: As of December 31, 2021 (Successor Basis) 2020 (Predecessor Basis) Risk Rating Number of Loans Carrying Value Number of Loans Carrying Value 1 — $ — — $ — 2 4 94,743 — — 3 21 463,600 5 91,879 4 1 12,437 — — 5 — — — — 26 $ 570,780 5 $ 91,879

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Secured Financing Agreements	The table below summarizes our Secured Financing Agreements as of December 31, 2021: Debt Obligation Weighted Average Collateral Maximum Facility Size Principal Balance Carrying Value Coupon Rate Remaining Maturity (1) (years) Principal Balance Master Repurchase Agreements UBS Master Repurchase Facility $ 192,000 $ 167,928 $ 167,024 L + 1.99% 2.0 $ 225,868 Citibank Master Repurchase Facility 213,482 161,825 161,724 L + 1.92% 0.7 222,129 Asset Specific Financing BMO Facility 100,000 11,116 10,879 S + 1.96% 2.7 14,821 Total/Weighted Average $ 505,482 $ 340,869 $ 339,627 1.4 $ 462,818 (1) The weighted average remaining maturity is determined using the current maturity date of the corresponding loans, assuming no borrower loan extension options have been exercised. Our UBS Master Repurchase Facility and Citibank Master Repurchase Facility mature on February 18, 2024 and November 6, 2022, respectively. Our BMO Facility matures at various dates based on the respective underlying loans held for investment.
Schedule of Maturities of Long-term Debt	As of December 31, 2021, our outstanding borrowings had the following remaining maturities: Principal Payments on 2022 $ 161,825 2023 50,483 2024 128,561 2025 — 2026 — $ 340,869

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below provides information regarding financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheets: As of December 31, 2021 (Successor Basis) 2020 (Predecessor Basis) Carrying Value Fair Value Carrying Value Fair Value Financial assets Loans held for investment $ 570,780 $ 597,669 $ 91,879 $ 91,879 Financial liabilities Secured Financing Facilities $ 339,627 $ 341,679 — —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Unvested Share Activity	A summary of shares granted, forfeited, vested and unvested under the terms of the 2021 Plan for the year ended December 31, 2021 is as follows: 2021 Number of Weighted Average Grant Unvested shares, beginning of year — $ — Shares granted 116,000 $ 10.63 Shares vested (50,786) $ 10.89 Shares granted at the Effective Time of the Merger 26,370 $ 10.31 Unvested shares, end of year 91,584 $ 10.39
Schedule of Dividends Declared	For the year ended December 31, 2021, we declared and paid distributions to common shareholders as follows: Record Date Payment Date Distribution per Share Total Distribution April 26, 2021 May 20, 2021 $ 0.15 $ 1,530 July 26, 2021 August 19, 2021 0.15 1,532 September 7, 2021 September 29, 2021 0.15 1,533 $ 0.45 $ 4,595

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The table below provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted net income per share (amounts in thousands): For the Year Ended December 31, 2021 Weighted average common shares for basic net income per share 11,304 Effect of dilutive securities: unvested share awards — Weighted average common shares for diluted net income per share 11,304

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands	Sep. 30, 2021USD ($)loan$ / sharesshares	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / shares
Subsidiary, Sale of Stock [Line Items]
Common shares, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001
TRMT Merger
Subsidiary, Sale of Stock [Line Items]
Common shares, par value (in dollars per share) | $ / shares	$ 0.001
Exchange ratio of shares issued per acquiree share ( in shares) | shares	0.516	0.516
Share price (in dollars per share) | $ / shares	$ 10.31
Consideration transferred and liabilities assumed	$ 169,150
Assumed Citibank Master Repurchase Facility, principal balance	128,962
Merger related costs	6,160
Assumed working capital	$ 10,146
Number of loans acquired | loan	10
Aggregate principle loan balance acquired	$ 204,692
TRMT Merger | Tremont Mortgage Trust
Subsidiary, Sale of Stock [Line Items]
Common shares, par value (in dollars per share) | $ / shares	$ 0.01
TRMT Merger | Tremont Mortgage Trust And Seven Hills Realty Trust
Subsidiary, Sale of Stock [Line Items]
Merger related costs	$ 6,160

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Percent ownership	100.00%

Merger with Tremont Mortgage _3

Merger with Tremont Mortgage Trust - Narrative (Details) $ / shares in Units, $ in Thousands	Sep. 30, 2021USD ($)loan$ / shares	Dec. 31, 2021USD ($)
Asset Acquisition [Line Items]
Purchase discount accretion		$ 18,932
TRMT Merger
Asset Acquisition [Line Items]
Number of loans acquired | loan	10
Aggregate principle loan balance acquired	$ 204,692
Share price (in dollars per share) | $ / shares	$ 10.31
Aggregate transaction value paid	$ 169,150
Assumed Citibank Master Repurchase Facility, principal balance	128,962
Merger related costs	6,160
Assumed working capital	(10,146)
Purchase discount	36,443
Purchase discount accretion		$ 18,932
TRMT Merger | Tremont Mortgage Trust And Seven Hills Realty Trust
Asset Acquisition [Line Items]
Merger related costs	$ 6,160

Merger with Tremont Mortgage _4

Merger with Tremont Mortgage Trust - Summary of Consideration Transferred and Liabilities Assumed (Details) - TRMT Merger - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2021	Dec. 31, 2021
Asset Acquisition [Line Items]
TRMT common shares outstanding (in shares)	8,303,629
Exchange ratio of shares issued per acquiree share ( in shares)	0.516	0.516
SEVN Common Shares issued, before adjustment (in shares)	4,284,673
TRMT fractional shares adjustment (in shares)	(73)
SEVN common shares issued (in shares)	4,284,600
Share price (in dollars per share)	$ 10.31
Value of consideration transferred	$ 44,174
Assumed working capital	(10,146)
Assumed Citibank Master Repurchase Facility, principal balance	128,962
Merger related costs	6,160
Consideration transferred and liabilities assumed	$ 169,150

Merger with Tremont Mortgage _5

Merger with Tremont Mortgage Trust- Purchase Price Allocation (Details) - TRMT Merger $ in Thousands	Sep. 30, 2021USD ($)
Asset Acquisition [Line Items]
Cash and cash equivalents	$ 11,070
Loans held for investment, net	169,150
Accrued interest receivable	603
Prepaid expenses and other assets	31
Total assets	180,854
Accounts payable and other liabilities	(901)
Citibank Master Repurchase Facility	(128,962)
Due to related persons	(657)
Net assets acquired	50,334
Assumed working capital	(10,146)
Assumed Citibank Master Repurchase Facility, principal balance	128,962
Consideration transferred and liabilities assumed	$ 169,150

Loans Held for Investment - Loa

Loans Held for Investment - Loan Portfolio Statistics (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Receivables [Abstract]
Number of Loans | loan	26	5
Total loan commitments	$ 648,266	$ 111,720
Unfunded loan commitments	57,772	18,857
Principal balance	590,590	92,863
Carrying value	$ 570,780	$ 91,879
Weighted average coupon rate	4.54%	5.08%
Weighted average all in yield	5.08%	5.71%
Weighted average LIBOR floor	0.68%	0.78%
Weighted average maximum maturity (years)	3 years 9 months 18 days	4 years 2 months 12 days
Weighted average risk rating	2.9	3
Financing receivable, capitalized interest	$ 96

Loans Held for Investment - L_2

Loans Held for Investment - Loan Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Loan Activities
Principal, beginning balance	$ 92,863
Deferred fees and other items, beginning balance	(984)
Carrying value, beginning balance	91,879
Additional funding	4,710
Principal, originations	347,366
Deferred fees and other items, originations	(3,895)
Carrying value, originations	343,471
Repayments	(59,041)
Deferred fees and other items, repayments	(156)
Repayments, net	(59,197)
Net amortization of deferred fees	1,835
Loans acquired in Merger	204,692
Deferred fees and other items, loans acquired in Merger	901
Loans acquired in Merger, net	205,593
Purchase discount on loans acquired in Merger	(36,443)
Purchase discount on loans acquired in the Merger	(36,443)
Purchase discount accretion	18,932
Principal, ending balance	590,590
Deferred fees and other items, ending balance	(19,810)
Carrying value, ending balance	570,780
Loan origination and exit fees, net of amortization	$ 120

Loans Held for Investment - L_3

Loans Held for Investment - Loan Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	26	5
Carrying Value | $	$ 570,780	$ 91,879
Percentage of Value	100.00%	100.00%
East
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	3	0
Carrying Value | $	$ 55,132	$ 0
Percentage of Value	10.00%	0.00%
South
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	7	1
Carrying Value | $	$ 153,495	$ 13,281
Percentage of Value	27.00%	14.00%
West
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	8	2
Carrying Value | $	$ 145,453	$ 34,826
Percentage of Value	25.00%	38.00%
Midwest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	8	2
Carrying Value | $	$ 216,700	$ 43,772
Percentage of Value	38.00%	48.00%
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	13	2
Carrying Value | $	$ 269,865	$ 38,106
Percentage of Value	47.00%	41.00%
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	5	0
Carrying Value | $	$ 106,002	$ 0
Percentage of Value	19.00%	0.00%
Lab
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	1	2
Carrying Value | $	$ 13,398	$ 31,078
Percentage of Value	2.00%	34.00%
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	4	1
Carrying Value | $	$ 88,724	$ 17,029
Percentage of Value	16.00%	19.00%
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	3	0
Carrying Value | $	$ 92,791	$ 5,666
Percentage of Value	16.00%	6.00%
Mixed Use Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans	2

Loans Held for Investment - L_4

Loans Held for Investment - Loan Risk Ratings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	26	5
Carrying Value | $	$ 570,780	$ 91,879
Risk Rating, 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	0	0
Carrying Value | $	$ 0	$ 0
Risk Rating, 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	4	0
Carrying Value | $	$ 94,743	$ 0
Risk Rating, 3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	21	5
Carrying Value | $	$ 463,600	$ 91,879
Risk Rating, 4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	1	0
Carrying Value | $	$ 12,437	$ 0
Risk Rating, 5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | loan	0	0
Carrying Value | $	$ 0	$ 0

Loans Held for Investment - Nar

Loans Held for Investment - Narrative (Details)	12 Months Ended
	Dec. 31, 2021loan	Dec. 31, 2020loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average risk rating	2.9	3
Number of Loans	26	5
Percentage of Value	100.00%	100.00%
Risk Rating, 4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans	1	0
Percentage of Value	2.00%

Secured Financing Agreements -

Secured Financing Agreements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Feb. 14, 2022	Nov. 09, 2021	Feb. 18, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Aggregate outstanding principal balance of secured financing facilities	$ 340,869
Interest expense	2,253	$ 1,208
Subsequent Event
Assets Sold under Agreements to Repurchase [Line Items]
Aggregate outstanding principal balance of secured financing facilities			$ 278,782
UBS
Assets Sold under Agreements to Repurchase [Line Items]
Interest expense	1,514
Citibank
Assets Sold under Agreements to Repurchase [Line Items]
Interest expense	724
BMO
Assets Sold under Agreements to Repurchase [Line Items]
Interest expense	15
Mortgages and Related Assets
Assets Sold under Agreements to Repurchase [Line Items]
Maximum Facility Size	$ 505,482
Mortgages and Related Assets | UBS
Assets Sold under Agreements to Repurchase [Line Items]
Non-refundable upfront fee, percent of tranche					0.50%
Percentage of purchased asset, initial purchase price					75.00%
Minimum percentage of margin to advance					75.00%
Percentage of loan guaranteed					25.00%
Debt instrument, loan percentage guaranteed in event of certain bad acts					100.00%
Debt, weighted average interest rate	2.10%
Mortgages and Related Assets | Citibank
Assets Sold under Agreements to Repurchase [Line Items]
Percentage of purchased asset, initial purchase price	75.00%
Minimum percentage of margin to advance	75.00%
Percentage of loan guaranteed	25.00%
Debt, weighted average interest rate	1.90%
Mortgages and Related Assets | Citibank | LIBOR
Assets Sold under Agreements to Repurchase [Line Items]
Variable basis spread	2.00%
Mortgages and Related Assets | Citibank | Minimum | LIBOR
Assets Sold under Agreements to Repurchase [Line Items]
Variable basis spread	2.00%
Mortgages and Related Assets | Citibank | Maximum | LIBOR
Assets Sold under Agreements to Repurchase [Line Items]
Variable basis spread	2.50%
Mortgages and Related Assets | BMO
Assets Sold under Agreements to Repurchase [Line Items]
Minimum percentage of margin to advance				80.00%
Percentage of loan guaranteed				25.00%
Debt instrument, loan percentage guaranteed in event of certain bad acts					100.00%
Debt, weighted average interest rate	2.00%

Secured Financing Agreements _2

Secured Financing Agreements - Schedule of Secured Financing Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Nov. 09, 2021	Sep. 30, 2021	Feb. 18, 2021
Mortgages and Related Assets
Debt Instrument [Line Items]
Maximum Facility Size	$ 505,482
Principal Balance	340,869
Carrying Value	$ 339,627
Remaining maturity (Years)	1 year 4 months 24 days
Principal Balance	$ 462,818
UBS | Master Repurchase Agreements
Debt Instrument [Line Items]
Maximum Facility Size	192,000
Principal Balance	167,928
Carrying Value	$ 167,024
Remaining maturity (Years)	2 years
Principal Balance	$ 225,868
UBS | Asset Specific Financing
Debt Instrument [Line Items]
Maximum Facility Size				$ 192
UBS | LIBOR | Master Repurchase Agreements
Debt Instrument [Line Items]
Coupon Rate	1.99%
Citibank | Master Repurchase Agreements
Debt Instrument [Line Items]
Maximum Facility Size	$ 213,482
Principal Balance	161,825
Carrying Value	$ 161,724
Remaining maturity (Years)	8 months 12 days
Principal Balance	$ 222,129
Citibank | Asset Specific Financing
Debt Instrument [Line Items]
Maximum Facility Size			$ 213,482
Citibank | LIBOR | Master Repurchase Agreements
Debt Instrument [Line Items]
Coupon Rate	1.92%
BMO | Asset Specific Financing
Debt Instrument [Line Items]
Maximum Facility Size	$ 100,000	$ 100,000
Principal Balance	11,116
Carrying Value	$ 10,879
Remaining maturity (Years)	2 years 8 months 12 days
Principal Balance	$ 14,821
BMO | SOFR | Asset Specific Financing
Debt Instrument [Line Items]
Coupon Rate	1.96%

Secured Financing Agreements _3

Secured Financing Agreements - Debt Maturities (Details) - Mortgages and Related Assets $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 161,825
2023	50,483
2024	128,561
2025	0
2026	0
Total	$ 340,869

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Recurring Fair Value (Details) - Level III - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	$ 570,780	$ 91,879
Secured Financing Facilities	339,627	0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	597,669	91,879
Secured Financing Facilities	$ 341,679	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands

Jan. 24, 2022USD ($)

Jan. 13, 2022$ / shares

Oct. 05, 2021shares

Oct. 01, 2021trustee$ / sharesshares

Sep. 29, 2021USD ($)

Sep. 07, 2021$ / shares

Aug. 19, 2021USD ($)

Jul. 26, 2021$ / shares

May 27, 2021trustee$ / sharesshares

May 20, 2021USD ($)

Apr. 26, 2021$ / shares

Dec. 31, 2021USD ($)installment$ / sharesshares

Dec. 31, 2020shares

Subsidiary, Sale of Stock [Line Items]

Share repurchases (in shares)

5,530

Shares repurchased | $

$ 57

Distribution per Share, declared (in dollars per share) | $ / shares

$ 0.15

$ 0.15

$ 0.15

$ 0.45

Common stock dividends declared | $

$ 1,533

$ 1,532

$ 1,530

$ 4,595

Common stock dividends ordinary income distribution percentage

79.00%

Return on capital, percentage

21.00%

Subsequent Event

Subsidiary, Sale of Stock [Line Items]

Distribution per Share, declared (in dollars per share) | $ / shares

$ 0.25

Common stock dividends declared | $

$ 3,649

2021 Equity Compensation Plan | Restricted Unvested Common Shares

Subsidiary, Sale of Stock [Line Items]

Number of installments | installment

5

Shares granted (in shares)

116,000

Shares granted (in dollars per share) | $ / shares

$ 10.63

Unvested shares outstanding (in shares)

91,584

0

Future compensation expense | $

$ 903

Future compensation expense, period of recognition

24 months

Compensation expense | $

$ 627

Common shares available for issuance (in shares)

363,160

2021 Equity Compensation Plan | Restricted Unvested Common Shares | Share-based Payment Arrangement, Tranche One

Subsidiary, Sale of Stock [Line Items]

Unvested shares outstanding (in shares)

28,415

2021 Equity Compensation Plan | Restricted Unvested Common Shares | Share-based Payment Arrangement, Tranche Two

Subsidiary, Sale of Stock [Line Items]

Unvested shares outstanding (in shares)

25,306

2021 Equity Compensation Plan | Restricted Unvested Common Shares | Share-based Payment Arrangement, Tranche Three

Subsidiary, Sale of Stock [Line Items]

Unvested shares outstanding (in shares)

21,263

2021 Equity Compensation Plan | Restricted Unvested Common Shares | Share-Based Compensation Award, Tranche Four

Subsidiary, Sale of Stock [Line Items]

Unvested shares outstanding (in shares)

16,600

Trustee Compensation Arrangements | Restricted Unvested Common Shares

Subsidiary, Sale of Stock [Line Items]

Number of trustees | trustee

6

5

Shares granted (in shares)

3,000

3,000

Shares granted (in dollars per share) | $ / shares

$ 10.41

$ 12.10

Officers And Certain Other Employees Compensation Arrangement | Restricted Unvested Common Shares

Subsidiary, Sale of Stock [Line Items]

Shares granted (in shares)

83,000

Shareholders' Equity - Nonveste

Shareholders' Equity - Nonvested Share Activity (Details) - Restricted Unvested Common Shares - 2021 Equity Compensation Plan	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of Shares
Unvested shares, beginning of year (in shares) | shares	0
Shares granted (in shares) | shares	116,000
Shares vested (in shares) | shares	(50,786)
Shares granted at the Effective Time of the Merger (in shares) | shares	26,370
Unvested shares, end of year (in shares) | shares	91,584
Weighted Average Grant Date Fair Value
Unvested shares, beginning of year (in dollars per share) | $ / shares	$ 0
Shares granted (in dollars per share) | $ / shares	10.63
Shares vested (in dollars per share) | $ / shares	10.89
Shares granted at the Effective Time of the Merger (in dollars per share) | $ / shares	10.31
Unvested shares, end of year (in dollars per share) | $ / shares	$ 10.39

Shareholders' Equity - Repurcha

Shareholders' Equity - Repurchases and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 29, 2021	Sep. 07, 2021	Aug. 19, 2021	Jul. 26, 2021	May 20, 2021	Apr. 26, 2021	Dec. 31, 2021
Equity [Abstract]
Distribution per Share, declared (in dollars per share)		$ 0.15		$ 0.15		$ 0.15	$ 0.45
Distribution per Share, paid (in dollars per share)	$ 0.15		$ 0.15		$ 0.15		$ 0.45
Total Distribution	$ 1,533		$ 1,532		$ 1,530		$ 4,595

Management Agreement with our_2

Management Agreement with our Manager (Details) $ in Thousands	Jan. 05, 2021USD ($)	Mar. 16, 2021USD ($)	Dec. 31, 2021USD ($)employee	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Number of employees | employee			0
Administrative		$ 15		$ 77
Annual rate, percent of average daily managed assets			0.85%
Advisory	$ 22			2,364
Compliance and internal audit				$ 145
Annualized base management fee	1.50%
Quarterly base management fee	0.375%
Incentive fee percentage	20.00%
Base management fee, percent of equity	7.00%
Base management fees			$ 3,221
Management agreement term			1 year
Management agreement terminated upon written notice delivered term			180 days
Management agreement, termination rights, affirmative vote threshold, percentage			66.67%
Terminated annual renewal upon notice delivered term			180 days
Management agreement at any time without payment of termination fee			30 days
Management agreement termination fee			3
Termination fee calculation period			24 months
Termination fee calculation annualized period			2 years
Exit fees			$ 1,600
Formation costs included in termination fee			6,680
Reimbursement of shared services expenses			$ 1,565
Shared Service Costs | Principal Owner
Related Party Transaction [Line Items]
Percent threshold to be considered employee of manager			50.00%
Reimbursement of shared services expenses			$ 1,565

Related Person Transactions (De

Related Person Transactions (Details) - Affiliated Entity - $ / shares	Oct. 01, 2021	Jan. 05, 2021	Dec. 31, 2021
Management Services | Tremont Realty Advisors Llc
Related Party Transaction [Line Items]
Shares owned (in shares)			825,651
Percent of outstanding common shares			5.70%
Investment Advisory Services | RMR Advisors
Related Party Transaction [Line Items]
Related party, rate		0.85%
Share Awards | Officers and Employees
Related Party Transaction [Line Items]
Awards granted (in shares)			83,000
Awards granted (in dollars per share)	$ 10.41
Share Awards | Share-based Payment Arrangement, Tranche One | Officers and Employees
Related Party Transaction [Line Items]
Vesting percentage of awards granted			20.00%
Share Awards | Share-based Payment Arrangement, Tranche Two | Officers and Employees
Related Party Transaction [Line Items]
Vesting percentage of awards granted			20.00%
Share Awards | Share-based Payment Arrangement, Tranche Three | Officers and Employees
Related Party Transaction [Line Items]
Vesting percentage of awards granted			20.00%
Share Awards | Share-Based Compensation Award, Tranche Four | Officers and Employees
Related Party Transaction [Line Items]
Vesting percentage of awards granted			20.00%
Share Awards | Share-Based Compensation Award, Tranche Five | Officers and Employees
Related Party Transaction [Line Items]
Vesting percentage of awards granted			20.00%

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Income tax expense relating to the business change	$ 282

Weighted Average Common Share_2

Weighted Average Common Shares (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2021shares
Earnings Per Share [Abstract]
Weighted average common shares outstanding- basic (in shares)	11,304
Effect of dilutive securities: unvested share awards (in shares)	0
Weighted average common shares outstanding, diluted (in shares)	11,304

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Unfunded loan commitments	$ 57,772	$ 18,857
Weighted average initial maturity	3 years 9 months 18 days	4 years 2 months 12 days
Mortgages and Related Assets
Loss Contingencies [Line Items]
Borrowings outstanding	$ 340,869
Weighted average maturity	1 year 4 months 24 days
Unfunded Commitments
Loss Contingencies [Line Items]
Weighted average initial maturity	2 years 1 month 6 days

Legal Proceedings - Narrative (

Legal Proceedings - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)claim
Loss Contingencies [Line Items]
Number of lawsuits | claim	8
Complaints
Loss Contingencies [Line Items]
Litigation settlement expense | $	$ 240

SCHEDULE IV - MORTGAGE LOANS _2

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	$ 590,590	$ 92,863
Carrying Value	570,780	91,879
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	269,865	38,106
Lab
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	13,398	31,078
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	88,724	17,029
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	106,002	0
Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	92,791	$ 5,666
First Mortgage Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal	590,590
Carrying Value	$ 570,780
First Mortgage Bridge Loans | Office | Downers Grove, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Prior Liens	$ 0
Principal	29,500
Carrying Value	$ 29,384
First Mortgage Bridge Loans | Office | Aurora, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.35%
Prior Liens	$ 0
Principal	14,710
Carrying Value	$ 14,660
First Mortgage Bridge Loans | Office | Miami, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Prior Liens	$ 0
Principal	10,900
Carrying Value	$ 10,893
First Mortgage Bridge Loans | Office | Colorado Springs, CO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.50%
Prior Liens	$ 0
Principal	29,642
Carrying Value	$ 29,426
First Mortgage Bridge Loans | Office | Plano, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.75%
Prior Liens	$ 0
Principal	24,935
Carrying Value	$ 24,714
First Mortgage Bridge Loans | Office | St. Louis, MO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	28,421
Carrying Value	$ 28,498
First Mortgage Bridge Loans | Office | Yardley, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	14,265
Carrying Value	$ 12,437
First Mortgage Bridge Loans | Office | Dublin, OH
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	21,735
Carrying Value	$ 20,708
First Mortgage Bridge Loans | Office | Westminster, CO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	13,506
Carrying Value	$ 11,400
First Mortgage Bridge Loans | Office | Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	43,450
Carrying Value	$ 36,498
First Mortgage Bridge Loans | Office | Carlsbad, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.25%
Prior Liens	$ 0
Principal	23,740
Carrying Value	$ 23,499
First Mortgage Bridge Loans | Office | Downers Grove, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Prior Liens	$ 0
Principal	23,530
Carrying Value	$ 23,407
First Mortgage Bridge Loans | Lab | Durham, NC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.35%
Prior Liens	$ 0
Principal	13,500
Carrying Value	$ 13,398
First Mortgage Bridge Loans | Retail | Los Angeles, CA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.25%
Prior Liens	$ 0
Principal	18,374
Carrying Value	$ 18,409
First Mortgage Bridge Loans | Retail | Sandy Springs, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Prior Liens	$ 0
Principal	14,821
Carrying Value	$ 14,663
First Mortgage Bridge Loans | Retail | Coppell, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Principal	19,615
Carrying Value	$ 18,685
First Mortgage Bridge Loans | Retail | West Bloomfield, MI
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.85%
Prior Liens	$ 0
Principal	37,388
Carrying Value	$ 36,968
First Mortgage Bridge Loans | Multifamily | Olmstead Falls, OH
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Prior Liens	$ 0
Principal	45,820
Carrying Value	$ 45,576
First Mortgage Bridge Loans | Multifamily | Portland, OR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.57%
Prior Liens	$ 0
Principal	19,688
Carrying Value	$ 19,524
First Mortgage Bridge Loans | Multifamily | Seattle, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.55%
Prior Liens	$ 0
Principal	12,229
Carrying Value	$ 12,112
First Mortgage Bridge Loans | Multifamily | Portland, OR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.57%
Prior Liens	$ 0
Principal	13,400
Carrying Value	$ 11,291
First Mortgage Bridge Loans | Multifamily | Bellevue, WA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.85%
Prior Liens	$ 0
Principal	20,000
Carrying Value	$ 19,792
First Mortgage Bridge Loans | Multifamily | Ames, IA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.80%
Prior Liens	$ 0
Principal	17,680
Carrying Value	$ 17,499
First Mortgage Bridge Loans | Industrial | Londonderry, NH
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Prior Liens	$ 0
Principal	34,391
Carrying Value	$ 34,170
First Mortgage Bridge Loans | Industrial | Allentown, PA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Principal	10,350
Carrying Value	$ 8,525
First Mortgage Bridge Loans | Industrial | Summerville, SC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.50%
Prior Liens	$ 0
Principal	35,000
Carrying Value	$ 34,644

SCHEDULE IV - MORTGAGE LOANS _3

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Loan Activities
Carrying value, beginning balance	$ 91,879
Additions during the year:
Originations	347,366
Mortgage Loans Acquired, Net	205,593
Additional funding	4,710
Purchase discount accretion	18,932
Net amortization of deferred fees	1,835
Deductions during the year:
Repayment of mortgage loans	(59,197)
Deferred fees	(3,895)
Purchase discount on loans acquired in the Merger	(36,443)
Carrying value, ending balance	$ 570,780