SEVN

• First quarter performance update: Solid results due to strong loan portfolio and disciplined underwriting. - Investment activity: Originated loans in medical office, retail, hotel; three additional loans in process. - Loan portfolio: Total loan commitments $776 million across 26 loans, strong credit performance, weighted average yield 7.8%, loan-to-value 66%. - Market conditions and pipeline: Increased market volatility, some moderation in acquisition/sales activity, pipeline still strong with over $125 million term sheets and $78 million in diligence. - Financial results: Distributable earnings $5.3 million, 24 cents per share; rights offering impact on earnings, but deployment progressing; expected second quarter distributable earnings 23 - 25 cents per share. Credit quality strong with CISO Reserve 130 basis points, diversified portfolio.

• Expect second quarter distributable earnings to be in range of 23 to 25 cents per share. - Expect distributable earnings to trend back to quarterly dividend level by end of 2026. - Goal to have total portfolio size close to 950 million by end of 2026.

First quarter distributable earnings came in at $5.3 million, or 24 cents per share, at the high end of guidance. Originated three new loans totaling $67.5 million during the quarter, with total outstanding loan commitments at approximately $776 million. Loan portfolio had weighted average risk rating of 2.8, no realized losses, weighted average all-in yield 7.8%, weighted average loan-to-value at origination 66%. Received repayments of loans, increasing available capital and cash on hand.

• Concerns around private credit, but focused on senior secured commercial real estate lending. - Impact of macroeconomic factors like interest rates, inflation, monetary policy, geopolitical developments on transaction activity. - Effect of fuel price jumps on repositioned projects, requiring equity rebalance if construction costs increase beyond budget.

Q: Notable about origination NIM of 195 in this quarter being wider than last year's average. Is it function of mix or pocket to market?

A: Loans in Q1 were medical office, retail, hospitality with no multifamily (where tightest pricing), product mix responsible; going forward, upcoming loans' NIM closer to 180 due to product mix including multifamily.

Q: After Olmstead Falls repayment, what's qualified pipeline look like?

A: Pipeline averages about a billion, majority refinancing, three loans with term sheets for $125 million, average deal size $25 - $40 million, expect to deploy capital as negotiations progress.

Q: Any particular asset type to increase exposure to?

A: Would like to increase multifamily exposure but also active in other products like self-storage, student housing, medical office, industrial, grocery and good retail.

Q: Were 1Q origination volumes impacted by geopolitical disruptions?

A: First quarter had good activity, geopolitical disruptions slowed transactions slightly but still adequate flow, anticipate net portfolio growth with closed and upcoming loans.

Q: Updates on Yardley REO property?

A: Property performs well, occupancy ~81 - 82%, renewed large tenant, goal to lease more space and consider disposal late this year.

Q: Does jump in fuel prices impact underwriting?

A: If cost increases beyond budget in value-add transactions, sponsorship required to rebalance equity.