# EDGAR Filing Document

**Accession Number:** 0001716421
**File Stem:** 0001104659-25-105579
**Filing Date:** 2025-11
**Character Count:** 21509
**Document Hash:** 7b8eabb34097845ad1cdebb9398c8226
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-105579.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001104659-25-105579

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Seven Hills Realty Trust
- **CENTRAL INDEX KEY:** 0001452477
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84936
- **FILM NUMBER:** 251444625

**BUSINESS ADDRESS:**
- **STREET 1:** TWO NEWTON PLACE
- **STREET 2:** 255 WASHINGTON STREET, SUITE 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458
- **BUSINESS PHONE:** 617-332-9530

**MAIL ADDRESS:**
- **STREET 1:** TWO NEWTON PLACE
- **STREET 2:** 255 WASHINGTON STREET, SUITE 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RMR Mortgage Trust
- **DATE OF NAME CHANGE:** 20200730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RMR Real Estate Income Fund
- **DATE OF NAME CHANGE:** 20120123

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RMR Asia Pacific Real Estate Fund
- **DATE OF NAME CHANGE:** 20090616
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tremont Realty Capital LLC
- **CENTRAL INDEX KEY:** 0001716421

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** TWO NEWTON PLACE, 255 WASHINGTON STREET
- **STREET 2:** SUITE 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458-1634
- **BUSINESS PHONE:** 617-332-9530

**MAIL ADDRESS:**
- **STREET 1:** TWO NEWTON PLACE, 255 WASHINGTON STREET
- **STREET 2:** SUITE 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458-1634

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tremont Realty Advisors LLC
- **DATE OF NAME CHANGE:** 20170907

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**SEVEN HILLS REALTY TRUST**

*(Name of Issuer)*

**Common Shares of Beneficial Interest, $0.001 Par Value**

*(Title of Class of Securities)*

**81784E101**

*(CUSIP Number)*

**Adam D. Portnoy**<br>Two Newton Place, 255 Washington Street<br>Suite 300<br>Newton MA 02458<br>(617) 219-1440

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/30/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **81784E101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tremont Realty Capital LLC** | Name of reporting person<br>**Tremont Realty Capital LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MARYLAND** | Citizenship or place of organization<br>**MARYLAND** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1708058.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1708058.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1708058.00** | Aggregate amount beneficially owned by each reporting person<br>**1708058.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.3%** | Percent of class represented by amount in Row (11)<br>**11.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** The percentages of beneficial ownership reported in this Schedule 13D are based on approximately 15,065,722 common shares of beneficial interest of the Issuer outstanding as of October 30, 2025.

| **CUSIP No.** | **81784E101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**The RMR Group LLC** | Name of reporting person<br>**The RMR Group LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MARYLAND** | Citizenship or place of organization<br>**MARYLAND** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1708058.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1708058.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1708058.00** | Aggregate amount beneficially owned by each reporting person<br>**1708058.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.3%** | Percent of class represented by amount in Row (11)<br>**11.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **81784E101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**The RMR Group Inc.** | Name of reporting person<br>**The RMR Group Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MARYLAND** | Citizenship or place of organization<br>**MARYLAND** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1708058.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1708058.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1708058.00** | Aggregate amount beneficially owned by each reporting person<br>**1708058.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.3%** | Percent of class represented by amount in Row (11)<br>**11.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **81784E101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ABP Trust** | Name of reporting person<br>**ABP Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MARYLAND** | Citizenship or place of organization<br>**MARYLAND** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1824590.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1824590.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1824590.00** | Aggregate amount beneficially owned by each reporting person<br>**1824590.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.1%** | Percent of class represented by amount in Row (11)<br>**12.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **81784E101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Adam D. Portnoy** | Name of reporting person<br>**Adam D. Portnoy** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**219340.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1824590.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**219340.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1824590.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2043930.00** | Aggregate amount beneficially owned by each reporting person<br>**2043930.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.6%** | Percent of class represented by amount in Row (11)<br>**13.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares of Beneficial Interest, $0.001 Par Value

**(b) Name of Issuer:**
SEVEN HILLS REALTY TRUST

**(c) Address of Issuer's Principal Executive Offices:**
Two Newton Place, 255 Washington Street, Suite 300, Newton, MA, 02458

This Amendment No. 2 amends the Schedule 13D filed jointly by Tremont Realty Capital LLC (f/k/a Tremont Realty Advisors LLC), a Maryland limited liability company ("TRC"), The RMR Group LLC, a Maryland limited liability company and the sole member of TRC ("RMR LLC"), The RMR Group Inc., a Maryland corporation and the managing member of RMR LLC ("RMR INC"), ABP Trust, a Maryland statutory trust and the controlling shareholder of RMR INC, and Adam D. Portnoy (individually, a "Reporting Person," and together, the "Reporting Persons") on October 4, 2021 (the "Original Schedule 13D"), as amended by Amendment No. 1 filed by the Reporting Persons on May 11, 2022 ("Amendment No. 1"), with respect to common shares of beneficial interest, par value $0.001 per share (the "Common Shares"), of Seven Hills Realty Trust, a Maryland real estate investment trust (the "Issuer"). The Original Schedule 13D, Amendment No. 1 and Amendment No. 2 are collectively referred to herein as the "Schedule 13D." Except as amended herein, the Schedule 13D is unchanged.

**Item 4. Purpose of Transaction**

"Item 4. Purpose of Transaction" of the Schedule 13D is hereby amended by adding the following:

The Issuer announced on October 30, 2025 its intent to conduct an equity rights offering (the "Rights Offering") pursuant to which the Issuer will issue, at no charge, transferable subscription rights (the "Rights") to the Issuer's shareholders of record as of 5:00 p.m., New York City time, on November 10, 2025, entitling the holders of the Rights to subscribe for up to an aggregate of 7,532,861 Common Shares. The Rights will be exercisable at a price per share equal to $8.65 (the "Subscription Price"). The Rights Offering will commence on November 10, 2025 and the Rights will expire at 5:00 p.m., New York City time, on December 4, 2025, unless the offering is extended.

On October 30, 2025, the Issuer and TRC entered into a Rights Offering Backstop Agreement, pursuant to which TRC has agreed to (i) exercise its Rights in full and (ii) upon the completion of the Rights Offering, purchase all of the remaining Common Shares not otherwise subscribed for pursuant to all other rights holders' Rights and over-subscription privileges at the Subscription Price (the "Backstop Commitment"). TRC will not receive any fees or other consideration in connection with the Backstop Commitment.

The foregoing description of the Backstop Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Backstop Agreement, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information contained in this Amendment No. 2 is not intended, and should not be construed, as part of any "solicitation" process or related purpose, as such term is defined, described, or referenced under title 11 of the United States Code or otherwise. Such information is included in this Amendment No. 2 for the purpose of compliance with Regulation 13D-G under the Securities Exchange Act of 1934, as amended.

**Item 5. Interest in Securities of the Issuer**

**(a)**
"Item 5. Interest in Securities of the Issuer" of the Schedule 13D is hereby amended and restated as follows:

TRC is the direct record owner of 1,708,058 Common Shares, ABP Trust is the direct record owner of 116,532 Common Shares, and Adam D. Portnoy is the direct record owner of 219,340 Common Shares.

The aggregate number of Common Shares beneficially owned by TRC is 1,708,058, representing approximately 11.3% of the Common Shares outstanding as of October 30, 2025.

Voting and investment power with respect to the Common Shares owned by TRC may be deemed to be shared by RMR LLC, RMR INC, ABP Trust and Adam D. Portnoy. TRC is a direct wholly owned subsidiary of RMR LLC, which is the direct majority owned operating subsidiary of RMR INC. Neither RMR LLC nor RMR INC directly owns any Common Shares. Each of RMR LLC and RMR INC may be deemed to be the beneficial owner of the 1,708,058 Common Shares held by TRC, representing approximately 11.3% of the Common Shares outstanding as of October 30, 2025.

ABP Trust may be deemed to beneficially own an aggregate of 1,824,590 Common Shares, consisting of the 116,532 Common Shares it directly holds and the 1,708,058 Common Shares held by TRC, representing approximately 12.1% of the Common Shares outstanding as of October 30, 2025.

Voting and investment power with respect to the Common Shares beneficially owned by ABP Trust may be deemed to be shared by Adam D. Portnoy as the President, controlling shareholder and sole trustee of ABP Trust. Therefore, Adam D. Portnoy may be deemed to beneficially own an aggregate of 2,043,930 Common Shares, consisting of the 219,340 Common Shares he directly holds and the 1,824,590 Common Shares beneficially owned by ABP Trust, representing approximately 13.6% of the Common Shares outstanding as of October 30, 2025.

**(b)**
(i)   Sole power to vote or direct the vote:

TRC: 0
RMR LLC: 0
RMR INC: 0
ABP Trust: 0
Adam D. Portnoy: 219,340

(ii)   Shared power to vote or direct the vote:

TRC: 1,708,058
RMR LLC: 1,708,058
RMR INC: 1,708,058
ABP Trust: 1,824,590
Adam D. Portnoy: 1,824,590

(iii)   Sole power to dispose or to direct the disposition of:

TRC: 0
RMR LLC: 0
RMR INC: 0
ABP Trust: 0
Adam D. Portnoy: 219,340

(iv)   Shared power to dispose or to direct the disposition of:

TRC: 1,708,058
RMR LLC: 1,708,058
RMR INC: 1,708,058
ABP Trust: 1,824,590
Adam D. Portnoy: 1,824,590

The percentages of beneficial ownership reported in this Schedule 13D are based on approximately 15,065,722 Common Shares of beneficial interest of the Issuer outstanding as of October 30, 2025, based on information provided by the Issuer.

Jennifer B. Clark, 31,833 Common Shares; Matthew P. Jordan, 83,136 Common Shares; Thomas J. Lorenzini, 24,753 Common Shares; John G. Murray, 21,528 Common Shares, Matthew C. Brown, 14,244 Common Shares, Christopher J. Bilotto, 12,250 Common Shares, Yael Duffy, 9,480 Common Shares, Lindsey A. Getz, 5,981 Common Shares, and Jeffrey C. Leer, 7,165 Common Shares.  (20,000-character limit, line endings allowed, no formatting permitted)

**(c)**
Except as described in Items 3 and 4, there have been no reportable transactions with respect to the Common Shares within the last 60 days by the Reporting Persons.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

"Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer" of the Schedule 13D is hereby amended by adding the following:

The information contained in Item 4 of this Amendment No. 2 is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tremont Realty Capital LLC

**Signature:** /s/ Matthew C. Brown

**Name/Title:** Matthew C. Brown, Chief Financial Officer and Treasurer

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** The RMR Group LLC

**Signature:** /s/ Matthew C. Brown

**Name/Title:** Matthew C. Brown, Executive Vice President, Chief Financial Officer and Treasurer

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** The RMR Group Inc.

**Signature:** /s/ Matthew C. Brown

**Name/Title:** Matthew C. Brown, Executive Vice President, Chief Financial Officer and Treasurer

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** ABP Trust

**Signature:** /s/ Matthew C. Brown

**Name/Title:** Matthew C. Brown, Treasurer

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Adam D. Portnoy

**Signature:** /s/ Adam D. Portnoy

**Name/Title:** Adam D. Portnoy

**Date:** 11/03/2025