Form 4: Adam Portnoy Sells SEVN Shares for Tax Obligation

Adam D. Portnoy, a Director and 10% Owner of Seven Hills Realty Trust, reported the disposition of 2,367 common shares to cover tax liabilities.

Summary

• Adam D. Portnoy, a Director and 10% Owner of Seven Hills Realty Trust (SEVN), reported a transaction involving the company's common shares.
• On September 16, 2025, Mr. Portnoy disposed of 2,367 Common Shares of Beneficial Interest at a price of $10.95 per share.
• This disposition was a non-discretionary transaction (Code 'F') for the payment of tax liability incident to the vesting of securities, in accordance with Rule 16b-3.
• Following this direct transaction, Mr. Portnoy directly holds 219,340 Common Shares of Beneficial Interest.
• Mr. Portnoy also indirectly beneficially owns an additional 1,824,590 Common Shares through ABP Trust and Tremont Realty Capital LLC, disclaiming beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The transaction is a routine, non-discretionary sale of shares to cover tax obligations upon vesting, which is a neutral event for company sentiment and does not indicate a change in the insider's view of the company's prospects.

Future Outlook

The filing does not contain any forward-looking statements or guidance, as it is a report of a past insider transaction.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction and does not provide information related to broader industry trends or competitors.

Related Party Transactions

• Mr. Portnoy's indirect beneficial ownership includes 116,532 Common Shares held by ABP Trust, where he is the sole trustee.
• Mr. Portnoy's indirect beneficial ownership includes 1,708,058 Common Shares held by Tremont Realty Capital LLC (TRC). TRC is a direct wholly owned subsidiary of The RMR Group LLC, which is a direct majority owned subsidiary of The RMR Group Inc. Mr. Portnoy is a managing director and controlling shareholder of RMR Inc. through ABP Trust, and a beneficial owner and director of TRC, RMR LLC, and RMR Inc.

Stakeholder Impact

• Minimal direct impact on shareholders as the transaction is a routine, non-discretionary sale of a small number of shares to satisfy tax obligations, not indicative of a change in company fundamentals or insider sentiment.

Key Dates

Recommendation

The reported transaction is a non-discretionary sale of a small number of shares to satisfy tax obligations upon vesting. This is a routine event for insiders and does not reflect a change in the reporting person's investment conviction or the company's fundamentals. Therefore, it does not warrant a change in investment recommendation.

Keywords

Seven Hills Realty Trust, SEVN, Adam D. Portnoy, Insider Transaction, Form 4, Stock Sale, Tax Withholding, Director, 10% Owner, Real Estate Investment Trust