Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
+0.20%
$0.83
0% positive prob.
5-Day Prediction
-5.10%
$0.79
0% positive prob.
20-Day Prediction
-2.35%
$0.81
0% positive prob.
SEC 8-K filings with transcript text
Aug 6, 2026 · 100% conf.
1D
+0.20%
$0.83
Act: -0.08%
5D
-5.10%
$0.79
Act: -5.51%
20D
-2.35%
$0.81
2 sach-q226resultsx8kx991.htm
Document
Earnings Release - Second Quarter 2026
– Provides Update on Pending Asset Contribution Transaction with Industrial Realty Group (IRG) –
– Significant Leases Signed by IRG Representing 9.3 Million Square Feet –
BRANFORD, Conn., August 5, 2026 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) (“Sachem” or the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter and six months ended June 30, 2026 and provided an update on the pending asset contribution transaction with Industrial Realty Group (“IRG”).
John Villano, CPA, Sachem’s Chief Executive Officer, commented, “We completed another quarter of taking steps to diligently reposition our loan portfolio while working to progress on the announced combination with Industrial Realty Group. This transformational transaction is expected to deliver an immediate and durable strategic reset for Sachem shareholders upon closing. We believe the combination of IRG's high‑quality, diversified income-producing industrial real estate portfolio, with sizable embedded growth from near‑term occupancy upside and mark to-market opportunities, combined with Sachem's established real estate capital solutions platform, will create long-term value after the transaction is completed.”
Contribution Agreement with Industrial Realty Group Global, LLC
As previously announced, the Company and IRG, a private real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States, entered into a definitive contribution agreement under which IRG will contribute 98 industrial assets (“the Contribution Portfolio”) from its 200-asset portfolio owned by IRG and/or its partners to Sachem, and once completed, the combined company will operate as IRG Realty Trust, Inc. ("IRGT").
Upon closing, IRGT is expected to own 98 industrial properties having a gross real estate asset value of $2.9 billion, plus Sachem's approximately $473 million of total assets in direct and indirect mortgage loans, investments in developmental and owned real estate, and other assets. IRGT is expected to have an implied enterprise value of approximately $3.4 billion, positioning IRGT as a top‑10 publicly listed industrial REIT based on enterprise value. IRGT will focus on mission‑critical industrial infrastructure supporting manufacturing and distribution users. The assets not being contributed will continue to be owned and operated by IRG's existing private business, Industrial Realty Group, LLC.
1
Earnings Release - Second Quarter 2026
Industrial Realty Group Transaction and Portfolio Update
•Approximately 9.3 million square feet of new and renewal leases were signed, representing $44.9 million of Annual Base Rent (“ABR”) during the second quarter 2026 through July 31, 2026.
•Included in the above, 4.3 million square feet of new leases were signed representing $23.1 million of ABR.
•Notable new leases include 1.8 million square feet at Shreveport Business Park, bringing the park to 100% occupancy, and a full-building lease of approximately 0.5 million square feet at Merced Cooper.
•Sachem and IRG continue to work through the requirements to complete the transaction, including preparation of pro forma financial statements and the filing of the Proxy Statement, which will provide additional detail regarding the portfolio and the transaction.
For additional information on the Contribution Agreement, see the Company's Current Report on Form 8-K filed with the SEC on May 18, 2026.
Portfolio and Asset Management Updates
Coconut Grove, Florida. Subsequent to June 30, 2026, one of the loans to the related-party joint venture was repaid in full following the sale of the underlying Coconut Grove, Florida residence. The residence sold for gross sale proceeds of approximately $7.5 million and generated net sale proceeds of approximately $7.0 million. The Company received approximately $7.0 million in cash to repay the associated loan in full. Of the two remaining residences, one is complete and actively marketed for sale, and the other is expected to be completed and placed on the market during the fourth quarter of 2026.
Vela Cove—Naples, Florida. Through the date of this release, we completed improvements to the common areas of the completed North Building, including the rooftop and pool, and rebranded the project, formerly known as The Nautilus, as Vela Cove. We engaged a new marketing and listing team for the three completed North Building residences and for pre-sales of the four planned South Building residences. We reengaged the South Building architect under a comprehensive agreement covering completion
May 20, 2026
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Document
Earnings Release - First Quarter 2026
BRANFORD, Conn., May 20, 2026 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) (“Sachem” or the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter ended March 31, 2026.
John Villano, CPA, Sachem’s Chief Executive Officer, commented, “During the first quarter, we remained focused on disciplined capital and liquidity management, continuing the strategic priorities established last year. We made meaningful progress resolving legacy loan issues and protecting invested capital, positioning the Company for improved operating performance and future growth. Subsequent to quarter end, we announced a transformational combination transaction with Industrial Realty Group, which will add significant industrial property lease-driven revenue while enhancing our ability to deliver creative capital solutions to real estate investors. We believe this combination will add meaningful scale and diversification to our asset base, positioning the Company to generate consistent and attractive risk-adjusted returns for shareholders over time.”
Recent Development
Contribution Agreement with Industrial Realty Group Global, LLC
As previously announced, the Company and Industrial Realty Group (“IRG”), a private real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States, entered into a definitive contribution agreement under which IRG will contribute 98 industrial assets from its 200-asset portfolio owned by IRG and/or its partners to Sachem, and once completed, the combined company will operate as IRG Realty Trust, Inc. (“IRGT”).
Upon closing, IRGT is expected to own 98 industrial properties with gross real estate asset value of $2.9 billion plus Sachem’s approximately $470 million of total assets (as of March 31, 2026) in direct and indirect mortgage loans, investments in developmental and owned real estate, and other assets. IRGT is expected to have an implied enterprise value of approximately $3.4 billion,
1
Earnings Release - First Quarter 2026
positioning IRGT as a top‑10 publicly listed industrial REIT based on enterprise value. IRGT will focus on mission‑critical industrial infrastructure supporting manufacturing and distribution users, and the assets not being contributed will continue to be owned and operated by IRG’s existing private business, Industrial Realty Group, LLC.
The transaction is designed to deliver an immediate and durable strategic reset for Sachem shareholders. This will be achieved by combining IRG’s high‑quality income-producing industrial real estate portfolio that is diversified geographically, by tenant and by industry, with sizable near‑term mark to-market opportunities, with Sachem’s established real estate capital solutions platform. The combination will result in a large industrial REIT with meaningful scale and multiple pathways for long-term growth.
For additional information on the Contribution Agreement, see the Company’s Current Report on Form 8-K filed with the SEC on May 18, 2026.
Results of operations for the quarter ended March 31, 2026
Net interest income was $3.6 million compared to $3.7 million in the first quarter of 2025. The decrease compared to the first quarter 2025 was primarily due to $0.9 million increase in interest income from loans as the Company reduced nonperforming loans during the period offset by a $1.1 million reduction in interest income from limited liability investments as the Company continued to reduce its limited liability company investments. Utilizing the average performing loans held for investment balance for the quarter end of $270.9 million, the effective interest rate on loans held for investment was 13.5%. Comparatively, using the average performing loans held for investment balance for the prior year quarter of $275.1 million, the effective interest rate on loans held for investment was 11.5%.
The Company’s net interest margin was 3.9% for the first quarter, compared to 4.0% for the first quarter 2025. Net interest margin represents net interest income, calculated as interest income less interest expense, expressed as a percentage of average loans held for investment outstanding for the applicable period. The change in net interest margin reflects both structural and cyclical factors. Structurally, refinancing activity during 2025 increased the weighted average cost of capital. Cyclically, lower average earning assets reduced interest-earning balances.
Provision for credit losses related to loans held for investment was $5.4 million compared to $1.1 million in the first quarter of 2025.
Mar 18, 2026
2 sach-8kxex991.htm
Document
Earnings Release - Fiscal Year 2025
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., March 12, 2026 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) (the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the year ended December 31, 2025.
John Villano, CPA, Sachem’s Chief Executive Officer, commented, “We closed 2025 with strong momentum and a continued focus on disciplined capital allocation and balance sheet strength. We’re taking decisive steps to address legacy exposures while positioning the company for meaningful value creation. As we move forward, we remain focused on originating high-quality, secured real estate loans under conservative underwriting standards, while driving profitable growth and operational excellence. With a strong balance sheet and experienced team, we believe we are well positioned to deliver attractive risk-adjusted returns and long-term shareholder value.”
2025 Year in Review
During 2025, the Company focused on stabilizing its credit profile and strengthening its capital structure following the portfolio repositioning actions taken in 2024 and 2025. Key developments during 2025 included:
•A significant reduction in credit-related charges compared to 2024, as provisioning reflected loan-specific adjustments rather than broad-based reserve recalibration.
•No comparable large-scale loan sale losses, resulting in improved earnings comparability relative to the prior year.
•Issuance of $100.0 million ($90.0 million drawn as of December 31, 2025) of Senior Secured Notes due 2030 bearing interest at 9.875%, which extended the Company’s weighted average debt maturity profile and diversified funding sources.
•Reduction of certain short-term borrowings and repayment of maturing unsecured notes, decreasing near-term refinancing concentration.
•Successfully completed the sale of its office property located in Westport, Connecticut generating net cash proceeds of approximately $19.9 million and realized a book gain of approximately $4.0 million. The Westport asset was sourced, managed, and executed through Urbane Capital, the Company’s in-house development and asset management platform.
Earnings Release - Fiscal Year 2025
•Continued disciplined underwriting in a higher interest rate environment, resulting in moderated net loan originations and a focus on sponsor quality and collateral protection.
Results of operations for the year ended December 31, 2025
Net interest income was $11.7 million compared to $20.5 million in 2024. The decrease was primarily driven by lower interest income, as loan originations have moderated since peaking in June 2024, resulting in a lower average loan balance. Utilizing the average performing loans held for investment balance for the year ended December 31, 2025 of $269.3 million, the effective interest rate on loans held for investment for the year ended December 31, 2025 was 12.0%. Comparatively, utilizing the average performing loans held for investment balance for the year ended December 31, 2024 of $366.6 million, the effective interest rate on loans held for investment for the year ended December 31, 2024 was 11.8%.
The Company’s net interest margin for the year ended December 31, 2025 was 3.1% as compared to 4.4% for the year ended December 31, 2024. Net interest margin represents net interest income, calculated as interest income less interest expense, expressed as a percentage of average loans outstanding for the applicable period. The 130 basis point decline in net interest margin reflects both structural and cyclical factors. Structurally, refinancing activity during the year increased the weighted average cost of capital. Cyclically, lower average earning assets and a higher concentration of nonaccrual loans reduced interest-earning balances.
Total other income remained relatively consistent year over year at $9.9 million for the year ended December 31, 2025 as compared to $9.4 million for year ended December 31, 2024, with underlying components shifting in composition rather than magnitude.
Total operating expenses for 2025 were $13.1 million compared to $15.7 million in 2024. Total operating expenses declined year over year due to lower credit-related charges and improved expense discipline relative to portfolio size.
•Compensation and employee benefits were $7.6 million, an increase of $0.8 million compared to $6.8 million in 2024, reflecting strategic additions to personnel and performance-based compensation adjustments as management continues to align staffing levels with portfolio scale and operational complexity.
•General and administrative expenses were $6.5 million, a decrease of $0.3 million from $6.8 mi
Feb 18, 2026
sach-20260212
FALSE000168222000016822202026-02-122026-02-120001682220us-gaap:CommonStockMember2026-02-122026-02-120001682220sach:Notes6.00percentDue2026Member2026-02-122026-02-120001682220sach:Notes6.00percentDue2027Member2026-02-122026-02-120001682220sach:Notes7.125PercentDue2027Member2026-02-122026-02-120001682220sach:Notes8.00percentDue2027Member2026-02-122026-02-120001682220us-gaap:SeriesAPreferredStockMember2026-02-122026-02-12
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
Date of Report (Date of earliest event reported): February 12, 2026
(Exact name of Registrant as specified in its charter)
New York001-3799781-3467779
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
568 East Main Street, Branford, Connecticut 06405
(Address of Principal Executive Office)(Zip Code)
Registrant's telephone number, including area code (203) 433-4736
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTicker symbol(s)Name of each exchange on which registered
Common Shares, par value $.001 per shareSACHNYSE American LLC
6.00% notes due 2026SCCDNYSE American LLC
6.00% notes due 2027SCCENYSE American LLC
7.125% notes due 2027SCCFNYSE American LLC
8.00% notes due 2027SCCGNYSE American LLC
7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per shareSACHPRANYSE American LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On February 12, 2026, Sachem Capital Corp. (the “Company”) issued a press release providing fourth quarter and full year 2025 business updates and announcing certain preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Among other information, the Company disclosed that:
•Net income attributable to common shareholders for the year ended December 31, 2025 is expected to be within a range of $0.01 to $0.04 per share; and
•Book value per common share as of December 31, 2025 is expected to be within a range of $2.43 to $2.46.
The preliminary financial information contained in the press release is based on management’s initial review of the Company’s operations for the period presented and is subject to completion of the Company’s year-end closing procedures and audit by the Company’s independent registered public accounting firm. Accordingly, actual results may differ materially from these preliminary estimates. A copy of the press release is attached at Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1 Press release dated February 12, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).
* * * * *
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Sachem Capital Corp.
Dated: February 18, 2026By:/s/ John L. Villano
John L. Villano, CPA
President and C
Nov 10, 2025
2 sach-q3resultsx8kxexx991.htm
Document
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., November 5, 2025 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) (the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter ended September 30, 2025.
John Villano, CPA, Sachem’s Chief Executive Officer, commented, “In the third quarter, amid a challenging macroeconomic backdrop, our focus remained on disciplined portfolio management and capital preservation. Following the successful completion of our $100 million senior secured notes private placement, we used a portion of the proceeds to repay $56.3 million of unsecured subordinated notes, extending our debt maturity profile and strengthening our liquidity. As a result, we are in a better position to capitalize on high-quality lending opportunities, which we believe will drive long-term shareholder value into 2026 and thereafter.”
Results of operations for the quarter ended September 30, 2025
Total revenue was $12.0 million compared to $14.8 million in the third quarter of 2024. The change in revenue was primarily due to the cumulative effect of materially lower net new origination over the last twelve months, resulting in a reduction in the unpaid principal balance of loans held for investment, in addition to a currently elevated amount of nonperforming loans and real estate owned. Utilizing the average performing loans held for investment balance for the three months ended September 30, 2025 of $268.1 million, the effective interest rate on loans held for investment for the three months ended September 30, 2025 was 12.4%. Comparatively, utilizing the average performing loans held for investment balance for the three months ended September 30, 2024 of $361.7 million, the effective interest rate on loans held for investment for the three months ended September 30, 2024 was 12.6%. Income from limited liability company investments decreased by $0.4 million as the Company has reduced its investments in limited liability companies by $12.8 million since December 31, 2024. The Company used returns of capital from its investments in limited liability companies to fund additional loans held for investment during the period.
Total operating costs and expenses for the third quarter of 2025 were $12.4 million compared to $19.6 million in the same quarter last year. Interest and amortization of deferred financing costs remained relatively consistent with the prior period at $6.6 million, but increased as a percentage of total revenues due to lower revenues in 2025. The increase in compensation and employee benefits of $0.6 million relates to one time cash bonuses of $0.4 million and additional headcount to build out the executive team due to resignation of the prior chief financial officer and the
hiring of his replacement and a new chief accounting officer. The material decline in the provision for credit losses related to loans held for investment for the three months ended September 30, 2025 of $7.3 million as compared to the corresponding 2024 period is a result of the prior year build-up and recognition of credit loss allowance as the aggregate non-performing loan balances were increasing significantly. As the Company has been addressing its non-performing loan portfolio for the last year through loan sales, primarily during the fourth quarter of 2024, ongoing foreclosure sales and conversions to real estate owned with subsequent sale, material additional new material credit loss allowance has not been required.
Net loss attributable to common shareholders for the third quarter of 2025 was $0.1 million, or $0.00 per common share, compared to net loss attributable to common shareholders of $6.1 million, or $0.13 per common share for the third quarter of 2024.
Balance Sheet
At quarter end, total assets were $484.4 million compared to $492.0 million as of December 31, 2024 and total liabilities were $308.8 million compared to $310.3 million as of December 31, 2024.
Total indebtedness at quarter end was $298.8 million. This includes: $171.0 million of unsecured notes payable (net of $2.2 million of deferred financing costs), $86.4 million of senior secured notes payable (net of $3.6 million of deferred financing costs), $7.8 million of repurchase agreements, $32.7 million outstanding on a $50.0 million revolving credit facility and $0.9 million of outstanding principal on a loan secured by a mortgage on the Company’s office building.
Total shareholders’ equity as of September 30, 2025 was $175.6 million compared to $181.7 million as of December 31, 2024.
Book value per common share
Book value per common share as of September 30, 2025, was $2.47, a change of $0.17 from book value per
Aug 7, 2025
2 sach-q2resultsx8kxexx991.htm
Document
Exhibit 99.1
- Closed Private Placement of New $100 Million Senior Secured Notes -
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., August 5, 2025 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) (the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter ended June 30, 2025.
John Villano, CPA, Sachem Capital’s Chief Executive Officer commented, “In the second quarter, we remained focused on portfolio management and capital preservation with additional decisive steps to strengthen our financial position. Total assets increased from year-end, as liquidity remained strong, supported by a stable cash position and the successful execution of a Senior Secured Notes private placement offering. While elevated nonperforming loans have impacted year-over-year revenue, we are encouraged by signs of stable credit reserves, net new loan deployment and continuing income from LLC investments. We remain committed to prudent capital allocation and disciplined portfolio management as we navigate the current environment, positioning us to capitalize on high-quality lending opportunities as markets stabilize enabling us to drive long-term shareholder value.”
Results of operations for the quarter ended June 30, 2025
Total revenue was $10.8 million compared to $15.1 million in the second quarter of 2024. The change in revenue was primarily due to the cumulative effect of materially lower net new origination over the last twelve months, resulting in a reduction in the unpaid principal balance of loans held for investment, in addition to a currently elevated amount of nonperforming loans and real estate owned. As of June 30, 2025, the Company’s net loans held for investment totaled $364.5 million, compared to $485.7 million as of June 30, 2024, representing a decline of $121.2 million in the net principal balance. On the other hand, other income increased by $0.5 million. This was driven by the recognition of rental income from one project in 2025, which contributed $0.5 million during the quarter. No such rental income was recorded in the prior year.
Total operating costs and expenses for the second quarter of 2025 were $9.7 million compared to $18.3 million in the same quarter last year. The primary contributor to this decrease was the reduction in the provision for credit losses related to loans held for investment, which declined by $7.6 million or 89.1%. This change was driven by a decrease in direct allowances related to foreclosures and non-performing loans. Additionally, the change was due to reductions in interest and amortization expense of $0.8 million and change in valuation allowance related to loans held for sale of $1.1 million. Such reductions were partially offset by an increase in compensation and employee benefits of $0.5 million and other expenses of $0.3 million.
Net income attributable to common shareholders for the second quarter of 2025 was $0.8 million, or $0.02 per common share, compared to net loss attributable to common shareholders of $4.1 million, or $0.09 per common share for the second quarter of 2024.
Balance Sheet
At quarter end total assets were $501.8 million compared to $492.0 million as of December 31, 2024 and total liabilities were $323.9 million compared to $310.3 million as of December 31, 2024.
Total indebtedness at quarter-end was $315.5 million. This includes: $227.5 million of unsecured notes payable (net of $2.7 million of deferred financing costs), $46.4 million of senior secured notes payable (net of $3.6 million of deferred financing costs), $14.4 million of repurchase agreements, $26.2 million outstanding on a $50.0 million revolving credit facility and $1.0 million of outstanding principal on mortgage loan on the Company’s office building.
Total shareholders’ equity at June 30, 2025 was $177.9 million compared to $181.7 million at year-end 2024.
Book value per common share
Book value per common share as of June 30, 2025, was $2.54, a change of $0.10 from book value per common share as of December 31, 2024 of $2.64. Such reduction is primarily due to cash dividends declared and paid for the six months ended June 30, 2025 on issued and outstanding common shares and Series A Preferred Stock totaling $7.0 million, or $0.15 per common share, partially offset by net income for the six months ended June 30, 2025 of $2.8 million, or $0.06 per common share.
Dividends
The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, a
May 5, 2025
3 tm2513939d1_ex99-1.htm
Exhibit 99.1
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., May 1, 2025 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) (the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter ended March 31, 2025.
John Villano, CPA, Sachem Capital’s Chief Executive Officer commented, “The first quarter was one of stability for the Company as we put the challenges of the past year behind us. Our balance sheet showed almost no change from the prior quarter, as we remain focused on effectively managing our loan portfolio and protecting our capital. Our goal is to grow our balance sheet, capitalizing on quality opportunities to invest capital at attractive yields, while maintaining a prudent capital allocation approach. Overall, while uncertainty across the real estate and capital markets remain elevated, we are pleased with the stability of our portfolio and the liquidity on our balance sheet, and we are confident that cash flow and dividend growth will return as we leverage our industry relationships and focus on driving shareholder value.”
Results of operations for the quarter ended March 31, 2025
Total revenue was $11.4 million compared to $16.8 million in the first quarter of 2024. The change in revenue was primarily due to the cumulative effect of fewer originations over the last fifteen months, resulting in a reduction in the unpaid principal balance of loans held for investment, in addition to a currently elevated amount of nonperforming loans and real estate owned. On the other hand, income from our preferred membership limited liability company investments increased approximately 71.7%, compared to the three months ended March 31, 2024.
Total operating costs and expenses for the first quarter of 2025 were $10.4 million compared to $12.5 million in the same quarter last year. The change was primarily due to reductions in interest and amortization expense of $1.4 million, compensation and employee benefits, provision for credit losses related to loans, and other expenses totaling $0.8 million.
Net loss attributable to common shareholders for the first quarter of 2025 was $213,000, or $0.00 per share, compared to net income attributable to common shareholders of $3.6 million, or $0.08 per share for the first quarter of 2024.
Balance Sheet
Total assets as of March 31, 2025 were $491.4 million compared to $492.0 million as of December 31, 2024. Total liabilities as of March 31, 2025 were $312.1 million compared to $310.3 million as of December 31, 2024.
Total indebtedness at quarter-end was $305.6 million.
This includes: $227.0 million of notes payable (net of $3.2 million of deferred financing costs) and $78.6 million aggregate outstanding principal amount of the amounts due under various credit facilities and the mortgage loan on the Company’s office building.
Total shareholders’ equity at March 31, 2025 was $179.3 million compared to $181.7 million at year-end 2024. Book value per common share at March 31, 2025 was $2.57 compared to $2.64 at year-end 2024. The $0.07 decrease in book value is primarily due to the aggregate $3.5 million in preferred and common dividends declared and paid during this first quarter 2025.
Dividends
The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.
On March 31, 2025, the Company paid a dividend of $0.484375 per share to the holders of its Series A Preferred Stock of record on March 15, 2025.
On March 31, 2025, the Company paid a dividend of $0.05 per share to its common shareholders of record on March 17, 2025.
Investor Conference Webcast and Call
The Company is hosting a webcast and conference call Thursday, May 1, 2025 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the quarter ended March 31, 2025. A webcast of the call may be accessed on the Company’s website at https://sachemcapitalcorp.com/investor-relations/events-and-presentations/default.aspx.
Interested parties can access the conference call via telephone by dialing toll free 1-877-704-4453 for U.S. callers or 1-201-389-0920 for international callers.
Replay
The webcast will also be archived on the Company’s website and a telephone replay of the call will be available through Thursday, May 15, 2025, and can be accessed by dialing 1-844-512-2921 for U.S. callers or 1-412-317-6671 for international callers and by entering replay passcode: 13752977.
2
Abo
Mar 27, 2025
4 tm2510628d1_99-1.htm
Exhibit 99.1
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., March 27, 2025 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the year ended December 31, 2024.
John Villano, CPA, Sachem Capital’s Chief Executive Officer commented, “We remain focused on effectively managing our loan portfolio and protecting our capital as we continue our efforts to navigate challenging financial and real estate markets. These efforts include managing our debt load and the associated carrying costs and selling non-performing loans, which should reduce the allowances for credit losses that have been a drag on earnings. We continue to evaluate attractive opportunities to invest capital while maintaining a disciplined capital allocation approach. With our experienced team, we remain confident that growth will return as we leverage strong industry relationships and work to increase shareholder value.”
Results of operations for year ended December 31, 2024
Total revenue was $57.5 million compared to $64.7 million in 2023. The decline in revenue was primarily due to fewer originations and a reduction in the number of loans held for investment. Also, interest income, fee income from loans and other investment income was lower compared to 2023. Interest income in 2024 was $43.2 million compared to $49.3 million for 2023. On the other hand, income from partnership investments increased approximately 48.8%, year-over-year.
Total operating costs and expenses for 2024 were $75.3 million compared to $49.7 million in 2023. The change was primarily due to an increase of $21.3 million in provision for credit losses and a $1.9 million increase in general and administrative expenses. These increases were offset by lower interest and amortization expense of $1.4 million.
Net loss attributable to common shareholders for 2024 was $43.9 million, or $0.93 per share compared to net income attributable to common shareholders of $12.1 million, or $0.27 per share for 2023.
Balance Sheet
Total assets as of the year ended December 31, 2024 were $492.0 million compared to $620.9 million as of December 31, 2023. The change was primarily due to net reduction in loans held for investment by $130.5 million. Total liabilities as of December 31, 2024 were $310.3 million compared to $390.8 million as of December 31, 2023, with the primary decreases coming from the repayment of unsubordinated unsecured five year notes that matured in 2024, in the aggregate principal amount of $58.3 million, and the paydown of lines of credit balances in the aggregate amount of $21.8 million.
Total indebtedness at year-end was $301.2 million.
This includes: $226.5 million of notes payable (net of $3.7 million of deferred financing costs) and $74.7 million aggregate outstanding principal amount of the amounts due under various credit facilities and the mortgage loan on the Company’s office building.
Total shareholders’ equity at year-end 2024 was $181.7 million compared to $230.1 million at year-end 2023. The change was primarily due to an operational total net loss for the year of $39.6 million and preferred and common stock dividends declared and paid of $15.7 million.
Dividends
Over the course of 2024, the Company paid an aggregate of $4.3 million in dividends to holders of its Series A Cumulative Redeemable Preferred Stock and $11.4 million to the holders of its common shares.
On February 24, 2025, the Company declared a dividend of $0.484375 per share on the Series A Preferred Stock, payable on March 31, 2025 to Series A Preferred Stock shareholders of record on March 15, 2025.
On March 6, 2025, the Company declared a quarterly dividend of $0.05 per common share payable to common shareholders of record on March 17, 2025. The dividend is expected to be paid March 31, 2025.
The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.
Investor Conference Webcast and Call
The Company is hosting a webcast and conference call Thursday, March 27, 2025 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the full year ended December 31, 2024. A webcast of the call may be accessed on the Company’s website at https://sachemcapitalcorp.com/investor-relations/events-and-presentations/default.aspx.
Interested parties can access the conference call via telephone by dialing toll free 877-704-4453 for U.S. caller
Nov 14, 2024
2 tm2428507d1_ex99-1.htm
Exhibit 99.1
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., November 14, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the third quarter ended September 30, 2024.
"While origination activity remains muted, we continue to see significant proprietary deal flow, as traditional banks remain on the sidelines," said John Villano, CPA, Sachem Capital’s Chief Executive Officer. "During the quarter, we maintained discipline with short-term debt coming due, but executed several strategic initiatives, including diversifying our business model with an additional investment in Shem Creek Capital. Furthermore, we initiated a sale of non-performing mortgages which, we believe, will strengthen our balance sheet and enable us to redeploy capital toward more attractive opportunities in 2025. Thus, we continue to take decisive actions to position the Company for future growth given the ongoing macroeconomic environment challenges that we face. With our proven expertise in managing through market cycles, we are confident in our ability to navigate the current environment. Our focus moving forward will be to build our lending platform, increase our dividend and unlock value for our shareholders."
Results of operations for quarter ended September 30, 2024
Total revenue for the quarter was $14.8 million, compared to $17.8 million for the quarter ended September 30, 2023. Interest income was $11.4 million, compared to $14.3 million in the same quarter in 2023. The reduction in interest income was due primarily to the lower number of loans originated, modified or extended in comparison to the same quarter in 2023. Fee income from loans declined approximately 23.9% compared to the same prior year quarter.
Total operating costs and expenses for the quarter were $19.6 million compared to $11.3 million for the same 2023 quarter. The change is primarily attributable to an $8.1 million provision for credit losses compared to a recovery of credit loss provisions of $0.1 million in the third quarter of 2023.
Net loss attributable to common shares for the three months ended September 30, 2024 was $6.1 million, or $0.13 per share, compared to net income attributable to common shares of $5.2 million, or $0.12 per share, for the three months ended September 30, 2023. The change is mainly attributable to the larger provision for credit losses and the decrease in interest and fee income from loans as mentioned above.
Balance Sheet
Total assets were $555.5 million at September 30, 2024 compared to $625.5 million at December 31, 2023. The change reflects reductions of $34.8 million in the net mortgage loan portfolio, $36.2 million in investment securities and $6.7 million of cash and cash equivalents. These changes were offset by increases of $11.1 million in partnership investments and $2.4 million in real estate owned. Total liabilities at September 30, 2024 were $334.9 million compared to $395.5 million at December 31, 2023. The primary changes were reductions of $21.9 million in notes payable and $29.3 million in the amount owed under credit facilities and the Churchill repurchase facility.
Total indebtedness at quarter end was $324.7 million. This includes: $260.5 million of notes payable (net of $4.3 million of deferred financing costs), $35.5 million outstanding on the Needham Bank revolving credit facility, $23.5 million outstanding on the Churchill master repurchase financing facility and $1.0 million outstanding on a New Haven Bank mortgage loan. Unsecured unsubordinated notes in the amount of $34.5 million are due and payable by December 30, 2024. The Company plans to repay these notes with a combination of current cash on hand, principal repayments from mortgage loans, its lines of credit, and the sale of mortgage loans.
Total shareholders’ equity at quarter end was $220.6 million compared to $235.5 million at December 31, 2023.
Dividends
On November 7, 2024, the Company declared a quarterly dividend of $0.05 per share payable to shareholders of record on November 18, 2024. The dividend is expected to be paid November 26, 2024.
The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.
Investor Conference Webcast and Call
The Company is hosting a webcast and conference call Thursday, November 14, 2024 at 8:00 a.m. Eastern T
Aug 15, 2024
2 tm2421742d1_ex99-1.htm
Exhibit 99.1
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., August 14, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH), a real estate lender that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the second quarter ended June 30, 2024.
John Villano, CPA, Sachem Capital’s Chief Executive Officer, stated: “During the second quarter, we maintained our disciplined approach across our business by retaining cash, being selective with our lending, and exercising prudence in our borrowing. Specifically, in the second quarter we reduced the total amount of our indebtedness by $33.8 million, which includes a repayment of $23.7 million of unsecured unsubordinated notes. We will continue to build our platform and strengthen our balance sheet for the remainder of 2024 with a view towards growth in 2025 as accretive capital becomes available. Lastly, since our inception as a public company in February 2017, management has built a reliable and robust lending platform, paid an excellent stream of dividends and, most importantly, increased book value during some volatile market periods.”
Results of operations for quarter ended June 30, 2024
Total revenue for the quarter was $15.1 million, compared to $16.3 million for the quarter ended June 30, 2023. Interest income totaled $11.8 million, compared to $11.9 million in the same quarter in 2023. The decrease in interest income was due primarily to lower number of loans originated, modified or extended in comparison to the quarter ended June 30, 2023. As a result, fee income from loans, primarily made up of origination fees, were down approximately 37.2% compared to the quarter ending June 30, 2023.
Total operating costs and expenses for the quarter ended June 30, 2024 were $18.5 million compared to $10.3 million for the same 2023 period. The increase is primarily attributable to a $8.5 million provision for credit losses compared to $94,000 for the quarter ended June 30, 2023. This increase was partially offset by a decrease in compensation and employee benefits of $0.2 million because of a decrease in headcount between periods.
Net loss attributable to common shares for the three months ended June 30, 2024 was $4.1 million, or $0.09 per share, compared to net income attributable to common shares of $4.8 million, or $0.11 per share, for the three months ended June 30, 2023. The change is mainly attributable to the larger provision for credit losses reserves as mentioned above.
Balance Sheet
Total assets were $586.3 million at June 30, 2024 compared to $625.5 million at December 31, 2023. At June 30, 2024, cash and cash equivalents were $10.6 million and investments in partnerships were $47.0 million. Net mortgages receivable for the quarter were $485.7 million. Total liabilities at June 30, 2024 were $356.2 million compared to $395.5 million at December 31, 2023.
Total indebtedness at June 30, 2024 was $338.9 million. This includes: $259.9 million of unsecured notes payable (net of $4.8 million of deferred financing costs), $55.0 million outstanding on the Needham Bank revolving credit facility, $23.0 million outstanding on the Churchill master repurchase financing facility and $1.0 million outstanding on a New Haven Bank mortgage loan. We intend to repay $34.5 million of unsecured unsubordinated notes due in December 2024 either by refinancing them or with a combination of drawdowns on its existing credit facilities, current cash on hand and principal repayments of its mortgage loans.
Total shareholders’ equity at June 30, 2024 rose $0.1 million to $230.2 million compared to $230.1 million at December 31, 2023. The change was primarily due to additional paid-in capital of $6.1 million and a partly-offsetting increase in accumulated deficit of $5.7 million and a decrease in accumulated other comprehensive income of $0.3 million.
Dividends
On August 6, 2024, we paid a quarterly dividend of $0.08 per share to shareholders of record on July 29, 2024.
Sachem currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.
Investor Conference Webcast and Call
The Company is hosting a webcast and conference call Wednesday, August 14, 2024 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the quarter ended June 30, 2024. A webcast of the call may be accessed on the Company’s website at https://ir.sachemcapitalcorp.com/ir-calendar.
May 10, 2024
2 tm2414164d1_ex99-1.htm
Exhibit 99.1
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., May 10, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announced its financial results for the first quarter ended March 31, 2024. The Company will host a conference call on Friday, May 10, 2024 at 8:00 a.m. Eastern Time to discuss its financial and operating results.
John Villano, CPA, Sachem Capital’s Chief Executive Officer, stated: “In the first quarter, we continued to navigate through an evolving and challenging macro environment marked by uncertainty regarding inflation, and the Federal Reserve’s future rate policy. We remain disciplined, and while long-term capital remains relatively unavailable to our borrowers, we are focused on maintaining strong liquidity, growing borrower relationships, and protecting our capital. Our diversified portfolio and solid balance sheet provide confidence as we patiently wait to resume building our business.”
Results of operations for quarter ended March 31, 2024
Total revenue grew 17.0% to $17.2 million, compared to $14.7 million for the quarter ended March 31, 2023. Interest income totaled $12.6 million, up from $11.0 million in the same quarter in 2023. The growth in interest income was due primarily to an increase in rates that the Company was able to charge borrowers in comparison to the quarter ended March 31, 2023. Income from partnership investments, net investment gain, as well as fee and other income all grew compared to the corresponding period in 2023. Originations and modification fees were off approximately 1.0% compared to the quarter ending March 31, 2023.
Total operating costs and expenses for the quarter ended March 31, 2024 were $12.5 million compared to $9.6 million for the 2023 period. The primary change was due to a $1.2 million non-cash increase in provision for credit losses, which reflects a reduction in the values of certain collateral securing the Company’s first mortgage loans. Other significant contributors to the increase in operating costs and expenses include: (i) a$0.6 million increase in interest expense and amortization of deferred financing costs, (ii) a $470,000 increase in other expenses, (iii) a $340,000 increase in general and administrative expenses and (iv) a $164,000 increase in compensation, fees and taxes.
Net income attributable to common shareholders for the three months ended March 31, 2024 was $3.6 million, or $0.08 per share, compared to $4.2 million, or $0.10 per share, for the three months ended March 31, 2023.
Balance Sheet
Total assets remained relatively consistent at $626.5 million at March 31, 2024 compared to $625.5 million at December 31, 2023. The Company’s cash and cash equivalents and investments in partnerships increased during the three months ended March 31, 2024, by $5.8 million and $3.2 million, respectively. These increases were offset by a reduction in net mortgages receivable of $9.0 million. Total liabilities at March 31, 2024 were $389.1 million compared to $395.5 million at December 31, 2023.
Total indebtedness at quarter end was $371.2 million. This includes: $283.0 million of unsecured notes payable (net of $5.4 million of deferred financing costs), an aggregate of $62.3 million on the Wells Fargo Advisors margin loan account and the Needham Bank revolving credit facility, $25.9 million outstanding on a master repurchase financing facility with an affiliate of Churchill Real Estate, and $1.1 million outstanding on a New Haven Bank mortgage loan. The Company remains focused on the repayment of $23.7 million principal amount of unsecured unsubordinated notes due June 30, 2024 and $34.5 million principal amount of unsecured unsubordinated notes due December 30, 2024. The Company intends to repay these notes either by refinancing them or with a combination of drawdowns on its existing credit facilities, current cash on hand and principal repayments of its mortgage loans.
Total shareholders’ equity at March 31, 2024 rose $7.4 million to $237.4 million compared to $230.1 million at December 31, 2023. The change was primarily due to additional paid-in capital of $3.8 million and a reduction in accumulated deficit of $3.6 million.
Dividends
On April 16th, 2024, the Company paid a quarterly dividend of $0.11 per share to shareholders of record on April 9, 2024.
The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.
Investor Conference Webcast and Call
The Company will host a webcast and conference call Friday, May 10, 2024 at 8:00 a.m. Ea
Apr 2, 2024
2 tm2410333d1_ex99-1.htm
Exhibit 99.1
Revenues Increase, While Rising Interest Rates and Commercial Real Estate Values Impact Earnings
Company to Host Webcast and Conference Call
BRANFORD, Conn., April 1, 2024 (GLOBE NEWSWIRE) – Sachem Capital Corp. (NYSE American: SACH) announced its financial results for the year ended December 31, 2023. The Company will host a conference call on Monday, April 1, 2024 at 8:00 a.m. Eastern Time to discuss its financial and operating results.
John Villano, CPA, Sachem Capital’s Chief Executive Officer commented, “While we remained disciplined and focused as we grew 2023 revenue nearly 26% over the prior year, we were met with a difficult macroeconomic backdrop including rising interest rates, weakness in commercial real estate, specifically office, and banking sector challenges. As a result, changes in the values of certain commercial properties secured by our loans, resulted in a decline of 29.4% in net income attributable to common shareholders and 40.1% in earnings per share, respectively. Despite these ongoing obstacles, we remain focused on areas of our business we can control and will continue our efforts to protect our capital and increase shareholder value.”
Results of operations for year ended December 31, 2023
Total revenue increased 25.5% to $65.6 million, compared to $52.3 million for the year ended December 31, 2022. Revenue growth was due primarily to the growth in size of the company’s mortgage portfolio and increases in rates charged to borrowers. Interest income, investment gain, income from partnership investments along with fee and other income all increased when compared to 2022. However, origination and modification fees decreased approximately 19%, year-over-year reflecting a change in loan originations and modifications. For the year ended 2023, interest income was $49.3 million compared to $42.6 million for the 2022 period.
Total operating costs and expenses for the year ended December 31, 2023 were $49.7 million, compared to $31.4 million for the 2022 period. The largest change was due to higher interest expense and amortization of deferred financing costs, which was $29.2 million in the year, compared to $21.5 million in 2022. The other significant contributors to operating costs and expenses for the period include (i) $5.3 million in general and administrative expenses, (ii) $6.9 million of compensation, fees and taxes, and (iii) a $6.4 million provision for credit losses. Provision for credit losses is a non-cash charge that reflects the decline in the values of certain collateral securing our first mortgage loans. Over 70% of the provision was attributable to commercial real estate.
1
Net income for 2023 attributable to common shareholders was approximately $12.1 million, or $0.27 per share, compared to $17.2 million, or $0.46 per share for 2022.
Balance Sheet
Total assets at December 31, 2023 were up almost 11% to $625.5 million compared to $565.7 million at December 31, 2022. The change was due primarily to the growth in the company’s mortgage loan portfolio, its investment securities holdings and investments in partnerships, which rose $38.5 million, $13.2 million and $12.2 million, respectively. These increases were offset by an allowance for credit losses of $7.5 million (as discussed above). In addition, during the year ended December 31, 2023, the company had net investments in rental real estate of $10.6 million. Total liabilities at December 31, 2023 were $395.5 million compared to $348.0 million at December 31, 2022.
Total indebtedness at quarter end was $377.7 million, which included $282.4 million of unsecured notes payable (net of $6.0 million of deferred financing costs), $61.8 million balance on margin loan account with Wells Fargo Advisors and on the revolving credit facility with Needham Bank, $26.5 million outstanding on the master repurchase financing facility with an affiliate of Churchill Real Estate, and $1.1 million outstanding on the mortgage loan with New Haven Bank. Additionally, the company has approximately $23.7 million of notes payable coming due in June of 2024. The company believes it has, or has access to, sufficient working capital to repay these notes when due.
Total shareholders’ equity at December 31, 2023 rose $12.4 million to $230.1 million compared to $217.7 million at December 31, 2022. The change was primarily due to additional paid-in capital of $23.6 million, relating to sales of common shares and Series A Preferred Stock under the company’s at-the-market offering facility.
Dividends
On March 28, 2024, the company declared a quarterly dividend of $0.11 per share payable on April 16, 2024 to common shareholders of record as of the close of the NYSE American on April 9, 2024.
On January 9, 2024, the company paid a quarterly dividend of $0.11 per share to common shareholders of record as of the close of market on the NYSE
Aug 16, 2023
2 tm2323840d1_ex99-1.htm
Exhibit 99.1
- Company to Host Webcast and Conference Call -
BRANFORD, Conn., August 14, 2023 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announced its financial results for the quarter ended June 30, 2023. The company will host a webcast and conference Tuesday, August 15, 2023 at 8:00 a.m. Eastern Time to discuss in greater detail its financial performance and operating results for the second quarter.
John Villano, CPA, Sachem Capital’s Chief Executive Officer, stated, “We produced another strong quarter of earnings as we effectively navigated the volatility and uncertainty in the current economy. Armed with enhanced underwriting and a high-quality team, Sachem remains steadfast in its ability to originate loans that minimize risk and insulate our portfolio. We continue to explore opportunities to expand our lending business, despite the ongoing market dislocation. Going forward, we will continue to be judicious in our approach to capital deployment to provide our shareholders with long-term and sustainable risk-adjusted returns.”
Results of operations for quarter ended June 30, 2023
Total revenue grew 31.2% to approximately $16.5 million, compared to $12.5 million for the quarter ended June 30, 2022. The growth in revenue was due primarily to an increase in lending operations, as well the rates that the Company was able to charge borrowers. For the second quarter 2023, interest income was approximately $11.9 million compared to approximately $10.4 million for the 2022 period.
Total operating costs and expenses for the quarter ended June 30, 2023 were approximately $10.8 million, compared to $7.3 million for 2022 period. Given the company’s ongoing investments in its growth strategies, the largest contributor to this increase was interest and amortization of deferred financing costs, which were approximately $7.1 million in the quarter, compared to $5.2 million in 2022 period. The balance of the changes was attributable to (i) approximately $671,000 in general and administrative expenses, (ii) approximately $375,000 of compensation, fees and taxes, (iii) approximately $210,000 loss on sale of real estate, and (iv) approximately $183,000 of impairment loss.
1
Net income attributable to common shareholders for the three months ended June 30, 2023 was approximately $4.8 million, or $0.11 per share, compared to $4.3 million, or $0.12 per share for the three months ended June 30, 2022.
Balance Sheet
Total assets at June 30, 2023 grew 10.3% to approximately $624.0 million compared to $565.7 million at December 31, 2022. The rise in assets was due primarily to the growth in the company’s mortgage loan portfolio and in its investment securities holdings, which increased approximately $46.0 million and $12.6 million, respectively. Total liabilities at June 30, 2023 were approximately $395.0 million compared to $348.0 million at December 31, 2022.
Total indebtedness at quarter end included approximately $281.2 million of notes payable (net of approximately $7.2 million of deferred financing costs), approximately $35.9 million balance on the margin loan account with Wells Fargo Advisors and on the revolving credit facility with Needham Bank, approximately $50.5 million outstanding on the master repurchase financing facility with an affiliate of Churchill Real Estate, approximately $1.7 million outstanding on the mortgage loan with New Haven Bank, and approximately a $6.2 million secured note payable with PeoplesBank.
Total shareholders’ equity at June 30, 2023 rose $11.3 million to approximately $229.0 million compared to $217.7 million at December 31, 2022. The change was primarily due to additional paid-in capital of approximately $10.4 million.
Dividends
Subsequent to quarter end, on August 11, 2023, the company paid a quarterly dividend of $0.13 per share to shareholders of record as of the close of trading on the NYSE American on August 7, 2023.
The company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the company intends to comply with this requirement for the current year.
Investor Conference Webcast and Call
The company will host a webcast and conference call tomorrow, Tuesday, August 15, 2023 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the quarter ended June 30, 2023. A webcast of the call may be accessed on Sachem’s website at https://ir.sachemcapitalcorp.com/ir-calendar.
2
Interested parties can access the conference call via telephone by dialing toll free 1-877-704-4453 for U.S. callers or +1 201-389-0920 for international callers.
R
May 17, 2023
2 tm2315950d1_ex99-1.htm
Exhibit 99.1
Sachem Capital Revenue Increases 42.8% to $14.7 Million for the First Quarter 2023
BRANFORD, Conn., May 15, 2023 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announced its financial results for the quarter ended March 31, 2023. The company will host a conference call today, Monday, May 15, 2023 at 8:00 a.m. Eastern Daylight Time to discuss in greater detail its financial performance and operating results for the first quarter ended March 31, 2023.
John Villano, CPA, the company’s Chief Executive Officer, stated: “Our loan portfolio continues to perform well in a very challenging macroeconomic environment. While we are mindful of the opportunities that arise in times of market dislocations, we continue to take a prudent approach to minimize risk and insulate our loan portfolio. As we move ahead our experienced management team will be very selective in deploying our capital while pursuing new opportunities in the current environment. As the lending environment stabilizes, we will once again expand our services and capabilities in a judicious manner. As is our custom, providing our shareholders with attractive, sustainable risk-adjusted returns is our first priority.”
Results of operations for quarter ended March 31, 2023
Total revenue grew 42.8% to approximately $14.7 million compared to approximately $10.3 million for the quarter ended March 31, 2022. The growth in revenue was due primarily to an increase in lending operations. For the first quarter 2023, interest income was approximately $11.0 million compared to approximately $8.5 million for the 2022 period.
Total operating costs and expenses for the quarter ended March 31, 2023 were approximately $9.6 million compared to approximately $5.9 million for 2022 period. Given the company’s ongoing investments in its growth strategies, the largest contributor to this increase was interest and amortization of deferred financing costs, which were approximately $6.9 million in the quarter compared to approximately $3.9 million in 2022 period. The balance of the changes was attributable to (i) approximately $785,000 of compensation (including stock-based compensation), fees and taxes and (ii) approximately $266,000 general and administrative expenses.
Net income attributable to common shareholders for the three months ended March 31, 2023 was approximately $4.2 million, or $0.10 per share, compared to approximately $3.4 million, or $0.10 per share for the three months ended March 31, 2022.
Balance Sheet
Total assets at March 31, 2023 were approximately $597.0 million compared to approximately $565.7 million at December 31, 2022, an increase of approximately $31.3 million, or 5.5%. The change was due primarily to the growth in the company’s mortgage loan portfolio and in its investment securities holdings, which increased approximately $15.8 million and $11.3 million, respectively. Total liabilities at March 31, 2023 were approximately $368.0 million compared to approximately $348.0 million at December 31, 2022.
Total indebtedness at quarter end included approximately $280.6 million of notes payable (net of approximately $7.8 million of deferred financing costs), approximately $13.7 million balance on the margin loan account with Wells Fargo Advisors, approximately $54.1 million outstanding on the master repurchase financing facility with an affiliate of Churchill Real Estate and approximately $1.7 million outstanding on the mortgage loan with New Haven Bank.
Total shareholders’ equity at March 31, 2023 rose approximately $11.3 million to $229.0 million compared to approximately $217.7 million at December 31, 2022. The change was primarily due to additional paid-in capital of approximately $9.5 million.
Dividends
Subsequent to quarter end, on April 24, 2023, the company paid a quarterly dividend of $0.13 per share to shareholders of record as of the close of trading on the NYSE American on April 17, 2023.
The company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders and the company intends to comply with this requirement for the current year.
Investor Conference Call
The company will host a conference call today Monday, May 15, 2023 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the quarter ended March 31, 2023.
Interested parties can access the conference call via telephone by dialing toll free 1-888-886-7786 for U.S. callers or +1 416-764-8658 for international callers. A webcast of the call may be accessed on Sachem’s website at https://ir.sachemcapitalcorp.com/ir-calendar.
The webcast will also be archived on the company’s website and a telephone replay of the call will be available through Monday, Ma
Apr 3, 2023
2 tm2311368d1_ex99-1.htm
Exhibit 99.1
Sachem Capital Reports Record 2022 Annual Revenue of $52.3 Million and Net Income Attributable to Common Shareholders of $17.2 Million or $0.46 per Share
Conference Call and Webcast to be held at 8:00 AM ET on Friday, March 31, 2023
BRANFORD, Conn., March 30, 2023 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announced its financial results for the year ended December 31, 2022. The company will host a conference call on Friday, March 31, 2023 at 8:00 a.m. Eastern Time to discuss in greater detail its financial and operating results for 2022.
John Villano, CPA, the company’s Chief Executive Officer, stated: “2022 was another record year for our company with revenue of $52.3 million and net income attributable to common shareholders of $17.2 million. Earnings per share was $0.46 per share compared to $0.44 for the prior year. Further we achieved approximately $20.2 million of non-GAAP adjusted earnings or $0.53 per share in earnings, reflecting the strength of our business and specifically our loan portfolio in a very challenging interest rate environment. We fully understand the effects of rapid interest rate increases on our business and, more importantly, our borrowers and will continue to take appropriate measures to further reduce risk and insulate our loan portfolio, including additional enhancements to our underwriting process and limiting the term of new loans.
“In 2022, we acquired Urbane New Haven, LLC, which added construction finance service expertise in all phases of our business. This acquisition provides us the ability to reduce risks associated with distressed properties, as well as new income streams to help ensure the highest level of oversight and planning diligence on all construction financing. We are extremely pleased with the addition of the Urbane team and their operational excellence.
“Certainly, the process of lending has undergone significant changes the past year and despite the ongoing crosscurrents, our business model has proven to be highly scalable and resilient, as evidenced by our continued strong performance during the year.”
Results of operations for year ended December 31, 2022
Total revenue grew 71.8% to approximately $52.3 million compared to approximately $30.4 million for the year ended December 31, 2021. The growth in revenue was due primarily to an increase in lending operations. For 2022, interest income was approximately $42.6 million, origination fees were approximately $7.3 million and various other fees relating to the company’s lending activities were approximately $3.0 million.
Total operating costs and expenses for the year ended December 31, 2022 were approximately $31.4 million compared to approximately $17.1 million for 2021, an increase of approximately $14.3 million. Given the company’s implementation of its growth strategies, the largest contributor to this increase was interest and amortization of deferred financing costs, which were $21.5 million in 2022 compared to $10.4 million in 2021. The balance of the increases was attributable to (i) approximately $2.2 million of compensation (including stock-based compensation), fees and taxes and (ii) approximately $854,000 general and administrative expenses. These increases are attributable to the implementation of certain growth strategies.
Net income for 2022 attributable to common shareholders was approximately $17.2 million compared to approximately $11.5 million for 2021, an increase of approximately $5.8 million or 50.2%. Net income per weighted average common share outstanding for 2022 was $0.46 compared to $0.44 for 2021.
Balance Sheet
Total assets at December 31, 2022 were approximately $565.7 million compared to approximately $418.0 million at December 31, 2021, an increase of approximately $147.7 million, or 35.3%. The increase was due primarily to the growth in the company’s mortgage loan portfolio, which increased approximately $168.3 million, and an approximately $24.8 million increase in partnership investments. Total liabilities were approximately $348.0 million compared to approximately $237.9 million.
Total indebtedness at December 31, 2022 included $280.0 million of notes payable (net of $8.4 million of deferred financing costs), $3.6 million balance on our margin loan account with Wells Fargo Advisors, $42.5 million outstanding on the company’s master repurchase financing facility with an affiliate of Churchill Real Estate and $750,000 outstanding on a mortgage with New Haven Bank.
Total shareholders’ equity at December 31, 2022 increased approximately $37.6 million to $217.7 million compared to approximately $180.1 million at December 31, 2021. The change was primarily due to net income of approximately $20.9 million, net proceeds from the sale of common shares of $39.3 million, and approximately $1.0 million related to the acquisition of Urbane New Haven’s assets.
Dividends
The company declared
Nov 14, 2022
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Exhibit 99.1
Sachem Capital Revenue Increases 58.9% to $13.5 Million for the Third Quarter 2022
Achieves $4.1 Million of Net Income Attributable to Common Shareholders and $5.2 Million of Non-GAAP Adjusted Earnings, Representing Earnings Per Share of $0.11 and $0.13, Respectively
Conference Call and Webcast to be Held at 8:00 AM EST on Thursday, November 10, 2022
Branford, Connecticut, November 9, 2022 -- Sachem Capital Corp. (NYSE American: SACH) announces its financial results for the third quarter ended September 30, 2022. The company will host a conference call tomorrow, Thursday, November 10, 2022, at 8:00 a.m. Eastern Standard Time to discuss in greater detail its financial condition and operating results for the third quarter ended September 30, 2022, as well as its outlook for the balance of the year.
John Villano, CPA, the company’s Chief Executive Officer stated: “Revenue for the third quarter of 2022 increased 58.9% to $13.5 million and we achieved $4.1 million of net income attributable to common shareholders, as well as $5.2 million of non-GAAP Adjusted Earnings, reflecting the strength of our business and specifically our loan portfolio in a very challenging interest rate environment. We continue to take appropriate measures to further reduce risk and insulate our loan portfolio, including additional enhancements to our underwriting process and limiting the term of new loans. In addition, we recently announced the acquisition of Urbane New Haven, LLC, which brings expertise in all phases of development and construction, including architecture, design, contracting, and marketing. This acquisition provides us the ability to reduce risks associated with distressed properties, as well as provide us with new income streams to help ensure the highest level of oversight and planning diligence on all construction projects. In turn, we believe this acquisition should enable us to take on larger and more profitable construction loans, as well as further vertically integrate our lending platform. Importantly, we continue to witness strong demand for our loan products as developers prefer to borrow from us because of the flexibility we provide in structuring loans to suit their needs, as well as our ability to close quickly. Overall, our business model has proven to be highly scalable and resilient, as evidenced by our continued strong performance during the quarter.”
Results of operations- three months ended
September 30, 2022
Total revenue for the three months ended September 30, 2022, was approximately $13.5 million compared to approximately $8.5 million for the three months ended September 30, 2021, an increase of approximately $5.0 million, or 58.9%. The increase in revenue is primarily attributable to an increase in our lending operations. For the 2022 period, interest income was approximately $11.5 million compared to approximately $6.1 million for the 2021 period, representing an increase of approximately $5.4 million or 89.5%. Origination and modification fees were approximately $1.7 million compared to approximately $1.3 million for the 2021 period, representing an increase of approximately $400,000 or 31.6%. For the three months ended September 30, 2022, revenue was partially offset by approximately $1.1 million of unrealized losses on investment securities. There was no such offset in the comparable 2021 period.
Total operating costs and expenses for three months ended September 30, 2022, were approximately $8.5 million compared to approximately $4.2 million for the three months ended September 30, 2021, an increase of approximately $4.3 million, or 101.0%. The increase in operating costs and expenses is primarily attributable to the increase in our indebtedness, which was the fuel for our revenue growth, and an increase in the cost of funds. In the 2022 period, interest and amortization of deferred financing costs was approximately $6 million compared to approximately $2.6 million in the same 2021 period, an increase of approximately $3.4 million or 130.7%. The balance of the increase in operating expenses was primarily attributable to (i) compensation, fees and taxes which increased approximately $738,000, a 95.7% increase over the comparable 2021 amount, and (ii) general and administrative expenses, which increased approximately $237,500, a 49.6% increase over the comparable 2021 amount.
For the quarter ended September 30, 2022, we reported an unrealized loss on investment securities of approximately $132,000 reflecting a decrease in the market value of certain securities since June 30, 2022. For the quarter ended September 30, 2021, we reported an unrealized loss on investment securities of approximately $500,000 reflecting the decrease in the market value of certain securities since June 30, 2021.
Net income attributable to common shareholders for the three months ended September 30, 2022, was approximately $4
Aug 4, 2022
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Exhibit 99.1
Sachem Capital Revenue Increases 86.9% to $12.5 Million for the Second Quarter 2022
Achieves $4.3 Million of Net Income Attributable to Common Shareholders and $5.8 Million of Non-GAAP
Adjusted Earnings representing earnings per share of $0.12 and $0.16, respectively
Conference Call and Webcast to be held at 8:00 AM EDT on Friday, August 5, 2022
Branford, Connecticut, August 4, 2022 -- Sachem Capital Corp. (NYSE American: SACH) announces its financial results for the second quarter ended June 30, 2022. The company will host a conference call tomorrow, Friday, August 5, 2022, at 8:00 a.m. Eastern Daylight Time to discuss in greater detail its financial condition and operating results for the second quarter ended June 30, 2022, as well as its outlook for the balance of the year.
John Villano, CPA, the company’s Chief Executive Officer stated: “Revenue for the second quarter of 2022 increased 86.9% to $12.5 million, reflecting our ability to effectively deploy capital, while maintaining a conservative loan-to-value ratio. In the second quarter of 2022, we rolled out a new web-based underwriting platform that further automates our processes, allowing for even more timely processing of loan applications, thus increasing loan production while maintaining our employee headcount. In addition, we have been enhancing our underwriting process to protect our invested capital as the markets digest the rapid increase in interest rates. Further, we are developing relationships with new wholesale brokers and other non-bank lenders, supporting our initiatives to attract larger more experienced borrowers with better credit quality. Our business model has proven to be highly scalable, as evidenced by the fact we achieved $4.3 million of net income attributable to common shareholders and $5.8 million of non-GAAP adjusted earnings. Overall, we believe our initiatives during the quarter, along with the further diversification of our loan portfolio, both geographically and by loan type, will continue to drive strong financial performance.”
Results of operations- three months ended June
30, 2022
Total revenue for the three months ended June 30, 2022, was approximately $12.5 million compared to approximately $6.7 million for the three months ended June 30, 2021, an increase of approximately $5.8 million, or 86.9%. The increase in revenue is primarily attributable to an increase in our lending operations. For the 2022 period, interest income was approximately $10.4 million compared to approximately $4.7 million for the 2021 period, representing an increase of approximately $5.8 million or 122.8%. Origination fees were approximately $2.0 million compared to approximately $832,000 for the 2021 period, representing an increase of approximately $1.2 million or 145.9%. For the three months ended June 30, 2022, revenue was offset by approximately $1.5 million of unrealized losses on investment securities. There was no such offset in the comparable 2021 period.
Total operating costs and expenses for three months ended June 30, 2022, were approximately $7.3 million compared to approximately $4.2 million for the three months ended June 30, 2021, an increase of approximately $3.1 million, or 75.0%. The increase in operating costs and expenses is primarily attributable to the increase in our unsecured indebtedness, which was the fuel for our revenue growth, and an increase in compensation expense of approximately 46.3%. In the 2022 period, interest and amortization of deferred financing costs was approximately $5.2 million compared to approximately $2.5 million in the same 2021 period, an increase of approximately $2.7 million or 108.0%. The balance of the increase in operating expenses was primarily attributable to (i) compensation, fees and taxes which increased approximately $376,000, and (ii) general and administrative expenses which increased approximately $169,000, offset by gain on sale of real estate, which decreased approximately $203,000.
For the quarter ended June 30, 2022, we reported an unrealized loss on investment securities of approximately $193,000 reflecting the decrease in the market value of certain securities since March 31, 2022. For the quarter ended June 30, 2021, we reported an unrealized loss on investment securities of approximately $104,000 reflecting the decrease in the market value of certain securities since March 31, 2021.
Net income attributable to common shareholders for the three months ended June 30, 2022, was approximately $4.3 million, or $0.12 per share, compared to approximately $2.5 million, or $0.10 per share for the three months ended June 30, 2021.
Results of operations- six months ended June
30, 2022
Total revenue for the six months ended June 30, 2022, was approximately $22.8 million compared to approximately $12.4 million for the six months ended June 30, 2021, an increase of approximately $10.4 million
May 9, 2022
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Exhibit 99.1
Sachem Capital Revenue Increases 80.3% to $10.3 Million for the First Quarter 2022
Achieves $3.4 Million of Net Income Attributable to Common Shareholders
and $4.5 Million of Non-GAAP Adjusted Earnings
Conference Call and Webcast to be held at 8:00 AM EDT on Wednesday, May 4, 2022
Branford, Connecticut, May 3, 2022 -- Sachem Capital Corp. (NYSE American: SACH) announces its financial results for the first quarter ended March 31, 2022. The company will host a conference call tomorrow, Wednesday, May 4, 2022 at 8:00 a.m. Eastern Daylight Time to discuss in greater detail its financial condition and operating results for the first quarter ended March 31, 2022, as well as its outlook for the balance of the year.
John Villano, CPA, the company’s Chief Executive and Chief Financial Officer stated: “Revenue for the first quarter of 2022 increased 80.3% to $10.3 million, reflecting our continued execution and the growing demand for our loan products. We attribute this success to our ability to close quickly and our flexibility in structuring loans to suit the needs of borrowers. We are also diversifying our loan portfolio, both geographically and within new asset classes. Overall, we have built a highly scalable business model, as illustrated by the fact we achieved $3.4 million of net income attributable to common shareholders and $4.5 million of non-GAAP adjusted earnings, which is described below, for the first quarter of 2022.”
Results of operations
Total revenue for the three months ended March 31, 2022 was approximately $10.3 million compared to approximately $5.7 million for the three months ended March 31, 2021, an increase of approximately $4.6 million, or 80.3%. The increase in revenue is primarily attributable to an increase in our lending operations. For the 2022 period, interest income was approximately $8.5 million compared to approximately $4.5 million for the 2021 period, representing an increase of approximately $4.0 million or 87.8%. Origination fees were approximately $1.6 million compared to approximately $517,000 for the 2021 period, representing an increase of approximately $1.1 million or 216.5%. Other income and fee income, including late fees and processing fees, all of which we relate to our lending operations, were approximately $805,000 for the 2022 period compared to approximately $529,000 for the 2021 period, an increase of approximately $276,000 or 52.2%. Income unrelated to our lending operations, including investment income, income from partnership investments and net rental income, for the 2022 period was approximately $554,000 compared to $264,000 for the comparable 2021 period. On the other hand, loss on sale of investment securities and unrealized losses on investment securities for the 2022 period were approximately $1.2 million. The unrealized losses on investment securities were reflected by a 1.4% loss in our investment portfolio during the three months ended March 31, 2022.
Total operating costs and expenses for three months ended March 31, 2022 were approximately $5.9 million compared to approximately $3.5 million for the three months ended March 31, 2021, an increase of approximately 68.6%. The increase in operating costs and expenses is primarily attributable to the increase in our unsecured indebtedness, particularly our unsecured unsubordinated five-year notes, which helped finance the growth of our loan portfolio. In the 2022 period, interest and amortization of deferred financing costs was approximately $3.9 million compared to approximately $2.5 million in the same 2021 period, an increase of $1.4 million or 58.2%. The balance of the increase in operating expenses was primarily attributable to (i) impairment loss, which increased approximately $236,000, (ii) compensation, fees and taxes, which increased approximately $402,000, and (iii) general and administrative expenses, which increased approximately $242,000.
For the quarter ended March 31, 2022, we reported an unrealized gain on investment securities of approximately $243,000 reflecting the decrease in prior unrealized losses since December 31, 2021. For the quarter ended March 31, 2021, we reported an unrealized loss on investment securities of approximately $7,500 reflecting the decrease in the market value of such securities since December 31, 2020.
Net income attributable to common shareholders for the three months ended March 31, 2022 was approximately $3.4 million, or $0.10 per share, compared to approximately $2.2 million, or $0.10 per share for the three months ended March 31, 2021.
Adjusted earnings for the three months ended March 31, 2022 was approximately $4.5 million, or $0.13 per share, compared to approximately $2.2 million, or $0.10 per share for the three months ended March 31, 2021. Adjusted earnings is calculated as net income attributable to common shareholders, prior to the effect of unrealized gai
Apr 4, 2022
2 tm2211406d1_99-1.htm
Exhibit 99.1
Sachem Capital Reports Record Annual Revenue of $30.4 Million and Net Income Attributable to Common Shareholders of $11.5 Million for 2021
Conference Call and Webcast to be held at 8:00 AM ET on Friday, April 1, 2022
Branford, Connecticut, March 31, 2022 -- Sachem Capital Corp. (NYSE American: SACH) announces its financial results for the year ended December 31, 2021. The company will host a conference call on Friday, April 1, 2022 at 8:00 a.m. Eastern Time to discuss in greater detail its financial condition and operating results for the year ended December 31, 2021, as well as its outlook for 2022.
John Villano, CPA, the company’s Chief Executive and Chief Financial Officer stated: “We continued to generate solid year-over-year revenue growth and achieved record net income attributable to common shareholders of $11.5 million, or $0.44 per share, for 2021. We believe these results illustrate the success and scalability of our business model. Heading into 2022, we have maintained our momentum with a robust loan pipeline. To support our continued growth, in December 2021 and March 2022 alone, we announced two registered public offerings of unsecured notes, for gross proceeds of $101.8 million, which provides us additional non-dilutive capital to accelerate our lending activities without compromising our goal, which is to provide our shareholders with attractive risk-adjusted returns.
“In addition to diversifying our holdings, including larger loans with established developers, we continue to expand our lending operations across the U.S. and now have a presence in 14 states, with a strong core focus along the Eastern seaboard. Importantly, we are witnessing demand for our loan products due to our ability to close quickly and our flexibility in structuring loans to suit the needs of borrowers. Despite the rise in interest rates, we continue to believe that there exists significant market opportunity for a well-capitalized “hard money” lender to originate attractively priced loans to small and mid-scale real estate developers with good collateral. As a result, we remain encouraged by the outlook for our business and look forward to building upon our strong historical financial performance.”
Results of operations
Total revenue for the year ended December 31, 2021 was approximately $30.4 million compared to approximately $18.6 million for the year ended December 31, 2020, an increase of approximately $11.8 million, or 63.5%. The increase in revenue was due primarily to an increase in lending operations. For 2021, interest income was approximately $22.3 million, origination fees were approximately $3.4 million and various other fees relating to our lending activities were approximately $3.2 million, for a total of approximately $28.9 million, an increase of $11.7 million over the same items in 2020.
Total operating costs and expenses for the year ended December 31, 2021 were approximately $17.1 million compared to approximately $9.6 million for 2020, an increase of approximately $7.5 million, or 78.0%. The largest contributor to this increase was interest and amortization of deferred financing costs, which were $10.4 million in 2021 compared to $5.5 million in 2020, an increase of approximately 87.9%. The increase is directly related to interest paid on our outstanding unsecured unsubordinated five-year notes. The balance of the increase in operating expenses was attributable to (i) compensation (including stock-based compensation), fees and taxes, which increased approximately $1.3 million; (ii) professional fees, which increased approximately $513,000; (iii) general and administrative expenses, which increased approximately $538,000; and (iv) other expenses, which increased approximately $142,000. These increases are attributable to our increased level of operations and the implementation of certain of our growth strategies.
Net income for 2021 attributable to common shareholders was approximately $11.5 million compared to approximately $9.0 million for 2020, an increase of approximately $2.5 million or 27.5%. Our net income per weighted average common share outstanding for 2021 was $0.44 compared to $0.41 for 2020.
Financial Condition
Total assets at December 31, 2021 were approximately $418.0 million compared to approximately $226.7 million at December 31, 2020, an increase of approximately $191.3 million, or 84.4%. The increase was due primarily to the growth in our mortgage loan portfolio, which increased approximately $136.7 million, and an approximately $45.9 million increase in cash and short-term marketable securities.
Total liabilities at December 31, 2021 were approximately $237.9 million compared to approximately $145.8 million at December 31, 2020, an increase of approximately $92.1 million, or approximately 63.2%. This increase is principally due to an overall increase in our total indebtedness, which at Dec
Nov 8, 2021
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Exhibit 99.1
Sachem Capital Reports 100% Revenue Growth
and Net Income of $3.4 Million for the Third Quarter of 2021
Conference Call and Webcast to be held at 8:00 AM EDT on Friday, November 5, 2021
Branford, Connecticut, November 4, 2021 -- Sachem Capital Corp. (NYSE American: SACH) announces its financial results for the quarter and nine months ended September 30, 2021. The company will host a conference call on Friday, November 5, 2021 at 8:00 a.m. Eastern Daylight Time to discuss in greater detail its financial condition and operating results for the third quarter of 2021.
John Villano, CPA, the company’s Chief Executive and Chief Financial Officer stated: “We achieved 100% revenue growth over the same period last year, as well as net income of $3.4 million for the third quarter of 2021, which provides further validation our long-term strategy is working. We have maintained a robust loan pipeline, a healthy balance sheet and continue to generate solid cash flow. Importantly, with the proceeds of our recent Series A Preferred offering, combined with the addition of our Churchill credit facility, we are poised for further growth during the balance of the year and beyond. As previously discussed, we are diversifying our holdings, including larger loans with established developers. We are also opportunistically expanding and diversifying the geographic footprint of our mortgage loan portfolio beyond Connecticut. We have accomplished these goals while maintaining strict underwriting criteria and a conservative loan to value ratio. Looking ahead, we are witnessing strong market demand for our loan products and remain highly encouraged by the outlook for the business.”
Results of operations – three months ended September 30, 2021
Total revenue for the three months ended September 30, 2021 was approximately $8.5 million compared to approximately $4.3 million for the three months ended September 30, 2020, an increase of approximately $4.3 million, or 100%. Interest income and origination fees were approximately $6.1 million and $1.0 million, respectively. In comparison, for the three months ended September 30, 2020, interest income and origination fees were approximately $3.5 million and $393,000, respectively. In the third quarter of 2021 the company had approximately $256,000 of gains from the sale of investment securities compared to a loss of approximately $22,000 for the 2020 period. Investment income for the third quarter of 2021 increased to $276,000 compared to approximately $32,000 for the same period last year. Other income was approximately $580,000 for the third quarter of 2021, compared to approximately $337,000 for the same period last year.
Total operating costs and expenses for three months ended September 30, 2021 were approximately $4.2 million compared to approximately $2.1 million for the three months ended September 30, 2020. The increase in operating costs and expenses is primarily attributable to the increase in interests expense and amortization of deferred financing costs, which, in turn, is a direct result of an increase in overall indebtedness, particularly the unsubordinated unsecured notes.
Net income attributable to common shareholders for the three months ended September 30, 2021 was approximately $3.4 million, or $0.12 per share, compared to $2.1 million, or $0.10 per share for the three months ended September 30, 2020.
Results of operations – nine months ended September 30, 2021
Total revenue for the nine months ended September 30, 2021 was approximately $20.9 million compared to approximately $12.9 million for the nine months ended September 30, 2020, an increase of approximately 62.5%.
For the nine months ended September 30, 2021, interest income was approximately $15.3 million and origination fees were approximately $2.3 million, respectively. In comparison, for the nine months ended September 30, 2020, interest income and origination fees were approximately $9.6 million and $1.6 million, respectively. Net gain on the sale of investment securities was approximately $212,000 for the 2021 period compared to net gains of approximately $415,000 for the 2020 period. Investment income was approximately $699,000 for the first nine months of 2021 compared to approximately $163,000 for the same period last year. Other income was approximately $1.6 million for the first nine months of 2021, compared to approximately $904,000 for the same period last year.
Total operating costs and expenses for the nine months ended September 30, 2021, were approximately $11.9 million compared to $6.3 million for the nine months ended September 30, 2020. The increase in operating costs and expenses is primarily attributable to the increase in the company’s unsecured, unsubordinated notes while growing our lending operations.
Net income attributable to common shareholders for the nine months ended September 30, 2021, was a
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