Four real estate stocks have shown a marked decline in momentum in recent weeks, even as the Federal Reserve advanced into a rate-cutting cycle.4 Realty Stocks See Weakening MomentumDespite expectations that lower interest rates might buoy real estate equities, these four names, Cherry Hill Mortgage Investment Corp. (CHMI), National Storage Affiliates Trust (NSA), Sachem Capital Corp. (SACH), and Smith Douglas Homes Corp. (SDHC), have slipped to the bottom 10% in momentum rankings, suggesting broader headwi ...

Granite Point Mortgage Trust (NYSE: GPMT ) and Sachem Capital (NYSE: SACH ) are both mortgage REITs out of favor with investors and with public preferreds that are trading at discounts to their $25 per share liquidationThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, high-dividend tickers, REITs, ...

Granite Point Mortgage Trust (NYSE: GPMT ) and Sachem Capital (NYSE: SACH ) are both mortgage REITs out of favor with investors and with public preferreds that are trading at discounts to their $25 per share liquidationThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, high-dividend tickers, REITs, ...

Core Viewpoint - Sachem Capital Corp. has appointed Jeffery C. Walraven as Executive Vice President and Chief Financial Officer, effective September 1, 2025, following his role as Interim CFO since December 2024 [1][2] Company Overview - Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property [4] - The company offers short-term secured, nonbanking loans to real estate investors for property acquisition, renovation, development, and improvement, with a conservative loan-to-value ratio as its primary underwriting criterion [4] Leadership Background - Jeffery C. Walraven has extensive experience in public company finance, accounting, and consulting, having previously served in various leadership roles in real estate companies [2] - His past positions include Chief Operating Officer and co-founder of Freehold Properties, Inc., and Executive Vice President and CFO of MedEquities Realty Trust, Inc. [2] - Walraven holds a Bachelor's degree in Financial Management and a Master's in Professional Accountancy, along with a CPA license [3]

[S&P Global Market Intelligence Estimates](index=1&type=section&id=S%26P%20Global%20Market%20Intelligence%20Estimates) This section provides consensus financial estimates for FY2025 and FY2026, alongside a comparison of historical GAAP EPS against consensus figures FY2025 & FY2026 Consensus Estimates (as of Jul-09-2025) | Metric | FQ2 2025 Consensus | FY 2025 Consensus | FY 2026 Consensus | | :--- | :--- | :--- | :--- | | EPS (GAAP) | $0.01 | $0.03 | NA | | Revenue (million) | $11.30 | $45.12 | NA | Historical EPS (GAAP) vs. Consensus | Quarter | Consensus | Actual | Surprise | | :--- | :--- | :--- | :--- | | FQ2 2024 | $0.12 | ($0.09) | NM | | FQ3 2024 | $0.10 | ($0.13) | NM | | FQ4 2024 | ($0.47) | ($0.79) | NM | | FQ1 2025 | ($0.06) | $0.00 | NM | [Call Participants](index=3&type=section&id=Call%20Participants) Key executives led the call, with analysts from various firms participating in the subsequent Q&A session - The call was led by **John L. Villano**, Founder, Chairman, President & CEO, and **Jeffery C. Walraven**, Interim CFO & Director[6](index=6&type=chunk) - Analysts from **Citizens JMP Securities**, **Ladenburg Thalmann & Co. Inc.**, and **Alliance Global Partners** participated in the Q&A session[6](index=6&type=chunk) [Presentation](index=4&type=section&id=Presentation) The presentation covers strategic financial strengthening, portfolio performance, macro-economic outlook, detailed financial results, and updates on liquidity and capital resources [Opening Remarks & Strategic Progress](index=4&type=section&id=Opening%20Remarks%20%26%20Strategic%20Progress) Sachem Capital focused on strengthening its financial position in Q2 2025, highlighted by the closing of a new $100 million senior secured note facility, intended to repay existing debt and fund new accretive loan originations, leading to asset growth for the first time in five quarters - The company continued efforts from late 2024 and early 2025 to protect its balance sheet, leading to stabilization in the second quarter[12](index=12&type=chunk) - A new **$100 million** senior secured notes offering due June 2030 was closed to provide financial flexibility[12](index=12&type=chunk) - The new financing enabled the company to repay existing obligations and accelerate new loan originations, resulting in asset growth for the first time in **5 quarters**[12](index=12&type=chunk) [Portfolio Performance and Key Exposures](index=4&type=section&id=Portfolio%20Performance%20and%20Key%20Exposures) The company is actively managing its nonperforming loans (NPLs), which stood at $119.6 million gross, with a significant portion tied to a single borrower in South Florida, while also providing updates on development projects and investments that generated $1 million in revenue, as book value per share saw a slight decrease to $2.54 Nonperforming Loans (NPLs) as of Q2 2025 | Metric | Q2 2025 (June 30) | Q1 2025 (March 31) | | :--- | :--- | :--- | | Gross Unpaid Principal | $119.6 million | $107.6 million | | Net NPLs | $107.0 million | $94.3 million | - A single borrower in South Florida represents a significant exposure, with two cross-collateralized loans totaling approximately **$50.4 million**, accounting for **42.1%** of the total NPL balance[14](index=14&type=chunk) - Book value per share was **$2.54** as of June 30, 2025, a slight **1.2%** decrease from **$2.57** at the end of Q1 2025[14](index=14&type=chunk)[30](index=30&type=chunk) - Investments totaling **$41.2 million** in projects managed by Shem Creek Capital generated approximately **$1 million** in revenue for the second quarter[19](index=19&type=chunk) - Development projects with partner Urbane New Haven are progressing on schedule, including a Westport office/residential asset and three high-end homes in Florida[18](index=18&type=chunk) [Macro Environment and Outlook](index=5&type=section&id=Macro%20Environment%20and%20Outlook) The company operates in a challenging macro environment with high interest rates dampening housing demand, yet these conditions create opportunities for selective lenders like Sachem as traditional financing remains constrained, allowing the company to maintain a disciplined underwriting approach focused on experienced sponsors, with post-COVID loan originations performing well - The macro environment is challenging, with elevated interest rates dampening demand in the single-family housing market and increasing costs for developers[20](index=20&type=chunk)[21](index=21&type=chunk) - These challenges create opportunities for Sachem, as traditional lenders like banks face constraints, leading to a pipeline of new origination opportunities that exceeds the company's current capacity[21](index=21&type=chunk)[22](index=22&type=chunk) - Sachem remains committed to a disciplined underwriting approach, emphasizing highly experienced and creditworthy sponsors, and notes that its post-COVID era loan originations are performing exceptionally well[22](index=22&type=chunk) [Financial Results (CFO's Report)](index=5&type=section&id=Financial%20Results%20%28CFO%27s%20Report%29) For Q2 2025, Sachem reported total revenue of $10.8 million and a GAAP net income of $1.9 million, or $0.02 per share attributable to common shareholders, which compares favorably to a net loss in the prior year, driven by a significant reduction in the provision for credit losses, with total assets growing to $501.8 million and the company's debt-to-equity ratio standing at 1.8x Q2 2025 Financial Performance vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenue | $10.8 million | $15.1 million | | Total Operating Expenses | $9.7 million | $18.3 million | | Provision for Credit Losses | -$7.6 million (decrease) | - | | GAAP Net Income | $1.9 million | ($4.1 million loss) | | Net Income per Common Share | $0.02 | ($0.09) | Balance Sheet Summary (as of June 30, 2025) | Metric | Value | | :--- | :--- | | Total Assets | $501.8 million | | Total Liabilities | $323.9 million | | Shareholders' Equity | $177.9 million | | Debt-to-Equity Ratio | 1.8x | - The loan portfolio consisted of **135 first mortgage loans** with an unpaid principal balance of **$382.1 million** and a net carrying value of **$364.5 million** after a **$17.6 million** allowance for credit losses[28](index=28&type=chunk) [Liquidity, Capital Resources, and Dividends](index=6&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Dividends) The company's liquidity position is solid, with cash increasing to $22.5 million, and a new $100 million private placement of senior secured notes enhances capital resources, with an initial $50 million drawn, as Sachem plans to repay $56.3 million in notes maturing in September 2025 using existing credit facilities and cash from loan repayments, while the dividend policy is under regular evaluation - Cash and cash equivalents increased to **$22.5 million** from **$18.1 million** at the start of the year[30](index=30&type=chunk) - Completed a **$100 million** private placement of 5-year senior secured notes, drawing an initial **$50 million** at closing with the remaining **$50 million** available until May 2026[31](index=31&type=chunk) - The company expects to fully repay **$56.3 million** in notes maturing at the end of September 2025 using existing credit facilities and cash from loan repayments[32](index=32&type=chunk) - The Board of Directors regularly evaluates the dividend distribution policy, and has aligned the timing of common and preferred dividend declarations and payments to March, June, September, and December[33](index=33&type=chunk) [Question and Answer](index=8&type=section&id=Question%20and%20Answer) The Q&A session addressed LLC investment performance, REO resolution velocity, the impact and resolution efforts for the Naples non-accrual loan, and details on financing and new loan origination strategies [Discussion on LLC Investments and REO](index=8&type=section&id=Discussion%20on%20LLC%20Investments%20and%20REO) Management addressed a dip in LLC income, attributing it to timing differences in cash flow waterfalls from Shem Creek investments, but reiterated a low double-digit return outlook, also discussing the Urbane development pipeline, which was slowed in 2024 but is a focus for future growth, and regarding REO, while the balance appears flat, there has been underlying activity, and management expects the velocity of NPL and REO resolutions to accelerate in the second half of the year - The dip in income from Shem Creek investments was due to timing differences in cash flow waterfalls, with the overall investment still expected to generate a low double-digit (**10-12%**) return on the **$41.2 million** invested[41](index=41&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - The company plans to rebuild the Urbane project pipeline to have projects completing on a rolling quarterly basis, a goal that was slowed during a difficult 2024[46](index=46&type=chunk) - Management expects the velocity of NPL and REO resolutions to accelerate in the second half of the year, with an anticipated **$12.5 million** in additional resolutions expected in Q3[49](index=49&type=chunk) [Discussion on Naples Loan and Asset Quality](index=9&type=section&id=Discussion%20on%20Naples%20Loan%20and%20Asset%20Quality) The significant Naples non-accrual loan, with a net book value of $50.4 million, is impacting earnings by approximately $450,000 per month, with a mediation event scheduled and the company optimistic about a resolution, while management confirmed that, excluding this major loan, the portfolio's asset quality is stabilizing as they actively "cleanse" the portfolio of weaker loans - The large Naples non-accrual loan has a net book value of **$50.4 million** and is creating an opportunity cost that negatively impacts earnings by approximately **$450,000 per month**[53](index=53&type=chunk)[55](index=55&type=chunk) - A mediation event regarding the Naples loan was scheduled for the week of the call, with the company working towards a resolution[53](index=53&type=chunk)[54](index=54&type=chunk) - Management confirmed that overall asset quality trends are stabilizing as the company actively works to "cleanse the portfolio" by not extending weaker loans and pushing them towards resolution[56](index=56&type=chunk) [Discussion on Financing and Loan Origination](index=11&type=section&id=Discussion%20on%20Financing%20and%20Loan%20Origination) Management clarified that the remaining $50 million from the new note offering is available for either repaying maturing notes or funding growth, depending on loan payoffs, and in Q2, the company disbursed $39.7 million in new loans and draws while receiving $23.7 million in repayments, maintaining disciplined pricing aiming for yields of 12% interest plus 2 points on new originations - The undrawn **$50 million** from the new senior notes facility is available for either repaying notes maturing in September or for funding new growth, depending on loan payoffs during the quarter[60](index=60&type=chunk) Q2 2025 Loan Activity | Activity | Amount | | :--- | :--- | | New Loan Disbursements & Draws | $39.7 million | | Loan Repayments | $23.7 million | - The company is maintaining its target pricing on new loans at **12% interest** and **2 points**, occasionally going down to **11%** but not below **10%**[62](index=62&type=chunk)

Part I [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Sachem Capital Corp.'s Q2 2025 financials reflect increased assets and liabilities, improved net income from reduced credit losses, and decreased operating cash flow [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $501.8 million, driven by cash and loans, while liabilities rose to $323.9 million due to new senior secured notes Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 (audited) | | :--- | :--- | :--- | | Cash and cash equivalents | $22,474 | $18,066 | | Loans held for investment, net | $364,463 | $356,571 | | Total assets | $501,763 | $491,976 | | Notes payable, net | $227,498 | $226,526 | | Senior secured notes payable, net | $46,444 | $0 | | Total liabilities | $323,856 | $310,325 | | Total shareholders' equity | $177,907 | $181,651 | | **Total liabilities and shareholders' equity** | **$501,763** | **$491,976** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenues decreased to $10.8 million, but net income improved to $0.8 million due to a significant reduction in the provision for credit losses Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $10,775 | $15,146 | $22,217 | $31,950 | | Interest income from loans | $7,482 | $11,754 | $15,370 | $24,395 | | Provision for credit losses | $925 | $8,503 | $1,977 | $9,868 | | Total operating expenses | $9,709 | $18,263 | $20,122 | $30,793 | | Net income (loss) | $1,887 | $(3,056) | $2,791 | $1,615 | | Net income (loss) to common shareholders | $769 | $(4,124) | $556 | $(476) | | Basic and diluted EPS | $0.02 | $(0.09) | $0.01 | $(0.01) | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly decreased, while financing activities provided net cash, leading to a $4.4 million increase in cash and cash equivalents Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $692 | $11,179 | | Net Cash (Used in) Provided by Investing Activities | $(2,658) | $27,534 | | Net Cash Provided by (Used in) Financing Activities | $6,374 | $(40,734) | | **Net Increase (Decrease) in Cash** | **$4,408** | **$(2,021)** | | Cash and cash equivalents – End of Period | $22,474 | $10,577 | [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, loan portfolio analysis including increased non-accrual loans, new senior secured notes, and stock-based compensation issues - The company specializes in originating, underwriting, and managing a portfolio of short-term (one to three years) first mortgage loans secured by residential or commercial real estate, primarily in the northeastern and southeastern U.S.[25](index=25&type=chunk) - As of June 30, 2025, loans held for investment on non-accrual status had an outstanding principal balance of **$119.6 million**, a significant increase from **$87.0 million** at December 31, 2024[45](index=45&type=chunk) - On June 11, 2025, an indirect subsidiary consummated a private placement of **$100.0 million** in Senior Secured Notes due 2030, with an initial draw of **$50.0 million**. The notes bear a fixed interest rate of **9.875%**[84](index=84&type=chunk) - A grant of **420,168** restricted Common Shares to CEO John L. Villano was rescinded after it was determined that this and prior grants exceeded the **100,000** share annual limit per individual under the company's equity plan[99](index=99&type=chunk)[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 revenue decline due to lower originations and non-performing loans, improved net income from reduced credit losses, and bolstered liquidity [Loan Portfolio Analysis](index=42&type=section&id=Our%20Loan%20Portfolio) The loan portfolio increased to $384.7 million with a 12.72% weighted average interest rate, concentrated in Connecticut and Florida, primarily secured by residential properties Loan Portfolio Statistics | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Number of loans held for investment | 135 | 157 | | Gross principal amount (in thousands) | $384,739 | $376,991 | | Weighted average contractual interest rate | 12.72% | 12.53% | Loan Portfolio by State (June 30, 2025) | State | Gross Amount (in thousands) | Percentage | | :--- | :--- | :--- | | Connecticut | $113,107 | 29.4% | | Florida | $110,822 | 28.8% | | Massachusetts | $56,213 | 14.6% | | New York | $30,519 | 7.9% | | Other | $74,478 | 19.3% | | **Total** | **$384,739** | **100.0%** | [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Q2 2025 revenue decreased by 28.9% due to lower originations, but net income improved significantly to $0.8 million from reduced credit loss provisions - Q2 2025 revenue decreased by **$4.3 million (28.9%)** YoY, attributed to lower net new originations and a higher amount of nonperforming loans[133](index=133&type=chunk) - Q2 2025 operating expenses decreased by **$8.6 million (46.8%)** YoY, mainly due to a **$7.6 million** reduction in the provision for credit losses[134](index=134&type=chunk) - Book value per common share was **$2.54** as of June 30, 2025, a decrease of **$0.10** from **$2.64** at December 31, 2024. The decline was primarily due to dividend payments of **$7.0 million ($0.15/share)** exceeding net income of **$2.8 million ($0.06/share)** for the six-month period[140](index=140&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity improved with cash increasing to $22.5 million, bolstered by a new $50 million credit facility and a $100 million senior secured notes placement - Total assets increased by **$9.8 million (2.0%)** to **$501.8 million** in the first six months of 2025, while total liabilities increased by **$13.5 million (4.4%)** to **$323.9 million**[141](index=141&type=chunk)[142](index=142&type=chunk) - In March 2025, the company entered into a new Credit Agreement with Needham Bank for a **$50 million** revolving credit facility, replacing a prior facility[149](index=149&type=chunk) - In June 2025, the company completed a private placement of **$100 million** in Senior Secured Notes due 2030, drawing an initial **$50 million**. The company expects to draw the remaining **$50 million** in September 2025 to redeem **$56.3 million** of maturing unsecured notes[150](index=150&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Sachem Capital Corp. is exempt from providing quantitative and qualitative market risk disclosures - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[156](index=156&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were ineffective due to a material weakness in stock-based compensation internal controls, with remediation ongoing - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025[157](index=157&type=chunk) - The ineffectiveness is due to a material weakness in internal control over financial reporting related to stock-based compensation, previously disclosed in the 2024 Form 10-K[157](index=157&type=chunk) - The company is actively engaged in a remediation plan, which includes strengthening review and approval processes for equity awards. These efforts were ongoing as of the end of the quarter[158](index=158&type=chunk) Part II [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, debt agreements, and officer certifications - Lists various agreements and corporate documents filed with the report, including the Note Purchase and Guaranty Agreement for the new Senior Secured Notes, the new Credit and Security Agreement with Needham Bank, and the 2025 Omnibus Incentive Plan[161](index=161&type=chunk)[162](index=162&type=chunk) - Includes certifications from the Chief Executive Officer and Chief Financial Officer as required under Sections 302 and 906 of the Sarbanes-Oxley Act[162](index=162&type=chunk)

Core Viewpoint - Sachem Capital Corp. reported a decline in total revenue and net loans held for investment for the second quarter of 2025, while also highlighting a significant reduction in operating expenses and a return to profitability compared to the same quarter in 2024 [2][4][6]. Financial Performance - Total revenue for the second quarter of 2025 was $10.8 million, down from $15.1 million in the same quarter of 2024, primarily due to lower net new origination and an increase in nonperforming loans [4][23]. - Net loans held for investment decreased to $364.5 million as of June 30, 2025, from $485.7 million a year earlier, reflecting a decline of $121.2 million [4][23]. - Other income increased by $0.5 million due to rental income from a project, which was not recorded in the prior year [4]. Operating Costs and Expenses - Total operating costs and expenses for the second quarter of 2025 were $9.7 million, significantly lower than $18.3 million in the same quarter of 2024, mainly due to a reduction in the provision for credit losses, which fell by $7.6 million or 89.1% [5][23]. - The decrease in operating expenses was partially offset by a rise in compensation and employee benefits by $0.5 million [5]. Net Income - Net income attributable to common shareholders for the second quarter of 2025 was $0.8 million, or $0.02 per share, compared to a net loss of $4.1 million, or $0.09 per share, in the same quarter of 2024 [6][23]. Balance Sheet - Total assets at the end of the quarter were $501.8 million, up from $492.0 million at the end of 2024, while total liabilities increased to $323.9 million from $310.3 million [7][9]. - Total shareholders' equity decreased to $177.9 million from $181.7 million at year-end 2024 [9]. Dividends - The company paid a dividend of $0.05 per share to common shareholders and $0.484375 per share to Series A Preferred Stock holders during the quarter [13][12]. Future Outlook - The company remains focused on prudent capital allocation and disciplined portfolio management to capitalize on high-quality lending opportunities as market conditions stabilize [3].

Company Announcement - Sachem Capital Corp. will release its second quarter 2025 financial results before market open on August 5, 2025 [1] - A webcast and conference call to discuss the results will be held on August 5, 2025, at 8:00 a.m. Eastern Time [1] Webcast and Conference Call Details - A webcast of the conference call will be available on the Investors section of the Company's website [2] - Participants should register and install necessary audio software at least 15 minutes prior to the scheduled start time [2] Telephone Conference Call Participation - Domestic dial-in number: 1-844-825-9789; International dial-in number: 1-412-317-5180 [3] - Conference call playback available until August 19, 2025, with domestic playback number: 1-844-512-2921; International playback number: 1-412-317-6671 [3] - Passcode for playback: 10201468 [3] Company Overview - Sachem Capital Corp. is a mortgage REIT specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property [3] - The Company offers short-term secured, nonbanking loans to real estate investors for property acquisition, renovation, development, rehabilitation, or improvement [3] - Primary underwriting criteria include a conservative loan to value ratio, with loans secured by first mortgage liens on real estate and personally guaranteed by the borrower’s principal(s) [3] - The Company also engages in opportunistic real estate purchases apart from its lending activities [3]

Group 1 - The article emphasizes the importance of investing in less popular, stable businesses that can yield significant returns over time [1] - A quote from a friend highlights the idea that those who stand out or attract attention may face challenges, suggesting a preference for more discreet investment strategies [1] Group 2 - iREIT® offers comprehensive research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers [2] - The iREIT® Tracker provides data on over 250 tickers, including quality scores, buy targets, and trim targets, enhancing investment decision-making [2] - A new Ratings Tracker called iREIT Buy Zone has been introduced to assist members in identifying value opportunities [2]

Core Viewpoint - Sachem Capital Corp. has successfully completed a private placement of $100 million in Senior Secured Notes, enhancing its financial flexibility and enabling the repayment of existing obligations and the origination of new loans [1][3]. Financing Details - The private placement consists of five-year Senior Secured Notes due June 11, 2030, with an interest rate of 9.875% per annum, payable quarterly [1]. - An initial draw of $50 million was made at closing, with the remaining $50 million to be drawn by May 15, 2026 [1]. - The Notes are fully guaranteed by the Company and its subsidiary, and have received an investment grade rating of A from Egan-Jones Ratings Company [1]. Use of Proceeds - The proceeds from the Notes will be utilized for repaying existing facility balances, originating new investments, and redeeming 7.75% unsecured notes maturing in September 2025 [2]. Company Overview - Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property [7]. - The Company provides short-term secured, nonbanking loans to real estate investors for property acquisition, renovation, and development, with a conservative loan-to-value ratio as its primary underwriting criterion [7].