PM Images Mar 2024 Apr 2024 Apr 2024 May 2024 May 2024 Jun 2024 Balance Sheet Q1 2024 Form 10Q Mortgages Receivable (Q1 2024 Form 10Q) Concurrent with management's commentary in both earnings calls, they have been working to preserve liquidity, and cash increased almost $6M between the two quarters. | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------|-------|---------------------------|-------|------------------ ...

The company has mandated Oppenheimer & Co. Inc. as the sole-bookrunning manager for the offering. BRANFORD, Conn., June 17, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) today announced the commencement of a registered public offering of USD-denominated unsecured, unsubordinated Notes due five years from the date of issuance ("Notes"), subject to market conditions. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offe ...

The Notes are anticipated to be rated BBB+ by Egan Jones, Egan-Jones Ratings Company, an independent, unaffiliated rating agency, although this is contingent on prevailing market conditions. Egan-Jones is a Nationally Recognized Statistical Ratings Organization (NRSRO) and is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). Egan-Jones is also certified by the European Securities and Markets Authority (ESMA). A securities rating is not a recommendati ...

BRANFORD, Conn., June 06, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) today announced the appointment of Nicholas M. Marcello, as its interim Chief Financial Officer, effective immediately. John Villano, CPA, who previously served as both Chief Executive Officer and interim Chief Financial Officer, will continue to serve as the Company's Chief Executive Officer. Mr. Marcello has held various roles at the Company, including his most recent position as Vice President of Finance & Opera ...

Exhibit 99.1 SACHEM CAPITAL REPORTS FIRST QUARTER 2024 RESULTS – REVENUES GREW 17.0% TO $17.2 MILLION - 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 Off ...

Part I FINANCIAL INFORMATION [Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The company's total assets slightly increased to $626.5 million as of March 31, 2024, from $625.5 million at year-end 2023. For the first quarter of 2024, total revenue grew to $17.2 million from $14.7 million year-over-year, but net income attributable to common shareholders decreased to $3.6 million ($0.08 per share) from $4.2 million ($0.10 per share) in Q1 2023, primarily due to a significant increase in the provision for credit losses and higher interest expenses. Cash flow from operations was $4.2 million [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $18,413 | $12,598 | | Mortgages receivable, net | $482,690 | $491,712 | | Total assets | $626,527 | $625,539 | | **Liabilities & Equity** | | | | Notes payable, net | $282,959 | $282,353 | | Total liabilities | $389,084 | $395,464 | | Total shareholders' equity | $237,443 | $230,075 | | Total liabilities and shareholders' equity | $626,527 | $625,539 | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Q1 2024 vs Q1 2023 Performance (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenue | $17,201 | $14,708 | | Interest income from loans | $12,641 | $10,983 | | Total operating costs and expenses | $12,531 | $9,588 | | Provision for credit losses related to loans | $1,312 | $102 | | Net income | $4,670 | $5,120 | | Net income attributable to common shareholders | $3,649 | $4,195 | | Basic and Diluted EPS | $0.08 | $0.10 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $4,217 | $5,009 | | Net Cash Provided by (Used in) Investing Activities | $4,319 | $(33,955) | | Net Cash (Used in) Provided by Financing Activities | $(2,721) | $25,565 | | **Net Increase (Decrease) in Cash** | **$5,815** | **$(3,381)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company specializes in originating, underwriting, and managing a portfolio of short-term (one to three years) first mortgage loans, also known as "hard money" loans, primarily in the northeastern and southeastern U.S.[27](index=27&type=chunk) - The company adopted the Current Expected Credit Loss (CECL) standard on January 1, 2023, resulting in an initial allowance adjustment of **$2,489,574** charged to accumulated deficit[36](index=36&type=chunk) - As of March 31, 2024, loans on nonaccrual status had an outstanding principal balance of approximately **$85.7 million**, up from **$84.6 million** at year-end 2023[82](index=82&type=chunk) - The mortgage loan portfolio is geographically concentrated, with **39.8%** of properties in Connecticut, **26.2%** in Florida, and **13.3%** in New York as of March 31, 2024[141](index=141&type=chunk) - As of March 31, 2024, the company had future funding obligations (unfunded commitments) totaling **$95.5 million** related to its construction loans[133](index=133&type=chunk)[169](index=169&type=chunk) Unsecured Notes Payable Outstanding (as of March 31, 2024) | Maturity Date | Interest Rate | Principal Amount (approx. in millions) | | :--- | :--- | :--- | | June 30, 2024 | 7.125% | $23.7 | | Dec 30, 2024 | 6.875% | $34.5 | | Sept 30, 2025 | 7.75% | $56.4 | | Dec 30, 2026 | 6.00% | $51.8 | | March 30, 2027 | 6.00% | $51.9 | | June 30, 2027 | 7.125% | $30.0 | | Sept 30, 2027 | 8.00% | $40.3 | - On April 1, 2024, the company declared a dividend of **$0.11 per share**, paid on April 16, 2024[154](index=154&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In Q1 2024, revenue increased 17.0% YoY to $17.2 million, driven by higher interest income, while net income attributable to common shareholders fell 13.0% to $3.6 million due to a 1,192.4% increase in provision for credit losses and higher interest expenses. The company's primary objective is to grow its loan portfolio while preserving capital amid challenges like a high interest rate environment and increased competition. Total debt stood at approximately $377.6 million. The company believes its strong balance sheet, pricing power, and access to capital position it to navigate the current market [Company Overview and Outlook](index=48&type=section&id=Company%20Overview%20and%20Outlook) - The company operates as a real estate investment trust (REIT), specializing in short-term (three years or less) loans secured by first mortgage liens on real property[157](index=157&type=chunk) - Key challenges for 2024 include the high interest rate environment, geopolitical concerns, increased competition from private lenders, and property value fluctuations, particularly in commercial real estate[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) - The primary business objective for 2024 is to grow the loan portfolio while protecting capital, focusing on larger-value commercial loans with experienced sponsors and enhancing operational efficiency[159](index=159&type=chunk) [Financing Strategy and Debt](index=54&type=section&id=Financing%20Strategy%20and%20Debt) - The company has no formal policy limiting debt but is subject to a **150%** asset coverage ratio covenant from its debt agreements. As of March 31, 2024, the capital structure was approximately **60.3%** debt and **39.7%** equity[174](index=174&type=chunk)[177](index=177&type=chunk) - Total outstanding indebtedness was approximately **$377.6 million** as of March 31, 2024, comprising various credit facilities and seven series of unsecured notes[175](index=175&type=chunk) - Key liquidity sources include a **$200 million** Churchill master repurchase facility, a Wells Fargo margin loan, and a **$65 million** Needham Bank revolving credit facility[170](index=170&type=chunk) [Results of Operations](index=60&type=section&id=Results%20of%20Operations) Q1 2024 vs Q1 2023 Results Summary (in millions) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | ~$17.2 | ~$14.7 | +17.0% | | Total Operating Costs | ~$12.5 | ~$9.6 | +30.7% | | Net Income (Common) | ~$3.6 | ~$4.2 | -13.0% | - The increase in total revenue was primarily due to a **15.1%** rise in interest income from loans. The increase in operating costs was driven by a significant rise in provision for credit losses (from **$0.1 million** to **$1.3 million**) and an **8.7%** increase in interest and amortization expenses[193](index=193&type=chunk)[194](index=194&type=chunk) Non-GAAP Adjusted Earnings (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income attributable to common shareholders | $3,649 | $4,195 | | (Subtract)/Add: Unrealized gain on equity securities | $(185) | $(716) | | **Adjusted earnings attributable to common shareholders** | **$3,464** | **$3,479** | [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) - Total assets increased by **$1.0 million** to **$626.5 million** at March 31, 2024, while total liabilities decreased by **$6.4 million** to **$389.1 million**, resulting in a **$7.3 million** increase in shareholders' equity[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) - Net cash from operating activities was **$4.2 million** for Q1 2024, compared to **$5.0 million** in Q1 2023[203](index=203&type=chunk) - The company intends to repay or refinance approximately **$58.2 million** in Notes maturing in 2024 using existing credit facilities, cash on hand, and loan repayments[208](index=208&type=chunk) Contractual Obligations (as of March 31, 2024, in thousands) | Obligation | Total | Less than 1 year | 1 – 3 years | | :--- | :--- | :--- | :--- | | Unfunded construction loans | $95,457,791 | $61,231,076 | $34,226,715 | | Unfunded partnership commitments | $2,449,967 | $2,449,967 | $0 | | **Total** | **$97,907,758** | **$63,681,043** | **$34,226,715** | [Quantitative and Qualitative Disclosures about Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is a smaller reporting company and is therefore not required to provide the information for this item - As a smaller reporting company, Sachem Capital Corp. is not required to provide quantitative and qualitative disclosures about market risk[215](index=215&type=chunk) [Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of March 31, 2024, and concluded they were effective. There were no material changes in internal control over financial reporting during the quarter - Management concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[216](index=216&type=chunk) - There were no changes in internal control over financial reporting during the first quarter of 2024 that materially affected, or are reasonably likely to materially affect, these controls[217](index=217&type=chunk) Part II OTHER INFORMATION [Exhibits](index=69&type=section&id=Item%206.%20Exhibits) This section provides a list of all exhibits filed with the Form 10-Q, including governance documents, debt agreements, employment contracts, and certifications - This section lists all exhibits filed as part of the quarterly report, including indentures for various note series, credit agreements, employment agreements, and Sarbanes-Oxley certifications[220](index=220&type=chunk)[221](index=221&type=chunk)

Sachem Capital Corp. (NYSE:SACH) Q4 2023 Earnings Conference Call April 1, 2024 8:00 AM ET Company Participants John Villano - Chief Executive Officer and Interim Chief Financial Officer Nick Marcello - Vice President of Finance and Operations Steve Swett - Investor Relations Conference Call Participants Guarav Mehta - Alliance Global Partners Christopher Nolan - Ladenburg Thalmann Matthew Erdner - Jones Trading Chris Muller - Citizens JMP Operator Greetings! And welcome to the Sachem Capital Corp. Fourth ...

Financial Performance - Total revenue increased by 25.5%, while net income attributable to common shareholders decreased by 29.7%, resulting in a decrease of approximately $0.18 per share in earnings per common share [259]. - Total revenue for the year ended December 31, 2023, was approximately $65.6 million, an increase of approximately $13.3 million or 25.5% compared to 2022 [300]. - Interest income for 2023 was approximately $49.3 million, representing an increase of approximately $6.7 million or 15.6% from 2022 [300]. - Total operating costs and expenses for 2023 were approximately $49.7 million, an increase of approximately $18.3 million or 58.5% compared to 2022 [301]. - Net income for 2023 attributable to common shareholders was approximately $12.1 million, a decrease of approximately $5.1 million or 29.7% from 2022 [302]. - Adjusted earnings for 2023 were approximately $11.3 million, compared to approximately $20.2 million for 2022 [306]. - Net cash provided by operating activities in 2023 was approximately $21.9 million, an increase from approximately $13.1 million in 2022 [310]. - Net cash used for investing activities in 2023 was approximately $72.5 million, a decrease from approximately $159.5 million in 2022 [313]. - Net cash provided by financing activities for 2023 was approximately $39.5 million, a decrease from $128.2 million in 2022 [314]. Capital Structure and Debt - As of December 31, 2023, the capital structure was 60.4% debt and 39.6% equity, compared to 59.3% debt and 40.7% equity at the end of 2022 [259]. - The weighted average cost of debt capital was 7.22% as of December 31, 2023, compared to 7.07% in 2022 [262]. - The company expects to maintain its current level of debt to prudently grow the business and satisfy the requirement to distribute 90% of taxable income [276]. - The outstanding balance under the Needham Credit Facility was approximately $35.0 million, accruing interest at an effective rate of 8.25% per annum [289]. - The company has a $200 million master repurchase financing facility with Churchill, with an outstanding amount of approximately $26.5 million accruing interest at an effective rate of 9.47% per annum [277][285]. - As of December 31, 2023, total outstanding indebtedness was approximately $377.7 million, with debt representing about 60.4% of total capital, up from 59.3% in 2022 [276][277]. Investments and Assets - The company funded approximately $204.9 million in mortgage loans, including loan modifications and construction draws [259]. - The yield on the mortgage loan portfolio was 12.6% for 2023, up from 11.5% in 2022 [262]. - At December 31, 2023, the mortgage loan portfolio included 112 loans with future funding obligations totaling $97.9 million, down from 177 loans totaling approximately $114.6 million at the end of 2022 [271]. - Total assets at December 31, 2023, were approximately $625.5 million, an increase of approximately $59.8 million or 10.6% from 2022 [307]. - Total liabilities at December 31, 2023, were approximately $395.5 million, an increase of approximately $47.5 million or 13.7% from 2022 [308]. - Total shareholders' equity at December 31, 2023, was approximately $230.1 million, an increase of approximately $12.4 million or 5.7% from 2022 [309]. Capital Raising and Dividends - The company raised approximately $23.0 million in additional capital through the sale of Common Shares and Series A Preferred Stock [259]. - The company raised approximately $505.9 million in gross proceeds through public offerings of equity and debt securities by December 31, 2023 [274]. - The company raised approximately $20.9 million from the sale of 5,475,891 Common Shares and $2.6 million from Series A Preferred Stock during the year ended December 31, 2023 [290][291]. - A dividend of $0.11 per share was paid on January 10, 2024, totaling approximately $5.1 million [318]. - The company plans to pay regular quarterly distributions to Common Shareholders of not less than 90% of REIT taxable income [316]. Future Outlook and Obligations - Anticipated cash requirements for the next 12 months include funding of loans, dividend payments, and operating expenses, with current cash balances and anticipated cash flows deemed sufficient [314]. - Long-term cash needs will include principal and interest payments on outstanding indebtedness and preferred stock dividends, funded by unused net proceeds and operating cash flows [315]. - The company is subject to an Asset Coverage Ratio requirement of at least 150% for various financial activities, including dividend payments and incurring additional debt [279][284]. - The tenant in the Westport Asset increased lease occupancy from approximately 33% to 50% [320]. - As of December 31, 2023, total contractual obligations amounted to approximately $101.8 million, including unfunded construction loans of $97.9 million [325]. Miscellaneous - The company believes it has qualified as a REIT since its IPO and is required to distribute at least 90% of its taxable income to maintain this status [293][294]. - No adjustments were required in the consolidated financial statements based on subsequent events evaluated through March 28, 2024 [322].

Sachem Capital Corp. (NYSE:SACH) Q3 2023 Earnings Call Transcript November 14, 2023 8:00 AM ET Company Participants Kevin Reed - IR John Villano - CEO & Interim CFO Nick Marcello - VP of Finance & Operations Conference Call Participants Christopher Nolan - Ladenburg Thalmann Tyler Batory - Oppenheimer & Co. Matthew Erdner - Jones Trading Chris Muller - JMP Securities Operator Good day and welcome to the Sachem Capital Third Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37997 SACHEM CAPITAL CORP. (Exact name of registrant as specified in its charter) New York 81-3467779 (St ...