S
Sachem Capital Corp.
SCCFCIK 0001682220NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsNew YorkFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$6.31M
Total Assets
$460.05M
Equity
$174.94M
Shares Out
47.97M
Op. Cash Flow
$2.66M
Business
Sachem Capital Corp. is a real estate finance company that originates, underwrites, funds, services and manages short-term, first-mortgage loans secured primarily by real property. Its main products and services include hard-money mortgage loans, origination and servicing fees, interest income, loan modifications and construction draw management, together with investments in rental real estate, real estate owned (REO) properties and limited liability company investments. Its operating activities are organized around loan origination and underwriting, asset management/servicing, and real estate investments. The company primarily operates in Connecticut, Florida, Massachusetts and New York, sourcing deals through borrowers, brokers, banks, strategic partners and digital marketing channels.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest income from loans | 32 | 43 | 49 | 43 | 22 | |
| Interest income from limited liability company investments | 5 | 5 | — | — | — | |
| Interest expense and amortization of deferred financing costs | −25 | −28 | 29 | 22 | 10 | |
| Net interest income | 12 | 20 | — | — | — | |
| Provision for credit losses related to loans held for investment | −3 | −27 | 6 | 105,000 | — | |
| Gain (loss) on sale of loans | 121,000 | −22 | — | — | — | |
| Change in valuation allowance related to loans held for sale | 1 | −5 | — | — | — | |
| Net interest income (loss) after provision for credit losses related to loans held for investment, gain (loss) on sale of loans, and changes in valuation allowance related to loans held for sale | 10 | −33 | — | — | — | |
| Fee income from loans | 6 | 9 | 11 | — | — | |
| Income from limited liability company investments | 467,000 | 112,000 | 4 | — | — | |
| Other investment income | 141,000 | 391,000 | 1 | — | — | |
| Gain on investment securities | 2 | 200,000 | 4 | 2 | 142,026 | |
| Other income | 2 | 122,000 | 54,000 | — | 2 | |
| Total other income | 10 | 9 | — | — | — | |
| Compensation and employee benefits | −8 | −7 | 7 | — | — | |
| General and administrative expenses | −6 | −7 | 5 | 3 | 2 | |
| Impairment loss on real estate owned | −1 | −500,000 | — | — | — | |
| Gain on sale of investments in developmental real estate, real estate owned, and property and equipment, net | 4 | 439,000 | 88,000 | −44,752 | — | |
| Other expenses | −2 | −2 | 1 | 544,684 | 432,868 | |
| Total operating expenses | −13 | −16 | 50 | 31 | 17 | |
| Net income (loss) | 6 | −40 | 16 | 21 | 13 | |
| Preferred stock dividends | −4 | −4 | −4 | −4 | −2 | |
| Net income (loss) attributable to common shareholders | 2 | −44 | 12 | 17 | 11 | |
| Basic (loss) earnings per Common Share (in dollars per share) | 0.04 | −0.93 | 0.27 | 0.46 | 0.44 | |
| Diluted (loss) earnings per Common Share (in dollars per share) | 0.04 | −0.93 | 0.27 | 0.46 | 0.44 | |
| Basic weighted average Common Shares outstanding (in shares) | 47 | 47 | 44 | 38 | 26 | |
| Diluted weighted average Common Shares outstanding (in shares) | 47 | 47 | 44 | 38 | 26 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 11 | 18 | 13 | 24 | 42 | |
| Investment securities (at fair value) | 936,000 | 2 | 38 | 25 | 61 | |
| Allowance for credit losses | −16 | −24 | −9 | −105,000 | — | |
| Loans held for sale (net of valuation allowance of $- and $4,880, respectively) | 0 | 11 | — | — | — | |
| Interest and fees receivable (net of allowance of and ) | 4 | 4 | 8 | 6 | 4 | |
| Due from borrowers (net of allowance of and ) | 7 | 5 | 6 | 5 | — | |
| Real estate owned (net of impairment of and ) | 16 | 19 | 3 | 5 | 7 | |
| Investments in limited liability companies | 39 | 54 | 43 | — | — | |
| Investments in developmental real estate, net | 10 | 14 | 11 | — | — | |
| Property and equipment, net | 3 | 3 | 3 | 4 | 2 | |
| Other assets | 5 | 6 | 9 | 5 | 936,290 | |
| Total assets | 460 | 492 | 621 | 566 | 418 | |
| Notes payable (net of deferred financing costs of $1,905 and $3,713) | 171 | 227 | 282 | 280 | 161 | |
| Senior Notes | 87 | 0 | — | — | — | |
| Repurchase agreements | 0 | 34 | 26 | — | — | |
| Mortgage payable | 917,000 | 1 | 1 | 750,000 | 750,000 | |
| Lines of credit | 19 | 40 | 62 | 4 | 33 | |
| Accounts payable and accrued liabilities | 3 | 4 | 2 | 1 | 697,403 | |
| Advances from borrowers | 4 | 4 | 11 | 10 | 15 | |
| Below market lease intangible | 0 | 665,000 | 665,000 | 0 | — | |
| Total liabilities | 285 | 310 | 391 | 348 | 238 | |
| Commitments and contingencies Note 14 | — | — | — | — | — | |
| Preferred shares - $0.001 par value; 5,000,000 shares authorized; 3,332,000 and 2,903,000 shares designated as Series A Preferred Stock at December 31, 2025 and 2024, respectively; 2,312,758 and 2,306,748 shares of Series A Preferred Stock issued and outstanding at December 31, 2025 and 2024, respectively | 2,000 | 2,000 | 2,000 | 1,903 | 1,903 | |
| Common stock - $0.001 par value; 200,000,000 shares authorized; 47,684,955 and 46,965,306 issued and outstanding at December 31, 2025 and 2024, respectively | 48,000 | 47,000 | 47,000 | 41,094 | 32,730 | |
| Additional paid-in capital | 258 | 257 | 250 | 226 | 186 | |
| Cumulative net earnings | 42 | 36 | 75 | — | — | |
| Cumulative dividends paid | −125 | −111 | −95 | — | — | |
| Total shareholders equity | 175 | 182 | 230 | 218 | 180 | |
| Total liabilities and shareholders equity | 460 | 492 | 621 | 566 | 418 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of deferred financing costs | 2 | 2 | 2 | 2 | 1 | |
| Depreciation expense | 525,000 | 372,000 | — | — | — | |
| Stock-based compensation | 840,000 | 863,000 | 823,000 | 495,015 | 191,318 | |
| Change in valuation allowance related to loans held for sale | −1 | 5 | — | — | — | |
| Impairment loss on real estate owned | 1 | 492,000 | — | — | — | |
| Gain on extinguishment of debt | −140,000 | 0 | — | — | — | |
| Deferred loan fees revenue | 280,000 | −3 | 287,000 | — | — | |
| Interest and fees receivable, net | −191,000 | 2 | −2 | −3 | −2 | |
| Other assets | −766,000 | 3 | −4 | −4 | −26,801 | |
| Due from borrowers, net | −4 | −1 | −334,000 | −2 | −2 | |
| Accounts payable and accrued liabilities | −268,000 | 1 | 374,000 | 766,723 | 129,091 | |
| Advances from borrowers | −31,000 | −7 | — | — | — | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 3 | 13 | 22 | 13 | 28 | |
| Purchase of investment securities | 0 | −8 | −30 | −52 | −204 | |
| Proceeds from the sale of investment securities | 2 | 44 | 18 | 85 | 181 | |
| Purchase of interests in limited liability companies | −6 | −18 | −14 | — | — | |
| Proceeds from limited liability companies returns of capital | 21 | 7 | 2 | — | — | |
| Proceeds from sale of real estate owned | 8 | 2 | — | 2 | 2 | |
| Acquisitions of and improvements to real estate owned | 0 | −510,000 | — | — | — | |
| Proceeds from sale of investments in developmental real estate and property and equipment | 20 | 9,000 | — | — | — | |
| Purchase of property and equipment | −162,000 | −77,000 | −784,000 | — | — | |
| Improvements in investment in rental real estate | −3 | −3 | −11 | — | — | |
| Principal disbursements for loans | −152 | −134 | −205 | −300 | −252 | |
| Principal collections on loans | 140 | 191 | 167 | 132 | 115 | |
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 29 | 80 | −72 | −160 | −166 | |
| Proceeds from lines of credit | 76 | 28 | — | — | 5 | |
| Repayments on lines of credit | −97 | −50 | — | — | −767,508 | |
| Proceeds from repurchase agreements | 12 | 19 | 14 | — | — | |
| Repayments of repurchase agreements | −45 | −12 | −30 | — | — | |
| Repayment of mortgage payable | −85,000 | −79,000 | — | — | −767,508 | |
| Dividends paid on Common Shares | −10 | −17 | −22 | −19 | −12 | |
| Dividends paid on Series A Preferred Stock | −4 | −4 | −4 | −4 | −2 | |
| Proceeds from issuance of Senior Secured Notes | 90 | 0 | — | — | — | |
| Payment of deferred financing costs | −4 | 0 | — | — | — | |
| Proceeds from issuance of common shares, net of expenses | 0 | 2 | 20 | 39 | 56 | |
| Repurchase of Common Shares | 0 | −1 | −226,000 | — | — | |
| Proceeds from issuance of Series A Preferred Stock, net of expenses | 109,000 | 6 | 3 | −70,000 | 45 | |
| Repayment of notes payable | −57 | −58 | −6,014 | −24,907 | −23,761 | |
| NET CASH USED IN FINANCING ACTIVITIES | −39 | −87 | 40 | 128 | 161 | |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | −7 | 5 | −11 | −18 | 23 | |
| Cash paid during the period for interest | 23 | 25 | 27 | 19 | 9 | |
| Cash paid during the period for income tax | 63,000 | 115,000 | — | — | — | |
| Real estate acquired in connection with foreclosure of certain mortgages | 22 | 29 | 2 | — | — | |
| Loans held for sale transferred to loans held for investment | 16 | 0 | — | — | — | |
| Loans held for investment transferred to held for sale | 0 | 16 | — | — | — | |
| Developmental real estate acquired in settlement of loan held for investment | 2 | 0 | — | — | — | |
| Developmental real estate transferred from real estate owned | 6 | 0 | 3 | — | — | |
| Loans originated from sale of real estate owned | 840,000 | 989,000 | — | — | — |
Filings
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