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Sachem Capital Corp. reports developments as a mortgage REIT focused on short-term, secured nonbanking loans to real estate investors. The company originates, underwrites, funds, services, and manages loans secured by first mortgage liens on residential and commercial real estate, with uses that include acquisition, renovation, development, rehabilitation, and improvement of properties. Its updates also address opportunistic real estate purchases outside its lending portfolio.
Recurring news for SACH includes quarterly and annual earnings releases, loan portfolio and credit-profile commentary, capital structure and liquidity updates, common and preferred stock dividends, REIT distribution tax reporting, and financing arrangements tied to its real estate lending platform.
Sachem Capital Corp. (SACH) has declared a quarterly dividend of $0.13 per share, payable on January 10, 2023, to shareholders recorded as of the close of trading on December 30, 2022. The company specializes in non-banking, short-term, secured mortgage loans primarily for real estate investments in Connecticut, New York, and Florida. Since 2017, it has been taxed as a Real Estate Investment Trust (REIT), supporting its focus on real estate lending and investment strategies.
Sachem Capital Corp. (SACH) reported a third-quarter net income of $4.1 million, translating to $0.11 per share, with revenue rising 58.9% to $13.5 million, driven by robust lending operations. The company achieved $5.2 million in non-GAAP adjusted earnings, or $0.13 per share. Despite operational success, total expenses surged to approximately $8.5 million due to increased indebtedness and rising costs. Assets rose to $561.8 million, while liabilities increased to $342.5 million. A conference call will be held on November 10, 2022, to discuss the results and outlook.
Sachem Capital Corp. (NYSE American: SACH) has declared a quarterly dividend of $0.13 per share, payable to shareholders of record as of November 7, 2022. This dividend is set to be paid on November 14, 2022. Specializing in first mortgage loans and secured non-banking loans for real estate investors, Sachem Capital aims to capitalize on investment opportunities while adhering to conservative underwriting criteria. The company believes it qualifies as a REIT for federal income tax purposes.
Sachem Capital Corp. (NYSE American: SACH) has acquired the business assets of Urbane New Haven for 300,000 common shares, announced on October 10, 2022. Urbane specializes in real estate development and construction, enhancing Sachem's construction finance capabilities. Eric O’Brien from Urbane has been appointed as the new Senior VP of Asset Management. This strategic acquisition aims to improve underwriting standards, generate new income streams, and allow Sachem to undertake larger, more profitable construction loans amidst current market challenges.
Sachem Capital Corp. (NYSE American: SACH) has authorized a stock repurchase program to buy back up to $7.5 million of its common shares. The repurchases will occur at current market prices or through private transactions, based on factors such as market conditions and capital needs. The program is set to run through September 30, 2023, unless adjusted by the Board. CEO John Villano believes this initiative is in the best interests of shareholders, reflecting confidence in the company’s value amidst fluctuating stock prices.
Sachem Capital Corp. (NYSE American: SACH) announced the successful sale of $5.25 million in unsecured notes, totaling $40.25 million from the offering. The net proceeds approximate $38.8 million after expenses. The notes, with an 8.00% interest rate and due in 2027, were fully allotted through underwriters. Joint managers for the offering include Ladenburg Thalmann & Co. Inc. and others. Sachem Capital specializes in first mortgage loans for real estate investments, classified as a REIT for tax purposes since 2017.
Sachem Capital Corp. (SACH) has successfully closed a public offering of $35 million in unsecured notes with an 8% interest rate, due in 2027. The net proceeds are approximately $33.7 million, earmarked primarily for working capital to fund new real estate loans. The company is also offering an additional $5.25 million in notes to cover over-allotments. The notes will trade under the symbol SCCG starting August 25, 2022, and are rated BBB+ by Egan-Jones Ratings Company. This offering aligns with Sachem's strategy as a real estate investment trust.
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Sachem Capital Corp. (NYSE American: SACH) announced a public offering of unsecured, unsubordinated notes due in five years. These notes will rank pari passu with the company’s other unsecured debts and are expected to trade on the NYSE American under the symbol “SCCG” within 30 days of issuance. The notes have a BBB+ credit rating from Egan-Jones Ratings Company. The offering is managed by Ladenburg Thalmann, Janney Montgomery Scott, InspereX, and William Blair.
A preliminary prospectus supplement was filed with the SEC on August 17, 2022.
Sachem Capital Corp. (NYSE American: SACH) reported significant financial growth in its Q2 2022 results, achieving $4.3 million in net income attributable to common shareholders and $5.8 million in non-GAAP adjusted earnings, equating to earnings per share of $0.12 and $0.16, respectively.
Revenue surged 86.9% to $12.5 million, driven by increased lending operations and a new web-based underwriting platform. Total assets rose 25.7% to approximately $525.4 million, while total liabilities increased 34.7% to about $320.4 million.