Announcement • Jun 05
Sachem Capital Corp. Declares Quarterly Dividend, Payable on June 30, 2026 Sachem Capital Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per common share to be paid on June 30, 2026 to shareholders of record as of the close of trading on the NYSE American on June 15, 2026. Announcement • May 29
Sachem Capital Corp Announces Board and Committee Changes Sachem Capital Corp. announced that Arthur Goldberg, a member of Sachem’s Board of Directors and its Audit, Compensation, and Nominating and Corporate Governance Committees, had passed away. Mr. Goldberg served as an Independent Director of the Company since 2017. The Company also announced the appointment of Leslie Bernhard as Audit Committee Chair and Audit Committee Financial Expert. Announcement • May 19
Sachem Capital Corp. announced delayed 10-Q filing On 05/18/2026, Sachem Capital Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 18
Industrial Realty Group, LLC entered into a definitive contribution agreement to acquire Sachem Capital Corp. (NYSEAM:SACH) for $1.5 billion in a reverse merger transaction. Industrial Realty Group, LLC entered into a definitive contribution agreement to acquire Sachem Capital Corp. (NYSEAM:SACH) for $1.5 billion in a reverse merger transaction on May 17, 2026. Under the terms of the definitive contribution agreement, Industrial Realty Group will receive operating partnership units of IRG Realty Trust, Inc. (IRGT), representing 94.1% of outstanding equity at closing, with existing Sachem common shareholders retaining ownership of 5.9% on a fully diluted basis. Industrial Realty Group will also receive newly issued non-economic Class B voting shares in IRG Realty Trust, Inc. designed to mirror its OP Unit economic ownership, subject to a 51% cap on the aggregate voting power of IRGT. The number of outstanding Class B Shares will at all times equal the number of OP Units held by IRG Global (or its permitted successors and assigns) in the Operating Partnership, and a corresponding number of Class B Shares will be automatically cancelled and retired upon (i) the exercise by IRG Global (or its permitted successors and assigns) of its exchange right with respect to any OP Units or (ii) the sale, assignment or other transfer of any OP Units by IRG Global. In case of termination of transaction, seller will pay a termination fee of $4 million.
The board of the combined company will be comprised of seven members, including at least four independent directors. The Board is expected to be led by Stuart Lichter, Industrial Realty Group’s President and Founder, as Chairman, with John Villano, Sachem’s existing Chief Executive Officer, remaining on the Board. Upon completion, the combined company will operate as IRG Realty Trust, Inc.
The transaction has been unanimously approved by the Sachem board of directors, and is expected to close by the end of 2026, subject to customary conditions including approval by Sachem’s shareholders and execution/ completion of reorganization.
Scotia Capital (USA) Inc. acted as financial advisor while Zachary Davis and Spencer Johnson of King & SPalding LLP acted as legal advisor to Industrial Realty Group. Stout Risius Ross, LLC acted as financial advisor and fairness opinion provider to Sachem Capital's board. Piper Sandler & Co. acted as financial advisor while Andrew Campbell, Lauren Bellerjeau, and Joseph Sulzbach of Morrison & Foester LLP acted as legal advisor to Sachem Capital. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to US$1.38, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Mortgage REITs industry in the US. Total loss to shareholders of 33% over the past three years. Announcement • May 01
Sachem Capital Corp. to Report Q1, 2026 Results on May 15, 2026 Sachem Capital Corp. announced that they will report Q1, 2026 results Pre-Market on May 15, 2026 Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: US$0.039 (vs US$0.93 loss in FY 2024) Full year 2025 results: EPS: US$0.039 (up from US$0.93 loss in FY 2024). Net income: US$1.84m (up US$45.7m from FY 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, while revenues in the Mortgage REITs industry in the US are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings have declined by 59% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.7% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 196% Earnings have declined by 59% per year over the past 5 years. Minor Risks Revenue is less than US$5m (US$3.9m revenue). Market cap is less than US$100m (US$52.0m market cap). Declared Dividend • Mar 08
Third quarter dividend of US$0.05 announced Dividend of US$0.05 is the same as last year. Ex-date: 13th March 2026 Payment date: 30th March 2026 Dividend yield will be 19%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (196% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Announcement • Mar 06
Sachem Capital Corp. Declares Quarterly Dividend, Payable on March 30, 2026 Sachem Capital Corp. announced that its Board of Directors declared a quarterly dividend of $0.05 per common share to be paid on March 30, 2026 to shareholders of record as of the close of trading on the NYSE American on March 15, 2026. Announcement • Feb 27
Sachem Capital Corp. to Report Q4, 2025 Results on Mar 12, 2026 Sachem Capital Corp. announced that they will report Q4, 2025 results After-Market on Mar 12, 2026 Announcement • Dec 05
Sachem Capital Corp. Declares Quarterly Dividend, Payable on December 30, 2025 Sachem Capital Corp. announced that its Board of Directors (the “Board”) declared a quarterly dividend of $0.05 per common share to be paid on December 30, 2025 to shareholders of record as of the close of trading on the NYSE American on December 15, 2025. Reported Earnings • Nov 06
Third quarter 2025 earnings released: US$0.003 loss per share (vs US$0.13 loss in 3Q 2024) Third quarter 2025 results: US$0.003 loss per share (improved from US$0.13 loss in 3Q 2024). Net loss: US$120.0k (loss narrowed 98% from 3Q 2024). Revenue is forecast to grow 51% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings have declined by 53% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.8% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 410% Earnings have declined by 53% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (US$50.2m market cap). Announcement • Oct 23
Sachem Capital Corp. to Report Q3, 2025 Results on Nov 05, 2025 Sachem Capital Corp. announced that they will report Q3, 2025 results Pre-Market on Nov 05, 2025 Board Change • Sep 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Director Arthur Goldberg was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 05
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: US$0.016 (up from US$0.087 loss in 2Q 2024). Net income: US$769.0k (up US$4.89m from 2Q 2024). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) exceeded analyst estimates by 43%. Revenue is forecast to grow 91% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
Sachem Capital Corp. to Report Q2, 2025 Results on Aug 05, 2025 Sachem Capital Corp. announced that they will report Q2, 2025 results at 9:00 AM, Eastern Standard Time on Aug 05, 2025 Announcement • Jun 12
Sachem Capital Corp. announced that it expects to receive $100 million in funding Sachem Capital Corp. announce that it will receive $100 million in a round of funding on June 12, 2025. The transaction will include participation from various institutional investors. The company will issue five-year Senior Secured Notes due June 11, 2030. The Notes bear interest at a fixed rate of 9.875% per annum, with interest only payable quarterly and a commitment fee of 1.0% on the undrawn portion of the Notes.
On the same date, the company has received $50 million in its first tranche and the remaining $50 million must be drawn by May 15, 2026. Upcoming Dividend • Jun 09
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 30 June 2025. Trailing yield: 18%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (13%). Announcement • Jun 05
Sachem Capital Corp. Declares Quarterly Dividend, Payable on June 30, 2025 Sachem Capital Corp. declared a quarterly dividend of $0.05 per common share to be paid on June 30, 2025 to shareholders of record as of the close of trading on the NYSE American on June 16, 2025. Reported Earnings • May 04
First quarter 2025 earnings released: US$0.005 loss per share (vs US$0.077 profit in 1Q 2024) First quarter 2025 results: US$0.005 loss per share (down from US$0.077 profit in 1Q 2024). Net loss: US$213.0k (down 106% from profit in 1Q 2024). Revenue is forecast to grow 87% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.3% operating cash flow to total debt). Earnings have declined by 24% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (US$47.8m market cap). Announcement • May 01
Sachem Capital Corp., Annual General Meeting, Jul 09, 2025 Sachem Capital Corp., Annual General Meeting, Jul 09, 2025. Location: tmeetnow.global/mwqjxhq, United States Announcement • Apr 18
Sachem Capital Corp. to Report Q1, 2025 Results on May 01, 2025 Sachem Capital Corp. announced that they will report Q1, 2025 results Pre-Market on May 01, 2025 New Risk • Mar 31
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.2% operating cash flow to total debt). Revenue is less than US$1m. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$52.1m market cap). Reported Earnings • Mar 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: US$0.93 loss per share (down from US$0.27 profit in FY 2023). Revenue: US$25.7m (down 14% from FY 2023). Net loss: US$43.9m (down 463% from profit in FY 2023). Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) also missed analyst estimates by 54%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (5.1% operating cash flow to total debt). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$55.9m market cap). Announcement • Dec 13
Sachem Capital Corp. Announces Chief Financial Officer Changes Sachem Capital Corp. announced that it is appointing board of directors’ member and audit committee member Jeffrey C. Walraven, Interim Chief Financial Officer. Nicholas Marcello, the Company’s Chief Financial Officer, informed the Company that he was resigning to pursue a non-REIT industry opportunity. Mr. Marcello will remain available through December 31, 2024 to provide assistance to ensure a successful and seamless transition. The Company confirms that there are no disagreements with Mr. Marcello regarding the accuracy of the Company's financial reporting or accounting practices. The Company will begin its search for a new Chief Financial Officer immediately. Mr. Walraven will remain a member of the Company’s board of directors, but will resign as a member of the Audit, Compensation and the Nominating and Corporate Governance committees effective December 13, 2024. He has also served as an independent director and member of the audit committee of Broad Street Realty Inc., a real estate company that owns, operates, develops, and redevelops primarily essential grocery-anchored shopping centers and mixed-use properties, since 2023. From January 2014 to May 2019, Mr. Walraven served as Executive Vice President and Chief Financial Officer of MedEquities Realty Trust Inc., an internally managed healthcare REIT that was initially funded privately in July 2014, completed an initial public offering on the New York Stock Exchange in September 2016 and was subsequently sold to Omega Healthcare Investors Inc. in May 2019. From 2006 to 2013, Mr. Walraven held several positions with BDO USA, LLP, most recently as an assurance managing partner of the Memphis office, where his primary responsibilities included providing core and peripheral assurance services and business operational and tax consulting services. Mr. Walraven has over 20 years of public accounting experience, serving many public REIT clients since 1999. Mr. Walraven worked extensively with publicly traded companies on all aspects of compliance with Securities and Exchange Act filings, including quarterly, annual and special reports, and compliance relating to acquisitions, dispositions and securities offerings. Mr. Walraven has had signing engagement partner responsibility for numerous public and private securities offerings by REITs and other clients, including initial public offerings, secondary offerings and private placements. Mr. Walraven holds a Bachelor’s degree in Financial Management from Bob Jones University and a Masters of Professional Accountancy from Clemson University. Additionally, Mr. Walraven previously held his CPA license in multiple states. Recent Insider Transactions • Nov 22
Chairman recently bought US$201k worth of stock On the 20th of November, John Villano bought around 125k shares on-market at roughly US$1.61 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. Price Target Changed • Nov 17
Price target decreased by 24% to US$2.83 Down from US$3.75, the current price target is an average from 3 analysts. New target price is 58% above last closing price of US$1.79. Stock is down 50% over the past year. The company is forecast to post a net loss per share of US$0.62 compared to earnings per share of US$0.27 last year. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: US$0.13 loss per share (down from US$0.12 profit in 3Q 2023). Net loss: US$6.15m (down 218% from profit in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 63% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 11
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 18 November 2024. Payment date: 26 November 2024. Trailing yield: 16%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (12%). New Risk • Nov 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.0m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (dividend per share is over 7x earnings per share). Profit margins are more than 30% lower than last year (12% net profit margin). Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Market cap is less than US$100m (US$97.0m market cap). Announcement • Nov 08
Sachem Capital Corp. Declares Quarterly Dividend, Payable on November 26, 2024 Sachem Capital Corp. announced that its board of directors authorized and declared a quarterly dividend of $0.05 per share to be paid to shareholders of record as of the close of trading on the NYSE American on November 18, 2024. The dividend is payable on November 26, 2024. Announcement • Nov 07
Sachem Capital Corp. to Report Q3, 2024 Results on Nov 14, 2024 Sachem Capital Corp. announced that they will report Q3, 2024 results Pre-Market on Nov 14, 2024 Announcement • Oct 29
Sachem Capital Corp. (NYSEAM:SACH) announces an Equity Buyback for $5.8 million worth of its shares. Sachem Capital Corp. (NYSEAM:SACH) announces a share repurchase program. Under the program, the company will repurchase up to $5.80 million worth of its shares. The Repurchase Program is expected to continue until the earlier of the repurchase of all the Common Shares under the program or termination by either the Company’s Board of Directors or both of the Brokers. Major Estimate Revision • Oct 04
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$61.2m to US$61.9m. EPS estimate fell from US$0.333 to US$0.287 per share. Net income forecast to grow 347% next year vs 42% growth forecast for Mortgage REITs industry in the US. Consensus price target down from US$3.75 to US$3.50. Share price fell 4.7% to US$2.43 over the past week. Announcement • Aug 29
Sachem Capital Corp., Annual General Meeting, Oct 01, 2024 Sachem Capital Corp., Annual General Meeting, Oct 01, 2024. Announcement • Aug 26
Sachem Capital Corp. Announces Appointment of Jeffery C. Walraven to the Board of Directors Sachem Capital Corp. announced that its Board of Directors (the “Board”) has appointed Jeffery C. Walraven to the Board, effective August 21, 2024. Mr. Walraven will also stand for election at the Company’s 2024 Annual Meeting of Shareholders. Mr. Walraven is Co-Founder and Chief Operating Officer of Freehold Properties Inc. since its formation in 2019. He has also served as an independent director and member of the audit committee of Broad Street Realty Inc. since 2023. From 2014 to 2019, Mr. Walraven served as Executive Vice President and Chief Financial Officer of MedEquities Realty Trust Inc. and previously served in various leadership roles at BDO USA, LLP, an international accounting firm, from 2007 to 2014. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$63.3m to US$61.2m. EPS estimate also fell from US$0.455 per share to US$0.333 per share. Net income forecast to grow 408% next year vs 42% growth forecast for Mortgage REITs industry in the US. Consensus price target down from US$4.25 to US$3.75. Share price rose 2.7% to US$2.31 over the past week. Price Target Changed • Aug 18
Price target decreased by 12% to US$3.75 Down from US$4.25, the current price target is an average from 3 analysts. New target price is 62% above last closing price of US$2.31. Stock is down 31% over the past year. The company is forecast to post earnings per share of US$0.33 for next year compared to US$0.27 last year. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.064 loss per share (down from US$0.11 profit in 2Q 2023). Net loss: US$3.06m (down 164% from profit in 2Q 2023). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 52% p.a. on average during the next 2 years, compared to a 41% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 20% per year and the company’s share price has also fallen by 20% per year. Announcement • Aug 09
Sachem Capital Corp. Promotes Nicholas M. Marcello as Chief Financial Officer On August 8, 2024, Sachem Capital Corp. promoted Nicholas M. Marcello to the position of Chief Financial Officer. On June 5, 2024, Sachem Capital Corp. appointed Nicholas M. Marcello as its Interim Chief Financial Officer. Announcement • Aug 06
Sachem Capital Corp. to Report Q2, 2024 Results on Aug 14, 2024 Sachem Capital Corp. announced that they will report Q2, 2024 results Pre-Market on Aug 14, 2024 Declared Dividend • Jul 22
First quarter dividend of US$0.08 announced Shareholders will receive a dividend of US$0.08. Ex-date: 29th July 2024 Payment date: 6th August 2024 Dividend yield will be 16%, which is higher than the industry average of 12%. Sustainability & Growth Dividend is not covered by earnings (181% earnings payout ratio) nor is it adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 1.2% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 101% to bring the payout ratio under control. EPS is expected to grow by 13% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$2.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Mortgage REITs industry in the US. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$5.47 per share. Announcement • Jun 08
Sachem Capital Corp. Announces Interim Chief Financial Officer Changes Sachem Capital Corp. 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 & Operations. Mr. Marcello’s responsibilities will continue to include overseeing the Company’s financial and capital markets activities, portfolio management and investment, foreclosures, workouts, legal, and human resources. Previous to his tenure at Sachem, Mr. Marcello served as Vice President, Assistant Controller at Waypoint Real Estate Investments from 2017 to 2020. He began his career at PricewaterhouseCoopers LLP, working within the Investment Management Group where he performed tax and audit compliance. Mr. Marcello holds a B.S. from Providence College and a M.B. A and M.S. in Accounting from Northeastern University. Reported Earnings • May 12
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.077 (down from US$0.098 in 1Q 2023). Revenue: US$8.42m (up 8.9% from 1Q 2023). Net income: US$3.65m (down 13% from 1Q 2023). Profit margin: 43% (down from 54% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 34% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • May 11
Sachem Capital Corp. to Report Q1, 2024 Results on May 10, 2024 Sachem Capital Corp. announced that they will report Q1, 2024 results Pre-Market on May 10, 2024 Declared Dividend • Apr 03
Fourth quarter dividend of US$0.11 announced Shareholders will receive a dividend of US$0.11. Ex-date: 8th April 2024 Payment date: 16th April 2024 Dividend yield will be 13%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (175% earnings payout ratio) nor is it covered by cash flows (103% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 95% to bring the payout ratio under control. EPS is expected to grow by 48% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Apr 02
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.27 (down from US$0.46 in FY 2022). Revenue: US$30.0m (down 2.2% from FY 2022). Net income: US$12.1m (down 30% from FY 2022). Profit margin: 40% (down from 56% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 39% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Apr 02
Sachem Capital Corp. Declares Quarterly Dividend, Payable on April 16, 2024 Sachem Capital Corp. announced that its board of directors authorized and declared a quarterly dividend of $0.11 per share to be paid to shareholders of record as of the close of trading on the NYSE American on April 9, 2024. The dividend is payable on April 16, 2024. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$3.67, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Mortgage REITs industry in the US. Total loss to shareholders of 4.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$5.70 per share. Announcement • Mar 29
Sachem Capital Corp. to Report Fiscal Year 2023 Results on Apr 01, 2024 Sachem Capital Corp. announced that they will report fiscal year 2023 results at 9:30 AM, US Eastern Standard Time on Apr 01, 2024 Buy Or Sell Opportunity • Mar 26
Now 21% undervalued Over the last 90 days, the stock has risen 15% to US$4.38. The fair value is estimated to be US$5.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 6.6%. Revenue is forecast to grow by 85% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Buy Or Sell Opportunity • Jan 30
Now 21% undervalued Over the last 90 days, the stock has risen 15% to US$3.67. The fair value is estimated to be US$4.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 6.6%. Revenue is forecast to grow by 80% in a year. Earnings are forecast to grow by 13% in the next year. Upcoming Dividend • Dec 21
Upcoming dividend of US$0.11 per share at 13% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 10 January 2024. Trailing yield: 13%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (11%). Major Estimate Revision • Nov 20
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$60.4m to US$65.3m. EPS estimate increased from US$0.453 to US$0.515 per share. Net income forecast to grow 14% next year vs 30% growth forecast for Mortgage REITs industry in the US. Consensus price target of US$4.38 unchanged from last update. Share price rose 4.4% to US$3.55 over the past week. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2023 results: EPS: US$0.12 (up from US$0.11 in 3Q 2022). Revenue: US$9.98m (up 32% from 3Q 2022). Net income: US$5.22m (up 26% from 3Q 2022). Profit margin: 52% (down from 55% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 35% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Nov 09
Sachem Capital Corp. to Report Q3, 2023 Results on Nov 13, 2023 Sachem Capital Corp. announced that they will report Q3, 2023 results After-Market on Nov 13, 2023 Announcement • Oct 25
Sachem Capital Corp. Declares Quarterly Dividend, Payable on November 7, 2023 Sachem Capital Corp. announced that its board of directors authorized and declared a quarterly dividend of $0.11 per share to be paid to shareholders of record as of the close of trading on the NYSE American on October 31, 2023. The dividend is payable on November 7, 2023. Buying Opportunity • Oct 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be US$4.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 8.4%. Revenue is forecast to grow by 83% in a year. Earnings is forecast to grow by 17% in the next year. Buying Opportunity • Sep 26
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$4.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 8.4%. Revenue is forecast to grow by 83% in a year. Earnings is forecast to grow by 17% in the next year. Buying Opportunity • Aug 15
Now 21% undervalued Over the last 90 days, the stock is up 7.0%. The fair value is estimated to be US$4.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 8.4%. Revenue is forecast to grow by 89% in a year. Earnings is forecast to grow by 23% in the next year. Announcement • Aug 05
Sachem Capital Corp., Annual General Meeting, Sep 07, 2023 Sachem Capital Corp., Annual General Meeting, Sep 07, 2023, at 10:00 Eastern Daylight. Announcement • Aug 03
Sachem Capital Corp. to Report Q2, 2023 Results on Aug 14, 2023 Sachem Capital Corp. announced that they will report Q2, 2023 results After-Market on Aug 14, 2023 Announcement • Jul 28
Sachem Capital Corp. Declares Quarterly Dividend, Payable on August 11, 2023 Sachem Capital Corp. announced that its board of directors authorized and declared a quarterly dividend of $0.13 per share to be paid to shareholders of record as of the close of trading on the NYSE American on August 7, 2023. The dividend is payable on August 11, 2023. Major Estimate Revision • May 22
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$60.8m to US$57.4m. EPS estimate also fell from US$0.505 per share to US$0.443 per share. Net income forecast to grow 7.0% next year vs 20% growth forecast for Mortgage REITs industry in the US. Consensus price target down from US$4.67 to US$4.17. Share price fell 2.5% to US$3.11 over the past week. Buying Opportunity • May 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be US$4.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 79% in a year. Earnings is forecast to grow by 14% in the next year. Announcement • May 11
Sachem Capital Corp. to Report Q1, 2023 Results on May 15, 2023 Sachem Capital Corp. announced that they will report Q1, 2023 results Pre-Market on May 15, 2023 Announcement • May 10
Sachem Capital Corp. Announces CFO Changes On May 8, 2023, Sachem Capital Corp. announced the departure of John E. Warch, its Chief Financial Officer effective as of May 4, 2023. In connection therewith, Mr. Warch was relieved of all his duties with the Company. The Board of Directors of the Company appointed John L. Villano, CPA, the company's Chief Executive Officer, as interim Chief Financial Officer until the Company hires a new chief financial officer to replace Mr. Warch. Price Target Changed • Apr 03
Price target decreased by 15% to US$4.83 Down from US$5.67, the current price target is an average from 3 analysts. New target price is 31% above last closing price of US$3.70. Stock is down 28% over the past year. The company is forecast to post earnings per share of US$0.54 for next year compared to US$0.46 last year. Reported Earnings • Apr 02
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$0.46 (up from US$0.44 in FY 2021). Revenue: US$30.7m (up 54% from FY 2021). Net income: US$17.2m (up 50% from FY 2021). Profit margin: 56% (down from 57% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 30% growth forecast for the Mortgage REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 12
Sachem Capital Corp. Announces Management Transition Sachem Capital Corp. announced that William C. Haydon, has resigned to pursue retirement and other opportunities. Mr. Haydon’s responsibilities as Chief Investment Officer will be assumed by Chief Executive Officer John Villano. Mr. Haydon’s other responsibilities will be assumed by the finance and accounting team. To ensure an orderly transition, Mr. Haydon has agreed to remain as an advisor to the company until July 31, 2023. Upcoming Dividend • Dec 22
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 10 January 2023. Trailing yield: 16%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (13%). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Arthur Goldberg was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: US$0.11. Revenue: US$7.57m (up 28% from 3Q 2021). Net income: US$4.13m (up 22% from 3Q 2021). Profit margin: 55% (down from 57% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 44% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Mortgage REITs industry in the US. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$3.33, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Mortgage REITs industry in the US. Total returns to shareholders of 4.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$5.85 per share. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$3.50, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Mortgage REITs industry in the US. Total loss to shareholders of 1.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$6.66 per share. Price Target Changed • Aug 24
Price target decreased to US$6.33 Down from US$6.88, the current price target is an average from 4 analysts. New target price is 38% above last closing price of US$4.58. Stock is down 4.8% over the past year. The company is forecast to post earnings per share of US$0.49 for next year compared to US$0.44 last year. Major Estimate Revision • Aug 11
Consensus revenue estimates increase by 16% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$47.6m to US$55.1m. EPS estimate increased from US$0.53 to US$0.55 per share. Net income forecast to grow 61% next year vs 16% growth forecast for Mortgage REITs industry in the US. Consensus price target of US$6.75 unchanged from last update. Share price fell 2.6% to US$4.95 over the past week. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$0.12 (vs US$0.10 in 2Q 2021) Second quarter 2022 results: EPS: US$0.12 (up from US$0.10 in 2Q 2021). Revenue: US$7.34m (up 86% from 2Q 2021). Net income: US$4.31m (up 70% from 2Q 2021). Profit margin: 59% (down from 64% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 103%, compared to a 14% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$4.19, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Mortgage REITs industry in the US. Total returns to shareholders of 4.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$6.68 per share. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 18% share price gain to US$5.09, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Mortgage REITs industry in the US. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$7.16 per share. Major Estimate Revision • May 11
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$48.1m to US$47.5m. EPS estimate also fell from US$0.57 per share to US$0.50 per share. Net income forecast to grow 63% next year vs 16% growth forecast for Mortgage REITs industry in the US. Consensus price target broadly unchanged at US$6.75. Share price fell 7.2% to US$4.41 over the past week. 
