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Sachem Capital Revenue Increases 86.9% to $12.5 Million for the Second Quarter 2022

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Sachem Capital Corp.
Sachem Capital Corp.

Achieves $4.3 Million of Net Income Attributable to Common Shareholders and $5.8 Million of Non-GAAP Adjusted Earnings representing earnings per share of $0.12 and $0.16, respectively

Conference Call and Webcast to be held at 8:00 AM EDT on Friday, August 5, 2022

BRANFORD, Conn., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announces its financial results for the second quarter ended June 30, 2022. The company will host a conference call tomorrow, Friday, August 5, 2022, at 8:00 a.m. Eastern Daylight Time to discuss in greater detail its financial condition and operating results for the second quarter ended June 30, 2022, as well as its outlook for the balance of the year.

John Villano, CPA, the company’s Chief Executive Officer stated: “Revenue for the second quarter of 2022 increased 86.9% to $12.5 million, reflecting our ability to effectively deploy capital, while maintaining a conservative loan-to-value ratio. In the second quarter of 2022, we rolled out a new web-based underwriting platform that further automates our processes, allowing for even more timely processing of loan applications, thus increasing loan production while maintaining our employee headcount. In addition, we have been enhancing our underwriting process to protect our invested capital as the markets digest the rapid increase in interest rates. Further, we are developing relationships with new wholesale brokers and other non-bank lenders, supporting our initiatives to attract larger more experienced borrowers with better credit quality. Our business model has proven to be highly scalable, as evidenced by the fact we achieved $4.3 million of net income attributable to common shareholders and $5.8 million of non-GAAP adjusted earnings. Overall, we believe our initiatives during the quarter, along with the further diversification of our loan portfolio, both geographically and by loan type, will continue to drive strong financial performance.”

Results of operations- three months ended June 30, 2022

Total revenue for the three months ended June 30, 2022, was approximately $12.5 million compared to approximately $6.7 million for the three months ended June 30, 2021, an increase of approximately $5.8 million, or 86.9%. The increase in revenue is primarily attributable to an increase in our lending operations. For the 2022 period, interest income was approximately $10.4 million compared to approximately $4.7 million for the 2021 period, representing an increase of approximately $5.8 million or 122.8%. Origination fees were approximately $2.0 million compared to approximately $832,000 for the 2021 period, representing an increase of approximately $1.2 million or 145.9%. For the three months ended June 30, 2022, revenue was offset by approximately $1.5 million of unrealized losses on investment securities. There was no such offset in the comparable 2021 period.

Total operating costs and expenses for three months ended June 30, 2022, were approximately $7.3 million compared to approximately $4.2 million for the three months ended June 30, 2021, an increase of approximately $3.1 million, or 75.0%. The increase in operating costs and expenses is primarily attributable to the increase in our unsecured indebtedness, which was the fuel for our revenue growth, and an increase in compensation expense of approximately 46.3%. In the 2022 period, interest and amortization of deferred financing costs was approximately $5.2 million compared to approximately $2.5 million in the same 2021 period, an increase of approximately $2.7 million or 108.0%. The balance of the increase in operating expenses was primarily attributable to (i) compensation, fees and taxes which increased approximately $376,000, and (ii) general and administrative expenses which increased approximately $169,000, offset by gain on sale of real estate, which decreased approximately $203,000.

For the quarter ended June 30, 2022, we reported an unrealized loss on investment securities of approximately $193,000 reflecting the decrease in the market value of certain securities since March 31, 2022. For the quarter ended June 30, 2021, we reported an unrealized loss on investment securities of approximately $104,000 reflecting the decrease in the market value of certain securities since March 31, 2021.

Net income attributable to common shareholders for the three months ended June 30, 2022, was approximately $4.3 million, or $0.12 per share, compared to approximately $2.5 million, or $0.10 per share for the three months ended June 30, 2021.

Results of operations- six months ended June 30, 2022

Total revenue for the six months ended June 30, 2022, was approximately $22.8 million compared to approximately $12.4 million for the six months ended June 30, 2021, an increase of approximately $10.4 million, or 83.9%. The increase in revenue is primarily attributable to the growth in our lending operations. For the 2022 period, interest income was approximately $18.9 million compared to approximately $9.2 million for the 2021 period, representing an increase of approximately $9.7 million or 105.6%. Origination fees increased to approximately $3.7 million for the 2022 period compared to approximately $1.3 million for the 2021 period, an increase of approximately $2.3 million, or 173.0%. Income from partnership investments increased to approximately $589,000 for the 2022 period compared to approximately $54,000 for the 2021, an increase of approximately $535,000. Other income was approximately $1.4 million for the 2022 period compared to approximately $1.3 million for the 2021 period, an increase of approximately $153,000. For the six months ended June 30, 2022, revenue was offset by approximately $2.5 million of unrealized losses on investment securities. There was no such offset in the comparable 2021 period.

Total operating costs and expenses for six months ended June 30, 2022, were approximately $13.3 million compared to approximately $7.7 million for the six months ended June 30, 2021, an increase of approximately $5.6 million, or 72.1%. The increase in operating costs and expenses is primarily attributable to the increase in our unsecured bond debt while growing our lending operations and for the reasons discussed herein. In the 2022 period, interest and amortization of deferred financing costs was approximately $9.1 million compared to approximately $5.0 million in the same 2021 period, an increase of $4.1 million, or 83.3%. The balance of the increase in operating expenses was attributable to (i) compensation, fees and taxes which increased approximately $778,000, or 55.4%, (ii) general and administrative expenses which increased approximately $410,000, or 100.5%, (iii) other expenses and taxes which increased approximately $115,000 and (iv) impairment loss which increased approximately $277,000, or 86.7%.

For the six months ended June 30, 2022, we reported an unrealized gain on investment securities of approximately $50,000 reflecting the increase in the market value of such securities since December 31, 2021. For the six months ended June 30, 2021, we reported an unrealized loss on investment securities of approximately $112,000 reflecting the decrease in the market value of such securities since December 31, 2020.

Net income attributable to common shareholders for the six months ended June 30, 2022, was approximately $7.7 million, or $0.22 per share, compared to $4.7 million, or $0.20 per share for the six months ended June 30, 2021.

Non-GAAP Metrics -- Adjusted Earnings

We invest our excess cash in marketable securities. Under GAAP, those securities are required to be “marked to market” at the end of each reporting period. Accordingly, if the value of certain of those securities increases, the increase is reported as revenue, whereas the remaining increase is reported as a change in accumulated other comprehensive income. On the other hand, if the value decreases, as has been the case in the first two quarters of 2022, the decrease in value of certain of the securities reduces our revenues. For income tax purposes, we do not report the gain or loss on those securities until they are actually sold. This creates a discrepancy between our GAAP net income and our taxable income. To maintain our status as a REIT, we are required to distribute, on an annual basis, at least 90% of our taxable income. Thus, to give our shareholders a better perspective of our taxable income, we use a metric called Adjusted Earnings.

Adjusted Earnings is calculated as net income attributable to common shareholders, prior to the effect unrealized gains (losses) on securities available-for-sale. Adjusted Earnings should be examined in conjunction with net income (loss) as shown in our statements of comprehensive income. Adjusted Earnings should not be considered as an alternative to net income (loss) (determined in accordance with generally accepted accounting principles in the United States of America (“GAAP)), or to cash flows from operating activities (determined in accordance with GAAP), as a measure of our liquidity, nor is Adjusted Earnings indicative of funds available to fund our cash needs or available for distribution to shareholders. Rather, Adjusted Earnings is an additional measure we use to analyze our business performance because it excludes the effects of certain non-cash charges that we believe are not necessarily indicative of our operating performance. It should be noted that our manner of calculating Adjusted Earnings may differ from the calculations of similarly-titled measures by other companies. In addition, there may be other differences between GAAP and tax accounting that would impact Adjusted Earnings, which are not reflected in the table below.

 

 

For the Three Month Period Ended June 30, 2022

 

For the Six Month Period Ended June 30, 2022

Adjusted Earnings:

 

 

 

 

Net income attributable to common shareholders

 

$

4,305,810

 

$

7,735,512

Add: Unrealized losses on investment securities

 

 

1,478,432

 

 

2,530,662

Adjusted earnings attributable to common shareholders

 

$

5,784,242

 

$

10,266,174

For the three months ended June 30, 2022, adjusted earnings per share was $0.16. For the six months ended June 30, 2022 adjusted earnings per share was $0.29.   There were no unrealized gains or losses on investment securities reported in net income for the six month period ended June 30, 2021.

Financial Condition

Total assets at June 30, 2022 were approximately $525.4 million, compared to approximately $418.0 million at December 31, 2021, an increase of approximately $107.4 million, or 25.7%. The increase was due primarily to the increase of our mortgage loan portfolio of approximately $130.1 million, an increase in investments in partnerships of approximately $13.6 million, offset in part by a decrease in cash and cash equivalents and investment securities of approximately $39.1 million.

Total liabilities at June 30, 2022 were approximately $320.4 million, compared to approximately $237.9 million at December 31, 2021, an increase of approximately $82.5 million, or 34.7%. This increase is principally due to increases in the repurchase facility of approximately $20.3 million, or 106.3%, and the notes payable, net of deferred financing costs, of approximately $79.7 million, or 49.6%, offset primarily by decreases in the accrued dividends payable of approximately $3.9 million, line of credit of approximately $9.8 million and advances from borrowers of approximately $3.7 million.

Total shareholders’ equity at June 30, 2022 was approximately $205.0 million compared to approximately $180.1 million at December 31, 2021, an increase of approximately $24.9 million. This increase was due primarily to net proceeds of $21.2 million from the sale of common shares through our ATM (at-the-market) facility and our net income attributable to common shareholders of approximately $7.7 million.

The company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders and the company intends to comply with this requirement for the current year.

Investor Conference Call

The company will host a conference call on Friday, August 5, 2022, at 8:00 a.m., Eastern Daylight Time, to discuss in greater detail its financial results for the second quarter ended June 30, 2022, as well as its outlook for the balance of 2022.

Interested parties can access the conference call via telephone by dialing toll free 1- 888-506-2822 for U.S. callers or +1 973-528-0011 for international callers and entering the entry code: 284516. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2304/46344 or on Sachem’s website at https://ir.sachemcapitalcorp.com/ir-calendar.

The webcast will also be archived on the company’s website and a telephone replay of the call will be available approximately one hour following the call through Friday, August 19, 2022, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and by entering replay passcode: 46344.

About Sachem Capital Corp.

Sachem Capital Corp. specializes in originating, underwriting, funding, servicing, and managing a portfolio of first mortgage loans. It offers short-term (i.e., three years or less) secured, non­banking loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties located primarily in Connecticut. The company does not lend to owner occupants. The company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the company’s loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate. Each loan is also personally guaranteed by the principal(s) of the borrower, which guaranty may be collaterally secured by a pledge of the guarantor’s interest in the borrower. The company also makes opportunistic real estate purchases apart from its lending activities. The company believes that it qualifies as a real estate investment trust (REIT) for federal income tax purposes and has elected to be taxed as a REIT beginning with its 2017 tax year.

Forward Looking Statements

This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “anticipate,” “estimate,” “expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,” “might,” “will,” “should,” “could,” “likely,” “continue,” “design,” and the negative of such terms and other words and terms of similar expressions are intended to identify forward- looking statements.

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several risks, uncertainties and assumptions as described in our Annual Report on Form 10-K for 2021 filed with the U.S. Securities and Exchange Commission on March 31, 2022. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We disclaim any duty to update any of these forward-looking statements.

All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.

Investor & Media Contact:
Crescendo Communications, LLC
Email: sach@crescendo-ir.com
Tel: (212) 671-1021

(tables follow)


SACHEM CAPITAL CORP.
BALANCE SHEETS

 

 

 

 

 

 

 

 

 

June 30, 2022

 

December 31, 2021

 

 

(unaudited)

 

(audited)

Assets

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

29,130,494

 

 

$

41,938,897

 

Investment securities

 

 

34,382,317

 

 

 

60,633,661

 

Mortgages receivable

 

 

422,404,523

 

 

 

292,301,209

 

Interest and fees receivable

 

 

5,212,936

 

 

 

3,693,645

 

Other receivables

 

 

487,732

 

 

 

94,108

 

Due from borrowers

 

 

4,651,732

 

 

 

3,671,016

 

Prepaid expenses

 

 

170,142

 

 

 

271,291

 

Property and equipment, net

 

 

2,943,046

 

 

 

2,172,185

 

Real estate owned

 

 

5,904,614

 

 

 

6,559,010

 

Investments in partnerships

 

 

19,616,970

 

 

 

6,055,838

 

Other assets

 

 

420,684

 

 

 

306,440

 

Deferred financing costs, net

 

 

45,423

 

 

 

264,451

 

Total assets

 

$

525,370,613

 

 

$

417,961,751

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable (net of deferred financing costs of $7,939,241 and $5,747,387)

 

$

240,212,509

 

 

$

160,529,363

 

Repurchase facility

 

 

39,372,430

 

 

 

19,087,189

 

Mortgage payable

 

 

750,000

 

 

 

750,000

 

Line of credit

 

 

23,406,655

 

 

 

33,178,031

 

Accrued dividends payable

 

 

 

 

 

3,927,600

 

Accounts payable and accrued expenses

 

 

177,866

 

 

 

501,753

 

Advances from borrowers

 

 

11,336,297

 

 

 

15,066,114

 

Deferred revenue

 

 

4,627,997

 

 

 

4,643,490

 

Other notes

 

 

17,640

 

 

 

30,921

 

Accrued interest

 

 

466,224

 

 

 

164,729

 

Total liabilities

 

 

320,367,618

 

 

 

237,879,190

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Preferred shares - $.001 par value; 5,000,000 shares authorized; 1,903,000 shares of Series A Preferred Stock issued and outstanding

 

 

1,903

 

 

 

1,903

 

Common stock - $.001 par value; 100,000,000 shares authorized; 36,755,786 and 32,730,004 issued and outstanding

 

 

36,756

 

 

 

32,730

 

Paid-in capital

 

 

206,973,510

 

 

 

185,516,394

 

Accumulated other comprehensive loss

 

 

(425,972

)

 

 

(476,016

)

Accumulated deficit

 

 

(1,583,202

)

 

 

(4,992,450

)

Total shareholders’ equity

 

 

205,002,995

 

 

 

180,082,561

 

Total liabilities and shareholders’ equity

 

$

525,370,613

 

 

$

417,961,751

 


SACHEM CAPITAL CORP.
STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 

 

June 30, 

 

    

2022

 

2021

    

2022

 

2021

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income from loans

 

$

10,433,572

 

 

$

4,682,295

 

 

$

18,944,947

 

 

$

9,213,528

 

Investment income

 

 

225,033

 

 

 

180,120

 

 

 

496,505

 

 

 

422,811

 

Income from partnership investments

 

 

317,004

 

 

 

36,868

 

 

 

589,493

 

 

 

54,241

 

Gain (loss) on sale of investment securities

 

 

5,570

 

 

 

85,471

 

 

 

(148,565

)

 

 

(43,968

)

Origination fees, net

 

 

2,045,638

 

 

 

831,893

 

 

 

3,683,266

 

 

 

1,349,321

 

Late and other fees

 

 

117,676

 

 

 

61,970

 

 

 

246,540

 

 

 

97,899

 

Processing fees

 

 

62,615

 

 

 

43,410

 

 

 

128,470

 

 

 

79,385

 

Rental income (loss), net

 

 

18,158

 

 

 

(9,398

)

 

 

28,200

 

 

 

(5,214

)

Unrealized losses on investment securities

 

 

(1,478,432

)

 

 

 

 

 

(2,530,662

)

 

 

 

Other income

 

 

801,296

 

 

 

801,266

 

 

 

1,411,312

 

 

 

1,258,075

 

Total revenue

 

 

12,548,130

 

 

 

6,713,895

 

 

 

22,849,506

 

 

 

12,426,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and amortization of deferred financing costs

 

 

5,209,865

 

 

 

2,505,234

 

 

 

9,108,253

 

 

 

4,969,989

 

Professional fees

 

 

229,038

 

 

 

251,170

 

 

 

459,753

 

 

 

482,928

 

Compensation, fees and taxes

 

 

1,187,940

 

 

 

812,143

 

 

 

2,181,903

 

 

 

1,404,230

 

Exchange fees

 

 

12,467

 

 

 

12,465

 

 

 

24,795

 

 

 

24,795

 

Other expenses and taxes

 

 

95,354

 

 

 

23,506

 

 

 

160,058

 

 

 

45,314

 

Depreciation

 

 

22,239

 

 

 

21,263

 

 

 

44,478

 

 

 

40,865

 

General and administrative expenses

 

 

416,833

 

 

 

248,308

 

 

 

818,066

 

 

 

407,916

 

(Gain) Loss on sale of real estate

 

 

(188,182

)

 

 

14,962

 

 

 

(122,343

)

 

 

17,096

 

Impairment loss

 

 

335,000

 

 

 

294,000

 

 

 

595,500

 

 

 

319,000

 

Total operating costs and expenses

 

 

7,320,554

 

 

 

4,183,051

 

 

 

13,270,463

 

 

 

7,712,133

 

Net income

 

 

5,227,576

 

 

 

2,530,844

 

 

 

9,579,043

 

 

 

4,713,945

 

Preferred stock dividend

 

 

(921,766

)

 

 

 

 

 

(1,843,531

)

 

 

 

Net income attributable to common shareholders

 

 

4,305,810

 

 

 

2,530,844

 

 

 

7,735,512

 

 

 

4,713,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investment securities

 

 

(192,764

)

 

 

(104,316

)

 

 

50,044

 

 

 

(111,810

)

Comprehensive income

 

$

4,113,046

 

 

$

2,426,528

 

 

$

7,785,556

 

 

$

4,602,135

 

Basic and diluted net income per common share outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.12

 

 

$

0.10

 

 

$

0.22

 

 

$

0.20

 

Diluted

 

$

0.12

 

 

$

0.10

 

 

$

0.22

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,373,570

 

 

 

24,851,010

 

 

 

35,630,455

 

 

 

23,503,679

 

Diluted

 

 

36,373,877

 

 

 

24,857,897

 

 

 

35,636,374

 

 

 

23,507,685

 


SACHEM CAPITAL CORP.
STATEMENTS OF CASH FLOW
(unaudited)

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

June 30, 

 

    

2022

    

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

  

 

 

  

Net income

 

$

9,579,043

 

 

$

4,713,945

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Amortization of deferred financing costs and bond discount

 

 

1,108,675

 

 

 

502,872

 

Write-off of deferred financing costs

 

 

 

 

 

72,806

 

Depreciation expense

 

 

44,478

 

 

 

40,865

 

Stock based compensation

 

 

230,167

 

 

 

62,319

 

Impairment loss

 

 

595,500

 

 

 

319,000

 

(Gain) Loss on sale of real estate

 

 

(122,343

)

 

 

17,096

 

Unrealized loss on investment securities

 

 

2,530,662

 

 

 

 

Loss on sale of investment securities

 

 

148,565

 

 

 

43,968

 

Debt Forgiveness

 

 

 

 

 

(257,845

)

Changes in operating assets and liabilities:

 

 

 

 

 

  

(Increase) decrease in:

 

 

 

 

 

 

Interest and fees receivable

 

 

(1,620,733

)

 

 

(197,929

)

Other receivables

 

 

(393,624

)

 

 

(63,868

)

Due from borrowers

 

 

(1,102,371

)

 

 

(280,683

)

Prepaid expenses

 

 

101,149

 

 

 

(82,419

)

(Decrease) increase in:

 

 

 

 

 

 

Accrued interest

 

 

301,495

 

 

 

14,955

 

Accounts payable and accrued expenses

 

 

(323,887

)

 

 

(56,954

)

Deferred revenue

 

 

(15,493

)

 

 

131,104

 

Advances from borrowers

 

 

(3,729,817

)

 

 

1,156,692

 

Total adjustments

 

 

(2,247,577

)

 

 

1,421,979

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

 

7,331,466

 

 

 

6,135,924

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

  

 

 

  

Purchase of investment securities

 

 

(36,088,438

)

 

 

(85,471,393

)

Proceeds from the sale of investment securities

 

 

59,710,599

 

 

 

78,107,144

 

Purchase of interests in investment partnerships, net

 

 

(13,561,132

)

 

 

(1,843,398

)

Proceeds from sale of real estate owned

 

 

1,397,502

 

 

 

919,014

 

Acquisitions of and improvements to real estate owned, net

 

 

(19,917

)

 

 

(286,346

)

Purchase of property and equipment

 

 

(815,339

)

 

 

(776,465

)

Principal disbursements for mortgages receivable

 

 

(191,971,926

)

 

 

(75,190,172

)

Principal collections on mortgages receivable

 

 

60,895,362

 

 

 

58,012,498

 

Costs in connection with investment activities

 

 

(114,244

)

 

 

(192,646

)

NET CASH USED FOR INVESTING ACTIVITIES

 

 

(120,567,533

)

 

 

(26,721,764

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

  

 

 

  

Net proceeds from (repayment of) line of credit

 

 

(9,771,376

)

 

 

6,220,770

 

Net proceeds from repurchase facility

 

 

20,285,241

 

 

 

 

Repayment of mortgage payable

 

 

 

 

 

(767,508

)

Principal payments on other notes

 

 

(13,281

)

 

 

(11,764

)

Dividends paid on Common Stock

 

 

(8,253,864

)

 

 

(5,441,636

)

Dividends paid on Preferred Stock

 

 

(1,843,531

)

 

 

 

Financings costs incurred

 

 

 

 

 

(88,212

)

Proceeds from issuance of common shares, net of expenses

 

 

21,230,975

 

 

 

22,878,849

 

Proceeds from issuance of Series A Preferred Stock, net of expenses

 

 

 

 

 

40,613,126

 

Gross proceeds from issuance of fixed rate notes

 

 

81,875,000

 

 

 

 

Financings costs incurred in connection with fixed rate notes

 

 

(3,081,500

)

 

 

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 

100,427,664

 

 

 

63,403,625

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

(12,808,403

)

 

 

42,817,785

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR

 

 

41,938,897

 

 

 

19,408,028

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS - END OF PERIOD

 

$

29,130,494

 

 

$

62,225,813

 


SACHEM CAPITAL CORP.
STATEMENTS OF CASH FLOW (Continued)
(unaudited)

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

June 30, 

 

 

2022

 

2021

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

 

 

 

 

 

 

Interest paid

 

$

7,710,686

 

$

4,479,800

Real estate acquired in connection with the foreclosure of certain mortgages, inclusive of interest and other fees receivable, during the period ended June 30, 2022 amounted to $1,091,348.