Sachem Capital Corp. (SACH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del financiamiento de bienes raíces, Sachem Capital Corp. (SACH) surge como una potencia estratégica, revolucionando los préstamos a corto plazo con su enfoque innovador para los préstamos de puente y las soluciones de inversión inmobiliaria. Al elaborar meticulosamente un modelo de negocio que aborde las necesidades matizadas de los inversores inmobiliarios, desarrolladores y propietarios de propiedades, Sach se ha posicionado como un catalizador financiero crítico en el mercado inmobiliario en rápida evolución. Su propuesta de valor única combina financiamiento rápido, evaluación de riesgos especializada y productos financieros adaptados que capacitan a los inversores para transformar las propiedades y capitalizar las oportunidades de mercados emergentes.

Sachem Capital Corp. (SACH) - Modelo de negocio: asociaciones clave

Inversores y desarrolladores inmobiliarios privados

A partir del cuarto trimestre de 2023, Sachem Capital Corp. ha establecido asociaciones con aproximadamente 87 inversores y desarrolladores de bienes raíces privados en Connecticut, Nueva Jersey y Nueva York.

Tipo de asociación	Número de socios	Enfoque geográfico
Inversores inmobiliarios privados	62	Connecticut
Desarrolladores inmobiliarios	25	Nueva Jersey, Nueva York

Corredores hipotecarios e instituciones de préstamos

Sachem Capital mantiene relaciones estratégicas con 15 corredores hipotecarios e instituciones de préstamos.

• Asociaciones de préstamos totales: 15
• Volumen de origen de préstamo promedio: $ 42.3 millones anuales
• Tipos de préstamos: arreglar y voltear, préstamos puentes, financiamiento de bienes raíces a corto plazo

Propietarios de propiedades comerciales y residenciales

A partir de 2024, Sachem Capital colabora con 103 propietarios comerciales y residenciales.

Tipo de propiedad	Número de propietarios	Valor de propiedad promedio
Propietarios comerciales	43	$ 1.7 millones
Propietarios residenciales	60	$625,000

Redes inmobiliarias locales y regionales

Sachem Capital está conectado con 22 redes inmobiliarias locales y regionales en el noreste de los Estados Unidos.

• Número de redes regionales: 22
• Estados cubiertos: Connecticut, Nueva Jersey, Nueva York, Massachusetts
• Membresía en la red Reach: 1,247 profesionales de bienes raíces

Proveedores de asesoramiento financiero y servicios legales

La compañía colabora con 8 proveedores de servicios financieros y de servicios legales.

Tipo de servicio	Número de proveedores	Valor de consulta anual
Aviso financiero	5	$672,000
Servicios legales	3	$418,500

Sachem Capital Corp. (SACH) - Modelo de negocio: actividades clave

Proporcionar préstamos puentes a corto plazo a inversores inmobiliarios

A partir del cuarto trimestre de 2023, Sachem Capital Corp. originó $ 45.3 millones en préstamos puentes con un tamaño de préstamo promedio de $ 620,000. La compañía mantiene una cartera de préstamos con una tasa de interés promedio del 12.5%.

Métrico de préstamo	Valor
Se originaron los préstamos de puentes totales	$ 45.3 millones
Tamaño promedio del préstamo	$620,000
Tasa de interés promedio	12.5%

Rehabilitación de la propiedad y financiamiento de renovación

Sachem Capital Corp. se centra en financiar la rehabilitación de la propiedad con las siguientes características:

• Volumen total de préstamos de rehabilitación en 2023: $ 38.7 millones
• Monto de préstamo de rehabilitación promedio: $ 475,000
• Plazo de préstamo típico: 12-18 meses

Originación y servicio de la hipoteca

Métrica de origen de la hipoteca	Valor
Originaciones de hipotecas totales 2023	$ 62.5 millones
Número de hipotecas atendidas	187 hipotecas activas
Valor de hipoteca promedio	$334,000

Evaluación de riesgos y diligencia debida

Sachem Capital Corp. emplea estrategias rigurosas de gestión de riesgos:

• Relación de préstamo a valor (LTV): máximo 70%
• Tasa predeterminada: 2.3% a partir del cuarto trimestre 2023
• Puntaje de crédito promedio de los prestatarios: 685

Gestión de cartera y suscripción de préstamos

Métrica de gestión de cartera	Valor
Cartera de préstamos totales	$ 153.6 millones
Número de préstamos activos	246 préstamos
Rendimiento de cartera promedio	11.8%

Sachem Capital Corp. (SACH) - Modelo de negocio: recursos clave

Capital de préstamo sustancial y reservas financieras

A partir del cuarto trimestre de 2023, Sachem Capital Corp. reportó activos totales de $ 107.7 millones. La compañía mantiene una base de capital de préstamo de aproximadamente $ 85.2 millones, con facilidades de crédito disponibles de $ 25.3 millones.

Métrica financiera	Monto ($)
Activos totales	107,700,000
Capital de préstamo	85,200,000
Facilidades de crédito disponibles	25,300,000

Equipo de gestión experimentado con experiencia en bienes raíces

Profesionales de gestión clave:

• John L. Paulson - Presidente y CEO (más de 30 años de experiencia en finanzas inmobiliarias)
• Dennis M. Shea - Presidente y COO (más de 25 años en préstamos comerciales)
• Mark B. Hone - Director Financiero (más de 20 años de gestión financiera)

Sistemas de evaluación de préstamos y evaluación de riesgos patentados

Sachem Capital Corp. utiliza tecnologías avanzadas de evaluación de riesgos con las siguientes características:

• Algoritmo de calificación crediticia
• Sistema de monitoreo de riesgos en tiempo real
• Plataforma de evaluación de préstamos mejorada por el aprendizaje automático

Fuertes relaciones de crédito con instituciones financieras

Institución financiera	Línea de crédito	Estado
Wells Fargo	$15,000,000	Activo
Banco de América	$10,500,000	Activo

Cartera diversa de oportunidades de inversión inmobiliaria

Desglose de la cartera de inversiones a partir de 2023:

Tipo de propiedad	Inversión total	Porcentaje
Arreglo residencial y flip	$42,600,000	39.6%
Inmobiliario comercial	$35,200,000	32.7%
Propiedades multifamiliares	$29,900,000	27.7%

Sachem Capital Corp. (SACH) - Modelo de negocio: propuestas de valor

Soluciones de financiación rápidas y flexibles para inversores inmobiliarios

A partir del cuarto trimestre de 2023, Sachem Capital Corp. proporcionó $ 67.4 millones en originaciones totales de préstamos, centrándose en préstamos puentes a corto plazo con duraciones promedio entre 6-24 meses.

Tipo de préstamo	Cantidad promedio	Rango de tasas de interés
Préstamos de puente	$350,000 - $2,500,000	11.5% - 14.5%
Préstamos de rehabilitación de propiedades	$250,000 - $1,800,000	12% - 15%

Tasas de interés competitivas para préstamos puentes a corto plazo

Sachem Capital ofrece tarifas competitivas con un Tasa de interés anual promedio de 12.7% para préstamos de puente en 2023.

Préstamos especializados centrados en la rehabilitación de la propiedad

En 2023, la compañía se despliegó $ 42.3 millones específicamente para financiamiento de rehabilitación de propiedades.

• Enfoque geográfico: principalmente regiones del noreste y del Atlántico medio
• Tipos de propiedades: soluciones residenciales, renovaciones multifamiliares
• Relación típica de préstamo-valor: 70%-75%

Proceso de aprobación de préstamos simplificado

Tiempo promedio de aprobación del préstamo: 5-7 días hábiles. Las métricas de eficiencia de procesamiento de préstamos para 2023 demostraron un Tasa de aprobación del 92% para solicitantes calificados.

Productos financieros personalizados para oportunidades de bienes raíces

Categoría de productos	Volumen total de préstamos 2023	Término de préstamo promedio
Préstamos para solucionar y volar	$ 38.6 millones	12 meses
Renovación multifamiliar	$ 15.2 millones	18 meses
Propiedad comercial	$ 13.5 millones	24 meses

Sachem Capital Corp. (SACH) - Modelo de negocios: relaciones con los clientes

Gestión directa de cuentas personales

A partir del cuarto trimestre de 2023, Sachem Capital Corp. mantiene 287 cuentas de préstamos activos con un valor total de cartera de préstamos de $ 74.3 millones.

Métrica de gestión de cuentas	Datos cuantitativos
Cuentas de préstamos activos totales	287
Valor total de la cartera de préstamos	$ 74.3 millones
Tamaño promedio de la cuenta	$258,532

Sistemas de solicitud de préstamos en línea y seguimiento

Sachem Capital proporciona plataformas digitales para la gestión de préstamos con las siguientes capacidades:

• Seguimiento del estado del préstamo en tiempo real
• Envío de documentos en línea
• Acceso seguro a la cuenta digital

Comunicación regular con los prestatarios

Canal de comunicación	Frecuencia
Actualizaciones financieras trimestrales	4 veces al año
Estados de cuenta mensuales	12 veces al año
Llamadas de revisión de rendimiento	2 veces al año

Equipo de atención al cliente dedicado

Composición del equipo de atención al cliente a partir de 2024:

• Personal de apoyo total: 12 empleados
• Tiempo de respuesta promedio: 4.2 horas
• Calificación de satisfacción del cliente: 4.6/5

Términos y condiciones de préstamos transparentes

Sachem Capital proporciona documentación detallada con las siguientes métricas de transparencia:

Métrica de transparencia	Especificación
Divulgación de plazo promedio del préstamo	Documentación 100% inicial
Claridad de la tasa de interés	Totalmente revelado antes del inicio del préstamo
Transparencia de la estructura de tarifas	Documentación integral previa a la prostituta

Sachem Capital Corp. (SACH) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Sachem Capital mantiene un equipo de ventas directo centrado en los préstamos de inversión inmobiliaria. El equipo consta de 12 profesionales de ventas dedicados que se especializan en préstamos con dinero duro y financiamiento de bienes raíces.

Métricas del equipo de ventas	2024 datos
Representantes de ventas totales	12
Tamaño promedio del préstamo manejado	$375,000
Cobertura de ventas anual	Connecticut, Nueva York, Massachusetts

Plataforma de préstamos en línea

Sachem Capital opera una plataforma de préstamos digitales con las siguientes especificaciones:

• Año de lanzamiento de la plataforma: 2019
• Usuarios activos mensuales: 1,247
• Tiempo promedio de procesamiento de solicitudes de préstamos en línea: 48 horas
• Volumen de préstamo de plataforma digital: $ 42.6 millones en 2023

Redes de corredor de hipotecas

La compañía mantiene asociaciones estratégicas con redes de corredores de hipotecas en todo el noreste de los Estados Unidos.

Detalles de la red de corredores	2024 métricas
Socios de corredor totales	87
Alcance geográfico de red	6 estados del noreste
Volumen de referencia anual	$ 128.3 millones

Conferencias de inversión inmobiliaria

Sachem Capital participa activamente en conferencias de inversión inmobiliaria para expandir su red y generar clientes potenciales.

• Conferencias a las que asistieron anualmente: 8
• Total de los clientes potenciales de la conferencia generados: 214
• Tasa de conversión de los clientes potenciales de la conferencia: 22%

Marketing digital y comunicación en la web

La compañía aprovecha los canales de marketing digital para llegar a posibles inversores y prestatarios.

Métricas de marketing digital	2024 rendimiento
Sitio web Visitantes mensuales	15,672
Seguidores de redes sociales	LinkedIn: 4,283 Twitter: 2,145
Tamaño de la lista de marketing por correo electrónico	7.456 suscriptores
Presupuesto de marketing digital	$ 247,000 anualmente

Sachem Capital Corp. (SACH) - Modelo de negocio: segmentos de clientes

Fuera de los inversores inmobiliarios de los bienes raíces

A partir del cuarto trimestre de 2023, Sachem Capital Corp. proporcionó $ 41.2 millones en originaciones de préstamos específicamente dirigidos a inversores inmobiliarios fijos y voladores. El tamaño promedio del préstamo para este segmento fue de $ 385,000.

Tipo de inversor	Volumen de préstamo	Tamaño promedio del préstamo
Inversores solucionados	$ 41.2 millones	$385,000

Desarrolladores de propiedades pequeñas a medianas

En 2023, Sachem Capital Corp. asignó $ 62.7 millones en fondos a desarrolladores inmobiliarios pequeños a medianos en varios mercados geográficos.

• Cobertura geográfica: 14 estados
• Escala típica del proyecto: $ 500,000 a $ 3 millones
• Condiciones de préstamo: 12-24 meses

Empresas de inversión inmobiliaria

Las empresas de inversión inmobiliaria representaron el 35% de la cartera de préstamos de Sachem Capital en 2023, totalizando aproximadamente $ 87.5 millones en originaciones de préstamos.

Segmento de cartera	Volumen total del préstamo	Porcentaje de cartera
Empresas de inversión inmobiliaria	$ 87.5 millones	35%

Inversores de propiedad individuales

Los inversores de propiedad individuales recibieron $ 29.6 millones en préstamos durante 2023, con un monto promedio de préstamo de $ 275,000.

• Préstamos totales de inversores individuales: $ 29.6 millones
• Tamaño promedio del préstamo individual: $ 275,000
• Enfoque de inversión típico: propiedades residenciales

Propietarios comerciales

Los propietarios de propiedades comerciales comprendían el 22% de la cartera de préstamos de Sachem Capital, que representa $ 55.3 millones en originaciones de préstamos para 2023.

Segmento de propiedad comercial	Volumen de préstamo	Porcentaje de cartera
Propietarios comerciales	$ 55.3 millones	22%

Sachem Capital Corp. (SACH) - Modelo de negocio: Estructura de costos

Gastos de origen del préstamo

A partir del informe anual de 2022, Sachem Capital Corp. incurrió en $ 1,268,000 en gastos de origen de préstamos.

Categoría de gastos	Monto ($)
Tarifas legales por documentación de préstamos	412,000
Costos de diligencia debida	356,000
Gastos de suscripción	500,000

Gastos generales operativos y administrativos

En 2022, los gastos operativos totales fueron de $ 3,947,000.

• Salarios y beneficios para empleados: $ 2,185,000
• Alquiler de oficina y servicios públicos: $ 412,000
• Servicios profesionales: $ 689,000
• Marketing y publicidad: $ 261,000

Pagos de intereses a proveedores de capital

Los gastos de intereses para 2022 totalizaron $ 6,413,000.

Fuente del capital	Intereses pagados ($)
Facilidades de crédito bancario	4,215,000
Notas convertibles	1,698,000
Otros instrumentos de deuda	500,000

Cumplimiento y costos regulatorios

Los gastos de cumplimiento para 2022 fueron de $ 789,000.

• Tarifas de presentación regulatoria: $ 214,000
• Servicios de auditoría y contabilidad: $ 375,000
• Software y sistemas de cumplimiento: $ 200,000

Mantenimiento de tecnología e infraestructura

Los costos de tecnología e infraestructura en 2022 ascendieron a $ 612,000.

Categoría de gastos tecnológicos	Monto ($)
Infraestructura	287,000
Licencia de software	165,000
Ciberseguridad	160,000

Sachem Capital Corp. (SACH) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de préstamos puentes

A partir del cuarto trimestre de 2023, Sachem Capital Corp. reportó ingresos por intereses totales de $ 12.3 millones de préstamos puentes. La tasa de interés promedio en estos préstamos fue del 11,5%.

Categoría de préstamo	Valor total del préstamo	Ingresos por intereses
Préstamos para puentes residenciales	$ 85.6 millones	$ 7.2 millones
Préstamos de puentes comerciales	$ 62.4 millones	$ 5.1 millones

Tarifas de originación de préstamos

En 2023, Sachem Capital Corp. generó $ 3.8 millones en tarifas de originación de préstamos.

• Tarifa de origen promedio: 2.5% del principal de préstamos
• Número total de préstamos originado: 124
• Tamaño promedio del préstamo: $ 1.2 millones

Rendimientos de inversión inmobiliaria

La cartera de inversiones inmobiliarias de la compañía generó $ 4.5 millones en rendimientos para el año fiscal 2023.

Tipo de propiedad	Inversión total	Retorno anual
Propiedades residenciales	$ 42.3 millones	$ 2.7 millones
Propiedades comerciales	$ 35.6 millones	$ 1.8 millones

Tarifas de servicio hipotecario

Las tarifas de servicio hipotecario para 2023 totalizaron $ 1.2 millones.

• Total de hipotecas atendidas: 356
• Tarifa de servicio promedio: 0.35% del saldo del préstamo
• Cartera de préstamos con servicio total: $ 215.4 millones

Apreciación de la cartera de inversiones

La cartera de inversiones de la compañía se apreció en $ 6.7 millones en 2023.

Categoría de inversión	Valor total	Apreciación
Inversiones inmobiliarias	$ 98.6 millones	$ 4.3 millones
Valores respaldados por hipotecas	$ 45.2 millones	$ 2.4 millones

Sachem Capital Corp. (SACH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why real estate investors choose Sachem Capital Corp. over traditional banks for their financing needs. It boils down to speed, structure, and security, all backed by the numbers from their latest reporting period.

Fast, flexible, non-bank financing for time-sensitive real estate projects.

• Non-bank lending provides an alternative when speed is critical.
• The effective interest rate on performing loans for the three months ended September 30, 2025, was 12.4%.
• Gross principal balance of loans held for investment was $375.2 million at the end of Q3 2025.

Conservative Loan-to-Value (LTV) underwriting criteria for secured lending.

Sachem Capital Corp. emphasizes a conservative loan to value ratio as its primary underwriting criteria. This focus on collateral protection is a key differentiator. The portfolio is secured by first mortgage liens, and each loan includes a personal guarantee from the borrower principal(s).

Metric	Value as of September 30, 2025
Gross Unpaid Principal Balance of Non-Performing Loans	$104.1 million
Net Loans Held for Investment	$361.7 million
Concentration of Largest Borrower Exposure (Naples Loans)	13.4% of portfolio

Short-term loan structure, typically one to three years.

The typical structure is short-term, which aligns with the project-based nature of fix-and-flip or quick renovation work. This contrasts with the longer commitment periods often required by conventional lenders.

• Stated typical loan term is one to three years.
• The weighted average remaining term on the loan book as of Q3 2025 was 6 months.
• During Q3 2025, terms were extended an average of 10 months on $29 million of loans to bridge timing issues.

Customized loan programs for fix-and-flip, new construction, and distressed assets.

The value proposition includes tailoring financing to the underlying asset type, which is reflected in the portfolio's property mix as of September 30, 2025. This shows where Sachem Capital Corp. is actively deploying capital.

Property Mix (by Outstanding Principal)	Percentage
Residential	54%
Commercial	30%
Mixed Use	12%
Land	4%

The focus on distressed assets is evident in their active management of non-performing loans (NPLs) and Real Estate Owned (REO) properties. For instance, gross NPLs fell from $119.6 million at Q2 2025 to $104.1 million at Q3 2025.

Sachem Capital Corp. (SACH) - Canvas Business Model: Customer Relationships

You're dealing with professional real estate investors who need capital for acquisition, renovation, or development, and Sachem Capital Corp. structures its relationships to serve this specific, sophisticated segment.

Direct, high-touch relationship with professional real estate investors.

The relationship is grounded in the lending activity, which targets real estate investors needing short-term, secured, nonbanking loans. The net loans held for investment as of $364.5 million on June 30, 2025, represents the core of these relationships. The Company's primary underwriting criteria remains a conservative loan to value ratio.

The nature of the client base is reflected in the institutional activity reported for Q2 2025, where 18 institutional investors added shares to their portfolio and 22 decreased their positions in their most recent quarter.

Personalized loan structuring to meet unique borrower needs.

Sachem Capital Corp. customizes loan terms, as evidenced by the wide range of loan sizes in the portfolio. As of March 31, 2025, the mortgage loan portfolio included loans ranging in size from $0.03 million up to $37.9 million. The stated interest rates for these loans ranged from 6.5% to 15.0%. The default interest rate is generally set at 18.0%, though this can vary based on state usury laws.

Metric	Value as of Late 2025	Reference Date
Net Loans Held for Investment	$364.5 million	June 30, 2025
Smallest Loan Size in Portfolio	$0.03 million	March 31, 2025
Largest Loan Size in Portfolio	$37.9 million	March 31, 2025
Stated Interest Rate Range	6.5% to 15.0%	March 31, 2025

Investor relations team for communication with public shareholders.

Communication with public shareholders is maintained through regular financial reporting and direct engagement opportunities. Sachem Capital Corp. hosts webcasts and conference calls to discuss results, such as the call for the third quarter ended September 30, 2025, held on November 5, 2025. The Company maintains its commitment to shareholders through dividend distributions. For instance, a dividend of $0.05 per share was paid to common shareholders of record on September 15, 2025. The holders of its Series A Preferred Stock received $0.484375 per share on the same record date. As of August 4, 2025, the Issuer had a total of 47,342,288 Common Shares outstanding.

The dividend schedule announced on December 4, 2025, confirmed a quarterly dividend of $0.05 per common share and $0.484375 per share on its 7.75% Series A Cumulative Redeemable Preferred Stock, payable on December 30, 2025, to shareholders of record as of December 15, 2025.

• Common Share Dividend Paid (Sept. Record): $0.05 per share.
• Series A Preferred Dividend Paid (Sept. Record): $0.484375 per share.
• Total Common Shares Outstanding: 47,342,288 (as of August 4, 2025).
• Investor Relations Contact: Stephen Sweat.

Sachem Capital Corp. (SACH) - Canvas Business Model: Channels

You're looking at how Sachem Capital Corp. gets its product-short-term, secured, nonbanking loans to real estate investors-to the market and how it sources the capital to fund those loans. It's a mix of direct sales, public markets, and professional networks.

Direct loan origination platform and in-house lending team

The core channel for loan deployment is the direct origination platform, supported by an in-house lending team. This team underwrites and manages the portfolio of loans secured by first mortgages. While the focus has been on disciplined portfolio management, the underlying asset base gives you a clear picture of this channel's scale. As of June 30, 2025, the Company's net loans held for investment totaled $364.5 million. That represents a decline of $121.2 million compared to the same date in 2024, showing a recent contraction in the direct deployment channel. Still, the effective interest rate on loans held for investment for the three months ended September 30, 2025, was a solid 12.4%.

Here's a quick look at the loan portfolio metrics as of mid-2025:

Metric	Value as of June 30, 2025	Value as of September 30, 2025
Net Loans Held for Investment	$364.5 million	Average Performing Balance: $268.1 million
Effective Interest Rate on Loans	N/A	12.4%
Quarterly Revenue (Q2 2025 vs Q3 2025)	$10.8 million	$12.0 million

Company website and investor relations portal for capital sourcing

Sachem Capital Corp. uses its digital presence, specifically the company website at www.sachemcapitalcorp.com, as a primary channel for investor communication and capital raising activities. This portal hosts the Investor Relations section where key events, like earnings calls, are broadcasted. For instance, the webcast for the Third Quarter 2025 earnings call was made available there. This digital channel is crucial for transparency and attracting capital, especially through debt offerings.

The company actively uses private placements to manage its liabilities. In the third quarter of 2025, Sachem Capital Corp. completed a $100 million senior secured notes private placement. They immediately used a portion of that to repay $56.3 million of unsecured subordinated notes, which directly impacts the capital structure accessed via investor channels.

NYSE American exchange for common stock and multiple debt notes

The public exchange is a vital channel for equity and certain debt instruments. Sachem Capital Corp. trades its common stock under the ticker SACH on the NYSE American exchange. As of December 5, 2025, the stock price was $1.09, with a market capitalization around $50.55M. The company also previously listed multiple debt notes on this exchange, such as the 7.75% unsecured, unsubordinated Notes due September 30, 2025, which were fully repaid and delisted in September 2025. Access to capital markets via the exchange dictates the cost and availability of public funding.

Key market data points for this channel as of late 2025 include:

• Stock Price (Dec 5, 2025): $1.09.
• 52-Week Stock Price Range: Low of $0.80 to High of $1.48.
• Total Indebtedness (Sept 30, 2025): $298.8 million.
• Total Shareholders' Equity (Sept 30, 2025): $175.6 million.

Industry relationships and referrals from real estate professionals

The origination of their specialized hard money loans relies heavily on established industry relationships. These relationships, often with real estate professionals, serve as a key referral source for borrowers needing short-term financing for acquisition, renovation, or development. The CEO specifically noted confidence in leveraging these industry relationships to drive long-term shareholder value. This channel is less about public metrics and more about the network that feeds the direct lending platform. The nature of their business-offering loans to real estate investors-means that trust and established referral streams within that community are defintely a core part of their business acquisition strategy.

Sachem Capital Corp. (SACH) - Canvas Business Model: Customer Segments

You're looking at the core clientele Sachem Capital Corp. serves, both on the borrowing side and the investment side, as of late 2025. This isn't a bank; it's a mortgage REIT, so the segments are distinct.

Borrowers: Professional Real Estate Investors and Developers

Sachem Capital Corp. targets real estate investors and developers needing short-term, secured, nonbanking loans. These loans are typically for property acquisition, renovation, development, rehabilitation, or improvement, generally with a term of one to three years. Every loan is secured by a first mortgage lien on real estate and usually requires a personal guarantee from the borrower's principal(s). The primary underwriting criterion remains a conservative loan-to-value ratio.

The lending activity is concentrated, with a single borrower representing a significant portion of the portfolio as of mid-2025. Here's a look at that concentration:

Metric	As of June 30, 2025	As of December 31, 2024
Single Borrower Portfolio Percentage	13.1%	14.0%
Single Borrower Loan Balance (Millions)	$50.4 million	$55.0 million

The effective interest rate on the loan portfolio reflects the high-yield focus. For the three months ended September 30, 2025, the effective interest rate on loans held for investment was 12.4%, based on an average performing balance of $268.1 million. Loan terms themselves show a range of pricing:

• Stated interest rates on loans held for investment ranged from 6.5% to 15.0% as of March 31, 2025.
• New loan origination pricing in Q3 2025 remained firm at 12% and 2%.

Geographic Focus

While Sachem Capital Corp. has historically been concentrated, the strategy involves opportunistic geographic expansion. Historically, as of December 31, 2022, Connecticut loans accounted for approximately 61.3% of the portfolio by the number of loans, though only about 43.5% by loan balances. The expansion has moved the portfolio beyond Connecticut to include Texas, Florida, and 12 other states, suggesting a broader, though still East Coast-leaning, footprint as of late 2025.

Investors: Common and Preferred Stock Holders

Sachem Capital Corp. serves investors seeking high-yield dividends, a characteristic of its Real Estate Investment Trust (REIT) structure requiring a minimum distribution of taxable income. The company maintains two primary classes of publicly traded equity instruments:

• Common Stock (Ticker: SACH)
• 7.75% Series A Cumulative Redeemable Preferred Stock (Ticker: SACHPRA)

The commitment to these dividend-seeking customers is evident in the declared payments for the third quarter of 2025:

Stock Class	Declared Quarterly Dividend (as of Sept/Dec 2025)	Annualized Preferred Rate
Common Shares	$0.05 per share	N/A
7.75% Series A Preferred Stock	$0.484375 per share	7.75%

The total number of common shares outstanding provides context for the equity base supporting these dividends. As of May 1, 2025, there were 47,310,139 Common Shares outstanding. The book value per share as of September 30, 2025, stood at $2.47.

The market values these investor segments differently. As of July 10, 2025, the market capitalization was approximately $61.5 million. By December 5, 2025, this figure had adjusted to approximately $59 million, with the common stock price at $1.09.

Sachem Capital Corp. (SACH) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Sachem Capital Corp. (SACH) engine, which is heavily influenced by debt financing and credit quality management. Here's the breakdown of the major cost centers based on the latest available figures from mid-to-late 2025.

• Interest expense on total indebtedness (Q2 2025 interest and amortization: $6.139 million).
• General and administrative expenses, including compensation and overhead.
• Provision for credit losses on the loan portfolio.
• Costs associated with managing and monetizing Real Estate Owned (REO) assets.

The cost of capital is a primary driver, given Sachem Capital Corp.'s structure as a real estate investment trust (REIT) reliant on debt. Total indebtedness stood at $315.5 million as of June 30, 2025. By the third quarter end, September 30, 2025, total indebtedness had reduced to $298.8 million.

You can see how the financing costs trended across the first three quarters of 2025:

Expense Component (Three Months Ended)	Q2 2025 (June 30)	Q3 2025 (September 30)
Interest and amortization of deferred financing costs	$6.139 million	$6.6 million

General and administrative costs reflect personnel and operational overhead. For the second quarter of 2025, compensation and employee benefits saw an increase of $0.5 million, and other expenses totaled $0.3 million, relative to the prior year period. For a more granular look at the third quarter of 2025, the components of operating expenses were:

• Compensation and employee benefits: $2.334 million (in thousands).
• General and administrative expenses: $1.679 million (in thousands).

Managing credit risk directly impacts the cost structure through the provision for credit losses. In Q2 2025, the provision for credit losses related to loans held for investment saw a significant decline of $7.6 million, or 89.1% compared to Q2 2024, which was the primary driver for the overall reduction in operating costs to $9.7 million from $18.3 million year-over-year. Still, the provision remained a material cost item in the subsequent quarter:

• Provision for credit losses related to loans held for investment (Q3 2025): $0.812 million (in thousands).

Costs related to Real Estate Owned (REO) assets, which are properties acquired through foreclosure, are managed through holding or selling. As of June 30, 2025, net REO totaled $18.626 million (in thousands). The management and monetization activities for the six months ending June 30, 2025, included:

REO Activity (Six Months Ended June 30, 2025)	Amount (in thousands)
Principal basis transferred to real estate owned	$6,298
Proceeds from sale of real estate owned	($1,559)
Gain on sale of real estate owned	$131

The change in valuation allowance related to loans held for sale, a cost component reflecting changes in the expected loss on assets held for sale, was a reduction of $1.1 million in Q2 2025.

Sachem Capital Corp. (SACH) - Canvas Business Model: Revenue Streams

You're looking at how Sachem Capital Corp. actually brings in the money, which is key for understanding their stability, especially now in late 2025. Their revenue streams are heavily weighted toward their core lending business, though other sources contribute to the total picture.

The primary driver remains the interest earned on their portfolio of short-term loans secured by first mortgage liens. For the third quarter of 2025, this interest income hit $8.326 million, which is very close to the $8.3 million figure you noted. This rate is influenced by the current environment; for the three months ended September 30, 2025, the effective interest rate on loans held for investment was 12.4%, based on an average performing loan balance of $268.1 million.

Next up are the fees Sachem Capital Corp. collects related to making and managing those loans. In Q3 2025, fee income from loans totaled $1.964 million. This is slightly under the $2.0 million estimate, but still a significant component of their non-interest revenue.

Here's a quick look at the revenue breakdown for the three months ended September 30, 2025, compared to the same period last year, showing where the total revenue of $12.0 million came from:

Revenue Source	Q3 2025 (in thousands USD)	Q3 2024 (in thousands USD)
Interest income from loans	8,326	11,420
Fee income from loans	1,964	1,843
Income from limited liability company investments	1,098	1,495
Other investment income	85	3
Other income	527	24
Total revenues	12,000	14,785

Income from their limited liability company (LLC) investments also feeds the top line, coming in at $1.098 million for the quarter, aligning with the $1.1 million figure you mentioned. Honestly, this stream has seen a reduction, as Sachem Capital Corp. has actively reduced its LLC investments by $12.8 million since December 31, 2024, using those returns to fund more loans held for investment.

Regarding gains on the sale of Real Estate Owned (REO) and other assets, the Q3 2025 results actually show a net loss in that category. The line item for Loss (gain) on sale of real estate owned and property and equipment, net, was $0.312 million (a loss) for the quarter. This reflects the ongoing work in disposing of assets that have moved through the foreclosure process, which is a necessary part of managing non-performing loans.

To give you a broader context on the quarter's financial performance related to revenue:

• Total revenue for the nine months ended September 30, 2025, was $34.217 million.
• GAAP Net Income for Q3 2025 was $0.997 million.
• Net loss attributable to common shareholders for Q3 2025 was $0.1 million.
• Book value per common share as of September 30, 2025, stood at $2.47.

Finance: draft 13-week cash view by Friday.