Sachem Capital Corp. (Sach): modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico do financiamento imobiliário, a Sachem Capital Corp. (Sach) surge como uma potência estratégica, revolucionando empréstimos de curto prazo com sua abordagem inovadora para preencher empréstimos e soluções de investimento imobiliário. Ao criar meticulosamente um modelo de negócios que atenda às necessidades diferenciadas de investidores, desenvolvedores e proprietários imobiliários, a Sach se posicionou como um catalisador financeiro crítico no mercado imobiliário em rápida evolução. Sua proposta de valor exclusiva combina financiamento rápido, avaliação de riscos especializada e produtos financeiros adaptados que permitem aos investidores a transformar propriedades e capitalizar oportunidades de mercado emergentes.

Sachem Capital Corp. (Sach) - Modelo de Negócios: Principais Parcerias

Investidores e desenvolvedores de imóveis privados

No quarto trimestre 2023, a Sachem Capital Corp. estabeleceu parcerias com aproximadamente 87 investidores e desenvolvedores de imóveis privados em Connecticut, Nova Jersey e Nova York.

Tipo de parceria	Número de parceiros	Foco geográfico
Investidores imobiliários privados	62	Connecticut
Promotores imobiliários	25	Nova Jersey, Nova York

Corretores hipotecários e instituições de empréstimos

A Sachem Capital mantém relações estratégicas com 15 corretores de hipotecas e instituições de empréstimos.

• Total de parcerias de empréstimos: 15
• Volume médio de originação de empréstimos: US $ 42,3 milhões anualmente
• Tipos de empréstimos: consertar e flip, empréstimos de ponte, financiamento imobiliário de curto prazo

Proprietários comerciais e residenciais

A partir de 2024, a Sachem Capital colabora com 103 proprietários comerciais e residenciais.

Tipo de propriedade	Número de proprietários	Valor médio da propriedade
Proprietários de propriedades comerciais	43	US $ 1,7 milhão
Proprietários de propriedades residenciais	60	$625,000

Redes imobiliárias locais e regionais

A Sachem Capital está conectada com 22 redes imobiliárias locais e regionais no nordeste dos Estados Unidos.

• Número de redes regionais: 22
• Estados cobertos: Connecticut, Nova Jersey, Nova York, Massachusetts
• Alcance de associação à rede: 1.247 profissionais do setor imobiliário

Fornecedores de Consultoria Financeira e Serviço Jurídico

A empresa colabora com 8 provedores de consultoria financeira e de serviços jurídicos.

Tipo de serviço	Número de provedores	Valor anual de consulta
Aviso financeiro	5	$672,000
Serviços Jurídicos	3	$418,500

Sachem Capital Corp. (Sach) - Modelo de Negócios: Atividades -chave

Fornecendo empréstimos pontes de curto prazo para investidores imobiliários

A partir do quarto trimestre de 2023, a Sachem Capital Corp. originou US $ 45,3 milhões em empréstimos de ponte com um tamanho médio de empréstimo de US $ 620.000. A empresa mantém uma carteira de empréstimos com uma taxa de juros média de 12,5%.

Métrica de empréstimo	Valor
Empréstimos totais de ponte originados	US $ 45,3 milhões
Tamanho médio do empréstimo	$620,000
Taxa de juros média	12.5%

Reabilitação de propriedades e financiamento de renovação

A Sachem Capital Corp. se concentra no financiamento da reabilitação de propriedades com as seguintes características:

• Volume total de empréstimos de reabilitação em 2023: US $ 38,7 milhões
• Valor médio de empréstimo de reabilitação: US $ 475.000
• Termo de empréstimo típico: 12-18 meses

Originação e manutenção hipotecários

Métrica de originação hipotecária	Valor
Origenas totais de hipoteca 2023	US $ 62,5 milhões
Número de hipotecas com manutenção	187 active mortgages
Average Mortgage Value	$334,000

Avaliação de risco e due diligence

A Sachem Capital Corp. emprega rigorosos estratégias de gerenciamento de riscos:

• Índice de empréstimo / valor (LTV): máximo de 70%
• Taxa padrão: 2,3% a partir do quarto trimestre 2023
• Pontuação de crédito médio dos mutuários: 685

Gerenciamento de portfólio e subscrição de empréstimos

Métrica de gerenciamento de portfólio	Valor
Portfólio total de empréstimos	US $ 153,6 milhões
Número de empréstimos ativos	246 empréstimos
Rendimento médio de portfólio	11.8%

Sachem Capital Corp. (Sach) - Modelo de Negócios: Recursos -Principais

Capital de empréstimos substanciais e reservas financeiras

A partir do quarto trimestre de 2023, a Sachem Capital Corp. reportou ativos totais de US $ 107,7 milhões. A empresa mantém uma base de capital empréstimos de aproximadamente US $ 85,2 milhões, com linhas de crédito disponíveis de US $ 25,3 milhões.

Métrica financeira	Valor ($)
Total de ativos	107,700,000
Capital empréstimo	85,200,000
Linhas de crédito disponíveis	25,300,000

Equipe de gestão experiente com especialização imobiliária

Profissionais de gerenciamento -chave:

• John L. Paulson - Presidente e CEO (mais de 30 anos de experiência em finanças imobiliárias)
• Dennis M. Shea - Presidente e COO (mais de 25 anos em empréstimos comerciais)
• Mark B. Hone - Diretor Financeiro (mais de 20 anos de gestão financeira)

Avaliação proprietária de empréstimos e sistemas de avaliação de risco

A Sachem Capital Corp. utiliza tecnologias avançadas de avaliação de risco com as seguintes características:

• Algoritmo de pontuação de crédito proprietário
• Sistema de monitoramento de risco em tempo real
• Plataforma de avaliação de empréstimo aprimorada de aprendizado de máquina

Relacionamentos de crédito fortes com instituições financeiras

Instituição financeira	Linha de crédito	Status
Wells Fargo	$15,000,000	Ativo
Bank of America	$10,500,000	Ativo

Portfólio diversificado de oportunidades de investimento imobiliário

Breakdown do portfólio de investimentos a partir de 2023:

Tipo de propriedade	Investimento total	Percentagem
Correção residencial e flip	$42,600,000	39.6%
Imóveis comerciais	$35,200,000	32.7%
Propriedades multifamiliares	$29,900,000	27.7%

Sachem Capital Corp. (Sach) - Modelo de Negócios: Proposições de Valor

Soluções de financiamento rápido e flexível para investidores imobiliários

A partir do quarto trimestre 2023, a Sachem Capital Corp. fornecida US $ 67,4 milhões em origens totais de empréstimos, concentrando-se em empréstimos a pontes de curto prazo com durações médias entre 6-24 meses.

Tipo de empréstimo	Valor médio	Intervalo de taxa de juros
Empréstimos de ponte	$350,000 - $2,500,000	11.5% - 14.5%
Empréstimos de reabilitação de propriedades	$250,000 - $1,800,000	12% - 15%

Taxas de juros competitivas para empréstimos a pontes de curto prazo

Sachem Capital oferece taxas competitivas com um Taxa de juros anual médio de 12,7% para empréstimos de ponte em 2023.

Empréstimos especializados focados na reabilitação de propriedades

Em 2023, a empresa implantou US $ 42,3 milhões especificamente para financiamento de reabilitação de propriedades.

• Foco geográfico: principalmente regiões nordeste e do meio do Atlântico
• Tipos de propriedades: reformas residenciais de correção e flip-flip, multifamiliares
• Índice de empréstimo / valor típico: 70%-75%

Processo de aprovação de empréstimo simplificado

Tempo médio de aprovação do empréstimo: 5-7 dias úteis. As métricas de eficiência de processamento de empréstimos para 2023 demonstraram um Taxa de aprovação de 92% para candidatos qualificados.

Produtos financeiros personalizados para oportunidades imobiliárias

Categoria de produto	Volume total de empréstimos 2023	Termo médio de empréstimo
Empréstimos de correção e flip	US $ 38,6 milhões	12 meses
Renovação multifamiliar	US $ 15,2 milhões	18 meses
Propriedade comercial	US $ 13,5 milhões	24 meses

Sachem Capital Corp. (Sach) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de conta pessoal direta

A partir do quarto trimestre de 2023, a Sachem Capital Corp. mantém 287 contas de empréstimos ativos com um valor total da carteira de empréstimos de US $ 74,3 milhões.

Métrica de gerenciamento de contas	Dados quantitativos
Contas totais de empréstimo ativo	287
Valor total da carteira de empréstimos	US $ 74,3 milhões
Tamanho médio da conta	$258,532

Sistemas de solicitação de empréstimos on -line e rastreamento

A Sachem Capital fornece plataformas digitais para gerenciamento de empréstimos com os seguintes recursos:

• Rastreamento de status de empréstimo em tempo real
• Envio de documentos on -line
• Acesso de conta digital segura

Comunicação regular com mutuários

Canal de comunicação	Freqüência
Atualizações financeiras trimestrais	4 vezes por ano
Extratos mensais de conta	12 vezes por ano
Chamadas de revisão de desempenho	2 vezes por ano

Equipe dedicada de suporte ao cliente

Composição da equipe de suporte ao cliente em 2024:

• Equipe total de suporte: 12 funcionários
• Tempo médio de resposta: 4,2 horas
• Classificação de satisfação do cliente: 4.6/5

Termos e condições de empréstimos transparentes

A Sachem Capital fornece documentação detalhada com as seguintes métricas de transparência:

Métrica de transparência	Especificação
Divulgação média de empréstimo	Documentação 100% inicial
Clareza da taxa de juros	Totalmente divulgado antes do início do empréstimo
Transparência da estrutura de taxas	Documentação pré-empréstimo abrangente

Sachem Capital Corp. (Sach) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Sachem Capital mantém uma equipe de vendas direta focada em empréstimos de investimento imobiliário. A equipe consiste em 12 profissionais de vendas dedicados, especializados em empréstimos em dinheiro e financiamento imobiliário.

Métricas da equipe de vendas	2024 dados
Total de representantes de vendas	12
Tamanho médio do empréstimo tratado	$375,000
Cobertura anual de vendas	Connecticut, Nova York, Massachusetts

Plataforma de empréstimos online

A Sachem Capital opera uma plataforma de empréstimo digital com as seguintes especificações:

• Ano de lançamento da plataforma: 2019
• Usuários ativos mensais: 1.247
• Pedido de empréstimo on -line média Tempo de processamento: 48 horas
• Volume de empréstimo de plataforma digital: US $ 42,6 milhões em 2023

Redes de corretores hipotecários

A empresa mantém parcerias estratégicas com redes de corretores hipotecários em todo o nordeste dos Estados Unidos.

Detalhes da rede de corretores	2024 métricas
Total Broker Partners	87
Alcance geográfico da rede	6 estados do nordeste
Volume anual de referência	US $ 128,3 milhões

Conferências de investimento imobiliário

A Sachem Capital participa ativamente de conferências de investimento imobiliário para expandir sua rede e gerar leads.

• Conferências comparecidas anualmente: 8
• Total Conference Leads Gerated: 214
• Taxa de conversão de leads de conferência: 22%

Marketing digital e comunicação baseada na Web

A empresa aproveita os canais de marketing digital para alcançar potenciais investidores e mutuários.

Métricas de marketing digital	2024 Performance
Visitantes mensais do site	15,672
Seguidores de mídia social	LinkedIn: 4.283 Twitter: 2.145
Tamanho da lista de marketing por e -mail	7.456 assinantes
Orçamento de marketing digital	US $ 247.000 anualmente

Sachem Capital Corp. (Sach) - Modelo de Negócios: Segmentos de Clientes

Investidores imobiliários de correção e flip

A partir do quarto trimestre de 2023, a Sachem Capital Corp. forneceu US $ 41,2 milhões em origens de empréstimos, direcionando especificamente os investidores imobiliários de fixação e flip. O tamanho médio do empréstimo para este segmento foi de US $ 385.000.

Tipo de investidor	Volume de empréstimo	Tamanho médio do empréstimo
Investidores de correção e flip	US $ 41,2 milhões	$385,000

Promotores imobiliários de pequeno a médio porte

Em 2023, a Sachem Capital Corp. alocou US $ 62,7 milhões em financiamento para promotores imobiliários de pequeno a médio porte em vários mercados geográficos.

• Cobertura geográfica: 14 estados
• Escala típica do projeto: US $ 500.000 a US $ 3 milhões
• Termos de empréstimo: 12-24 meses

Empresas de investimento imobiliário

As empresas de investimento imobiliário representaram 35% da carteira de empréstimos da Sachem Capital em 2023, totalizando aproximadamente US $ 87,5 milhões em origens de empréstimos.

Segmento de portfólio	Volume total de empréstimos	Porcentagem de portfólio
Empresas de investimento imobiliário	US $ 87,5 milhões	35%

Investidores de propriedades individuais

Os investidores em propriedades individuais receberam US $ 29,6 milhões em empréstimos durante 2023, com um valor médio de empréstimo de US $ 275.000.

• Empréstimos para investidores individuais totais: US $ 29,6 milhões
• Tamanho médio do empréstimo individual: US $ 275.000
• Foco típico de investimento: propriedades residenciais

Proprietários de propriedades comerciais

Os proprietários de propriedades comerciais compreendiam 22% da carteira de empréstimos da Sachem Capital, representando US $ 55,3 milhões em origens de empréstimos para 2023.

Segmento de propriedade comercial	Volume de empréstimo	Porcentagem de portfólio
Proprietários de propriedades comerciais	US $ 55,3 milhões	22%

Sachem Capital Corp. (Sach) - Modelo de Negócios: Estrutura de Custos

Despesas de originação de empréstimos

Até o relatório anual de 2022, a Sachem Capital Corp. sofreu US $ 1.268.000 em despesas de originação de empréstimos.

Categoria de despesa	Valor ($)
Taxas legais para documentação de empréstimo	412,000
Custos de due diligence	356,000
Despesas de subscrição	500,000

Overhead operacional e administrativo

Em 2022, o total de despesas operacionais foi de US $ 3.947.000.

• Salários e benefícios dos funcionários: US $ 2.185.000
• Aluguel e utilitários do escritório: US $ 412.000
• Serviços profissionais: US $ 689.000
• Marketing e publicidade: US $ 261.000

Pagamentos de juros para provedores de capital

As despesas de juros de 2022 totalizaram US $ 6.413.000.

Fonte de capital	Juros pagos ($)
Linhas de crédito bancárias	4,215,000
Notas conversíveis	1,698,000
Outros instrumentos de dívida	500,000

Conformidade e custos regulatórios

As despesas de conformidade em 2022 foram de US $ 789.000.

• Taxas de arquivamento regulatório: US $ 214.000
• Serviços de auditoria e contabilidade: US $ 375.000
• Software e sistemas de conformidade: $ 200.000

Manutenção de tecnologia e infraestrutura

Os custos de tecnologia e infraestrutura em 2022 totalizaram US $ 612.000.

Categoria de despesa de tecnologia	Valor ($)
Infraestrutura de TI	287,000
Licenciamento de software	165,000
Segurança cibernética	160,000

Sachem Capital Corp. (Sach) - Modelo de Negócios: Fluxos de Receita

Receita de juros de empréstimos de ponte

A partir do quarto trimestre de 2023, a Sachem Capital Corp. reportou receita total de juros de US $ 12,3 milhões da Bridge Loans. A taxa média de juros nesses empréstimos foi de 11,5%.

Categoria de empréstimo	Valor total do empréstimo	Receita de juros
Empréstimos de ponte residencial	US $ 85,6 milhões	US $ 7,2 milhões
Empréstimos para pontes comerciais	US $ 62,4 milhões	US $ 5,1 milhões

Taxas de originação de empréstimos

Em 2023, a Sachem Capital Corp. gerou US $ 3,8 milhões em taxas de originação de empréstimos.

• Taxa de origem média: 2,5% do principal do empréstimo
• Número total de empréstimos originados: 124
• Tamanho médio do empréstimo: US $ 1,2 milhão

Retornos de investimento imobiliário

O portfólio de investimentos imobiliários da empresa gerou US $ 4,5 milhões em retornos para o ano fiscal de 2023.

Tipo de propriedade	Investimento total	Retorno anual
Propriedades residenciais	US $ 42,3 milhões	US $ 2,7 milhões
Propriedades comerciais	US $ 35,6 milhões	US $ 1,8 milhão

Taxas de manutenção de hipotecas

As taxas de manutenção de hipotecas para 2023 totalizaram US $ 1,2 milhão.

• Total de hipotecas com manutenção: 356
• Taxa média de manutenção: 0,35% do saldo do empréstimo
• Portfólio de empréstimos com serviço total: US $ 215,4 milhões

Apreciação do portfólio de investimentos

O portfólio de investimentos da empresa apreciado por US $ 6,7 milhões em 2023.

Categoria de investimento	Valor total	Apreciação
Investimentos imobiliários	US $ 98,6 milhões	US $ 4,3 milhões
Valores mobiliários apoiados por hipotecas	US $ 45,2 milhões	US $ 2,4 milhões

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.