Sachem Capital Corp. (NYSE American: SACH) announces its financial
results for the year ended December 31, 2021. The company will host
a conference call on Friday, April 1, 2022 at 8:00 a.m. Eastern
Time to discuss in greater detail its financial condition and
operating results for the year ended December 31, 2021, as well as
its outlook for 2022.
John Villano, CPA, the company’s Chief Executive
and Chief Financial Officer stated: “We continued to generate solid
year-over-year revenue growth and achieved record net income
attributable to common shareholders of $11.5 million, or $0.44 per
share, for 2021. We believe these results illustrate the success
and scalability of our business model. Heading into 2022, we have
maintained our momentum with a robust loan pipeline. To support our
continued growth, in December 2021 and March 2022 alone, we
announced two registered public offerings of unsecured notes, for
gross proceeds of $101.8 million, which provides us additional
non-dilutive capital to accelerate our lending activities without
compromising our goal, which is to provide our shareholders with
attractive risk-adjusted returns.
“In addition to diversifying our holdings,
including larger loans with established developers, we continue to
expand our lending operations across the U.S. and now have a
presence in 14 states, with a strong core focus along the Eastern
seaboard. Importantly, we are witnessing demand for our loan
products due to our ability to close quickly and our flexibility in
structuring loans to suit the needs of borrowers. Despite the rise
in interest rates, we continue to believe that there exists
significant market opportunity for a well-capitalized “hard money”
lender to originate attractively priced loans to small and
mid-scale real estate developers with good collateral. As a result,
we remain encouraged by the outlook for our business and look
forward to building upon our strong historical financial
performance.”
Results of operations
Total revenue for the year ended December 31,
2021 was approximately $30.4 million compared to approximately
$18.6 million for the year ended December 31, 2020, an increase of
approximately $11.8 million, or 63.5%. The increase in revenue was
due primarily to an increase in lending operations. For 2021,
interest income was approximately $22.3 million, origination fees
were approximately $3.4 million and various other fees relating to
our lending activities were approximately $3.2 million, for a total
of approximately $28.9 million, an increase of $11.7 million over
the same items in 2020.
Total operating costs and expenses for the year
ended December 31, 2021 were approximately $17.1 million compared
to approximately $9.6 million for 2020, an increase of
approximately $7.5 million, or 78.0%. The largest contributor to
this increase was interest and amortization of deferred financing
costs, which were $10.4 million in 2021 compared to $5.5 million in
2020, an increase of approximately 87.9%. The increase is directly
related to interest paid on our outstanding unsecured
unsubordinated five-year notes. The balance of the increase in
operating expenses was attributable to (i) compensation (including
stock-based compensation), fees and taxes, which increased
approximately $1.3 million; (ii) professional fees, which increased
approximately $513,000; (iii) general and administrative expenses,
which increased approximately $538,000; and (iv) other expenses,
which increased approximately $142,000. These increases are
attributable to our increased level of operations and the
implementation of certain of our growth strategies.
Net income for 2021 attributable to common
shareholders was approximately $11.5 million compared to
approximately $9.0 million for 2020, an increase of approximately
$2.5 million or 27.5%. Our net income per weighted average common
share outstanding for 2021 was $0.44 compared to $0.41 for
2020.
Financial Condition
Total assets at December 31, 2021 were
approximately $418.0 million compared to approximately $226.7
million at December 31, 2020, an increase of approximately $191.3
million, or 84.4%. The increase was due primarily to the growth in
our mortgage loan portfolio, which increased approximately $136.7
million, and an approximately $45.9 million increase in cash and
short-term marketable securities.
Total liabilities at December 31, 2021 were
approximately $237.9 million compared to approximately $145.8
million at December 31, 2020, an increase of approximately $92.1
million, or approximately 63.2%. This increase is principally due
to an overall increase in our total indebtedness, which at December
31, 2021 was approximately $213.5 million compared to approximately
$138.7 million at December 31, 2020 (in each case, net of deferred
financing costs), an increase of $80.6 million. Total indebtedness
at December 31, 2021 included $160.5 million of notes payable (net
of $5.7 million of deferred financing costs), $33.2 million balance
on our margin loan account with Wells Fargo Advisors, $19.1 million
outstanding on our master repurchase financing facility with an
affiliate of Churchill Real Estate and $750,000 outstanding on our
mortgage with New Haven Bank.
Total shareholders’ equity at December 31, 2021
was approximately $180.1 million compared to approximately $81.0
million at December 31, 2020, an increase of approximately $99.1
million. This increase was due primarily to our net income of
approximately $13.3 million, net proceeds from the sale of common
shares of $56.0 million, net proceeds from the sale of Series A
Preferred Stock of approximately $45.5 million, offset by
approximately $13.6 million of dividends paid and declared with
respect to our common shares and approximately $1.9 million of
dividends paid with respect to our Series A Preferred
Stock. In 2021, the company paid a total of
approximately $12.3 million of dividends on the common shares, of
which approximately $2.7 million was attributable to 2020. In
addition, on January 10, 2022, the company paid a dividend of $0.12
per share, or $3.9 million in the aggregate, to common shareholders
of record as of December 31, 2021, which was attributable to
2021.
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, April 1, 2022, at 8:00 a.m., Eastern Time, to discuss in
greater detail its financial results for the year ended December
31, 2021, as well as its outlook for the balance of 2022.
Interested parties can access the conference call via telephone
by dialing toll free 1-888-506-0062 for U.S. callers or +1
973-528-0011 for international callers and entering the entry code:
295196. A webcast of the call may be accessed at
https://www.webcaster4.com/Webcast/Page/2304/45135 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,
April 15, 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: 45135.
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, LLCEmail:
sach@crescendo-ir.comTel: (212) 671-1021
(tables follow)
SACHEM CAPITAL
CORP.BALANCE SHEETS
|
|
December 31, 2021 |
|
December 31, 2020 |
Assets |
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
41,938,897 |
|
|
$ |
19,408,028 |
|
Investment securities |
|
|
60,633,661 |
|
|
|
37,293,703 |
|
Mortgages receivable |
|
|
292,301,209 |
|
|
|
155,616,300 |
|
Interest and fees receivable |
|
|
3,693,645 |
|
|
|
1,820,067 |
|
Other receivables |
|
|
94,108 |
|
|
|
67,307 |
|
Due from borrowers |
|
|
3,671,016 |
|
|
|
2,025,663 |
|
Prepaid expenses |
|
|
271,291 |
|
|
|
71,313 |
|
Property and equipment, net |
|
|
2,172,185 |
|
|
|
1,433,388 |
|
Real estate owned |
|
|
6,559,010 |
|
|
|
8,861,609 |
|
Investments in partnerships |
|
|
6,055,838 |
|
|
|
— |
|
Other assets |
|
|
306,440 |
|
|
|
— |
|
Deferred financing costs, net |
|
|
264,451 |
|
|
|
72,806 |
|
Total assets |
|
$ |
417,961,751 |
|
|
$ |
226,670,184 |
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Notes payable (net of deferred financing costs of $5,747,387 and
$4,866,058) |
|
$ |
160,529,363 |
|
|
$ |
109,640,692 |
|
Repurchase facility |
|
|
19,087,189 |
|
|
|
— |
|
Mortgage payable |
|
|
750,000 |
|
|
|
767,508 |
|
Line of credit |
|
|
33,178,031 |
|
|
|
28,055,648 |
|
Accrued dividends payable |
|
|
3,927,600 |
|
|
|
2,654,977 |
|
Accounts payable and accrued expenses |
|
|
501,753 |
|
|
|
372,662 |
|
Other loans |
|
|
— |
|
|
|
257,845 |
|
Security deposits held |
|
|
— |
|
|
|
13,416 |
|
Advances from borrowers |
|
|
15,066,114 |
|
|
|
1,830,539 |
|
Deferred revenue |
|
|
4,643,490 |
|
|
|
2,099,331 |
|
Notes payable |
|
|
30,921 |
|
|
|
54,682 |
|
Accrued interest |
|
|
164,729 |
|
|
|
3,344 |
|
Total liabilities |
|
|
237,879,190 |
|
|
|
145,750,644 |
|
|
|
|
|
|
|
|
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 |
|
|
|
— |
|
Common stock
- $.001 par value; 100,000,000 shares authorized; 32,730,004 and
22,124,801 issued and outstanding |
|
|
32,730 |
|
|
|
22,125 |
|
Paid-in
capital |
|
|
185,516,394 |
|
|
|
83,814,376 |
|
Accumulated
other comprehensive loss |
|
|
(476,016 |
) |
|
|
(25,992 |
) |
Accumulated
deficit |
|
|
(4,992,450 |
) |
|
|
(2,890,969 |
) |
Total shareholders’ equity |
|
|
180,082,561 |
|
|
|
80,919,540 |
|
Total liabilities and shareholders’ equity |
|
$ |
417,961,751 |
|
|
$ |
226,670,184 |
|
The accompanying notes are an
integral part of these financial statements.
SACHEM CAPITAL
CORP.STATEMENTS OF COMPREHENSIVE
INCOME
|
|
Year Ended |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
Revenue: |
|
|
|
|
|
|
Interest income from loans |
|
$ |
22,305,530 |
|
|
$ |
13,821,831 |
Investment income |
|
|
1,069,374 |
|
|
|
399,493 |
Income from partnership investments |
|
|
142,026 |
|
|
|
— |
Gain on sale of investment securities |
|
|
284,769 |
|
|
|
903,257 |
Origination fees, net |
|
|
3,389,615 |
|
|
|
1,893,143 |
Late and other fees |
|
|
519,087 |
|
|
|
85,469 |
Processing fees |
|
|
193,492 |
|
|
|
167,833 |
Rental income, net |
|
|
30,663 |
|
|
|
85,339 |
Other income |
|
|
2,489,996 |
|
|
|
1,246,530 |
Total revenue |
|
|
30,424,552 |
|
|
|
18,602,895 |
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
Interest and amortization of deferred financing costs |
|
|
10,422,101 |
|
|
|
5,547,406 |
Professional fees |
|
|
1,142,038 |
|
|
|
628,797 |
Compensation, fees and taxes |
|
|
3,122,934 |
|
|
|
1,799,889 |
Exchange fees |
|
|
50,000 |
|
|
|
49,054 |
Other expenses and taxes |
|
|
299,343 |
|
|
|
157,194 |
Depreciation |
|
|
83,525 |
|
|
|
61,865 |
General and administrative expenses |
|
|
1,101,000 |
|
|
|
562,607 |
Loss on sale of real estate |
|
|
165,915 |
|
|
|
7,218 |
Impairment loss |
|
|
719,000 |
|
|
|
795,000 |
Total operating costs and expenses |
|
|
17,105,856 |
|
|
|
9,609,030 |
Net income |
|
|
13,318,696 |
|
|
|
8,993,865 |
Preferred stock dividend |
|
|
(1,853,855 |
) |
|
|
— |
Net income attributable to common shareholders |
|
|
11,464,841 |
|
|
|
8,993,865 |
|
|
|
|
|
|
|
Other comprehensive (loss) income |
|
|
|
|
|
|
Unrealized (loss) gain on investment securities |
|
|
(476,016 |
) |
|
|
24,886 |
Comprehensive income |
|
$ |
10,988,825 |
|
|
$ |
9,018,751 |
Basic and
diluted net income per common share outstanding: |
|
|
|
|
|
|
Basic |
|
$ |
0.44 |
|
|
$ |
0.41 |
Diluted |
|
$ |
0.44 |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
26,316,286 |
|
|
|
22,118,522 |
Diluted |
|
|
26,324,986 |
|
|
|
22,118,522 |
The accompanying notes are an
integral part of these financial statements.
SACHEM CAPITAL
CORP.STATEMENT OF CHANGES IN SHAREHOLDERS’
EQUITYFOR THE YEARS ENDED DECEMBER 31,
2021 AND 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
Preferred Stock |
|
Common Stock |
|
Paid in |
|
|
Comprehensive |
|
Accumulated |
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Loss |
|
Deficit |
|
Totals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2020 |
|
— |
|
|
— |
|
22,117,301 |
|
$ |
22,117 |
|
$ |
83,856,308 |
|
|
$ |
(50,878 |
) |
|
$ |
(1,266,729 |
) |
|
$ |
82,560,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offering costs - ATM |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(58,353 |
) |
|
|
— |
|
|
|
— |
|
|
|
(58,353 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
— |
|
|
— |
|
7,500 |
|
|
8 |
|
|
16,421 |
|
|
|
— |
|
|
|
— |
|
|
|
16,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on marketable
securities |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
24,886 |
|
|
|
— |
|
|
|
24,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on Common
Stock |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(7,963,128 |
) |
|
|
(7,963,128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and
payable |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(2,654,977 |
) |
|
|
(2,654,977 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the year ended
December 31, 2020 |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
8,993,865 |
|
|
|
8,993,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2020 |
|
— |
|
|
— |
|
22,124,801 |
|
|
22,125 |
|
|
83,814,376 |
|
|
|
(25,992 |
) |
|
|
(2,890,969 |
) |
|
|
80,919,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Preferred Stock, net
of expenses |
|
1,903,000 |
|
$ |
1,903 |
|
— |
|
|
— |
|
|
45,460,723 |
|
|
|
— |
|
|
|
— |
|
|
|
45,462,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Common Stock, net of
expenses |
|
— |
|
|
— |
|
10,490,188 |
|
|
10,490 |
|
|
56,049,982 |
|
|
|
— |
|
|
|
— |
|
|
|
56,060,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of warrants |
|
— |
|
|
— |
|
5,334 |
|
|
5 |
|
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
— |
|
|
— |
|
109,681 |
|
|
110 |
|
|
191,318 |
|
|
|
— |
|
|
|
— |
|
|
|
191,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on marketable
securities |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
(450,024 |
) |
|
|
— |
|
|
|
(450,024 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on Common
Stock |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(9,638,722 |
) |
|
|
9,638,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and
payable |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(3,927,600 |
) |
|
|
(3,927,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on Preferred
Stock |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(1,853,855 |
) |
|
|
(1,853,855 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the year ended
December 31, 2021 |
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
13,318,696 |
|
|
|
13,318,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2021 |
|
1,903,000 |
|
$ |
1,903 |
|
32,730,004 |
|
$ |
32,730 |
|
$ |
185,516,394 |
|
|
$ |
(476,016 |
) |
|
$ |
(4,992,450 |
) |
|
$ |
180,082,561 |
|
The accompanying notes are an integral part of
these financial statements.
SACHEM CAPITAL
CORP.STATEMENTS OF CASH FLOW
|
|
Years Ended |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
|
CASH FLOWS
FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
Net income |
|
$ |
13,318,696 |
|
|
$ |
8,993,865 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Amortization of deferred financing costs and bond discount |
|
|
1,215,200 |
|
|
|
601,959 |
|
Write-off of deferred financing costs |
|
|
72,806 |
|
|
|
— |
|
Depreciation expense |
|
|
83,525 |
|
|
|
61,865 |
|
Stock based compensation |
|
|
191,318 |
|
|
|
16,429 |
|
Impairment loss |
|
|
719,000 |
|
|
|
795,000 |
|
Loss on sale of real estate |
|
|
439,525 |
|
|
|
7,218 |
|
Gain on sale of marketable securities |
|
|
(284,769 |
) |
|
|
(903,257 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
(Increase) decrease in: |
|
|
|
|
|
|
Interest and fees receivable |
|
|
(1,873,578 |
) |
|
|
(504,578 |
) |
Other receivables |
|
|
(26,801 |
) |
|
|
74,090 |
|
Due from borrowers |
|
|
(1,645,353 |
) |
|
|
(1,537,768 |
) |
Prepaid expenses |
|
|
(199,978 |
) |
|
|
(46,579 |
) |
Deposits on property and equipment |
|
|
— |
|
|
|
71,680 |
|
(Decrease) increase in: |
|
|
|
|
|
|
Accrued interest |
|
|
161,385 |
|
|
|
(72 |
) |
Accounts payable and accrued expenses |
|
|
129,091 |
|
|
|
122,098 |
|
Deferred revenue |
|
|
2,544,159 |
|
|
|
893,591 |
|
Advances from borrowers |
|
|
13,235,575 |
|
|
|
982,271 |
|
Total adjustments |
|
|
14,761,105 |
|
|
|
633,947 |
|
|
|
|
|
|
|
|
NET CASH
PROVIDED BY OPERATING ACTIVITIES |
|
|
28,079,801 |
|
|
|
9,627,812 |
|
|
|
|
|
|
|
|
CASH FLOWS
FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
Purchase of investment securities |
|
|
(204,064,590 |
) |
|
|
(97,555,422 |
) |
Proceeds from the sale of investment securities |
|
|
180,533,333 |
|
|
|
77,139,664 |
|
Purchase of interests in investment partnerships, net |
|
|
(6,055,838 |
) |
|
|
— |
|
Proceeds from sale of real estate owned |
|
|
2,387,721 |
|
|
|
1,816,522 |
|
Acquisitions of and improvements to real estate owned |
|
|
(1,243,646 |
) |
|
|
(1,811,980 |
) |
Purchase of property and equipment |
|
|
(822,322 |
) |
|
|
(148,857 |
) |
Security deposits held |
|
|
(13,416 |
) |
|
|
5,616 |
|
Principal disbursements for mortgages receivable |
|
|
(251,832,318 |
) |
|
|
(117,230,923 |
) |
Principal collections on mortgages receivable |
|
|
115,147,409 |
|
|
|
54,961,570 |
|
Costs in connection with investment activities |
|
|
(306,440 |
) |
|
|
— |
|
NET CASH
USED FOR INVESTING ACTIVITIES |
|
|
(166,270,107 |
) |
|
|
(82,823,810 |
) |
|
|
|
|
|
|
|
CASH FLOWS
FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
Net proceeds from line of credit |
|
|
5,122,383 |
|
|
|
28,055,648 |
|
Net proceeds from repurchase facility |
|
|
19,087,189 |
|
|
|
— |
|
Proceeds from mortgage |
|
|
750,000 |
|
|
|
— |
|
Repayment of mortgage payable |
|
|
(767,508 |
) |
|
|
— |
|
Principal payments on mortgage payable |
|
|
— |
|
|
|
(16,573 |
) |
Principal payments on notes payable |
|
|
(23,761 |
) |
|
|
(20,751 |
) |
Dividends paid on Common Stock |
|
|
(12,267,706 |
) |
|
|
(7,963,128 |
) |
Dividends paid on Preferred Stock |
|
|
(1,853,855 |
) |
|
|
— |
|
Financings costs incurred |
|
|
(461,357 |
) |
|
|
(114,559 |
) |
Proceeds from other loans |
|
|
— |
|
|
|
257,845 |
|
Repayment of other loans |
|
|
(257,845 |
) |
|
|
— |
|
Proceeds from issuance of common shares, net of expenses |
|
|
56,060,472 |
|
|
|
— |
|
Proceeds from issuance of Series A Preferred Stock, net of
expenses |
|
|
45,462,626 |
|
|
|
— |
|
Gross proceeds from issuance of fixed rate notes |
|
|
51,750,000 |
|
|
|
56,083,750 |
|
Financings costs incurred in connection with fixed rate notes |
|
|
(1,879,463 |
) |
|
|
(2,520,143 |
) |
NET CASH
PROVIDED BY IN FINANCING ACTIVITIES |
|
|
160,721,175 |
|
|
|
73,762,089 |
|
|
|
|
|
|
|
|
NET INCREASE
IN CASH AND CASH EQUIVALENTS |
|
|
22,530,869 |
|
|
|
566,091 |
|
|
|
|
|
|
|
|
CASH AND
CASH EQUIVALENTS- BEGINNING OF YEAR |
|
|
19,408,028 |
|
|
|
18,841,937 |
|
|
|
|
|
|
|
|
CASH AND
CASH EQUIVALENTS - END OF YEAR |
|
$ |
41,938,897 |
|
|
$ |
19,408,028 |
|
The accompanying notes are an integral part
of these financial statements.
SACHEM CAPITAL CORP.
STATEMENTS OF CASH FLOW
(Continued)
|
|
Years Ended |
|
|
December 31, |
|
|
2021 |
|
2020 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION |
|
|
|
|
|
|
Interest paid |
|
$ |
9,097,631 |
|
$ |
4,945,448 |
SUPPLEMENTAL
INFORMATION-NON-CASH |
|
|
|
|
|
|
Dividends declared and payable |
|
$ |
3,927,600 |
|
$ |
2,654,976 |
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