Exhibit 99.1





- Company to Host Webcast and Conference Call -


BRANFORD, Conn., August 14, 2023 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announced its financial results for the quarter ended June 30, 2023. The company will host a webcast and conference Tuesday, August 15, 2023 at 8:00 a.m. Eastern Time to discuss in greater detail its financial performance and operating results for the second quarter.


John Villano, CPA, Sachem Capital’s Chief Executive Officer, stated, “We produced another strong quarter of earnings as we effectively navigated the volatility and uncertainty in the current economy. Armed with enhanced underwriting and a high-quality team, Sachem remains steadfast in its ability to originate loans that minimize risk and insulate our portfolio. We continue to explore opportunities to expand our lending business, despite the ongoing market dislocation. Going forward, we will continue to be judicious in our approach to capital deployment to provide our shareholders with long-term and sustainable risk-adjusted returns.”


Results of operations for quarter ended June 30, 2023


Total revenue grew 31.2% to approximately $16.5 million, compared to $12.5 million for the quarter ended June 30, 2022. The growth in revenue was due primarily to an increase in lending operations, as well the rates that the Company was able to charge borrowers. For the second quarter 2023, interest income was approximately $11.9 million compared to approximately $10.4 million for the 2022 period.


Total operating costs and expenses for the quarter ended June 30, 2023 were approximately $10.8 million, compared to $7.3 million for 2022 period. Given the company’s ongoing investments in its growth strategies, the largest contributor to this increase was interest and amortization of deferred financing costs, which were approximately $7.1 million in the quarter, compared to $5.2 million in 2022 period. The balance of the changes was attributable to (i) approximately $671,000 in general and administrative expenses, (ii) approximately $375,000 of compensation, fees and taxes, (iii) approximately $210,000 loss on sale of real estate, and (iv) approximately $183,000 of impairment loss.






Net income attributable to common shareholders for the three months ended June 30, 2023 was approximately $4.8 million, or $0.11 per share, compared to $4.3 million, or $0.12 per share for the three months ended June 30, 2022.


Balance Sheet


Total assets at June 30, 2023 grew 10.3% to approximately $624.0 million compared to $565.7 million at December 31, 2022. The rise in assets was due primarily to the growth in the company’s mortgage loan portfolio and in its investment securities holdings, which increased approximately $46.0 million and $12.6 million, respectively. Total liabilities at June 30, 2023 were approximately $395.0 million compared to $348.0 million at December 31, 2022.


Total indebtedness at quarter end included approximately $281.2 million of notes payable (net of approximately $7.2 million of deferred financing costs), approximately $35.9 million balance on the margin loan account with Wells Fargo Advisors and on the revolving credit facility with Needham Bank, approximately $50.5 million outstanding on the master repurchase financing facility with an affiliate of Churchill Real Estate, approximately $1.7 million outstanding on the mortgage loan with New Haven Bank, and approximately a $6.2 million secured note payable with PeoplesBank.


Total shareholders’ equity at June 30, 2023 rose $11.3 million to approximately $229.0 million compared to $217.7 million at December 31, 2022. The change was primarily due to additional paid-in capital of approximately $10.4 million.




Subsequent to quarter end, on August 11, 2023, the company paid a quarterly dividend of $0.13 per share to shareholders of record as of the close of trading on the NYSE American on August 7, 2023.


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 Webcast and Call


The company will host a webcast and conference call tomorrow, Tuesday, August 15, 2023 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the quarter ended June 30, 2023. A webcast of the call may be accessed on Sachem’s website at https://ir.sachemcapitalcorp.com/ir-calendar.






Interested parties can access the conference call via telephone by dialing toll free 1-877-704-4453 for U.S. callers or +1 201-389-0920 for international callers.




The webcast will also be archived on the company’s website and a telephone replay of the call will be available through Tuesday, August 29, 2023 and can be accessed by dialing 1-844-512-2921 for U.S. callers or +1 412-317-6671 for international callers and by entering replay passcode: 13739152.


About Sachem Capital Corp


Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, non-banking loan to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the 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 and is personally guaranteed by the principal(s) of the borrower. The company will also make opportunistic real estate purchases apart from its lending activities.


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. These forward-looking statements are based primarily on management’s current expectations and projections about future events and trends that management believes may affect the company’s 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 the Annual Report on Form 10-K for 2022 filed with the U.S. Securities and Exchange Commission on March 31, 2023, as supplemented by subsequently filed Quarter Reports on Form 10-Q. 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 the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results, level of activity, performance, or achievements. In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the company 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 the company in the context of these risks and uncertainties.


Investor & Media Contact:

Email: investors@sachemcapitalcorp.com










   June 30, 2023   December 31, 2022 
    (unaudited)    (audited) 
Cash and cash equivalents  $15,128,984   $23,713,097 
Investment securities   37,201,120    24,576,462 
Mortgages receivable, net   506,653,156    460,633,268 
Interest and fees receivable   7,736,475    6,309,845 
Due from borrowers   6,765,910    5,276,967 
Real estate owned   4,998,934    5,216,149 
Investments in partnerships   35,399,190    30,831,180 
Property and equipment, net   4,534,711    4,121,721 
Other assets   5,612,286    4,983,173 
Total assets  $624,030,766   $565,661,862 
Liabilities and Shareholders’ Equity          
Unsecured notes payable (net of deferred financing costs of $7,223,456 and $8,352,597)  $281,178,294   $280,049,153 
Secured note payable   6,224,000     
Repurchase facility   50,509,605    42,533,466 
Mortgage payable   1,649,167    750,000 
Line of credit   35,900,737    3,587,894 
Accrued dividends payable       5,342,160 
Accounts payable and accrued liabilities   2,124,028    1,439,219 
Advances from borrowers   12,586,438    9,892,164 
Deferred revenue   4,815,702    4,360,452 
Total liabilities   394,987,971    347,954,508 
Commitments and Contingencies          
Shareholders’ equity:          
Preferred shares - $.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 1,928,000 and 1,903,000 shares of Series A Preferred Stock issued and outstanding at June 30, 2023 and December 31, 2022, respectively   1,928    1,903 
Common stock - $.001 par value; 200,000,000 shares authorized; 43,822,050 and 41,093,536 issued and outstanding at June 30, 2023 and December 31, 2022, respectively   43,822    41,094 
Paid-in capital   236,595,201    226,220,990 
Accumulated other comprehensive loss   (376,078)   (561,490)
Accumulated deficit   (7,222,078)   (7,995,143)
Total shareholders’ equity   229,042,795    217,707,354 
Total liabilities and shareholders’ equity  $624,030,766   $565,661,862 










   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2023   2022   2023   2022 
Interest income from loans  $11,898,484   $10,433,572   $22,881,810   $18,944,947 
Investment gain, net   333,873    230,602    608,669    347,940 
Income from partnership investments   1,006,477    317,004    1,556,200    589,493 
Origination and modification fees, net   1,764,262    2,246,775    3,240,183    4,090,616 
Fee and other income   1,570,976    798,609    2,278,581    1,407,172 
Unrealized gain (loss) on investment securities   (115,789)   (1,478,432)   600,600    (2,530,662)
Total revenue   16,458,283    12,548,130    31,166,043    22,849,506 
Operating costs and expenses:                    
Interest and amortization of deferred financing costs   7,138,940    5,209,865    14,011,907    9,108,253 
Compensation, fees and taxes   1,562,465    1,187,940    3,341,783    2,181,903 
General and administrative expenses   1,317,348    645,871    2,215,463    1,277,819 
Other expenses   212,822    130,060    296,545    229,331 
(Gain) Loss on sale of real estate   21,239    (188,182)   (126,861)   (122,343)
Provision for Credit Losses   94,932    105,000    196,447    105,000 
Impairment loss   412,500    230,000    412,500    490,500 
Total operating costs and expenses   10,760,246    7,320,554    20,347,784    13,270,463 
Net income   5,698,037    5,227,576    10,818,259    9,579,043 
Preferred stock dividend   (924,762)   (921,766)   (1,849,525)   (1,843,531)
Net income attributable to common shareholders   4,773,275    4,305,810    8,968,734    7,735,512 
Other comprehensive loss                    
Unrealized gain (loss) on investment securities   93,775    (192,764)   185,412    50,044 
Comprehensive income  $4,867,050   $4,113,046   $9,154,146   $7,785,556 
Basic and diluted net income per common share outstanding:                    
Basic  $0.11   $0.12   $0.21   $0.22 
Diluted  $0.11   $0.12   $0.21   $0.22 
Weighted average number of common shares outstanding:                    
Basic   43,844,285    36,373,570    43,321,303    35,630,455 
Diluted   43,844,285    36,373,877    43,321,303    35,636,374 










   Six Months Ended 
   June 30, 
   2023   2022 
Net income  $10,818,259   $9,579,043 
Adjustments to reconcile net income to net cash provided by operating activities:          
Amortization of deferred financing costs and bond discount   1,224,324    1,108,675 
Depreciation expense   109,497    44,478 
Stock based compensation   395,709    230,167 
Provision for credit losses   196,447    105,000 
Impairment loss   412,500    490,500 
(Gain) Loss on sale of real estate   (126,861)   (122,343)
Unrealized (gain) loss on investment securities   (600,600)   2,530,662 
Gain on sale of investment securities   24,285    148,565 
Changes in operating assets and liabilities:          
(Increase) decrease in:          
Interest and fees receivable   (1,455,807)   (1,620,733)
Other assets - miscellaneous   (863,887)   (393,624)
Due from borrowers   (1,521,226)   (1,102,371)
Other assets - prepaid expenses   163,617    101,149 
(Decrease) increase in:          
Accrued Interest   168,919    301,495 
Accounts payable and accrued liabilities   (9,596)   (323,887)
Deferred revenue   455,250    (15,493)
Advances from borrowers   2,694,274    (3,729,817)
Total adjustments   1,266,845    (2,247,577)
Purchase of investment securities   (18,346,504)   (36,088,438)
Proceeds from the sale of investment securities   6,560,095    59,710,599 
Purchase of interests in investment partnerships, net   (4,568,010)   (13,561,132)
Proceeds from sale of real estate owned   191,274    1,397,502 
Acquisitions of and improvements to real estate owned, net   (180,146)   (19,917)
Purchase of property and equipment   (722,487)   (815,339)
Principal disbursements for mortgages receivable   (114,468,454)   (191,971,926)
Principal collections on mortgages receivable   66,355,505    60,895,362 
Other assets   19,927    (114,244)
NET CASH USED FOR INVESTING ACTIVITIES   (65,158,800)   (120,567,533)
Net proceeds from (repayment of) line of credit   32,312,843    (9,771,376)
Net proceeds from repurchase facility   7,976,139    20,285,241 
Proceeds from mortgage   899,167     
Accounts payable and accrued liabilities - principal payments on other notes   (6,014)   (13,281)
Dividends paid on Common Stock   (11,048,257)   (8,253,864)
Dividends paid on Preferred Stock   (1,849,525)   (1,843,531)
Proceeds from issuance of common shares, net of expenses   9,690,580    21,230,975 
Common Stock buyback   (226,327)    
Proceeds from issuance of Series A Preferred Stock, net of expenses   516,977     
Gross proceeds from issuance of fixed rate notes       81,875,000 
Gross proceeds from issuance of secured note   6,224,000     
Financings costs incurred in connection with fixed rate notes       (3,081,500)
NET DECREASE IN CASH AND CASH EQUIVALENTS   (8,584,113)   (12,808,403)
CASH AND CASH EQUIVALENTS - END OF PERIOD  $15,128,984   $29,130,494