[ { "page_no": 1, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 43.951886594978305, 100.74905603824624, 48.70812338133749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "UNITED STATES", "box": [ 272.57530025394533, 100.08622902672948, 339.4121741449949, 104.36791258745552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SECURITIES AND EXCHANGE COMMISSION", "box": [ 214.29892063968714, 110.04914437160801, 397.6969000919541, 114.33082793233405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Washington, D.C. 20549", "box": [ 261.9785869330343, 120.01205971648653, 350.0019446517877, 124.29374327721257 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FORM 10-Q", "box": [ 282.8717953536747, 133.53315911310733, 329.1184585847848, 137.81484267383337 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Mark One)", "box": [ 33.44309332653772, 146.34262169937972, 73.9897125713559, 150.62430526010576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf078", "box": [ 33.44309332653772, 162.05978785813352, 42.49561392380247, 168.49787712675482 ], "from_ocr": false, "confidence": 1.0 }, { "text": " QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934", "box": [ 42.505343333318955, 162.7102683373945, 476.488437120268, 166.99195189812042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the quarterly period ended ", "box": [ 226.51905543420565, 176.2313677340153, 332.5181923170201, 180.51305129474122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 332.5195857588259, 175.60469650944435, 385.4805996321515, 180.36093329580342 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or", "box": [ 302.4418076382575, 189.7524671306361, 309.5553958891026, 194.03415069136213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf06f", "box": [ 33.44309332653772, 205.4696332893899, 41.05288148407257, 211.9077225580112 ], "from_ocr": false, "confidence": 1.0 }, { "text": " TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934", "box": [ 41.059831062298635, 206.12011376865075, 475.8226674372568, 210.4017973293768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the transition period from ___________ to ____________", "box": [ 33.44309332653772, 218.92957635492326, 246.20443062127, 223.21125991564918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commission File Number: ", "box": [ 240.87410777613763, 234.5855861825894, 334.101309784426, 238.86726974331543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "001-37997", "box": [ 334.1096456987642, 234.5855861825894, 371.11197998424484, 238.86726974331543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 230.44418077446795, 251.2883831611689, 381.53731413887147, 257.47184783678404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Exact name of registrant as specified in its charter)", "box": [ 217.7903887404593, 265.8976058379219, 394.19987257055715, 270.1792893986478 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New York", "box": [ 148.46139279910838, 282.35021806171414, 188.42071652791253, 287.1064548480732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "81-3467779", "box": [ 422.8863377897352, 283.6885260966335, 464.1584929373067, 287.9702096573595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(State or other jurisdiction of incorporation or organization)", "box": [ 66.4341310812861, 298.6328991139513, 270.4598513532691, 302.91458267467726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(I.R.S. Employer Identification No.)", "box": [ 381.51133242125303, 298.6328991139513, 505.5446246619223, 302.91458267467726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "568 East Main Street,", "box": [ 220.64805174883082, 320.77860582053125, 307.9452297576831, 325.5348426068903 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 307.9458771514805, 321.40527704510214, 310.0807875825259, 325.6869606058281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Branford", "box": [ 310.0807875825259, 320.77860582053125, 348.02522220002487, 325.5348426068903 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", ", "box": [ 348.0310408012061, 321.40527704510214, 352.30086166329687, 325.6869606058281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CT", "box": [ 352.30086166329687, 320.77860582053125, 365.4785971713918, 325.5348426068903 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 365.48838130506687, 321.40527704510214, 367.6232917361122, 325.6869606058281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "06405", "box": [ 367.6232917361122, 320.77860582053125, 391.33856933352644, 325.5348426068903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Address of principal executive offices)", "box": [ 238.26106280495532, 332.07982920032913, 373.7361406085429, 336.3615127610551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(", "box": [ 276.778405165066, 348.44747583834385, 279.6221725538203, 352.72915939906983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "203", "box": [ 279.62495240645984, 347.8208046137729, 293.8541208578623, 352.577041400132 ], "from_ocr": false, "confidence": 1.0 }, { "text": ") ", "box": [ 293.85768861342916, 348.44747583834385, 298.8363664332289, 352.72915939906983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "433-4736", "box": [ 298.8391462858684, 347.8208046137729, 335.19947466885867, 352.577041400132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Registrant's telephone number, including area code)", "box": [ 215.577639475098, 359.1220279935708, 396.40288564806167, 363.40371155429676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "_______________________________________________________________________", "box": [ 154.42135108577676, 369.7965801487978, 457.57863229422287, 374.07826370952375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Former name, former address and former fiscal year, if changed since last report)", "box": [ 166.02992655458613, 382.60604273507016, 445.9533788766607, 386.88772629579614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during", "box": [ 33.44309332653772, 396.127142131691, 576.4817455290384, 400.408825692417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements", "box": [ 33.44309332653772, 406.0900574765695, 566.7745756307047, 410.3717410372955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the past 90 days. ", "box": [ 33.44309332653772, 416.05297282144795, 110.99621667849405, 420.33465638217405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf078", "box": [ 111.00038632935872, 415.19400501675443, 120.0529068945998, 420.1788072260295 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Yes ", "box": [ 120.06263633613995, 416.05297282144795, 151.3968946417958, 420.33465638217405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf06f", "box": [ 151.3968946417958, 415.19400501675443, 159.0066827886561, 420.1788072260295 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No", "box": [ 159.01363593574075, 416.05297282144795, 177.99015425049265, 420.33465638217405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of", "box": [ 33.44309332653772, 432.42061945946267, 549.4409377580371, 436.7023030201887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Regulation S-T (\u00a7 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such", "box": [ 33.44309332653772, 442.3835348043412, 541.043066867474, 446.66521836506723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "files). ", "box": [ 33.44309332653772, 453.05808695956813, 61.66394058691904, 457.3397705202942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf078", "box": [ 61.66394058691904, 452.1991191548746, 70.71646115216012, 457.1839213641497 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Yes ", "box": [ 70.72619059370027, 453.05808695956813, 99.92553846831072, 457.3397705202942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf06f", "box": [ 99.92553846831072, 452.1991191548746, 107.53532661517104, 457.1839213641497 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No", "box": [ 107.54227620407164, 453.05808695956813, 126.51879451882354, 457.3397705202942 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an", "box": [ 33.44309332653772, 468.7140967872344, 545.7090177127566, 472.9957803479604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "emerging growth company. See the definitions of 'large accelerated filer,' 'accelerated filer,' 'non-accelerated filer,' 'smaller reporting company,' and", "box": [ 33.44309332653772, 478.6770121321129, 553.0686177272512, 482.95869569283894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'emerging growth company' in Rule 12b-2 of the Exchange Act.", "box": [ 33.44309332653772, 489.35156428733984, 255.7281306154458, 493.63324784806593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Large accelerated filer", "box": [ 140.22197285429257, 506.430847735703, 216.86192173053206, 510.71253129642906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf06f", "box": [ 224.395267886506, 505.57187993100945, 232.0050560333663, 510.5566821402846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accelerated filer", "box": [ 390.97387457567123, 506.430847735703, 448.0994077219727, 510.71253129642906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf06f", "box": [ 456.83364106657336, 505.57187993100945, 464.4434292134337, 510.5566821402846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-accelerated filer", "box": [ 136.5525955509333, 520.74854952845, 216.86491736141488, 525.504786314809 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf078", "box": [ 223.6725081928118, 519.8046161379788, 232.7250287580529, 524.7894183472538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Smaller reporting company", "box": [ 354.6692814809219, 520.6635839426724, 448.1049708146429, 524.9452675033983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf078", "box": [ 456.1108813728792, 519.8046161379788, 465.1634019381203, 524.7894183472538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Emerging growth company", "box": [ 354.8138291498399, 535.6079569599901, 448.09940743731806, 539.8896405207162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 457.0893819871083, 536.5961870157594, 464.17795182038697, 539.5119765108798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or", "box": [ 33.44309332653772, 557.6686980807925, 567.9546134690875, 561.9503816415186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ", "box": [ 33.44309332653772, 568.3432502360195, 367.0979058781108, 572.6249337967455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf06f", "box": [ 367.1006870116966, 567.4842824313259, 374.7104751585569, 572.4690846406011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ", "box": [ 33.44309332653772, 581.1527128222918, 429.45230153225555, 585.4343963830179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf06f", "box": [ 429.45786251848085, 580.2937450175983, 437.0676506653412, 585.2785472268733 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Yes ", "box": [ 437.07459669605777, 581.1527128222918, 468.39773577618104, 585.4343963830179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\uf078", "box": [ 468.3977392347359, 580.2937450175983, 477.45025979997706, 585.2785472268733 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No", "box": [ 477.4599856833331, 581.1527128222918, 496.43650399808496, 585.4343963830179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities registered pursuant to Section 12(b) of the Act:", "box": [ 33.44309332653772, 596.8087226499581, 229.80481515128955, 601.0904062106841 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Title of each class", "box": [ 115.68162222243222, 616.7345533397151, 177.26461488918451, 621.0162369004412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ticker symbol(s)", "box": [ 276.92295995035204, 616.7345533397151, 335.1993431370269, 621.0162369004412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Name of each exchange on which registered", "box": [ 389.93978089381767, 616.7345533397151, 541.2098605877383, 621.0162369004412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common shares, par value $0.001 per share", "box": [ 71.53790133050398, 631.6789263570329, 221.415285441177, 635.9606099177589 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACH", "box": [ 294.66940290841694, 631.6789263570329, 317.4487304284685, 635.9606099177589 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NYSE American LLC", "box": [ 427.6342931919629, 631.6789263570329, 503.5334168336044, 635.9606099177589 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.00% Notes due 2026", "box": [ 107.57563417955672, 645.9116625640022, 185.37060283243085, 650.1933461247282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SCCD", "box": [ 294.9029051786285, 645.9116625640022, 317.21105130562773, 650.1933461247282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NYSE American LLC", "box": [ 427.6342931919629, 645.9116625640022, 503.5334168336044, 650.1933461247282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6.00% Notes due 2027", "box": [ 107.57563417955672, 660.1443987709715, 185.37060283243085, 664.4260823316976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SCCE", "box": [ 295.3810397187654, 660.1443987709715, 316.73848350174154, 664.4260823316976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NYSE American LLC", "box": [ 427.6342931919629, 660.1443987709715, 503.5334168336044, 664.4260823316976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.125% Notes due 2027", "box": [ 105.44072374851135, 674.3771349779407, 187.50551326347625, 678.6588185386669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SCCF", "box": [ 295.61454198897695, 674.3771349779407, 316.50497411516193, 678.6588185386669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NYSE American LLC", "box": [ 427.6342931919629, 674.3771349779407, 503.5334168336044, 678.6588185386669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.00% Notes due 2027", "box": [ 107.57563417955672, 688.60987118491, 185.37060283243085, 692.8915547456361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SCCG", "box": [ 294.9029051786285, 688.60987118491, 317.21105130562773, 692.8915547456361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NYSE American LLC", "box": [ 427.6342931919629, 688.60987118491, 503.5334168336044, 692.8915547456361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.75% Series A Cumulative Redeemable Preferred Stock,", "box": [ 48.287392417400234, 702.8426073918794, 244.64911513881438, 707.1242909526054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidation Preference $25.00 per share", "box": [ 77.82032004686153, 712.8055227367579, 215.1134077563428, 717.0872062974839 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHPRA", "box": [ 286.3632634544469, 702.8426073918794, 325.75486276607046, 707.1242909526054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NYSE American LLC", "box": [ 427.6342931919629, 702.8426073918794, 503.5334168336044, 707.1242909526054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of ", "box": [ 50.52237677490088, 735.5779006679088, 71.39612995604148, 739.8595842286348 ], "from_ocr": false, "confidence": 1.0 }, { "text": "August 4, 2026", "box": [ 71.40446942856366, 734.9512294433379, 129.64120137213405, 739.7074662296969 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", the Issuer had a total of ", "box": [ 129.64749462552084, 735.5779006679088, 215.96542605753214, 739.8595842286348 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,954,632", "box": [ 215.96681941394135, 734.9512294433379, 258.6543044153359, 739.7074662296969 ], "from_ocr": false, "confidence": 1.0 }, { "text": " common shares, $0.001 par value per share, outstanding.", "box": [ 258.66502803484923, 735.5779006679088, 455.0267510266853, 739.8595842286348 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 2, "width": 612.0, "height": 792.0, "cells": [] }, { "page_no": 3, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25878827219094, 100.74905603824624, 43.01502505855001 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 80.9569968930989, 364.10915862561274, 85.7132336794582 ], "from_ocr": false, "confidence": 1.0 }, { "text": "TABLE OF CONTENTS", "box": [ 255.395946437311, 92.34318585867436, 356.60271759407726, 97.09942264503366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Part I", "box": [ 34.38823596528177, 118.67374784156755, 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577.6019611632112, 398.8334302327828 ], "from_ocr": false, "confidence": 1.0 }, { "text": "EXHIBITS", "box": [ 34.38823596528177, 409.7332032740899, 80.25783939782437, 414.48944006044894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "i", "box": [ 304.6767955539422, 458.12450637778534, 307.3123431443964, 462.88074316414463 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 4, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25877435219172, 100.74905603824624, 43.01501113855102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS", "box": [ 129.58077867455066, 80.95698297309991, 482.40111250419994, 85.71321975945921 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This Quarterly Report on Form 10-Q (this 'Report') for the three and six months ended June 30, 2026 includes forward-looking", "box": [ 67.60166022326405, 103.72936090425083, 554.4500775686715, 108.48559769061012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements. All statements other than statements of historical facts contained in this Report, including statements regarding the pending", "box": [ 33.44309332653772, 115.11554986982628, 545.308385054022, 119.87178665618558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transaction with Industrial Realty Group Global, LLC, our future results of operations and financial position, strategy and plans, and our", "box": [ 33.44309332653772, 126.50173883540174, 550.5793845623111, 131.25797562176103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expectations for future operations, are forward-looking statements. The words 'anticipate,' 'estimate,' 'expect,' 'project,' 'plan,' 'seek,'", "box": [ 33.44309332653772, 137.8879278009772, 561.0892877207605, 142.6441645873365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'intend,' 'believe,' 'may,' 'might,' 'will,' 'should,' 'could,' 'likely,' 'continue,' 'design,' and the negative of such terms and other words", "box": [ 33.44309332653772, 149.27411676655265, 572.7107334476227, 154.0303535529115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and terms of similar expressions are intended to identify forward-looking statements.", "box": [ 33.44309332653772, 160.6603057321281, 356.15134788404254, 165.41654251848695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have based these forward-looking statements largely on our current expectations and projections about future events and trends", "box": [ 67.60166022326405, 183.43268366327857, 564.7838708658066, 188.18892044963786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives", "box": [ 33.44309332653772, 194.81887262885402, 571.3580849412225, 199.57510941521332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and financial needs. These forward-looking statements are subject to numerous risks, uncertainties and assumptions, some of which are", "box": [ 33.44309332653772, 206.20506159442948, 546.9573636922736, 210.96129838078878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "described in our 2025 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ('SEC'), this Report and other", "box": [ 33.44309332653772, 217.59125056000494, 567.7405866588238, 222.34748734636423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "documents we file with the SEC from time to time. In light of these risks, uncertainties and assumptions, the forward-looking events and", "box": [ 33.44309332653772, 228.9774395255804, 551.913394500769, 233.7336763119397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "circumstances discussed in this Report may not occur, and actual results could differ materially and adversely from those anticipated or implied", "box": [ 33.44309332653772, 240.36362849115585, 577.9122442772925, 245.11986527751515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the forward-looking statements.", "box": [ 33.44309332653772, 251.7498174567313, 164.108647341306, 256.5060542430906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations", "box": [ 67.60166022326405, 274.5221953878822, 550.8557873024754, 279.2784321742415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements.", "box": [ 33.44309332653772, 285.9083843534577, 571.983442606591, 290.664621139817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking", "box": [ 33.44309332653772, 297.29457331903313, 543.9558670618133, 302.05081010539243 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements. We disclaim any duty to update any of these forward-looking statements after the date of this Report to confirm these statements in", "box": [ 33.44309332653772, 308.6807622846086, 575.4388025936337, 313.4369990709679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "relationship to actual results or revised expectations.", "box": [ 33.44309332653772, 320.06695125018405, 232.32708586229606, 324.82318803654334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as", "box": [ 67.60166022326405, 342.83932918133496, 559.6794925229344, 347.59556596769426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "others made in this Report. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.", "box": [ 33.44309332653772, 354.2255181469104, 555.0677351414903, 358.9817549332697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unless the context otherwise requires, all references in this Report to 'Sachem Capital,' 'we,' 'us' and 'our' refer to Sachem Capital", "box": [ 67.60166022326405, 376.99789607806133, 577.2853403412971, 381.7541328644206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corp., a New York corporation.", "box": [ 33.44309332653772, 388.3840850436368, 153.05695030664486, 393.1403218299961 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ii", "box": [ 303.35359230151647, 431.0822936645445, 308.6246805566922, 435.8385304509038 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 5, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25878443219153, 100.74905603824624, 43.01502121855083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PART I. FINANCIAL INFORMATION", "box": [ 217.22329959902882, 80.95699305309881, 394.76361262667393, 85.71322983945856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1. FINANCIAL STATEMENTS", "box": [ 33.44309332653772, 103.72937098424973, 190.41779728385703, 108.48560777060948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 126.50174891540064, 364.10915862561274, 131.2579857017604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CONDENSED CONSOLIDATED BALANCE SHEETS", "box": [ 192.88310037826304, 137.8879378809761, 419.1092224709994, 142.64417466733585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(dollars in thousands, except share data)", "box": [ 226.67472598646938, 149.27412684655155, 385.32149914986775, 154.0303636329113 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 6, "width": 612.0, "height": 792.0, "cells": [ { "text": "June 30, 2026", "box": [ 428.7573414751101, 40.939882537466474, 472.8030069272319, 44.74344469588368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 506.3813539870853, 40.939882537466474, 567.5437871467728, 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792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25881707219014, 100.74905603824624, 43.01505385854762 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33810052055378, 364.10915862561274, 60.09433730691126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72428948612833, 490.83735774082226, 71.48052627248762 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.1104784517047, 436.5336781050733, 82.86671523806217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1. The Company", "box": [ 33.44309332653772, 125.07850793470243, 107.59869188542044, 129.83474472106172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sachem Capital Corp. (the 'Company'), a New York corporation, specializes in originating, underwriting, funding, servicing and", "box": [ 67.60166022326405, 147.85088586585334, 558.1277941168294, 152.60712265221264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "managing a portfolio of first mortgage loans. The Company operates its business as one segment. The Company offers short-term (i.e., one to", "box": [ 33.44309332653772, 159.2370748314297, 570.3715439384259, 163.99331161778719 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three years), secured, non-bank loans to real estate owners and investors to fund their acquisition, renovation, development, rehabilitation or", "box": [ 33.44309332653772, 170.62326379700426, 565.2988518109224, 175.37950058336355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "improvement of properties located primarily in the northeastern and southeastern sections of the United States. The properties securing the", "box": [ 33.44309332653772, 182.00945276258062, 559.3290897945317, 186.7656895489381 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is", "box": [ 33.44309332653772, 193.39564172815517, 570.6957903230835, 198.15187851451446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "typically secured by a first mortgage lien on real estate and may also be secured with additional collateral, such as other real estate owned by", "box": [ 33.44309332653772, 204.78183069373154, 567.8934719186966, 209.538067480089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the borrower or its principals, a pledge of the ownership interests in the borrower by the principals thereof, and/or personal guarantees by the", "box": [ 33.44309332653772, 216.16801965930608, 568.185197546894, 220.92425644566538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principals of the borrower. The Company does not lend to owner occupants of residential real estate. The Company's primary underwriting", "box": [ 33.44309332653772, 227.55420862488245, 560.7510865157531, 232.31044541123993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "criterion is a conservative loan to value ratio. In addition, the Company may make opportunistic real estate purchases apart from its lending", "box": [ 33.44309332653772, 238.940397590457, 562.6594401806923, 243.6966343768163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activities.", "box": [ 33.44309332653772, 250.32658655603336, 70.05817005683083, 255.08282334239084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Segment Reporting", "box": [ 33.44309332653772, 273.0989644871843, 108.54916610999419, 277.85520127354175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company uses the management approach to determine reportable operating segments. The Company operates through a single", "box": [ 67.60166022326405, 295.8713424183352, 565.0340854066809, 300.62757920469267 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating and reporting segment with an investment objective to generate both current income and capital appreciation through its investments", "box": [ 33.44309332653772, 307.25753138390974, 575.040492670398, 312.0137681702672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in real estate mortgage loans and real estate. The management approach considers the internal organization and reporting used by the", "box": [ 33.44309332653772, 318.6437203494861, 537.7769704464584, 323.3999571358436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's Chief Executive Officer, whom serves as the chief operating decision maker ('CODM') for making decisions, allocating resources", "box": [ 33.44309332653772, 330.02990931506065, 575.8001252561107, 334.7861461014181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and assessing performance. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis", "box": [ 33.44309332653772, 341.4160982806352, 555.128083450884, 346.1723350669945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primarily based on the Company's net income. In addition to other factors and metrics, the CODM utilizes net income as a key determinant of", "box": [ 33.44309332653772, 352.80228724621156, 572.6921175126588, 357.55852403256904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the amount of dividends to be distributed to the Company's shareholders.", "box": [ 33.44309332653772, 364.1884762117861, 310.46703591573805, 368.9447129981454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying", "box": [ 67.60166022326405, 386.960854142937, 537.5530471539855, 391.7170909292963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidated Balance Sheets as 'total assets' and the significant segment expenses are listed on the accompanying Consolidated Statements of", "box": [ 33.44309332653772, 398.3470431085134, 576.1151752552155, 403.10327989487087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operations", "box": [ 33.44309332653772, 409.73323207408794, 75.06525008373785, 414.48946886044723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contribution Agreement with Industrial Realty Group Global, LLC", "box": [ 33.44309332653772, 432.50561000523885, 295.589381447577, 437.26184679159815 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On May 17, 2026, the Company entered into a Contribution Agreement (the 'Contribution Agreement') with Industrial Realty Group", "box": [ 67.60166022326405, 455.27798793638976, 574.2143740323386, 460.03422472274906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Global, LLC, a Delaware limited liability company ('IRG Global'). The Contribution Agreement and the transactions contemplated thereby", "box": [ 33.44309332653772, 466.66417690196613, 565.6516680168062, 471.4204136883236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the 'Transaction') were unanimously approved by the Board of Directors of the Company.", "box": [ 33.44309332653772, 478.0503658675407, 380.99680646477225, 482.8066026539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the Contribution Agreement, IRG Global will contribute to IRG Realty Operating Partnership, L.P., a Delaware limited", "box": [ 67.60166022326405, 500.8227437986916, 564.4734542885939, 505.5789805850509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partnership to be formed as a subsidiary of the Company prior to the Closing (as defined below) (the 'Operating Partnership'), 100% of the", "box": [ 33.44309332653772, 512.208932764268, 563.7471329333745, 516.9651695506254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding membership interests of IRG Master Holdings, LLC, a Delaware limited liability company ('IRG Master Holdings'), in exchange", "box": [ 33.44309332653772, 523.5951217298425, 574.0261011301014, 528.3513585162018 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for (i) a number of common units of limited partnership interest in the Operating Partnership ('OP Units') equal to the Transferee", "box": [ 33.44309332653772, 534.9813106954189, 525.7200609405824, 539.7375474817763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consideration Units (as defined below) and (ii) a number of shares of Class B common stock of the Company (the 'Class B Common Stock')", "box": [ 33.44309332653772, 546.3674996609934, 572.2103813074614, 551.1237364473527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equal to the Transferee Consideration Units. IRG Master Holdings, together with its subsidiaries, owns and operates a portfolio of industrial", "box": [ 33.44309332653772, 557.7536886265698, 564.5769503925803, 562.5099254129273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate assets.", "box": [ 33.44309332653772, 569.1398775921443, 98.49797230774652, 573.8961143785036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prior to the closing of the Transaction (the 'Closing'), the Company will complete a series of pre-closing reorganization steps,", "box": [ 67.60166022326405, 591.9122555232952, 547.9515407485509, 596.6684923096545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including (i) forming the Operating Partnership and contributing all or substantially all of its assets thereto, (ii) redomesticating from the State", "box": [ 33.44309332653772, 603.2984444888716, 572.7058983519594, 608.0546812752291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of New York to the State of Delaware, (iii) effecting a 20-to-1 reverse stock split of all issued and outstanding Common Shares (as defined", "box": [ 33.44309332653772, 614.6846334544462, 559.3568271817783, 619.4408702408055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "below), following which such shares will be redesignated as Class A common stock of the Company (the 'Class A Shares'), (iv) authorizing a", "box": [ 33.44309332653772, 626.0708224200225, 572.4605350175389, 630.82705920638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "new class of Class B Common Stock (the 'Class B Shares'), (v) adjusting the conversion and anti-dilution rights applicable to the issued and", "box": [ 33.44309332653772, 637.4570113855971, 569.0514017205763, 642.2132481719564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding preferred stock of the Company in accordance with the applicable certificate of designations to reflect the reverse stock split, and", "box": [ 33.44309332653772, 648.8432003511734, 570.0009751524287, 653.5994371375309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(vi) changing its corporate name to 'IRG Realty Trust, Inc.'", "box": [ 33.44309332653772, 660.229389316748, 261.8460961447407, 664.9856261031073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7", "box": [ 303.6204561053972, 702.9275979376562, 308.36351541078784, 707.6838347240155 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 14, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.257939152226754, 100.74905603824624, 43.01417593858423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.337222600590394, 364.10915862561274, 60.09345938694787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72341156616494, 490.83735774082226, 71.47964835252424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10960053174131, 436.5336781050733, 82.86583731809878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The number of OP Units and Class B Shares to be issued to IRG Global at the Closing (the 'Transferee Consideration Units') will be", "box": [ 67.60166022326405, 125.07763001473904, 573.538067010296, 129.83386680109834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calculated based on a formula set forth in the Contribution Agreement, subject to downward adjustment based on the aggregate shortfall in", "box": [ 33.44309332653772, 136.4638189803154, 559.5097610635243, 141.22005576667289 ], "from_ocr": false, "confidence": 1.0 }, { "text": "replacement value for any dispositions of IRG Master Holdings' properties occurring during the Interim Period (as defined in the Contribution", "box": [ 33.44309332653772, 147.85000794588996, 573.5813539465036, 152.60624473224925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement), other than dispositions with an aggregate shortfall of less than $3.0 million. The calculation of the Transferee Consideration Units", "box": [ 33.44309332653772, 159.23619691146632, 575.9738252692919, 163.9924336978238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "was based on an assumed implied gross asset value of the IRG Global portfolio to be contributed of approximately $2.9 billion, with a net asset", "box": [ 33.44309332653772, 170.62238587704087, 577.7382726196146, 175.37862266340017 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of approximately $1.5 billion after approximately $1.4 billion of debt, and a deemed exchange value of the Company's Common Shares", "box": [ 33.44309332653772, 182.00857484261724, 572.7221608403595, 186.7648116289747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at a price of $2.00 per share. Immediately following the Closing, IRG Global is expected to hold approximately 94.1% of the outstanding OP", "box": [ 33.44309332653772, 193.39476380819178, 569.297925226942, 198.15100059455108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Units, with the Company retaining the remaining approximately 5.9% of the outstanding OP Units. Subject to certain restrictions, a holder of", "box": [ 33.44309332653772, 204.78095277376815, 568.4361996854409, 209.53718956012563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "OP Units may require the Operating Partnership to exchange all or a portion of such holder's OP Units for cash or, at the option of the", "box": [ 33.44309332653772, 216.1671417393427, 541.6815478431316, 220.923378525702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company, Class A Shares on a one-for-one basis, subject to the ownership, transfer, REIT qualification and other limitations set forth in the", "box": [ 33.44309332653772, 227.55333070491906, 562.4081003875576, 232.30956749127654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating Partnership Agreement (as defined below).", "box": [ 33.44309332653772, 238.9395196704936, 236.27346921735713, 243.6957564568529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The parties to the Contribution Agreement made representations and warranties customary for transactions of this type. The", "box": [ 67.60166022326405, 261.7118976016445, 536.5895487783932, 266.4681343880038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "representations and warranties made under the Contribution Agreement do not survive the Closing. In addition, the parties made covenants", "box": [ 33.44309332653772, 273.0980865672209, 560.3110787317606, 277.85432335357837 ], "from_ocr": false, "confidence": 1.0 }, { "text": "customary for transactions of this type, including, among others, covenants providing for the conduct of each party's business during the period", "box": [ 33.44309332653772, 284.48427553279544, 577.9770493410996, 289.24051231915473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between signing and Closing, including restrictions on specified actions without the other party's consent, subject to customary exceptions. The", "box": [ 33.44309332653772, 295.8704644983718, 578.3430054491658, 300.6267012847293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contribution Agreement may be terminated by either party under certain circumstances, including if the Closing has not occurred by April 30,", "box": [ 33.44309332653772, 307.25665346394635, 572.4234379681692, 312.01289025030565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027, subject to IRG Global's one-time right to extend such date by up to 45 days in certain circumstances related to a pending arbitration", "box": [ 33.44309332653772, 318.6428424295227, 557.1667982025334, 323.3990792158802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "matter, among other circumstances.", "box": [ 33.44309332653772, 330.02903139509726, 168.18937441855246, 334.78526818145656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At the Closing, the parties will execute and deliver or file, as applicable, among other things, the following (forms of which are", "box": [ 67.60166022326405, 352.8014093262482, 550.466639650261, 357.55764611260565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "included as exhibits to the Contribution Agreement): (i) a Tax Protection Agreement, pursuant to which the Company and the Operating", "box": [ 33.44309332653772, 364.18759829182454, 548.953656514395, 368.943835078182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Partnership will agree to certain restrictions on the disposition of the contributed properties and the maintenance of minimum liability", "box": [ 33.44309332653772, 375.5737872573991, 540.8200432286877, 380.33002404375657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allocations for the benefit of IRG Global and certain other protected unitholders; (ii) a Registration Rights Agreement, providing IRG Global", "box": [ 33.44309332653772, 386.95997622297546, 568.2176175627902, 391.71621300933293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with certain registration rights with respect to the Class A Shares issuable upon exchange of the OP Units, including shelf registration and", "box": [ 33.44309332653772, 398.34616518855, 555.7764044085487, 403.1024019749075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underwritten demand rights, piggyback registration rights and block trade rights, in each case subject to a six-month lock-up period following", "box": [ 33.44309332653772, 409.73235415412637, 571.1269739529554, 414.48859094048385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Closing; (iii) an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the 'Operating Partnership", "box": [ 33.44309332653772, 421.1185431197009, 536.6050376151875, 425.8747799060584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement'); (iv) an Amended and Restated Certificate of Incorporation of the Company; (v) Amended and Restated Bylaws of the Company;", "box": [ 33.44309332653772, 432.50473208527546, 575.837178504105, 437.26096887163476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and (vi) a Property Management Agreement related to the management of the properties contributed by IRG Global and its affiliates following", "box": [ 33.44309332653772, 443.89092105085183, 574.3410731384162, 448.6471578372093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Closing. The Contribution Agreement also provides that, prior to the Closing, the parties will use commercially reasonable efforts to", "box": [ 33.44309332653772, 455.2771100164264, 549.4538518668165, 460.0333468027857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "negotiate, finalize and, effective as of the Closing, execute a strategic services agreement with respect to the provision of certain services by", "box": [ 33.44309332653772, 466.66329898200274, 564.8085973671897, 471.4195357683602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "IRG Global or one or more of its affiliates to the Company or one or more of its subsidiaries.", "box": [ 33.44309332653772, 478.0494879475773, 386.0269547547577, 482.8057247339366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additional information regarding the Contribution Agreement and the Transaction is included in the Company's Current Report on", "box": [ 67.60166022326405, 500.8218658787282, 563.9593593171564, 505.5781026650875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Form 8-K filed with the SEC on May 18, 2026.", "box": [ 33.44309332653772, 512.2080548443046, 213.40580631966623, 516.964291630662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2. Significant Accounting Policies", "box": [ 33.44309332653772, 534.9804327754555, 174.94771542313316, 539.736669561813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The significant accounting policies of the Company, unless further updated below, are consistent with those disclosed in Note 2 to the", "box": [ 50.52237677490088, 557.7528107066064, 557.732641277456, 562.5090474929639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's audited consolidated financial statements for the year ended December 31, 2025 included in the Company's Annual Report on", "box": [ 33.44309332653772, 569.138999672181, 557.4162007874901, 573.8952364585402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Form 10-K, filed with the U.S. Securities and Exchange Commission on March 13, 2026 (the \"2025 Annual Report\").", "box": [ 33.44309332653772, 580.5251886377573, 480.647221130722, 585.2814254241148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unaudited Condensed Consolidated Financial Statements", "box": [ 67.60166022326405, 603.2975665689082, 287.86648235006584, 608.0538033552657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with instructions to", "box": [ 67.60166022326405, 626.0699445000591, 557.0116485684149, 630.8261812864166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted", "box": [ 33.44309332653772, 637.4561334656337, 578.3985844879986, 642.212370251993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounting principles in the United States of America ('GAAP') for complete financial statements. However, in the opinion of management,", "box": [ 33.44309332653772, 648.84232243121, 568.0741749540288, 653.5985592175675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all normal and recurring adjustments considered necessary for a fair presentation have been included. The accompanying unaudited condensed", "box": [ 33.44309332653772, 660.2285113967846, 574.8274570436222, 664.9847481831439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year", "box": [ 33.44309332653772, 671.614700362361, 557.4023066651557, 676.3709371487184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended", "box": [ 33.44309332653772, 683.0008893279355, 56.09304392947429, 687.7571261142948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8", "box": [ 303.6204561053972, 725.6990979488437, 308.36351541078784, 730.455334735203 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 15, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25826123221486, 100.74905603824624, 43.01449801857234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.3375446805785, 364.10915862561274, 60.09378146693598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72373364615305, 490.83735774082226, 71.47997043251235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10992261172942, 436.5336781050733, 82.8661593980869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025 and the notes thereto included in the 2025 Annual Report. The balance sheet information as of December 31, 2025 is", "box": [ 33.44309332653772, 125.07795209472715, 553.0112420477626, 129.83418888108645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "derived from audited financial statements, but does not include all disclosures required by GAAP. Results of operations for the three and six", "box": [ 33.44309332653772, 136.46414106030352, 564.799345732837, 141.220377846661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026, are not necessarily indicative of the operating results to be attained in the entire fiscal year or for any subsequent", "box": [ 33.44309332653772, 147.85033002587807, 573.4563399836661, 152.60656681223736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "period.", "box": [ 33.44309332653772, 159.23651899145443, 60.048660078303705, 163.9927557778119 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basis of Presentation and Principles of Consolidation", "box": [ 67.60166022326405, 182.00889692260535, 272.25233402839314, 186.76513370896282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to", "box": [ 67.60166022326405, 204.78127485375626, 557.4840895870869, 209.53751164011373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at", "box": [ 33.44309332653772, 216.1674638193308, 565.4108130311798, 220.9237006056901 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.", "box": [ 33.44309332653772, 227.55365278490717, 562.9095957663483, 232.30988957126465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management bases the use of estimates on (a) various assumptions that consider prior reporting results, (b) projections regarding future", "box": [ 33.44309332653772, 238.93984175048172, 547.3973150746968, 243.69607853684101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations and (c) general financial market and local and general economic conditions. Actual amounts could differ from those estimates.", "box": [ 33.44309332653772, 250.32603071605809, 554.822328041406, 255.08226750241556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Significant estimates include the provisions for credit losses and valuation of real estate owned.", "box": [ 33.44309332653772, 261.71221968163263, 395.92534769797004, 266.4684564679919 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries in", "box": [ 67.60166022326405, 284.48459761278355, 572.8526909408124, 289.24083439914284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which the Company has control over significant operating, financial and investing decisions of the entity. All intercompany accounts and", "box": [ 33.44309332653772, 295.8707865783599, 552.8491117946143, 300.6270233647174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions have been eliminated in consolidation.", "box": [ 33.44309332653772, 307.25697554393446, 227.32467098393778, 312.01321233029375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Variable Interest Entities", "box": [ 67.60166022326405, 330.0293534750854, 162.0967943707272, 334.78559026144467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company consolidates SN Holdings LLC ('SN Holdings'), a wholly owned subsidiary of the Company established for the sole", "box": [ 67.60166022326405, 352.8017314062363, 568.9757560181293, 357.5579681925956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purpose of acting as the borrower under the revolving credit facility with Needham Bank (as described in Note 9 below), and Sachem Capital", "box": [ 33.44309332653772, 364.18792037181265, 570.0287646283102, 368.9441571581701 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporation Holdings, LLC (\"Holdings\"), an indirect, wholly-owned subsidiary of the Company, formed for the sole purpose of acting as the", "box": [ 33.44309332653772, 375.5741093373872, 568.7920264803976, 380.3303461237465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "issuer of the $100 million Senior Secured Notes (defined below). SN Holdings and Holdings are variable interest entities ('VIEs') under the", "box": [ 33.44309332653772, 386.96029830296357, 566.9099939126718, 391.71653508932104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "guidance of Financial Accounting Standards Board ('FASB') Accounting Standards Codification ('ASC') 810-10, ", "box": [ 33.44309332653772, 398.3464872685381, 472.43950873330044, 403.1027240548974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidation", "box": [ 472.4451735935928, 398.3464872685381, 526.2074955679923, 403.1027240548974 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", as they were", "box": [ 526.2182300755487, 398.3464872685381, 578.3686581059235, 403.1027240548974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "established with insufficient equity at risk and do not have independent operations apart from the Company. The Company has determined that", "box": [ 33.44309332653772, 409.7326762341145, 575.4249381167497, 414.48891302047195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "it is the primary beneficiary of SN Holdings and Holdings because it has both (i) the power to direct the activities that most significantly", "box": [ 33.44309332653772, 421.118865199689, 551.1074604757733, 425.8751019860483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "impact their economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be significant to each", "box": [ 33.44309332653772, 432.5050541652654, 555.5309102752824, 437.26129095162287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entity, primarily through its role as the guarantor and through its ability to direct all operational and financing decisions.", "box": [ 33.44309332653772, 443.89124313083994, 488.57230291258304, 448.6474799171974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, SN Holdings had total assets of $99.3 million and total liabilities of $38.6 million, consisting primarily of", "box": [ 67.60166022326405, 466.66362106199085, 549.2622595422099, 471.41985784834833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateralized mortgage loans and borrowings under the Needham Credit Facility (defined below). The assets of SN Holdings can only be used", "box": [ 33.44309332653772, 478.0498100275672, 575.1470507867481, 482.8060468139247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to settle obligations of SN Holdings and are not available to the Company or its creditors, other than as permitted under the intercompany", "box": [ 33.44309332653772, 489.43599899314177, 555.317862724238, 494.19223577949924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "guaranty and lien release provisions of the Needham Credit Facility.", "box": [ 33.44309332653772, 500.82218795871813, 292.03677616515165, 505.5784247450756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, Holdings had total assets of $187.1 million and total liabilities of $99.2 million, consisting primarily of", "box": [ 67.60166022326405, 523.5945658898672, 539.5106078172196, 528.3508026762265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateralized mortgage loans and indebtedness evidenced by the Senior Secured Notes. The assets of Holdings can only be used to settle", "box": [ 33.44309332653772, 534.9807548554436, 553.0112713455165, 539.7369916418011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "obligations of Holdings and are not available to the Company or its creditors.", "box": [ 33.44309332653772, 546.3669438210181, 326.66009605459686, 551.1231806073774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9", "box": [ 303.6204561053972, 589.0651524419263, 308.36351541078784, 593.8213892282856 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 16, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.258583312199335, 100.74905603824624, 43.01482009855863 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.337866760562974, 364.10915862561274, 60.09410354692045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72405572613752, 490.83735774082226, 71.48029251249682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.11024469171389, 436.5336781050733, 82.86648147807136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the assets and liabilities of our consolidated VIEs:", "box": [ 67.60166022326405, 125.07827417471162, 368.01662246183463, 129.83451096107092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 395.5883980759586, 149.82034332078, 439.63406352808045, 153.62390547919676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 138.18713634970243, 161.91816909670524, 181.38084827950937, 165.721731255122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SN Holdings", "box": [ 352.79011197041143, 161.91816909670524, 393.4761640427993, 165.721731255122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Holdings", "box": [ 452.5415815541592, 161.91816909670524, 481.63373915397176, 165.721731255122 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Assets", "box": [ 138.18713634970243, 174.89285089910481, 165.3300097576786, 179.6490876854623 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Cash and cash equivalents", "box": [ 138.18713634970243, 188.41395029572595, 240.39902779032934, 193.17018708208343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 327.2823800494836, 188.41395029572595, 332.02543935487427, 193.17018708208343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "200 ", "box": [ 401.9152905347789, 188.41395029572595, 418.51955639444355, 193.17018708208343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 426.2332582215894, 188.41395029572595, 430.9763175269801, 193.17018708208343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,401 ", "box": [ 478.9722139053236, 188.41395029572595, 507.44080327070066, 193.17018708208343 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Loans held for investment", "box": [ 138.18713634970243, 201.22341288199823, 239.8756086959559, 205.9796496683557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99,140 ", "box": [ 390.0509741454346, 201.22341288199823, 418.51955639444355, 205.9796496683557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "162,226 ", "box": [ 474.23538138644165, 201.22341288199823, 507.44080327070066, 205.9796496683557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Allowance for credit losses", "box": [ 138.18713634970243, 214.74451227861937, 243.5579586130142, 219.50074906497684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,711)", "box": [ 391.19626107890514, 214.74451227861937, 418.51750979742843, 219.50074906497684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,431)", "box": [ 479.761689549988, 214.74451227861937, 507.43874955731746, 219.50074906497684 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Loans held for investment, net", "box": [ 138.18713634970243, 228.2656116752405, 256.2076386944131, 233.02184846159798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "97,429 ", "box": [ 390.0509741454346, 228.2656116752405, 418.51955639444355, 233.02184846159798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "159,795 ", "box": [ 474.23538138644165, 228.2656116752405, 507.44080327070066, 233.02184846159798 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Interest and fees receivable, net", "box": [ 138.18713634970243, 241.78671107185983, 260.38560539102656, 246.54294785821912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "675 ", "box": [ 401.9152905347789, 241.78671107185983, 418.51955639444355, 246.54294785821912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,693 ", "box": [ 483.7201693075513, 241.78671107185983, 507.44080327070066, 246.54294785821912 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Due from borrowers, net", "box": [ 138.18713634970243, 255.30781046848097, 234.33586105775512, 260.06404725484026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,029 ", "box": [ 394.7989224312942, 255.30781046848097, 418.51955639444355, 260.06404725484026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,418 ", "box": [ 483.7201693075513, 255.30781046848097, 507.44080327070066, 260.06404725484026 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Other assets", "box": [ 138.18713634970243, 268.8289098651021, 186.65985062898588, 273.5851466514596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 406.6521230536609, 268.11727305475324, 418.51955639444355, 272.87350984111254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,773 ", "box": [ 483.7201693075513, 268.11727305475324, 507.44080327070066, 272.87350984111254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets", "box": [ 138.18713634970243, 283.77328288241915, 182.0464925763028, 288.52951966877845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 327.2823800494836, 282.35000926172324, 332.02543935487427, 287.1062460480807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99,333 ", "box": [ 390.0509741454346, 282.35000926172324, 418.51955639444355, 287.1062460480807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 426.2332582215894, 282.35000926172324, 430.9763175269801, 287.1062460480807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "187,080 ", "box": [ 474.23538138644165, 282.35000926172324, 507.44080327070066, 287.1062460480807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities", "box": [ 138.18713634970243, 297.2943822790403, 178.7717210154837, 302.0506190653996 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Senior secured notes payable, net", "box": [ 138.18713634970243, 310.81548167566143, 267.2593355867468, 315.5717184620207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 327.2823800494836, 310.81548167566143, 332.02543935487427, 315.5717184620207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 406.6521230536609, 310.81548167566143, 418.51955639444355, 315.5717184620207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 426.2332582215894, 310.81548167566143, 430.9763175269801, 315.5717184620207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "96,848 ", "box": [ 478.9722139053236, 310.81548167566143, 507.44080327070066, 315.5717184620207 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Lines of credit", "box": [ 138.18713634970243, 324.33658107228257, 195.87266016850313, 329.09281785864005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,500 ", "box": [ 390.0509741454346, 324.33658107228257, 418.51955639444355, 329.09281785864005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 495.57336992991793, 324.33658107228257, 507.44080327070066, 329.09281785864005 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Accounts payable and accrued liabilities", "box": [ 138.18713634970243, 337.8576804689037, 293.33224929291794, 342.6139172552612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "477 ", "box": [ 401.9152905347789, 337.8576804689037, 418.51955639444355, 342.6139172552612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,279 ", "box": [ 483.7201693075513, 337.8576804689037, 507.44080327070066, 342.6139172552612 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Advances from borrowers", "box": [ 138.18713634970243, 351.37877986552485, 239.07893389261912, 356.1350166518823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,608 ", "box": [ 394.7989224312942, 350.667143055176, 418.51955639444355, 355.42337984153346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,110 ", "box": [ 484.0759877127256, 350.667143055176, 507.44080327070066, 355.42337984153346 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Total liabilities", "box": [ 138.18713634970243, 366.3231528828419, 197.41969793553653, 371.0793896691994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 327.2823800494836, 364.89987926214417, 332.02543935487427, 369.65611604850346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "38,585 ", "box": [ 390.0509741454346, 364.89987926214417, 418.51955639444355, 369.65611604850346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 426.2332582215894, 364.89987926214417, 430.9763175269801, 369.65611604850346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99,237 ", "box": [ 478.9722139053236, 364.89987926214417, 507.44080327070066, 369.65611604850346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3. Fair Value Measurement", "box": [ 33.44309332653772, 395.50026210712895, 150.3431745675192, 400.2564988934864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents assets and liabilities measured at fair value on a recurring basis:", "box": [ 67.60166022326405, 418.27264003827986, 420.05588950377495, 423.02887682463734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value Measurement", "box": [ 363.6092189109245, 444.43798280504416, 443.81826294482937, 448.24154496346273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 123.17604738141449, 457.9590822016653, 166.36975931122143, 461.76264436008205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 337.0562704247974, 457.9590822016653, 381.10193587691913, 461.76264436008205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 417.21548195727087, 457.9590822016653, 478.3779151169585, 461.76264436008205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 1", "box": [ 123.17604738141449, 472.3570376247626, 151.88449911087727, 477.1132744111219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment securities", "box": [ 127.44586824350529, 488.0130474524303, 207.79060782906885, 492.7692842387878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 318.6204293067074, 488.0130474524303, 323.3634886120981, 492.7692842387878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "803 ", "box": [ 382.4675943851588, 488.0130474524303, 399.0718602448234, 492.7692842387878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 406.79667783894695, 488.0130474524303, 411.53973714433766, 492.7692842387878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "936 ", "box": [ 471.62234353162745, 488.0130474524303, 488.2266093912921, 492.7692842387878 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certain assets are measured at fair value on a nonrecurring basis; that is, not measured at fair value on an ongoing basis but are subject", "box": [ 67.60166022326405, 516.4785198663685, 578.364566100827, 521.234756652726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to fair value adjustments in certain circumstances (for example, when there is evidence of impairment.) The following table illustrates assets", "box": [ 33.44309332653772, 527.8647088319431, 566.1652667922788, 532.6209456183024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and liabilities measured at fair value on a nonrecurring basis:", "box": [ 33.44309332653772, 539.2508977975194, 264.9818934115399, 544.0071345838769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value Measurement", "box": [ 416.5483224475692, 565.4162405642837, 496.75736648147426, 569.2198027227005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 70.31477556271756, 578.9373399609049, 113.50848749252444, 582.7409021193216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 390.3511923666163, 578.9373399609049, 434.39685781873817, 582.7409021193216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 470.3325018128708, 578.9373399609049, 531.4949349725584, 582.7409021193216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 3", "box": [ 70.31477556271756, 593.3352953840022, 99.02322729218031, 598.0915321703596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Individually evaluated loans, net of allowance for credit losses", "box": [ 70.31477556271756, 608.9913052116681, 307.6526913209061, 613.7475419980274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 371.64848744464575, 608.9913052116681, 376.3915467500364, 613.7475419980274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,447 ", "box": [ 419.4282312226322, 608.9913052116681, 452.63364599052306, 613.7475419980274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 460.1694386150818, 608.9913052116681, 464.9124979204725, 613.7475419980274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "114,028 ", "box": [ 508.3049936818744, 608.9913052116681, 541.1545971609592, 613.7475419980274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned, net", "box": [ 70.31477556271756, 623.935678228987, 155.657329393032, 628.6919150153444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,968 ", "box": [ 424.1650637415142, 623.935678228987, 452.63364599052306, 628.6919150153444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,402 ", "box": [ 512.6860077955821, 623.935678228987, 541.1545971609592, 628.6919150153444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments in developmental real estate, net", "box": [ 70.31477556271756, 641.0149616773488, 241.00450222153586, 645.7711984637081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,168 ", "box": [ 424.1650637415142, 639.5916880566529, 452.63364599052306, 644.3479248430103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 529.2871638201765, 639.5916880566529, 541.1545971609592, 644.3479248430103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10", "box": [ 301.25204340414024, 688.6946279706972, 310.73815728253675, 693.4508647570547 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 17, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.258665392195326, 100.74905603824624, 43.01490217855462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.337948840558965, 364.10915862561274, 60.09418562691644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72413780613351, 490.83735774082226, 71.48037459249281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.11032677170988, 436.5336781050733, 82.86656355806736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the carrying amounts and fair values of financial instruments at June 30, 2026 and December 31, 2025:", "box": [ 67.60166022326405, 125.07835625470761, 569.1702744457782, 129.8345930410669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Amount", "box": [ 355.54770461051174, 150.53206221112487, 413.4986502832917, 154.33562436954162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair Value Measurement", "box": [ 475.42515273692703, 150.53206221112487, 555.634196770832, 154.33562436954162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 34.38823596528177, 174.01607695262464, 77.58194789508866, 177.8196391110414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 329.75087023537986, 174.01607695262464, 373.7965356875016, 177.8196391110414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31,", "box": [ 395.210341020461, 164.76479841809487, 439.30420346325565, 168.56836057651162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 409.67657949764185, 174.01607695262464, 424.8486476153076, 177.8196391110414 ], 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352.1118366937321, 211.89804711722172, 380.580418942741, 216.65428390358102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 387.9827796653594, 211.89804711722172, 392.7258389707501, 216.65428390358102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,924 ", "box": [ 417.59353901276853, 211.89804711722172, 446.06212837814553, 216.65428390358102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 453.46448198439583, 211.89804711722172, 458.20754128978655, 216.65428390358102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28,819 ", "box": [ 483.07524844817306, 211.89804711722172, 511.543830697182, 216.65428390358102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 518.9461914198004, 211.89804711722172, 523.6892507251911, 216.65428390358102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,924 ", "box": [ 548.5791894175328, 211.89804711722172, 577.0477787829099, 216.65428390358102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes payable (listed) - fixed rate debt", "box": [ 41.21550161456236, 226.84242013453877, 187.1384843383895, 231.59865692089807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "172,041 ", "box": [ 347.3750041748501, 226.84242013453877, 380.580418942741, 231.59865692089807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "171,349 ", "box": [ 412.8567064938865, 226.84242013453877, 446.06212837814553, 231.59865692089807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "170,422 ", "box": [ 478.33841592929105, 226.84242013453877, 511.543830697182, 231.59865692089807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "163,854 ", "box": [ 543.8423568986508, 226.84242013453877, 577.0477787829099, 231.59865692089807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 2", "box": [ 34.38823596528177, 242.49842996220468, 63.09668769474453, 247.25466674856398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lines of credit", "box": [ 41.21550161456236, 257.44280297952355, 96.52950359088166, 262.19903976588284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,500 ", "box": [ 352.1118366937321, 257.44280297952355, 380.580418942741, 262.19903976588284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,000 ", "box": [ 417.59353901276853, 257.44280297952355, 446.06212837814553, 262.19903976588284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,500 ", "box": [ 483.07524844817306, 257.44280297952355, 511.543830697182, 262.19903976588284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,000 ", "box": [ 548.5791894175328, 257.44280297952355, 577.0477787829099, 262.19903976588284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Level 3", "box": [ 34.38823596528177, 273.09881280718946, 63.09668769474453, 277.85504959354876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment, net", "box": [ 41.21550161456236, 288.0431858245065, 156.86448211679178, 292.7994226108658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "322,313 ", "box": [ 347.3750041748501, 288.0431858245065, 380.580418942741, 292.7994226108658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "363,678 ", "box": [ 412.8567064938865, 288.0431858245065, 446.06212837814553, 292.7994226108658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "322,313 ", "box": [ 478.33841592929105, 288.0431858245065, 511.543830697182, 292.7994226108658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "363,678 ", "box": [ 543.8423568986508, 288.0431858245065, 577.0477787829099, 292.7994226108658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest and fees receivable and due from borrowers", "box": [ 41.21550161456236, 303.6991956521724, 238.48762219976535, 308.45543243853353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,388 ", "box": [ 356.8597849795917, 303.6991956521724, 380.580418942741, 308.45543243853353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,094 ", "box": [ 417.94935741794274, 303.6991956521724, 446.06212837814553, 308.45543243853353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,388 ", "box": [ 487.82319673403265, 303.6991956521724, 511.543830697182, 308.45543243853353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,963 ", "box": [ 548.5791894175328, 303.6991956521724, 577.0477787829099, 308.45543243853353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments in limited liability companies", "box": [ 41.21550161456236, 318.6435686694913, 200.87205291161098, 323.3998054558506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,237 ", "box": [ 352.1118366937321, 318.6435686694913, 380.580418942741, 323.3998054558506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39,132 ", "box": [ 417.59353901276853, 318.6435686694913, 446.06212837814553, 323.3998054558506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,237 ", "box": [ 483.07524844817306, 318.6435686694913, 511.543830697182, 323.3998054558506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39,132 ", "box": [ 548.5791894175328, 318.6435686694913, 577.0477787829099, 323.3998054558506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Advances from borrowers", "box": [ 41.21550161456236, 334.2995784971572, 140.2591782898404, 339.0558152835165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,119 ", "box": [ 357.2156033847659, 334.2995784971572, 380.580418942741, 339.0558152835165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,016 ", "box": [ 422.34149441499625, 334.2995784971572, 446.06212837814553, 339.0558152835165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,119 ", "box": [ 488.1790151392069, 334.2995784971572, 511.543830697182, 339.0558152835165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,016 ", "box": [ 553.3271448197605, 334.2995784971572, 577.0477787829099, 339.0558152835165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured notes payable", "box": [ 41.21550161456236, 349.24395151447425, 151.58414255704636, 354.00018830083354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "96,848 ", "box": [ 352.1118366937321, 349.24395151447425, 380.580418942741, 354.00018830083354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "86,573 ", "box": [ 417.59353901276853, 349.24395151447425, 446.06212837814553, 354.00018830083354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "105,423 ", "box": [ 478.33841592929105, 349.24395151447425, 511.543830697182, 354.00018830083354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "89,277 ", "box": [ 548.5791894175328, 349.24395151447425, 577.0477787829099, 354.00018830083354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage payable", "box": [ 41.21550161456236, 364.899961342142, 109.96200024172111, 369.6561981285013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "873 ", "box": [ 363.9761530830763, 364.899961342142, 380.580418942741, 369.6561981285013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "917 ", "box": [ 429.45786251848085, 364.899961342142, 446.06212837814553, 369.6561981285013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "873 ", "box": [ 494.9395648375173, 364.899961342142, 511.543830697182, 369.6561981285013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "917 ", "box": [ 560.4435129232452, 364.899961342142, 577.0477787829099, 369.6561981285013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4. Loans and Allowance for Credit Losses", "box": [ 33.44309332653772, 393.36543375608017, 208.07499761082377, 398.12167054243946 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 18, "width": 612.0, "height": 792.0, "cells": [ { "text": "Loans include loans held for investment that are accounted for at amortized cost net of allowance for credit losses. The classification", "box": [ 67.60166022326405, 38.25802747222224, 570.8006977266888, 43.014264258581534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for a loan is based on management's strategy for the loan.", "box": [ 33.44309332653772, 49.644216437798605, 252.34610617516873, 54.4004532241579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment", "box": [ 67.60166022326405, 72.41659436894952, 165.8810712285833, 77.17283115530881 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the Company had 100 and 115 loans held for investment, respectively.", "box": [ 67.60166022326405, 95.18897230010043, 508.19387669993256, 99.94520908645973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the Company had direct reserves on outstanding principal for loans held for investment", "box": [ 67.60166022326405, 117.96135023125134, 572.352399362368, 122.71758701761064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $8.9 million and $6.3 million, respectively.", "box": [ 33.44309332653772, 129.3475391968259, 207.26013132063704, 134.1037759831852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan portfolio", "box": [ 67.60166022326405, 152.1199171279768, 122.68406542082158, 156.8761539143361 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, loans held for investment on non-accrual status had an outstanding principal balance of", "box": [ 67.60166022326405, 174.89229505912772, 572.3385143617118, 179.648531845487 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$95.8 million and $117.6 million, respectively. The non-accrual loans are inclusive of loans pending foreclosure. The following table", "box": [ 33.44309332653772, 186.27848402470408, 537.933576157808, 191.03472081106338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "summarizes the Company's loan portfolio by past due status:", "box": [ 33.44309332653772, 197.66467299027863, 264.76421993657345, 202.42090977663793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment", "box": [ 341.71526410936343, 223.11837894669588, 426.0802754418539, 226.92194110511264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 79.8106792508049, 246.60239368819566, 123.00439118061178, 250.40595584661241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current", "box": [ 249.40262661697346, 246.60239368819566, 275.80931722005914, 250.40595584661241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30-59 days past", "box": [ 298.4722121137165, 237.35111515366407, 348.2110910969236, 241.15467731208264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due", "box": [ 317.4417808395678, 246.60239368819566, 329.24681301987505, 250.40595584661241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60-89 days past", "box": [ 358.7723089074032, 237.35111515366407, 408.5111878906103, 241.15467731208264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due", "box": [ 377.7418776332545, 246.60239368819566, 389.54690981356174, 250.40595584661241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90 days and", "box": [ 424.9656551531562, 237.35111515366407, 463.332904865091, 241.15467731208264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "greater", "box": [ 432.4267187784693, 246.60239368819566, 455.8701010982399, 250.40595584661241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 496.86321164867456, 246.60239368819566, 513.4465479916631, 250.40595584661241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 79.8106792508049, 261.00034911129296, 155.9589174566363, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 235.63690206679536, 261.00034911129296, 240.37996137218602, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "255,512 ", "box": [ 255.88519674442557, 261.00034911129296, 289.09061151231646, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 296.6041654865518, 261.00034911129296, 301.3472247919425, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 337.74566858482245, 261.00034911129296, 349.6131019256051, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 357.1266487834724, 261.00034911129296, 361.86970808886304, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,710 ", "box": [ 385.9701782529086, 261.00034911129296, 409.6908122160579, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 417.20436619029323, 261.00034911129296, 421.94742549568394, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80,335 ", "box": [ 442.1561318531363, 261.00034911129296, 470.6247141021452, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 478.13826807638054, 261.00034911129296, 482.88132738177126, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "337,557 ", "box": [ 498.4087942879661, 261.00034911129296, 531.614216172225, 265.75658589765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of March 31, 2026", "box": [ 79.8106792508049, 275.94472212861, 163.32825017196765, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 235.63690206679536, 275.94472212861, 240.37996137218602, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "259,192 ", "box": [ 255.88519674442557, 275.94472212861, 289.09061151231646, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 296.6041654865518, 275.94472212861, 301.3472247919425, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37,956 ", "box": [ 321.1445125602281, 275.94472212861, 349.6131019256051, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 357.1266487834724, 275.94472212861, 361.86970808886304, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,360 ", "box": [ 385.9701782529086, 275.94472212861, 409.6908122160579, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 417.20436619029323, 275.94472212861, 421.94742549568394, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "57,327 ", "box": [ 442.1561318531363, 275.94472212861, 470.6247141021452, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 478.13826807638054, 275.94472212861, 482.88132738177126, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "355,835 ", "box": [ 498.4087942879661, 275.94472212861, 531.614216172225, 280.7009589149693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of December 31, 2025", "box": [ 79.8106792508049, 291.6007319562759, 177.54353640387407, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 235.63690206679536, 291.6007319562759, 240.37996137218602, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "239,615 ", "box": [ 255.88519674442557, 291.6007319562759, 289.09061151231646, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 296.6041654865518, 291.6007319562759, 301.3472247919425, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,218 ", "box": [ 321.1445125602281, 291.6007319562759, 349.6131019256051, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 357.1266487834724, 291.6007319562759, 361.86970808886304, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 397.82337887527524, 291.6007319562759, 409.6908122160579, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 417.20436619029323, 291.6007319562759, 421.94742549568394, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,585 ", "box": [ 437.77511773942854, 291.6007319562759, 470.6247141021452, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 478.13826807638054, 291.6007319562759, 482.88132738177126, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "377,418 ", "box": [ 498.4087942879661, 291.6007319562759, 531.614216172225, 296.3569687426352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, there were no loans on accrual status that were 90 days or greater past due in their", "box": [ 67.60166022326405, 320.0662043702141, 552.2916742445029, 324.8224411565752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment obligations. As of June 30, 2026 and December 31, 2025, there were loans 90 days and greater past due with gross principal balances", "box": [ 33.44309332653772, 331.4523933357905, 573.7435714463246, 336.20863012214977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $60.3 million and $96.8 million, respectively, for which no specific allowance for credit losses was recorded. As of June 30, 2026 and", "box": [ 33.44309332653772, 342.838582301365, 551.8091944329232, 347.59481908772614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, there were loans 90 days and greater past due with gross principal balances of $20.0 million and $20.8 million,", "box": [ 33.44309332653772, 354.2247712669414, 533.4497482558523, 358.9810080533007 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, for which specific allowances were recorded.", "box": [ 33.44309332653772, 365.61096023251594, 255.1160124093259, 370.36719701887705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 301.42995260672734, 408.3091688534241, 310.5640377594558, 413.0654056397834 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 19, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25834955221035, 100.74905603824624, 43.01458633856964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33763300057399, 364.10915862561274, 60.09386978693328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72382196615035, 490.83735774082226, 71.48005875250965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.1100109317249, 436.5336781050733, 82.8662477180842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The aggregate gross outstanding principal of loans in pending/pre-foreclosure as of June 30, 2026, and December 31, 2025, was $31.6", "box": [ 67.60166022326405, 125.07804041472446, 577.0886805177757, 129.83427720108375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million and $37.5 million, respectively. As of June 30, 2026, and December 31, 2025, the Company had directly reserved against these loans in", "box": [ 33.44309332653772, 136.464229380299, 576.8462227252879, 141.2204661666583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreclosure in the amounts of $6.8 million and $4.2 million, respectively. Further, as of June 30, 2026 and December 31, 2025, the Company", "box": [ 33.44309332653772, 147.85041834587537, 567.2708370334894, 152.60665513223466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "had direct reserves against non-performing loans held for investment that experienced declines in fair value of $2.1 million and $2.1 million,", "box": [ 33.44309332653772, 159.23660731144992, 567.4304059499916, 163.9928440978092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 33.44309332653772, 170.62279627702628, 81.0264939288656, 175.37903306338558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the Company's mortgage loan portfolio includes loans with stated interest rates ranging from 7.25% to 15.0%.", "box": [ 67.60166022326405, 190.54862696678174, 566.8586402160981, 195.30486375314285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The default interest rate is generally 18.0%, but could be more or less depending on state usury laws and other considerations deemed relevant", "box": [ 33.44309332653772, 201.9348159323581, 573.9818587184924, 206.6910527187174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by the Company.", "box": [ 33.44309332653772, 213.32100489793265, 97.90509757580253, 218.07724168429377 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, no borrower exceeded 10% of the Company's outstanding mortgage loan portfolio. At December 31, 2025, the", "box": [ 67.60166022326405, 236.09338282908357, 567.4842894442621, 240.84961961544468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company had one borrower representing 13.3% of the outstanding mortgage loan portfolio. These loans were included in our nonperforming", "box": [ 33.44309332653772, 247.47957179465993, 568.5746177959412, 252.23580858101923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan portfolio at December 31, 2025.", "box": [ 33.44309332653772, 258.8657607602345, 173.84951278716187, 263.6219975465938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the Company's loans held for investment by geographic location as of June 30, 2026 and December 31,", "box": [ 67.60166022326405, 281.6381386913854, 570.7683090894942, 286.3943754777447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025:", "box": [ 33.44309332653772, 293.02432765696176, 55.05085920901544, 297.78056444332105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 274.4878241817569, 319.18967042372606, 318.5334896338786, 322.9932325821428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 410.5216482099306, 319.18967042372606, 471.68408136961824, 322.9932325821428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 102.1160455251646, 332.7107698203472, 145.30975745497153, 336.51433197876395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 234.35818323138452, 332.7107698203472, 284.3045422599862, 336.51433197876395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% of Portfolio", "box": [ 308.4240045752493, 332.7107698203472, 354.7699370281421, 336.51433197876395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 378.9094103334165, 332.7107698203472, 428.85576936201846, 336.51433197876395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% of Portfolio", "box": [ 453.019708977928, 332.7107698203472, 499.36564143082103, 336.51433197876395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New England", "box": [ 102.1160455251646, 347.1087252434445, 154.0117433632195, 351.8649620298038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 227.7755427356612, 347.1087252434445, 232.51860204105188, 351.8649620298038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "137,801 ", "box": [ 257.19727711350555, 347.1087252434445, 290.40269188139644, 351.8649620298038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40.9 %", "box": [ 338.36835079387737, 347.1087252434445, 365.2510461760735, 351.8649620298038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 372.3267698376932, 347.1087252434445, 377.06982914308384, 351.8649620298038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "163,049 ", "box": [ 401.74850421553754, 347.1087252434445, 434.9539189834284, 351.8649620298038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43.2 %", "box": [ 482.93069366288694, 347.1087252434445, 509.8801121124214, 351.8649620298038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mid-Atlantic", "box": [ 102.1160455251646, 362.7647350711104, 151.6448212659723, 367.5209718574697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "48,098 ", "box": [ 261.9341096323875, 362.7647350711104, 290.40269188139644, 367.5209718574697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14.2 %", "box": [ 338.36835079387737, 362.7647350711104, 365.2510461760735, 367.5209718574697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40,483 ", "box": [ 406.4853367344195, 362.7647350711104, 434.9539189834284, 367.5209718574697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.7 %", "box": [ 482.93069366288694, 362.7647350711104, 509.8801121124214, 367.5209718574697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "South", "box": [ 102.1160455251646, 377.7091080884293, 124.25647264036971, 382.46534487478857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "138,213 ", "box": [ 257.19727711350555, 377.7091080884293, 290.40269188139644, 382.46534487478857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40.9 %", "box": [ 338.36835079387737, 377.7091080884293, 365.2510461760735, 382.46534487478857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "170,441 ", "box": [ 401.74850421553754, 377.7091080884293, 434.9539189834284, 382.46534487478857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45.2 %", "box": [ 482.93069366288694, 377.7091080884293, 509.8801121124214, 382.46534487478857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "West", "box": [ 102.1160455251646, 393.3651179160952, 120.84741349278318, 398.1213547024545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,445 ", "box": [ 261.9341096323875, 393.3651179160952, 290.40269188139644, 398.1213547024545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0 %", "box": [ 343.1051833127593, 393.3651179160952, 365.2510461760735, 398.1213547024545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,445 ", "box": [ 411.2332850202791, 393.3651179160952, 434.9539189834284, 398.1213547024545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.9 %", "box": [ 487.66752618176895, 393.3651179160952, 509.8801121124214, 398.1213547024545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 102.1160455251646, 410.4444013644588, 122.85300748872618, 415.2006381508181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 227.7755427356612, 409.0211277437611, 232.51860204105188, 413.7773645301204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "337,557 ", "box": [ 257.19727711350555, 409.0211277437611, 290.40269188139644, 413.7773645301204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 333.62039539164965, 409.0211277437611, 365.2510461760735, 413.7773645301204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 372.3267698376932, 409.0211277437611, 377.06982914308384, 413.7773645301204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "377,418 ", "box": [ 401.74850421553754, 409.0211277437611, 434.9539189834284, 413.7773645301204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 478.18274537702735, 409.0211277437611, 509.8801121124214, 413.7773645301204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables present the carrying value of the Company's loans held for investment based on credit quality indicators in", "box": [ 67.60166022326405, 436.0633265370034, 553.1115016090324, 440.8195633233627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assessing estimated credit losses and year of origination at the dates indicated:", "box": [ 33.44309332653772, 447.4495155025779, 330.32395607841175, 452.2057522889372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 179.62886478552286, 473.61485826934404, 223.6745302376447, 477.4184204277608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Year Originated ", "box": [ 377.28598885980904, 473.61485826934404, 431.50690710106267, 477.4184204277608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FICO Score ", "box": [ 44.71808904049621, 495.6755993901461, 85.45231901192956, 499.47916154856284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 91.21910686670373, 495.6755993901461, 134.41281879651063, 499.47916154856284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 186.70075558836072, 486.4243208556163, 216.61893826616534, 490.22788301403307 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 192.5272819730888, 495.6755993901461, 210.7960083279447, 499.47916154856284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 263.3907376703855, 495.6755993901461, 278.56280578805126, 499.47916154856284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 317.67528310977934, 495.6755993901461, 332.84735122744513, 499.47916154856284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 371.9598285491732, 495.6755993901461, 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322.2015189612448, 44.50404112308446, 326.9577557476041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents the year of origination or amendment where the loan was subject to a full re-underwriting.", "box": [ 50.52237677490088, 322.2015189612448, 436.69209466808803, 326.9577557476041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.44309332653772, 344.9738968923957, 44.50404112308446, 349.730133678755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis.", "box": [ 50.52237677490088, 344.9738968923957, 520.7145797697797, 349.730133678755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the amortized cost of collateral dependent loans:", "box": [ 84.6809436716272, 367.7462748235466, 379.1763855313132, 372.5025116099059 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", 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"27,700 ", "box": [ 482.53039795706593, 450.29614482396755, 510.998987322443, 455.05238161032867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pre-Development Land", "box": [ 100.45926607607208, 465.9521546516353, 189.22942587485173, 470.7083914379946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,320 ", "box": [ 358.7611931404255, 465.9521546516353, 382.48182710357486, 470.7083914379946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,832 ", "box": [ 482.53039795706593, 465.9521546516353, 510.998987322443, 470.7083914379946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mixed Use", "box": [ 100.45926607607208, 481.6081644793012, 142.35007531459303, 486.3644012656605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,825 ", "box": [ 354.01323773819786, 480.89652766895233, 382.48182710357486, 485.6527644553116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,666 ", "box": [ 482.53039795706593, 480.89652766895233, 510.998987322443, 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149.44278785891584, 91.20966320192437, 151.9154600438742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13", "box": [ 301.25204340414024, 548.5020246520562, 310.73815728253675, 553.2582614384155 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 21, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25779371223143, 100.74905603824624, 43.01403049859255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33707716059507, 364.10915862561274, 60.09331394695437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72326612617144, 490.83735774082226, 71.47950291253073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10945509174599, 436.5336781050733, 82.86569187810528 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 22, "width": 612.0, "height": 792.0, "cells": [ { "text": "Loan modifications made to borrowers experiencing financial difficulty", "box": [ 67.60166022326405, 38.25907579218074, 338.8913355063144, 43.01531257854003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables present loan modifications during the periods indicated made to borrowers experiencing financial difficulty:", "box": [ 67.60166022326405, 61.03145372333165, 558.1880296767868, 65.78769050969095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 68.5468028620081, 118.50881614542777, 111.74051479181497, 122.31237830384453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended June 30, 2026", "box": [ 368.91313345486884, 86.48515967974708, 481.3109195414238, 90.28872183816384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 251.58201434866567, 118.50881614542777, 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}, { "text": "23,272 ", "box": [ 284.8510352324564, 159.94897036176735, 313.3196245978334, 164.70520714812665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.2 %", "box": [ 421.6520962549711, 159.94897036176735, 443.87579795260126, 164.70520714812665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A weighted average of 8.5 month", "box": [ 459.980406529149, 159.94897036176735, 586.4356677985664, 164.70520714812665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "added to the life of th", "box": [ 502.9343631869599, 171.33515932734372, 584.3305100485975, 176.091396113703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 68.5468028620081, 224.5427008873503, 111.74051479181497, 228.34626304576705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three months ended June 30, 2025", "box": [ 369.0354495898315, 193.23068123201665, 481.43323567638646, 197.0342433904334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 251.52642128104122, 224.5427008873503, 301.4727803096429, 228.34626304576705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% of Total", "box": [ 364.9546536973055, 206.7517806286378, 399.09921592620253, 210.55534278705454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value of", "box": [ 352.94578252267513, 216.00305916316756, 411.1078760320342, 219.80662132158432 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment, net", "box": [ 332.89764281432355, 224.5427008873503, 431.1679132403996, 228.34626304576705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Effect", "box": [ 504.95808036638834, 224.5427008873503, 556.5749851174246, 228.34626304576705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal modification, with no term", "box": [ 68.5468028620081, 239.65229312079464, 206.85958967819894, 244.40852990715575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extension", "box": [ 68.5468028620081, 251.038482086371, 104.90250532107643, 255.7947188727303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 239.53978875673425, 239.65229312079464, 244.28284806212494, 244.40852990715575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,042 ", "box": [ 284.5063397106279, 239.65229312079464, 312.97492195963684, 244.40852990715575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.9 %", "box": [ 421.48530281936166, 239.65229312079464, 443.7090045169918, 244.40852990715575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid interest/taxes/charges ad", "box": [ 464.3836592931801, 239.65229312079464, 587.4853651137784, 244.40852990715575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal b", "box": [ 545.877196961425, 251.038482086371, 586.707287613578, 255.7947188727303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term extension", "box": [ 68.5468028620081, 265.98285510368805, 127.15409925059097, 270.73909189004917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25,559 ", "box": [ 284.5063397106279, 265.98285510368805, 312.97492195963684, 270.73909189004917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.0 %", "box": [ 421.48530281936166, 265.98285510368805, 443.7090045169918, 270.73909189004917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A weighted average of 7.7 month", "box": [ 459.980406529149, 265.98285510368805, 586.4356677985664, 270.73909189004917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "added to the life of th", "box": [ 502.9343631869599, 277.3690440692644, 584.3305100485975, 282.1252808556237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 34.79965099626448, 330.576585629271, 77.99336292607137, 334.38014778768775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended June 30, 2026", "box": [ 339.8694561325221, 299.26456597393917, 443.1439771126494, 303.0681281323559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 217.76815009013592, 330.576585629271, 267.7145091187376, 334.38014778768775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% of Total", "box": [ 331.16302808909916, 312.07402856021145, 365.30759031799613, 315.8775907186282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value of", "box": [ 319.1541569144688, 321.3253070947412, 377.3162504238277, 325.128869253158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment, net", "box": [ 299.1060100897491, 330.576585629271, 397.37628051582493, 334.38014778768775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Effect", "box": [ 471.1886862921373, 330.576585629271, 522.8055910431735, 334.38014778768775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal modification, with no term", "box": [ 34.79965099626448, 344.26290424201943, 173.1124378124553, 349.0191410283787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extension", "box": [ 34.79965099626448, 355.6490932075958, 71.15535345533283, 360.4053299939551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 205.8371106334534, 344.26290424201943, 210.58016993884405, 349.0191410283787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,810 ", "box": [ 255.4404237379578, 344.26290424201943, 279.16105770110704, 349.0191410283787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.8 %", "box": [ 387.7159158614787, 344.26290424201943, 409.9284946757631, 349.0191410283787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid interest/taxes/charges added to", "box": [ 430.63651098562053, 344.26290424201943, 577.1848341082064, 349.0191410283787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance", "box": [ 512.1300415374974, 355.6490932075958, 577.180287470172, 360.4053299939551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term extension", "box": [ 34.79965099626448, 370.59346622491285, 93.4069473848474, 375.34970301127214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "55,141 ", "box": [ 250.69246833573007, 370.59346622491285, 279.16105770110704, 375.34970301127214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17.1 %", "box": [ 382.97908334259677, 370.59346622491285, 409.9284946757631, 375.34970301127214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A weighted average of 3.6 months were", "box": [ 426.2332582215894, 370.59346622491285, 577.1819381829172, 375.34970301127214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "added to the life of the loans", "box": [ 469.18720776303223, 381.9796551904892, 577.1889231333845, 386.7358919768485 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 34.79965099626448, 435.89883356084283, 77.99336292607137, 439.7023957192614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended June 30, 2025", "box": [ 339.85834036554445, 403.87517709516214, 443.13286134567176, 407.6787392535807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 217.7903887404593, 435.89883356084283, 267.73674776906097, 439.7023957192614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% of Total", "box": [ 331.21862115672354, 417.3962764917833, 365.3631833856206, 421.19983865020004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value of", "box": [ 319.20974998209323, 426.64755502631306, 377.3718434914521, 430.45111718473163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment, net", "box": [ 299.1504873903959, 435.89883356084283, 397.42075781647173, 439.7023957192614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Effect", "box": [ 471.2109249424607, 435.89883356084283, 522.8278296934969, 439.7023957192614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal modification, with no term", "box": [ 34.79965099626448, 450.29678898394195, 173.1124378124553, 455.05302577030125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extension", "box": [ 34.79965099626448, 461.6829779495165, 71.15535345533283, 466.4392147358758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 205.80375621615235, 450.29678898394195, 210.546815521543, 455.05302577030125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,042 ", "box": [ 250.77030717004598, 450.29678898394195, 279.2388894190549, 455.05302577030125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.9 %", "box": [ 387.74927027877976, 450.29678898394195, 409.9618562094322, 455.05302577030125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unpaid interest/taxes/charges added to", "box": [ 430.63651098562053, 450.29678898394195, 577.1848341082064, 455.05302577030125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance", "box": [ 512.1300415374974, 461.6829779495165, 577.180287470172, 466.4392147358758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term extension", "box": [ 34.79965099626448, 476.62735096683355, 93.4069473848474, 481.38358775319466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,702 ", "box": [ 250.77030717004598, 476.62735096683355, 279.2388894190549, 481.38358775319466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.1 %", "box": [ 383.0124377598978, 476.62735096683355, 409.9618562094322, 481.38358775319466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A weighted average of 7.4 months were", "box": [ 426.2332582215894, 476.62735096683355, 577.1819381829172, 481.38358775319466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "added to the life of the loans", "box": [ 469.18720776303223, 488.0135399324099, 577.1889231333845, 492.7697767187692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the Company had commitments to fund an additional $2.0 million to borrowers experiencing financial difficulty.", "box": [ 67.60166022326405, 511.4975546739097, 576.0735127635204, 516.253791460269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, the Company modified the interest rate on five loans with an outstanding principal balance of", "box": [ 33.44309332653772, 522.8837436394842, 557.7117845621865, 527.6399804258435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$28.5 million. The change in the rate was due to taking the loan off default rate. As of June 30, 2025, the Company had committed to fund an", "box": [ 33.44309332653772, 534.2699326050606, 569.4690279888034, 539.0261693914199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional $7.7 million to borrowers experiencing financial difficulty. During the six months ended June 30, 2025, the Company modified the", "box": [ 33.44309332653772, 545.6561215706352, 570.3700582638036, 550.4123583569944 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rate on five loans with an outstanding principal balance of $18.9 million. The change in the rate was due to taking the loan off default", "box": [ 33.44309332653772, 557.0423105362115, 570.242247131773, 561.7985473225708 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rate.", "box": [ 33.44309332653772, 568.4284995017861, 50.02988743505309, 573.1847362881454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the performance of loans that have been modified during the twelve-month period ended June 30, 2026", "box": [ 67.60166022326405, 586.2194197604986, 569.689069008274, 590.9756565468579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to borrowers experiencing financial difficulty, of which none of 23 defaulted during the period.", "box": [ 33.44309332653772, 597.6056087260731, 394.3567124381714, 602.3618455124324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 34.38823596528177, 623.7709514928392, 77.58194789508866, 627.574513651256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current", "box": [ 276.4225867598918, 623.7709514928392, 302.82927736297745, 627.574513651256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90-119 days past due", "box": [ 338.10148698999666, 623.7709514928392, 404.9163401530076, 627.574513651256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "120+ days past due", "box": [ 433.2384330734571, 623.7709514928392, 494.682337284081, 627.574513651256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 537.2486006359499, 623.7709514928392, 553.8319369789385, 627.574513651256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal modification, with no term extension", "box": [ 34.38823596528177, 638.8805437262836, 211.42824631294815, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 257.59757281932656, 638.8805437262836, 262.3406321247172, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,810 ", "box": [ 297.4492341988406, 638.8805437262836, 321.1698681619899, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 328.57222176824024, 638.8805437262836, 333.3152810736309, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 402.09319973736604, 638.8805437262836, 413.9606330781487, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 421.3629938007671, 638.8805437262836, 426.1060531061578, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 494.2168122601912, 638.8805437262836, 506.0842456009739, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 513.4865992072241, 638.8805437262836, 518.2296585126148, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,810 ", "box": [ 553.3493834700839, 638.8805437262836, 577.0700174332333, 643.6367805126447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term extension", "box": [ 34.38823596528177, 653.1132799332536, 92.99553235386469, 657.8695167196129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "77,986 ", "box": [ 292.7012787966129, 653.1132799332536, 321.1698681619899, 657.8695167196129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,571 ", "box": [ 390.23999911499936, 653.1132799332536, 413.9606330781487, 657.8695167196129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 494.2168122601912, 653.1132799332536, 506.0842456009739, 657.8695167196129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "87,557 ", "box": [ 548.6014280678562, 653.1132799332536, 577.0700174332333, 657.8695167196129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14", "box": [ 301.25204340414024, 696.5231253645106, 310.73815728253675, 701.2793621508699 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 23, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25819787221735, 100.74905603824624, 43.01443465857665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33748132057917, 364.10915862561274, 60.09371810693847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72367028615554, 490.83735774082226, 71.47990707251483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10985925173009, 436.5336781050733, 82.86609603808938 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the performance of loans that have been modified during the twelve-month period ended June 30, 2025", "box": [ 67.60166022326405, 125.07788873472964, 569.689069008274, 129.83412552108894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to borrowers experiencing financial difficulty, of which none of 31 defaulted during the period.", "box": [ 33.44309332653772, 136.4640777003042, 394.3567124381714, 141.22031448666348 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 34.38823596528177, 162.6294204670703, 77.58194789508866, 166.43298262548706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current", "box": [ 276.1001298883866, 162.6294204670703, 302.50682049147235, 166.43298262548706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90-119 days past due", "box": [ 337.9902937383797, 162.6294204670703, 404.80514690139063, 166.43298262548706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "120+ days past due", "box": [ 433.2273101901114, 162.6294204670703, 494.6712144007352, 166.43298262548706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 537.2041233353032, 162.6294204670703, 553.7874596782917, 166.43298262548706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal modification, with no term extension", "box": [ 34.38823596528177, 177.0273758901676, 211.42824631294815, 181.7836126765269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 257.2306315308066, 178.4506495108635, 261.97369083619725, 183.20688629722463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,268 ", "box": [ 292.43441499273223, 178.4506495108635, 320.90300435810923, 183.20688629722463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 328.30535796435953, 177.0273758901676, 333.0484172697502, 181.7836126765269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 402.14879992135855, 177.0273758901676, 414.0162332621412, 181.7836126765269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 421.4185868683915, 177.0273758901676, 426.16164617378223, 181.7836126765269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 494.12785765889765, 177.0273758901676, 505.9952909996803, 181.7836126765269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 513.3976446059306, 177.0273758901676, 518.1407039113213, 181.7836126765269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,268 ", "box": [ 548.6125509512019, 177.0273758901676, 577.0811332002108, 181.7836126765269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Term extension", "box": [ 34.38823596528177, 191.97174890748465, 92.99553235386469, 196.72798569384395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "61,692 ", "box": [ 292.43441499273223, 191.97174890748465, 320.90300435810923, 196.72798569384395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,895 ", "box": [ 385.5476438967642, 191.97174890748465, 414.0162332621412, 196.72798569384395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 494.12785765889765, 191.97174890748465, 505.9952909996803, 196.72798569384395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "74,587 ", "box": [ 548.6125509512019, 191.97174890748465, 577.0811332002108, 196.72798569384395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses", "box": [ 67.60166022326405, 214.0324900282867, 170.267456892055, 218.78872681464782 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the financial statement line items that are impacted by the allowance for credit losses for the three", "box": [ 67.60166022326405, 236.80486795943762, 549.1095611335523, 241.56110474579873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026:", "box": [ 33.44309332653772, 248.19105692501398, 144.36756607663986, 252.94729371137328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance as of March 31,", "box": [ 201.43385786942227, 282.896041415961, 279.0425501573986, 286.69960357437776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 232.6458071564835, 292.1473199504908, 247.81787527414932, 295.95088210890754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for (recovery of)", "box": [ 290.4106978133038, 273.64476288143123, 375.7276820034801, 277.448325039848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit", "box": [ 323.6574800467711, 282.896041415961, 342.4744277178776, 286.69960357437776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses related to loans", "box": [ 298.26094137746026, 292.1473199504908, 367.8687384229639, 295.95088210890754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Charge-offs", "box": [ 406.6076457530141, 292.1473199504908, 444.94897537123444, 295.95088210890754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance as of", "box": [ 497.2523844711498, 282.896041415961, 539.8164102624144, 286.69960357437776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 496.5073932435003, 292.1473199504908, 540.5530586956221, 295.95088210890754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 357.8049311765198, 305.6684193471119, 400.99864310632654, 309.4719815055287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment", "box": [ 50.50013812457749, 319.35473795986036, 149.81708862834964, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 197.30859179261753, 319.35473795986036, 202.05165109800822, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,401 ", "box": [ 254.21729797017136, 319.35473795986036, 282.68588021918026, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 290.1438340094231, 319.35473795986036, 294.8868933148138, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,102 ", "box": [ 351.7671340555355, 319.35473795986036, 375.4877680186848, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.967960459251, 319.35473795986036, 387.71101976464166, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12)", "box": [ 452.2747177502785, 319.35473795986036, 468.0985771352413, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 475.5808232891908, 319.35473795986036, 480.32388259458145, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,491 ", "box": [ 532.5006452337223, 319.35473795986036, 560.9692345990992, 324.11097474621965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest and fees receivable", "box": [ 50.50013812457749, 334.2991109771774, 153.99504887134123, 339.0553477635385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "922 ", "box": [ 266.08161435951564, 334.2991109771774, 282.68588021918026, 339.0553477635385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "497 ", "box": [ 358.88350215902017, 334.2991109771774, 375.4877680186848, 339.0553477635385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(186)", "box": [ 447.53788523139656, 334.2991109771774, 468.0985771352413, 339.0553477635385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,233 ", "box": [ 537.2486006359499, 334.2991109771774, 560.9692345990992, 339.0553477635385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due from borrower", "box": [ 50.50013812457749, 349.95512080484514, 124.25369805668856, 354.71135759120443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,791 ", "box": [ 258.965246256031, 349.95512080484514, 282.68588021918026, 354.71135759120443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "753 ", "box": [ 358.88350215902017, 349.95512080484514, 375.4877680186848, 354.71135759120443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(501)", "box": [ 447.53788523139656, 349.95512080484514, 468.0985771352413, 354.71135759120443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,043 ", "box": [ 537.2486006359499, 349.95512080484514, 560.9692345990992, 354.71135759120443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded commitments", "box": [ 50.50013812457749, 365.61113063251105, 142.4477851340833, 370.36736741887034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "588 ", "box": [ 266.08161435951564, 364.8994938221622, 282.68588021918026, 369.6557306085215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "199 ", "box": [ 358.88350215902017, 364.8994938221622, 375.4877680186848, 369.6557306085215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 456.23319750784185, 364.8994938221622, 468.1006308486246, 369.6557306085215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "787 ", "box": [ 544.3649687394345, 364.8994938221622, 560.9692345990992, 369.6557306085215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total allowance for credit losses", "box": [ 50.50013812457749, 382.69041408087287, 173.11084418135619, 387.446650867234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 197.30859179261753, 381.26714046017696, 202.05165109800822, 386.02337724653626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,702 ", "box": [ 254.21729797017136, 381.26714046017696, 282.68588021918026, 386.02337724653626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 290.1438340094231, 381.26714046017696, 294.8868933148138, 386.02337724653626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,551 ", "box": [ 351.7671340555355, 381.26714046017696, 375.4877680186848, 386.02337724653626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.967960459251, 381.26714046017696, 387.71101976464166, 386.02337724653626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(699)", "box": [ 447.53788523139656, 381.26714046017696, 468.0985771352413, 386.02337724653626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 475.5808232891908, 381.26714046017696, 480.32388259458145, 386.02337724653626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,554 ", "box": [ 532.5006452337223, 381.26714046017696, 560.9692345990992, 386.02337724653626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the financial statement line items that are impacted by the allowance for credit losses for the six months", "box": [ 67.60166022326405, 408.30933925341924, 571.5279154292475, 413.06557603977853 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026:", "box": [ 33.44309332653772, 419.6955282189938, 114.0611177709659, 424.4517650053531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance as of December", "box": [ 201.51169670373815, 454.4005127099408, 278.8240832193659, 458.20407486835757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31, 2025", "box": [ 226.88599672272562, 463.6517912444706, 253.43710883006355, 467.45535340288734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for (recovery of)", "box": [ 290.29950456168683, 445.14923417541104, 375.61648875186313, 448.9527963338278 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit", "box": [ 323.5462867951542, 454.4005127099408, 342.3632344662606, 458.20407486835757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses related to loans", "box": [ 298.14974812584336, 463.6517912444706, 367.7575451713469, 467.45535340288734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Charge-offs", "box": [ 406.5631684523673, 463.6517912444706, 444.9044980705877, 467.45535340288734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance as of", "box": [ 497.2746231214732, 454.4005127099408, 539.8386489127378, 458.20407486835757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 496.5296318938237, 463.6517912444706, 540.5752973459455, 467.45535340288734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 357.7715696428507, 477.1728906410917, 400.96528157265743, 480.9764527995085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment", "box": [ 50.50013812457749, 490.85920925384016, 149.81708862834964, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 197.25299160862502, 490.85920925384016, 201.9960509140157, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,510 ", "box": [ 254.48416177405204, 490.85920925384016, 282.5969256178867, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 290.0548794081295, 490.85920925384016, 294.7979387135202, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,873 ", "box": [ 351.6448250369409, 490.85920925384016, 375.3654590000902, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.8456514406564, 490.85920925384016, 387.58871074604707, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,892)", "box": [ 440.47711019553634, 490.85920925384016, 468.1541773192339, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 475.61417770649183, 490.85920925384016, 480.3572370118825, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,491 ", "box": [ 532.5006452337223, 490.85920925384016, 560.9692345990992, 495.61544604019946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest and fees receivable", "box": [ 50.50013812457749, 505.80358227115903, 153.99504887134123, 510.5598190575183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,598 ", "box": [ 258.87629165473743, 505.80358227115903, 282.5969256178867, 510.5598190575183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "473 ", "box": [ 358.7611931404255, 505.80358227115903, 375.3654590000902, 510.5598190575183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,838)", "box": [ 440.47711019553634, 505.80358227115903, 468.1541773192339, 510.5598190575183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,233 ", "box": [ 537.2486006359499, 505.80358227115903, 560.9692345990992, 510.5598190575183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due from borrower", "box": [ 50.50013812457749, 521.4595920988249, 124.25369805668856, 526.2158288851842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,084 ", "box": [ 258.87629165473743, 521.4595920988249, 282.5969256178867, 526.2158288851842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,460 ", "box": [ 351.6448250369409, 521.4595920988249, 375.3654590000902, 526.2158288851842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(501)", "box": [ 447.593478299021, 521.4595920988249, 468.1541773192339, 526.2158288851842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,043 ", "box": [ 537.2486006359499, 521.4595920988249, 560.9692345990992, 526.2158288851842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded commitments", "box": [ 50.50013812457749, 537.1156019264909, 142.4477851340833, 541.8718387128501 ], "from_ocr": false, "confidence": 1.0 }, { "text": "670 ", "box": [ 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"confidence": 1.0 }, { "text": "$", "box": [ 290.0548794081295, 552.7716117541568, 294.7979387135202, 557.5278485405161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7,923 ", "box": [ 351.6448250369409, 552.7716117541568, 375.3654590000902, 557.5278485405161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 382.8456514406564, 552.7716117541568, 387.58871074604707, 557.5278485405161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,231)", "box": [ 440.47711019553634, 552.7716117541568, 468.1541773192339, 557.5278485405161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 475.61417770649183, 552.7716117541568, 480.3572370118825, 557.5278485405161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,554 ", "box": [ 532.5006452337223, 552.7716117541568, 560.9692345990992, 557.5278485405161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents activity in the allowance for credit losses by geographic location with respect to loans held for", "box": [ 67.60166022326405, 591.9116363233225, 535.7048549974174, 596.6678731096836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment for the three months ended June 30, 2026:", "box": [ 33.44309332653772, 603.297825288897, 237.0886756259834, 608.0540620752581 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 24, "width": 612.0, "height": 792.0, "cells": [ { "text": "Balance as of March 31,", "box": [ 203.54652965014427, 59.44240504652771, 281.1552219381206, 63.24596720494446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 234.75847893720552, 68.69368358105567, 249.9305470548713, 72.49724573947242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for", "box": [ 313.85023525415636, 50.19112651199612, 356.0623761264881, 53.99468867041287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(recovery of) credit losses", "box": [ 293.9244045643993, 59.44240504652771, 376.0039907505729, 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142.15749426307593, 67.57472664310356, 146.91373104943705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,588 ", "box": [ 260.9778476684818, 142.15749426307593, 284.69848163163107, 146.91373104943705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "250 ", "box": [ 360.67371706823707, 142.15749426307593, 377.2779829279017, 146.91373104943705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 458.0567668343598, 142.15749426307593, 469.9242001751425, 146.91373104943705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,838 ", "box": [ 538.8720221095573, 142.15749426307593, 562.5926560727066, 146.91373104943705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 48.84335867548497, 159.2367777114414, 69.58032063904653, 163.99301449779887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 199.52133394161075, 157.81350409074366, 204.26439324700144, 162.56974087710114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,401 ", "box": [ 256.22989226625407, 157.81350409074366, 284.69848163163107, 162.56974087710114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 292.1453125385282, 157.81350409074366, 296.88837184391883, 162.56974087710114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,102 ", "box": [ 353.5573489647524, 157.81350409074366, 377.2779829279017, 162.56974087710114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.7470524851222, 157.81350409074366, 389.49011179051286, 162.56974087710114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12)", "box": [ 454.09828707679645, 157.81350409074366, 469.92214646175927, 162.56974087710114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 477.41550838268637, 157.81350409074366, 482.1585676880771, 162.56974087710114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,491 ", "box": [ 534.1240667073297, 157.81350409074366, 562.5926560727066, 162.56974087710114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15", "box": [ 301.25204340414024, 217.5909961600155, 310.73815728253675, 222.34723294637297 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 25, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25884203218811, 100.74905603824624, 43.01507881854923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33812548055357, 364.10915862561274, 60.09436226691105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72431444612812, 490.83735774082226, 71.48055123248923 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.11050341170267, 436.5336781050733, 82.86674019806378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents activity in the allowance for credit losses by geographic location with respect to loans held for", "box": [ 67.60166022326405, 125.07853289470222, 535.7048549974174, 129.83476968106334 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment for the six months ended June 30, 2026:", "box": [ 33.44309332653772, 136.46472186027677, 229.2005786766108, 141.22095864663788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance as of December 31, 2025", "box": [ 207.7051572606181, 180.42098488575357, 313.3281145139352, 184.22454704417032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for", "box": [ 352.82347350408054, 161.91842781669402, 395.0356143764123, 165.72198997511077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(recovery of) credit losses", "box": [ 332.8865199309778, 171.1697063512256, 414.96610611715147, 174.97326850964237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related to loans", "box": [ 349.13185755039785, 180.42098488575357, 398.7188969640838, 184.22454704417032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Charge-offs", "box": [ 447.0041576236352, 180.42098488575357, 485.34548724185555, 184.22454704417032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit l", "box": [ 515.532555036976, 161.91842781669402, 585.407081569514, 165.72198997511077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as of June 30,", "box": [ 536.5592024759248, 171.1697063512256, 580.3937263182897, 174.97326850964237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 550.8920090511654, 180.42098488575357, 566.0640771688311, 184.22454704417032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 387.92717948136686, 193.9420842823747, 431.1208914111737, 197.74564644079146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New England", "box": [ 68.5468028620081, 208.340039705472, 120.44250070006296, 213.09627649183312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 207.2826229044737, 208.340039705472, 212.02568220986436, 213.09627649183312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,429 ", "box": [ 289.56562910101496, 208.340039705472, 313.2862630641643, 213.09627649183312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 320.68862378678267, 208.340039705472, 325.43168309217333, 213.09627649183312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,235 ", "box": [ 402.94939133300056, 208.340039705472, 426.67002529614984, 213.09627649183312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.09461755272355, 208.340039705472, 438.83767685811426, 213.09627649183312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 485.9217956895669, 208.340039705472, 497.7892290303496, 213.09627649183312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 505.1915826365999, 208.340039705472, 509.9346419419906, 213.09627649183312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mid-Atlantic", "box": [ 68.5468028620081, 223.28441272279088, 118.07557860281577, 228.04064950914835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,770 ", "box": [ 289.56562910101496, 223.28441272279088, 313.2862630641643, 228.04064950914835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "483 ", "box": [ 410.0657594364852, 223.28441272279088, 426.67002529614984, 228.04064950914835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 485.9217956895669, 223.28441272279088, 497.7892290303496, 228.04064950914835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "South", "box": [ 68.5468028620081, 238.94042255045497, 90.6872299772132, 243.69665933681608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,681 ", "box": [ 289.56562910101496, 238.94042255045497, 313.2862630641643, 243.69665933681608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,947 ", "box": [ 402.94939133300056, 238.94042255045497, 426.67002529614984, 243.69665933681608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,892)", "box": [ 470.1101153096369, 238.94042255045497, 497.7871753169664, 243.69665933681608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "West", "box": [ 68.5468028620081, 254.5964323781227, 87.27817082962667, 259.3526691644838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,630 ", "box": [ 289.56562910101496, 253.88479556777384, 313.2862630641643, 258.64103235413495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "208 ", "box": [ 410.0657594364852, 253.88479556777384, 426.67002529614984, 258.64103235413495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 485.9217956895669, 253.88479556777384, 497.7892290303496, 258.64103235413495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 68.5468028620081, 271.6757158264845, 89.28376482556968, 276.43195261284563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 207.2826229044737, 270.25244220579043, 212.02568220986436, 275.0086789921479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,510 ", "box": [ 285.1734992203296, 270.25244220579043, 313.2862630641643, 275.0086789921479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 320.68862378678267, 270.25244220579043, 325.43168309217333, 275.0086789921479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,873 ", "box": [ 402.94939133300056, 270.25244220579043, 426.67002529614984, 275.0086789921479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 434.09461755272355, 270.25244220579043, 438.83767685811426, 275.0086789921479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,892)", "box": [ 470.1101153096369, 270.25244220579043, 497.7871753169664, 275.0086789921479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 505.1915826365999, 270.25244220579043, 509.9346419419906, 275.0086789921479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents charge-offs on loan principal related to loans held for investment by fiscal year of origination for the", "box": [ 67.60166022326405, 301.56446186112225, 559.3227914529417, 306.32069864747973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three months ended June 30, 2026:", "box": [ 33.44309332653772, 312.9506508266968, 165.69740694794717, 317.7068876130579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 258.5538347832323, 339.1159935934629, 273.7259029008981, 342.91955575187967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 306.97849230422895, 339.1159935934629, 322.1505604218948, 342.91955575187967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 355.40315694159375, 339.1159935934629, 370.57522505925954, 342.91955575187967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023", "box": [ 403.82781446259037, 339.1159935934629, 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"text": "- ", "box": [ 274.554540132727, 366.3234116028325, 286.4219734735097, 371.07964838918997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 293.8020955458047, 366.3234116028325, 298.5451548511954, 371.07964838918997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 322.97920477009177, 366.3234116028325, 334.8466381108745, 371.07964838918997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.2267530668014, 366.3234116028325, 346.96981237219205, 371.07964838918997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 371.40386229108844, 366.3234116028325, 383.2712956318711, 371.07964838918997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 390.65141770416614, 366.3234116028325, 395.39447700955685, 371.07964838918997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 419.8285269284532, 366.3234116028325, 431.6959602692359, 371.07964838918997 ], "from_ocr": false, "confidence": 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"confidence": 1.0 }, { "text": "$", "box": [ 245.37743090843998, 382.69105824084545, 250.12049021383064, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 274.554540132727, 382.69105824084545, 286.4219734735097, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 293.8020955458047, 382.69105824084545, 298.5451548511954, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 322.97920477009177, 382.69105824084545, 334.8466381108745, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.2267530668014, 382.69105824084545, 346.96981237219205, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 371.40386229108844, 382.69105824084545, 383.2712956318711, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 390.65141770416614, 382.69105824084545, 395.39447700955685, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 419.8285269284532, 382.69105824084545, 431.6959602692359, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 439.0760752251628, 382.69105824084545, 443.8191345305535, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 468.25318444944986, 382.69105824084545, 480.12061779023253, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 487.50073986252755, 382.69105824084545, 492.24379916791827, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12 ", "box": [ 516.6889648537922, 382.69105824084545, 528.556398194575, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 535.9587589171933, 382.69105824084545, 540.7018182225839, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12 ", "box": [ 565.146983908458, 382.69105824084545, 577.0144172492406, 387.44729502720656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents charge-offs on loan principal related to loans held for investment by fiscal year of origination for the six", "box": [ 67.60166022326405, 409.7332570340877, 572.7645179302278, 414.48949382044884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026:", "box": [ 33.44309332653772, 421.1194459996623, 144.36756607663986, 425.8756827860234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 257.8088364392147, 446.5731519560795, 272.9809045568805, 450.3767141144963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 306.1334235919402, 446.5731519560795, 321.305491709606, 450.3767141144963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 354.4580107446656, 446.5731519560795, 369.6300788623314, 450.3767141144963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023", "box": [ 402.7825978973911, 446.5731519560795, 417.95466601505683, 450.3767141144963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022", "box": [ 451.1071850501165, 446.5731519560795, 466.2792531677823, 450.3767141144963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prior", "box": [ 498.7423740428169, 446.5731519560795, 516.0109909316975, 450.3767141144963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 548.1788937117118, 446.5731519560795, 564.7622300547004, 450.3767141144963 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 389.5506009549743, 460.80588816304953, 432.74431288478115, 464.6094503214663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current period charge-offs", "box": [ 34.38823596528177, 474.49220677579797, 135.18735419983955, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 244.68803274841488, 474.49220677579797, 249.43109205380557, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 273.7650716044307, 474.49220677579797, 285.63250494521344, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 293.01261990114034, 474.49220677579797, 297.755679206531, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 322.0896587571562, 474.49220677579797, 333.95709209793887, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 341.3372070538658, 474.49220677579797, 346.0802663592565, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 370.4142459098817, 474.49220677579797, 382.28167925066435, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.66179420659125, 474.49220677579797, 394.40485351198197, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 418.7388330626071, 474.49220677579797, 430.6062664033898, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 437.98638135931674, 474.49220677579797, 442.7294406647074, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 467.0634202153326, 474.49220677579797, 478.93085355611527, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 486.31096851204217, 474.49220677579797, 491.0540278174329, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,892 ", "box": [ 504.2464435560399, 474.49220677579797, 527.9670775191892, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 535.347192475116, 474.49220677579797, 540.0902517805067, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,892 ", "box": [ 553.2937832860914, 474.49220677579797, 577.0144172492406, 479.2484435621591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 34.38823596528177, 491.5714902241634, 55.125197928843335, 496.3277270105209 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 244.68803274841488, 490.1482166034657, 249.43109205380557, 494.9044533898232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 273.7650716044307, 490.1482166034657, 285.63250494521344, 494.9044533898232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 293.01261990114034, 490.1482166034657, 297.755679206531, 494.9044533898232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 322.0896587571562, 490.1482166034657, 333.95709209793887, 494.9044533898232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 341.3372070538658, 490.1482166034657, 346.0802663592565, 494.9044533898232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 370.4142459098817, 490.1482166034657, 382.28167925066435, 494.9044533898232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.66179420659125, 490.1482166034657, 394.40485351198197, 494.9044533898232 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494.9044533898232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5. Investment in Developmental Real Estate, Net", "box": [ 33.44309332653772, 522.1718730691464, 228.94172053199688, 526.9281098555039 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 26, "width": 612.0, "height": 792.0, "cells": [ { "text": "As of June 30, 2026 and December 31, 2025, investment in developmental real estate, net consisted of the following:", "box": [ 67.60166022326405, 38.25892411218592, 511.75802829395826, 43.01516089854704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 246.33369287234572, 63.712630068603175, 308.9221687027228, 67.51619222701993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of December 31, 2025", "box": [ 429.780319389986, 63.712630068603175, 509.48556292792904, 67.51619222701993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 48.84335867548497, 87.19664481010477, 95.01147912683834, 91.00020696852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cost", 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91.00020696852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net investment", "box": [ 508.26051638122766, 87.19664481010477, 556.9252402306703, 91.00020696852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Land and land improvements", "box": [ 48.84335867548497, 112.26915238842776, 159.7493138257735, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 188.3797701295926, 112.26915238842776, 193.1228294349833, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,350 $", "box": [ 218.3908322991908, 112.26915238842776, 249.23094420089507, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 291.8117327836773, 112.26915238842776, 310.9987990322935, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,350 ", "box": [ 342.6604103062915, 112.26915238842776, 366.38104426944085, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 376.1406948099704, 112.26915238842776, 380.8837541153611, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,392 $", "box": [ 411.21104636995574, 112.26915238842776, 442.0511653880281, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(15) $", "box": [ 483.6645691235588, 112.26915238842776, 506.7989922463927, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,377 ", "box": [ 538.8164219255648, 112.26915238842776, 562.5370558887141, 117.02538917478887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Building", "box": [ 48.84335867548497, 127.92516221609549, 82.04936031246243, 132.68139900245296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,563 ", "box": [ 213.64287689696312, 127.92516221609549, 242.11146626234012, 132.68139900245296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 292.6012084283417, 127.92516221609549, 303.6771195274449, 132.68139900245296 ], "from_ocr": false, 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303.6771195274449, 147.62577201977183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,632 ", "box": [ 337.9124549040638, 142.86953523341072, 366.38104426944085, 147.62577201977183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 423.06424699232235, 142.86953523341072, 434.931680333105, 147.62577201977183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 487.62304888112214, 142.86953523341072, 499.4904822219048, 147.62577201977183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 550.6696225479315, 142.86953523341072, 562.5370558887141, 147.62577201977183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 48.84335867548497, 160.66045549212504, 68.20002582536483, 165.41669227848251 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 188.3797701295926, 159.2371818714273, 193.1228294349833, 163.9934186577848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45,577 $", "box": [ 213.64287689696312, 159.2371818714273, 249.23094420089507, 163.9934186577848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(41) $", "box": [ 287.853253026114, 159.2371818714273, 310.9987990322935, 163.9934186577848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45,536 ", "box": [ 337.9124549040638, 159.2371818714273, 366.38104426944085, 163.9934186577848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 376.1406948099704, 159.2371818714273, 380.8837541153611, 163.9934186577848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,738 $", "box": [ 411.21104636995574, 159.2371818714273, 442.0511653880281, 163.9934186577848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(19) $", "box": [ 483.6645691235588, 159.2371818714273, 506.7989922463927, 163.9934186577848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,719 ", "box": [ 538.8164219255648, 159.2371818714273, 562.5370558887141, 163.9934186577848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In January 2026, the Company restructured the loan associated with its Naples, Florida mortgage receivable. Prior to the restructuring,", "box": [ 67.60166022326405, 190.54920152675913, 577.6002657774648, 195.30543831312025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company had designated the loan as a mortgage loan held for investment and was carried at $39.8 million. Through the restructuring, the", "box": [ 33.44309332653772, 201.93539049233368, 568.835603204661, 206.6916272786948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company acquired 100% of the membership interests of the entity holding the condominium assets associated with this loan. The assets", "box": [ 33.44309332653772, 213.32157945790823, 549.640132297924, 218.07781624426934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquired include three completed condominium units and an entitled parcel, including existing project costs classified as construction in", "box": [ 33.44309332653772, 224.7077684234864, 549.7715347227793, 229.4640052098439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "progress for accounting purposes, for the", "box": [ 33.44309332653772, 236.09395738906096, 188.86606718907288, 240.85019417541844 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16", "box": [ 301.25204340414024, 278.79216600996733, 310.73815728253675, 283.54840279632845 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 27, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25732619225164, 100.74905603824624, 43.013562978612754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.3366096406171, 364.10915862561274, 60.092846426974575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72279860619165, 490.83735774082226, 71.47903539255276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10898757176619, 436.5336781050733, 82.8652243581273 ], "from_ocr": false, "confidence": 1.0 }, { "text": "planned development of four additional condominium units. The transaction was accounted for in accordance with ASC 310 (Receivables).", "box": [ 33.44309332653772, 125.07701705476575, 561.9830437141466, 129.83325384112686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Based on a discounted cash flow model, the fair value of the assets acquired was estimated to be $35.9 million, resulting in a credit loss of $3.9", "box": [ 33.44309332653772, 136.4632060203403, 577.182528831923, 141.2194428067014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million upon restructuring of the loan. The discounted cash flow model utilized a 10.2% discount rate which is an unobservable input. The", "box": [ 33.44309332653772, 147.84939498591848, 558.9285810246497, 152.60563177227596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three completed condominium units carried at $19.2 million are classified as available for sale.", "box": [ 33.44309332653772, 159.23558395149303, 393.53884091917297, 163.9918207378505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three and six months ended June 30, 2026, the Company sold one building and the related land for net proceeds of $1.2", "box": [ 67.60166022326405, 182.00796188264212, 563.4168042817449, 186.76419866900324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million and recognized a de minimis gain on the sale.", "box": [ 33.44309332653772, 193.3941508482203, 236.2873684805547, 198.15038763457778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Building and land improvements that are placed in service are being depreciated using the straight-line method over their estimated", "box": [ 67.60166022326405, 216.1665287793694, 565.9835538625573, 220.92276556573051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "useful lives of 40 years and 15 years, respectively. For the three and six months ended June 30, 2026 and 2025, depreciation and amortization", "box": [ 33.44309332653772, 227.55271774494395, 570.5201987480309, 232.30895453130506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related to the asset was de minimis and is presented in other expenses on the Company's unaudited Condensed Consolidated Statements of", "box": [ 33.44309332653772, 238.93890671052213, 559.8155044499799, 243.6951434968796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operations.", "box": [ 33.44309332653772, 250.32509567609668, 77.4367762537652, 255.08133246245416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6. Real Estate Owned ('REO')", "box": [ 33.44309332653772, 273.0974736072458, 166.23980289117304, 277.8537103936069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Properties acquired through foreclosure are included on the Company's unaudited Condensed Consolidated Balance Sheets as real", "box": [ 67.60166022326405, 295.8698515383985, 561.1293515699637, 300.626088324756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned. As of June 30, 2026 and December 31, 2025, real estate owned, net totaled $21.0 million and $16.4 million, respectively. During", "box": [ 33.44309332653772, 307.25604050397305, 575.7898368068594, 312.01227729033417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the six months ended June 30, 2026, the Company recorded an impairment loss on real estate owned of $0.2 million compared to none during", "box": [ 33.44309332653772, 318.6422294695476, 571.4253570762943, 323.3984662559087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the six months ended June 30, 2025, which is considered a Level 3 non-recurring fair market value adjustment.", "box": [ 33.44309332653772, 330.02841843512215, 454.9310020409214, 334.78465522148326 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the Company's REO activity during the six months ended June 30, 2026 and June 30, 2025:", "box": [ 67.60166022326405, 352.8007963662749, 526.8209346696094, 357.557033152636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 420.08426784898813, 378.25450232269213, 464.12993330111, 382.0580644811089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 504.0129341694602, 378.25450232269213, 548.0585996215821, 382.0580644811089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 462.28211039580384, 392.48723852966214, 505.47582232561075, 396.2908006880789 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate owned at beginning of period", "box": [ 45.12950407147892, 406.1735571424106, 200.54787797528886, 410.92979392876805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 400.9034355032487, 406.1735571424106, 405.64649480863943, 410.92979392876805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,402 $", "box": [ 454.3762666476548, 406.1735571424106, 489.9643339515868, 410.92979392876805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18,574 ", "box": [ 537.8935214953282, 406.1735571424106, 566.3621037443371, 410.92979392876805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal basis transferred to real estate owned", "box": [ 45.12950407147892, 421.82956697007467, 222.13709003999176, 426.5858037564358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,500 ", "box": [ 459.1242220498825, 421.82956697007467, 482.8448560130318, 426.5858037564358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,298 ", "box": [ 542.6414697811878, 421.82956697007467, 566.3621037443371, 426.5858037564358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Charge-offs on principal transferred", "box": [ 45.12950407147892, 436.77393998739353, 181.4876172580353, 441.53017677375465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 470.97742267224913, 436.77393998739353, 482.8448560130318, 441.53017677375465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,978)", "box": [ 538.6829900236245, 436.77393998739353, 566.360057147322, 441.53017677375465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Proceeds from sale of real estate owned", "box": [ 45.12950407147892, 452.42994981506126, 195.79093502712857, 457.18618660141874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,402)", "box": [ 455.1657422923192, 452.42994981506126, 482.8428022996486, 457.18618660141874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,559)", "box": [ 538.6829900236245, 452.42994981506126, 566.360057147322, 457.18618660141874 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans origination from sale of real estate owned", "box": [ 45.12950407147892, 467.3743228323765, 228.7282765110068, 472.1305596187376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 470.97742267224913, 467.3743228323765, 482.8448560130318, 472.1305596187376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(840)", "box": [ 545.7993581271091, 467.3743228323765, 566.360057147322, 472.1305596187376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Impairment loss on real estate owned", 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176.3045783538221, 519.810225912086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 400.9034355032487, 513.6307155050272, 405.64649480863943, 518.3869522913883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,968 $", "box": [ 454.3762666476548, 513.6307155050272, 489.9643339515868, 518.3869522913883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18,626 ", "box": [ 537.8935214953282, 513.6307155050272, 566.3621037443371, 518.3869522913883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7. Property and Equipment, Net", "box": [ 33.44309332653772, 545.6543719707079, 168.18827977809863, 550.410608757069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables represent the Company's property and equipment, net as of June 30, 2026 and December 31, 2025:", "box": [ 67.60166022326405, 568.4267499018606, 523.6110549211247, 573.1829866882181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 285.90737468100144, 595.303729478972, 329.9530401331232, 599.1072916373887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 456.6890862812873, 595.303729478972, 517.8515194409749, 599.1072916373887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 74.59571574997005, 618.0761074101247, 120.76383620132341, 621.8796695685414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cost", "box": [ 242.89782495556608, 618.0761074101247, 257.6476296998441, 621.8796695685414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accumulated", "box": [ 285.90737468100144, 608.8248288755931, 328.88999125400744, 612.6283910340098 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation", "box": [ 286.6190114913499, 618.0761074101247, 328.19406702861306, 621.8796695685414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net investment", "box": [ 340.7256477281566, 618.0761074101247, 389.39037157759896, 621.8796695685414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cost", "box": [ 422.19693962971013, 618.0761074101247, 436.9467443739882, 621.8796695685414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accumulated", "box": [ 465.2064893551455, 608.8248288755931, 508.1891059281519, 612.6283910340098 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation", "box": [ 465.91812616549396, 618.0761074101247, 507.49318170275745, 621.8796695685414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net investment", "box": [ 520.0581239359698, 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"text": "255 ", "box": [ 439.0871981085085, 648.8417094712349, 455.6914639681732, 653.597946257596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 502.84540858566635, 648.8417094712349, 514.7030473843735, 653.597946257596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "255 ", "box": [ 554.361238501614, 648.8417094712349, 570.9655043612787, 653.597946257596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Furniture and fixtures", "box": [ 74.59571574997005, 663.0744456782049, 157.31658132585054, 667.830682464566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "308 ", "box": [ 259.7880763179964, 664.4977192989027, 276.392342177661, 669.2539560852638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(214)", "box": [ 314.83985875173124, 664.4977192989027, 335.400550655576, 669.2539560852638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "94 ", "box": [ 379.76559481268293, 664.4977192989027, 391.6330281534656, 669.2539560852638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "308 ", "box": [ 439.0871981085085, 664.4977192989027, 455.6914639681732, 669.2539560852638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(185)", "box": [ 494.1389734258753, 664.4977192989027, 514.6996724460881, 669.2539560852638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "123 ", "box": [ 554.361238501614, 664.4977192989027, 570.9655043612787, 669.2539560852638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Computer hardware and software", "box": [ 74.59571574997005, 678.0188186955238, 201.2917610516441, 682.7750554818813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "322 ", "box": [ 259.7880763179964, 679.4420923162215, 276.392342177661, 684.198329102579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(291)", "box": [ 314.83985875173124, 679.4420923162215, 335.400550655576, 684.198329102579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31 ", "box": [ 379.76559481268293, 679.4420923162215, 391.6330281534656, 684.198329102579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "320 ", "box": [ 439.0871981085085, 679.4420923162215, 455.6914639681732, 684.198329102579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(276)", "box": [ 494.1389734258753, 679.4420923162215, 514.6996724460881, 684.198329102579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44 ", "box": [ 559.098071020496, 679.4420923162215, 570.9655043612787, 684.198329102579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Vehicles", "box": [ 74.59571574997005, 693.6748285231879, 106.73177417803791, 698.431065309549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "502 ", "box": [ 259.7880763179964, 694.3864653335368, 276.392342177661, 699.1427021198979 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(222)", "box": [ 314.83985875173124, 694.3864653335368, 335.400550655576, 699.1427021198979 ], "from_ocr": false, "confidence": 1.0 }, { "text": "280 ", "box": [ 375.0287622938009, 694.3864653335368, 391.6330281534656, 699.1427021198979 ], "from_ocr": false, "confidence": 1.0 }, { "text": "502 ", "box": [ 439.0871981085085, 694.3864653335368, 455.6914639681732, 699.1427021198979 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(181)", "box": [ 494.1389734258753, 694.3864653335368, 514.6996724460881, 699.1427021198979 ], "from_ocr": false, "confidence": 1.0 }, { "text": "321 ", "box": [ 554.361238501614, 694.3864653335368, 570.9655043612787, 699.1427021198979 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total property and equipment, net", "box": [ 74.59571574997005, 708.6192015405068, 203.2741998579425, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 223.68363107615752, 708.6192015405068, 228.42669038154818, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,981 $", "box": [ 252.67170821451174, 708.6192015405068, 283.51182723258404, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(938) $", "box": [ 314.83985875173124, 708.6192015405068, 342.67775285977785, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,043 ", "box": [ 367.9123941903163, 708.6192015405068, 391.6330281534656, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 402.9827457503016, 708.6192015405068, 407.7258050556923, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,979 $", "box": [ 431.9708300050239, 708.6192015405068, 462.81094190672815, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(819) $", "box": [ 494.1389734258753, 708.6192015405068, 521.97687465029, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,160 ", "box": [ 547.2448703981295, 708.6192015405068, 570.9655043612787, 713.3754383268679 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 28, "width": 612.0, "height": 792.0, "cells": [ { "text": "17", "box": [ 301.25204340414024, 38.97096508251707, 310.73815728253675, 43.72720186887818 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 29, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25773035223756, 100.74905603824624, 43.013967138595035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33701380059938, 364.10915862561274, 60.093250586956856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72320276617393, 490.83735774082226, 71.47943955253504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10939173174847, 436.5336781050733, 82.86562851810959 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8. Other Assets", "box": [ 33.44309332653772, 125.07742121474803, 98.8813677913792, 129.83365800110914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, other assets consisted of the following:", "box": [ 67.60166022326405, 147.84979914590076, 389.27701135212715, 152.60603593225824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 460.6586889221964, 174.01514191266324, 504.7043543743182, 177.81870407108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31,", "box": [ 540.4064889818712, 174.01514191266324, 584.5003514246658, 177.81870407108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 505.33613742188595, 187.53624130928438, 548.5298493516929, 191.33980346770113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prepaid expenses", "box": [ 68.5468028620081, 201.93419673238168, 134.13898864175445, 206.6904335187428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 442.1005316691438, 201.93419673238168, 446.8435909745345, 206.6904335187428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "668 ", "box": [ 506.1923219011524, 201.93419673238168, 522.796587760817, 206.6904335187428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 530.2211871337588, 201.93419673238168, 534.9642464391495, 206.6904335187428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other receivables", "box": [ 68.5468028620081, 216.87856974970055, 135.1765280690437, 221.63480653606166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "865 ", "box": [ 506.1923219011524, 216.87856974970055, 522.796587760817, 221.63480653606166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other assets", "box": [ 68.5468028620081, 232.53457957736828, 114.64799529881014, 237.29081636372575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "405 ", "box": [ 506.1923219011524, 232.53457957736828, 522.796587760817, 237.29081636372575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes receivable", "box": [ 68.5468028620081, 247.4789525946835, 132.0175834189221, 252.23518938104462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,334 ", "box": [ 499.07595379766775, 247.4789525946835, 522.796587760817, 252.23518938104462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Goodwill", "box": [ 68.5468028620081, 262.4233256120024, 104.38373246350349, 267.1795623983635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "391 ", "box": [ 506.1923219011524, 262.4233256120024, 522.796587760817, 267.1795623983635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intangible asset - trade name", "box": [ 68.5468028620081, 278.0793354396701, 179.17482595709458, 282.8355722260276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "130 ", "box": [ 506.1923219011524, 278.0793354396701, 522.796587760817, 282.8355722260276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 68.5468028620081, 295.1586188880319, 87.90347001188796, 299.9148556743894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 442.1005316691438, 293.7353452673342, 446.8435909745345, 298.4915820536953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8,793 ", "box": [ 499.07595379766775, 293.7353452673342, 522.796587760817, 298.4915820536953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 530.2211871337588, 293.7353452673342, 534.9642464391495, 298.4915820536953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9. Line of Credit and Mortgage Payable", "box": [ 33.44309332653772, 325.7590017330149, 201.36801087212615, 330.515238519376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Line of Credit - Needham Bank", "box": [ 67.60166022326405, 348.5313796641676, 187.65555924007967, 353.2876164505251 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has a Credit and Security Agreement (the 'Credit Agreement'), with Needham Bank, a Massachusetts co-operative", "box": [ 67.60166022326405, 371.3037575953167, 560.7217854489427, 376.0599943816778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "bank, as the administrative agent ('Needham') for the lenders party thereto (the 'Lenders') with respect to a committed $50.0 million", "box": [ 33.44309332653772, 382.68994656089126, 542.0863552456196, 387.4461833472524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "revolving credit facility (the 'Needham Credit Facility'), subject to borrowing based limitations and facility covenant compliance. Under the", "box": [ 33.44309332653772, 394.07613552646944, 568.4446341397123, 398.8323723128269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Agreement, the borrower is SN Holdings and the Company is the guarantor of all SN Holdings' obligations under the Credit Agreement.", "box": [ 33.44309332653772, 405.462324492044, 576.7727883713098, 410.2185612784051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SN Holdings, in its capacity as borrower, has granted Needham a lien on all its assets. SN Holdings is required to maintain assets equal to 2.0", "box": [ 33.44309332653772, 416.84851345761854, 570.2440699310255, 421.60475024397965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "times of the outstanding balance on the new credit facility. In addition, SN Holdings is required to collaterally assign to Needham mortgage", "box": [ 33.44309332653772, 428.2347024231931, 563.1226035286509, 432.9909392095542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans having an outstanding principal balance in an amount no less than the greater of (i) $30.0 million and (ii) the aggregate outstanding", "box": [ 33.44309332653772, 439.62089138877127, 553.7299172707545, 444.37712817512875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance on the facility. The Company, in its capacity as guarantor, has agreed to grant Needham a blanket lien on all its assets.", "box": [ 33.44309332653772, 451.0070803543458, 547.6891940593242, 455.7633171407033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "However, Needham is required to release its lien at the Company's request to facilitate other financings in accordance with the terms of the", "box": [ 33.44309332653772, 462.39326931992036, 561.2003939391958, 467.1495061062815 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Agreement.", "box": [ 33.44309332653772, 473.7794582854949, 103.51430836771618, 478.535695071856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans under the Needham Credit Facility accrue interest at the greater of (i) the annual rate of interest equal to the 'prime rate,' as", "box": [ 67.60166022326405, 496.55183621664764, 563.2970086532664, 501.3080730030051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "published in the 'Money Rates' column of The Wall Street Journal minus one-quarter of one percent (0.25%), and (ii) four and one-half", "box": [ 33.44309332653772, 507.9380251822222, 549.9660236568526, 512.6942619685833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "percent (4.50%). All amounts borrowed under the Needham Credit Facility are secured by a first priority lien on virtually all of the Company's", "box": [ 33.44309332653772, 519.3242141477967, 575.0641216455576, 524.0804509341579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets. Assets excluded from the lien include real estate owned by the Company (other than real estate acquired pursuant to foreclosure). On", "box": [ 33.44309332653772, 530.7104031133749, 564.7530875610722, 535.4666398997324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "January 21, 2026, the Company entered into Amendment No. 2 to the Credit Agreement. Amendment No. 2 extends the maturity date of the", "box": [ 33.44309332653772, 542.0965920789495, 564.2852684907027, 546.852828865307 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Needham Credit Facility from March 2, 2026 to March 2, 2028 and provides for an additional conditional one year extension to March 2, 2029.", "box": [ 33.44309332653772, 553.482781044524, 578.5174950316326, 558.2390178308851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All other terms of the Credit Agreement remain unchanged.", "box": [ 33.44309332653772, 564.8689700100986, 259.72008644818123, 569.6252067964597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All outstanding revolving loans and accrued but unpaid interest are due and payable on the expiration date. The Company may", "box": [ 67.60166022326405, 587.6413479412513, 548.4426014419204, 592.3975847276088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "terminate the Needham Credit Facility at any time without premium or penalty by delivering written notice to Needham at least ten (10) days", "box": [ 33.44309332653772, 599.0275369068258, 569.2627917583914, 603.783773693187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prior to the proposed date of termination. The Needham Credit Facility is subject to other terms and conditions, including representations and", "box": [ 33.44309332653772, 610.4137258724004, 570.1584263623192, 615.1699626587615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "warranties, covenants and agreements typically found in these types of financing arrangements, including a covenant that requires the", "box": [ 33.44309332653772, 621.7999148379786, 540.5097620455722, 626.556151624336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company to maintain: (A) a ratio of Adjusted EBITDA (as defined in the Credit Agreement) to Debt Service (as defined in the Credit", "box": [ 33.44309332653772, 633.1861038035531, 539.7640032241858, 637.9423405899106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement) of not less than 1.40 to 1.0, tested on a trailing-twelve-month basis at the end of each fiscal quarter; (B) a sum of cash, cash", "box": [ 33.44309332653772, 644.5722927691277, 548.967298378558, 649.3285295554888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equivalents and availability under the facility equal to or greater than $10.0 million; and (C) an asset coverage ratio of at least 150%.", "box": [ 33.44309332653772, 655.9584817347022, 537.103326083403, 660.7147185210633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the total outstanding principal balance on the Needham Credit Facility was $36.5", "box": [ 67.60166022326405, 678.730859665855, 549.1791743619219, 683.4870964522124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million and $19.0 million, respectively, with an interest rate of 6.50% and 6.50%, respectively.", "box": [ 33.44309332653772, 690.1170486314295, 392.60348229028, 694.8732854177906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the Company was in compliance with all debt covenants.", "box": [ 67.60166022326405, 712.8894265625822, 457.75952394889106, 717.6456633489397 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 30, "width": 612.0, "height": 792.0, "cells": [ { "text": "18", "box": [ 301.25204340414024, 38.25805243222567, 310.73815728253675, 43.014289218583144 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 31, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25813451222348, 100.74905603824624, 43.014371298580954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.3374179605853, 364.10915862561274, 60.09365474694641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72360692615985, 490.83735774082226, 71.47984371252096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.1097958917344, 436.5336781050733, 82.86603267809551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Payable", "box": [ 67.60166022326405, 125.07782537473395, 138.4649352811032, 129.83406216109506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On February 28, 2023, the Company entered into an adjustable-rate mortgage loan with New Haven Bank in the original principal", "box": [ 67.60166022326405, 147.85020330588668, 561.532297340103, 152.60644009224416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amount of $1.7 million (the \"NHB Mortgage\"). The NHB Mortgage accrues interest at an initial rate of 5.75% per annum for the first 60", "box": [ 33.44309332653772, 159.23639227146123, 551.0378897937383, 163.99262905782234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months. The interest rate will be adjusted on each of March 1, 2028, and March 1, 2033, to the then published 5-year Federal Home Loan Bank", "box": [ 33.44309332653772, 170.62258123703577, 577.5318101413574, 175.3788180233969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Boston Classic Advance Rate, plus 1.75%. Beginning on April 1, 2023, and through March 1, 2038, principal and interest will be due and", "box": [ 33.44309332653772, 182.00877020261032, 565.634819374848, 186.76500698897144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payable on a monthly basis. All payments under the loan are amortized based on a 20-year amortization schedule. Over the next five years, the", "box": [ 33.44309332653772, 193.3949591681885, 574.5078377622815, 198.15119595454598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company is scheduled to make principal payments ranging from $47,000 to $59,000 annually, with the remaining balance due thereafter. The", "box": [ 33.44309332653772, 204.78114813376305, 570.8683436541896, 209.53738492012053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unpaid principal amount of the loan and all accrued and unpaid interest are due and payable in full on March 1, 2038. The loan is a non-", "box": [ 33.44309332653772, 216.1673370993376, 549.5696976746507, 220.92357388569872 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recourse obligation, secured by a first mortgage lien on the property located at 568 East Main Street, Branford, Connecticut.", "box": [ 33.44309332653772, 227.55352606491215, 504.44118707889436, 232.30976285127326 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026 and December 31, 2025, the total outstanding principal balance on the NHB Mortgage was $0.9 million and $0.9", "box": [ 67.60166022326405, 250.32590399606488, 574.7585159466736, 255.08214078242236 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, respectively.", "box": [ 33.44309332653772, 261.7120929616394, 113.17641554449722, 266.46832974800054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10. Unsecured Notes Payable", "box": [ 33.44309332653772, 284.48447089279216, 157.3746398375217, 289.24070767914964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, the Company had an aggregate of $172.0 million of unsecured, unsubordinated notes payable outstanding, net of", "box": [ 67.60166022326405, 307.25684882394125, 565.0157041912199, 312.01308561030237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1.2 million of deferred financing costs (collectively, the 'Notes'). At June 30, 2026, the Company had four series of Notes outstanding:", "box": [ 33.44309332653772, 318.6430377895158, 552.1000262941777, 323.3992745758769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(i)", "box": [ 67.60166022326405, 341.41541572066853, 76.5550941115265, 346.171652507026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes having an aggregate principal amount of $51.8 million bearing interest at 6.0% per annum and maturing December 30,", "box": [ 84.6920629967889, 341.41541572066853, 559.6734638782569, 346.171652507026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 (the 'December 2026 Notes');", "box": [ 84.6809436716272, 352.8016046862431, 222.1785728313779, 357.5578414726042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(ii)", "box": [ 67.60166022326405, 375.5739826173958, 79.19063477624812, 380.3302194037533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes having an aggregate principal amount of $51.7 million bearing interest at 6.0% per annum and maturing March 30, 2027", "box": [ 84.6920629967889, 375.5739826173958, 566.8019147030263, 380.3302194037533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the 'March 2027 Notes');", "box": [ 84.6809436716272, 386.96017158297036, 186.61954646496653, 391.71640836932784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(iii) Notes having an aggregate principal amount of $29.7 million bearing interest at 7.125% per annum and maturing June 30, 2027", "box": [ 67.60166022326405, 409.73254951411946, 568.9284856757823, 414.48878630048057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the 'June 2027 Notes'); and", "box": [ 84.6809436716272, 421.11873847969764, 195.31823362054757, 425.8749752660551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(iv) Notes having an aggregate principal amount of $40.1 million bearing interest at 8.00% per annum and maturing September 30,", "box": [ 67.60166022326405, 443.89111641084673, 565.9925271935446, 448.64735319720785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027 (the 'September 2027 Notes').", "box": [ 84.6809436716272, 455.2773053764213, 223.50790857337034, 460.0335421627824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Notes were sold in underwritten public offerings, were issued in denomination of $25.00 each and are listed on the NYSE", "box": [ 67.60166022326405, 478.049683307574, 546.889915568577, 482.8059200939315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "American and trade under the symbols 'SCCD,' 'SCCE,' 'SCCF' and 'SCCG,' respectively. All the Notes were issued at par. Interest on the", "box": [ 33.44309332653772, 489.43587227314856, 574.4707876726967, 494.1921090595097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes is payable quarterly on each March 30, June 30, September 30 and December 30 that they are outstanding. So long as the Notes are", "box": [ 33.44309332653772, 500.8220612387231, 556.3415961934622, 505.5782980250842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding, the Company is prohibited from making distributions in excess of 90% of its taxable income, incurring any additional", "box": [ 33.44309332653772, 512.2082502043013, 529.2794571721942, 516.9644869906588 ], "from_ocr": false, "confidence": 1.0 }, { "text": "indebtedness or purchasing any shares of its capital stock unless it has an 'Asset Coverage Ratio' of at least 150% after giving effect to the", "box": [ 33.44309332653772, 523.5944391698758, 561.7049701278218, 528.3506759562333 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment of such dividend, the incurrence of such indebtedness or the application of the net proceeds, as the case may be. The Company was in", "box": [ 33.44309332653772, 534.9806281354504, 575.6519376048416, 539.7368649218115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compliance with all debt covenants as of June 30, 2026. The Company may redeem the Notes, in whole or in part, without premium or penalty,", "box": [ 33.44309332653772, 546.3668171010249, 576.6570339547206, 551.123053887386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at any time after their second anniversary of issuance upon at least 30 days prior written notice to the holders of the Notes. The redemption", "box": [ 33.44309332653772, 557.7530060666031, 560.3921846594432, 562.5092428529606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not", "box": [ 33.44309332653772, 569.1391950321777, 549.7642722429123, 573.8954318185351 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including the date of redemption. Currently, all the Notes are callable at any time.", "box": [ 33.44309332653772, 580.5253839977522, 343.12647020222147, 585.2816207841133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19", "box": [ 301.25204340414024, 623.2235926186586, 310.73815728253675, 627.9798294050197 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 32, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25845659220795, 100.74905603824624, 43.014693378565426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33774004056977, 364.10915862561274, 60.093976826930884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72392900614432, 490.83735774082226, 71.48016579250543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.11011797171886, 436.5336781050733, 82.86635475807998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the future principal payments on the Notes payable as of June 30, 2026:", "box": [ 67.60166022326405, 125.07814745471842, 450.3716216809495, 129.83438424107953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Years ending December 31,", "box": [ 101.70463049418188, 150.53185341113567, 189.63304456875866, 154.33541556955242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 458.57937155877545, 150.53185341113567, 485.13420765300134, 154.33541556955242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 450.26211633782776, 164.76458961810567, 493.4558282676347, 168.56815177652243 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 (six months remaining)", "box": [ 101.70463049418188, 178.4509082308541, 211.57302015712315, 183.20714501721523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 433.4385809263676, 178.4509082308541, 438.1816402317583, 183.20714501721523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,750 ", "box": [ 481.31839507262526, 178.4509082308541, 509.7869773216342, 183.20714501721523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 101.70463049418188, 194.10691805852184, 120.67685351859024, 198.86315484487932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "121,504 ", "box": [ 476.5815625537433, 194.10691805852184, 509.7869773216342, 198.86315484487932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total principal payments", "box": [ 108.53189614346249, 209.76292788618593, 202.70282165424817, 214.51916467254705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "173,254 ", "box": [ 476.5815625537433, 209.76292788618593, 509.7869773216342, 214.51916467254705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred financing costs", "box": [ 108.53189614346249, 225.41893771385367, 201.77180614480844, 230.17517450021114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,213)", "box": [ 482.1078636009215, 225.41893771385367, 509.7849307246191, 230.17517450021114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total notes payable, net of deferred financing costs", "box": [ 108.53189614346249, 242.4982211622155, 302.26060049284763, 247.2544579485766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 433.4385809263676, 241.07494754151776, 438.1816402317583, 245.83118432787887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "172,041 ", "box": [ 476.5815625537433, 241.07494754151776, 509.7869773216342, 245.83118432787887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the estimated amortization of the deferred financing costs as of June 30, 2026:", "box": [ 67.60166022326405, 273.09860400719845, 475.1251984846937, 277.85484079355956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Years ending December 31,", "box": [ 101.70463049418188, 298.5523099636157, 189.63304456875866, 302.35587212203245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 458.523778491151, 298.5523099636157, 485.0786145853769, 302.35587212203245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 450.2065232702033, 312.07340936023684, 493.40023520001023, 315.8769715186536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 (six months remaining)", "box": [ 101.70463049418188, 326.47136478333414, 211.57302015712315, 331.22760156969525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 433.31626479140493, 326.47136478333414, 438.0593240967956, 331.22760156969525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "718 ", "box": [ 493.1493570446685, 326.47136478333414, 509.75362290433316, 331.22760156969525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 101.70463049418188, 342.12737461100187, 120.67685351859024, 346.88361139735935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "495 ", "box": [ 493.1493570446685, 341.415737800653, 509.75362290433316, 346.1719745870105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total deferred costs", "box": [ 108.53189614346249, 359.2066580593637, 183.1979290481063, 363.9628948457248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 433.31626479140493, 357.78338443866596, 438.0593240967956, 362.5396212250271 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,213 ", "box": [ 486.0329889411838, 357.78338443866596, 509.75362290433316, 362.5396212250271 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11. Senior Secured Notes Payable", "box": [ 33.44309332653772, 389.0954040940014, 174.8607992838001, 393.8516408803589 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On June 11, 2025, Holdings, an indirect, wholly-owned subsidiary of the Company, consummated a private placement of $100.0", "box": [ 67.60166022326405, 411.8677820251505, 555.3455025556248, 416.62401881151163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million aggregate principal amount of Senior Secured Notes due June 11, 2030 (the \"Senior Secured Notes\") to various institutional investors", "box": [ 33.44309332653772, 423.25397099072507, 569.8388204814337, 428.0102077770862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under a Note Purchase and Guaranty Agreement (the \"Senior Secured Note Purchase Agreement\"). An initial draw of $50.0 million was made", "box": [ 33.44309332653772, 434.64015995630325, 571.7389633303358, 439.3963967426607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at closing, an additional draw of $40.0 million was made in September 2025, and the remaining $10.0 million was drawn in March 2026. The", "box": [ 33.44309332653772, 446.0263489218778, 570.7179182210367, 450.7825857082353 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior Secured Notes bear interest at a fixed rate of 9.875% per annum, with interest only payable quarterly on the 1st day of March, June,", "box": [ 33.44309332653772, 457.41253788745234, 560.2948605865777, 462.16877467381346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "September and December, and include a commitment fee of 1.0% on the undrawn portion of the Senior Secured Notes. The Company paid an", "box": [ 33.44309332653772, 468.7987268530269, 571.6078517818323, 473.554963639388 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $1.5 million original issue discount on the $100.0 million aggregate principal amount which is part of the $3.6 million of", "box": [ 33.44309332653772, 480.1849158186051, 549.5911701056207, 484.94115260496255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deferred financing costs recorded related to the Senior Secured Notes. The deferred financing costs will be amortized over the five year term of", "box": [ 33.44309332653772, 491.5711047841796, 577.1955680279503, 496.3273415705371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Senior Secured Notes using the effective interest method and amortization by year is as follows: 2026 - $609,000, 2027 - $718,000, 2028 -", "box": [ 33.44309332653772, 502.9572937497542, 573.6218199098563, 507.7135305361153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$804,000, 2029 - $894,000, and 2030 - $401,000.", "box": [ 33.44309332653772, 514.3434827153287, 221.87429446805564, 519.0997195016898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Senior Secured Notes allow optional prepayment subject to a declining make-whole amount during the first three years, a", "box": [ 67.60166022326405, 537.1158606464815, 545.7239013286534, 541.8720974328389 ], "from_ocr": false, "confidence": 1.0 }, { "text": "declining prepayment premium in the fourth year, and then no make-whole payment or prepayment premium after the fourth year through", "box": [ 33.44309332653772, 548.502049612056, 557.2586626155812, 553.2582863984171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity. Upon a change of control, holders of the Senior Secured Notes have the right to prepayment, if accepted, at 101% of the outstanding", "box": [ 33.44309332653772, 559.8882385776305, 572.0684209905796, 564.6444753639917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal. The Senior Secured Note Purchase Agreement contains affirmative and negative covenants customary for similar secured debt", "box": [ 33.44309332653772, 571.2744275432051, 551.2279836290655, 576.0306643295662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "instruments, including minimum asset coverage ratio; leverage and liquidity requirements; restrictions on additional indebtedness, asset sales,", "box": [ 33.44309332653772, 582.6606165087833, 571.3859531945865, 587.4168532951408 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and distributions under certain conditions; and maintenance of REIT status by the Company. The Company was in compliance with all debt", "box": [ 33.44309332653772, 594.0468054743578, 563.3218137777908, 598.8030422607189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "covenants as of June 30, 2026 and December 31, 2025.", "box": [ 33.44309332653772, 605.4329944399324, 242.6099208799598, 610.1892312262935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Senior Secured Note Purchase Agreement includes customary events for similar secured debt instruments. Payment of the", "box": [ 67.60166022326405, 628.2053723710851, 547.3077960030851, 632.9616091574426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amounts due on the Senior Secured Notes is fully and unconditionally guaranteed by the Company and Sachem Capital Corporation", "box": [ 33.44309332653772, 639.5915613366597, 534.5161243986884, 644.3477981230208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Intermediate, LLC, a wholly-owned subsidiary of the Company.", "box": [ 33.44309332653772, 650.9777503022342, 276.774699085094, 655.7339870885953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20", "box": [ 301.25204340414024, 693.6759589231442, 310.73815728253675, 698.4321957095017 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 33, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25877867219242, 100.74905603824624, 43.0150154585499 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33806212055424, 364.10915862561274, 60.094298906915355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72425108612879, 490.83735774082226, 71.4804878724899 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.11044005170697, 436.5336781050733, 82.86667683806445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12. Accounts Payable and Accrued Liabilities", "box": [ 33.44309332653772, 125.07846953470289, 220.54225837874574, 129.834706321064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the Company's accounts payable and accrued liabilities as of June 30, 2026 and December 31, 2025:", "box": [ 67.60166022326405, 147.85084746585562, 545.3161077951252, 152.6070842522131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 402.9382684496548, 174.0161902326181, 446.98393390177665, 177.8197523910385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 483.00853249720285, 174.0161902326181, 544.1709656568904, 177.8197523910385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 447.76027173463046, 187.53728962923924, 490.9539836644374, 191.340851787656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accounts payable and accrued expenses", "box": [ 57.51643230160688, 201.93524505233654, 209.7527558995943, 206.69148183869765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.24668641102994, 201.93524505233654, 388.9897457164206, 206.69148183869765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,991 ", "box": [ 441.47784946008886, 201.93524505233654, 465.1984834232382, 206.69148183869765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 472.70091451412776, 201.93524505233654, 477.4439738195185, 206.69148183869765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,551 ", "box": [ 530.2100642504131, 201.93524505233654, 553.9306982135623, 206.69148183869765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses on unfunded commitments", "box": [ 57.51643230160688, 216.8796180696554, 265.10841614680794, 221.63585485601652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "787 ", "box": [ 448.5942175635735, 216.8796180696554, 465.1984834232382, 221.63585485601652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "669 ", "box": [ 537.3264323538978, 216.8796180696554, 553.9306982135623, 221.63585485601652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued interest", "box": [ 57.51643230160688, 232.53562789732314, 119.93576987594, 237.29186468368061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "949 ", "box": [ 448.5942175635735, 232.53562789732314, 465.1984834232382, 237.29186468368061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,035 ", "box": [ 530.2100642504131, 232.53562789732314, 553.9306982135623, 237.29186468368061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 57.51643230160688, 249.61491134568496, 76.87309945148675, 254.37114813204607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.24668641102994, 248.19163772498723, 388.9897457164206, 252.94787451134835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,727 ", "box": [ 441.47784946008886, 248.19163772498723, 465.1984834232382, 252.94787451134835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 472.70091451412776, 248.19163772498723, 477.4439738195185, 252.94787451134835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,255 ", "box": [ 530.2100642504131, 248.19163772498723, 553.9306982135623, 252.94787451134835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13. Fee Income from Loans", "box": [ 33.44309332653772, 280.2152941906679, 148.41041440719195, 284.97153097702903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the Company's fee income from loans for the three and six months ended June 30, 2026 and 2025:", "box": [ 67.60166022326405, 302.98767212182065, 537.1778477345373, 307.7439089081781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended", "box": [ 292.5456082443492, 328.4413780782379, 361.53483876497086, 332.24494023665466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 461.50375763448517, 328.4413780782379, 521.3697230486799, 332.24494023665466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 313.5500170329746, 341.2508406645102, 340.5271117682033, 345.05440282292693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 477.93812022347004, 341.2508406645102, 504.9152149586989, 345.05440282292693 ], 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34.38823596528177, 382.69099488084976, 162.67763795726444, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 255.74064195913948, 382.69099488084976, 260.48370126453017, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "728 ", "box": [ 302.8865806447253, 382.69099488084976, 319.49084650438994, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 334.1096456987642, 382.69099488084976, 338.85270500415487, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "761 ", "box": [ 381.25558438435, 382.69099488084976, 397.8598502440147, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 405.26221096663306, 382.69099488084976, 410.0052702720238, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1385 ", "box": [ 463.7053840165008, 382.69099488084976, 485.05759816202504, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 497.2746231214732, 382.69099488084976, 502.0176824268639, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,541 ", "box": [ 553.3604992370615, 382.69099488084976, 577.0811332002108, 387.44723166720723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Extension fees", "box": [ 34.38823596528177, 397.635367898165, 89.9709008784578, 402.3916046845261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "73 ", "box": [ 307.62341316360727, 397.635367898165, 319.49084650438994, 402.3916046845261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "184 ", "box": [ 381.25558438435, 397.635367898165, 397.8598502440147, 402.3916046845261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "332 ", "box": [ 468.45333230236037, 397.635367898165, 485.05759816202504, 402.3916046845261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "462 ", "box": [ 560.4768673405462, 397.635367898165, 577.0811332002108, 402.3916046845261 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Late and other fees", "box": [ 34.38823596528177, 413.2913777258327, 106.8124434766033, 418.0476145121902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "129 ", "box": [ 302.8865806447253, 413.2913777258327, 319.49084650438994, 418.0476145121902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "147 ", "box": [ 381.25558438435, 413.2913777258327, 397.8598502440147, 418.0476145121902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "293 ", "box": [ 468.45333230236037, 413.2913777258327, 485.05759816202504, 418.0476145121902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "226 ", "box": [ 560.4768673405462, 413.2913777258327, 577.0811332002108, 418.0476145121902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Processing fees", "box": [ 34.38823596528177, 428.2357507431516, 93.13447911649624, 432.99198752950906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14 ", "box": [ 307.62341316360727, 428.2357507431516, 319.49084650438994, 432.99198752950906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30 ", "box": [ 385.99241690323197, 428.2357507431516, 397.8598502440147, 432.99198752950906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37 ", "box": [ 473.1901648212423, 428.2357507431516, 485.05759816202504, 432.99198752950906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51 ", "box": [ 565.2136998594282, 428.2357507431516, 577.0811332002108, 432.99198752950906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Construction servicing fees", "box": [ 34.38823596528177, 443.8917605708157, 138.1842078175481, 448.6479973571768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "69 ", "box": [ 307.62341316360727, 443.8917605708157, 319.49084650438994, 448.6479973571768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "104 ", "box": [ 381.25558438435, 443.8917605708157, 397.8598502440147, 448.6479973571768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "143 ", "box": [ 468.45333230236037, 443.8917605708157, 485.05759816202504, 448.6479973571768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "241 ", "box": [ 560.4768673405462, 443.8917605708157, 577.0811332002108, 448.6479973571768 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Legal fees", "box": [ 34.38823596528177, 458.83613358813454, 73.62497161680292, 463.592370374492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40 ", "box": [ 307.62341316360727, 458.83613358813454, 319.49084650438994, 463.592370374492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "71 ", "box": [ 385.99241690323197, 458.83613358813454, 397.8598502440147, 463.592370374492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "79 ", "box": [ 473.1901648212423, 458.83613358813454, 485.05759816202504, 463.592370374492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "134 ", "box": [ 560.4768673405462, 458.83613358813454, 577.0811332002108, 463.592370374492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other fees", "box": [ 34.38823596528177, 474.49214341579864, 73.62959746956125, 479.24838020215975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "93 ", "box": [ 307.62341316360727, 474.49214341579864, 319.49084650438994, 479.24838020215975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "474 ", "box": [ 381.25558438435, 474.49214341579864, 397.8598502440147, 479.24838020215975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "169 ", "box": [ 468.45333230236037, 474.49214341579864, 485.05759816202504, 479.24838020215975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "541 ", "box": [ 560.4768673405462, 474.49214341579864, 577.0811332002108, 479.24838020215975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 34.38823596528177, 490.14815324346637, 53.74490311516164, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 255.74064195913948, 490.14815324346637, 260.48370126453017, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,146 ", "box": [ 295.77021254124065, 490.14815324346637, 319.49084650438994, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 334.1096456987642, 490.14815324346637, 338.85270500415487, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,771 ", "box": [ 374.13921628086536, 490.14815324346637, 397.8598502440147, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 405.26221096663306, 490.14815324346637, 410.0052702720238, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,438 ", "box": [ 461.3369641988757, 490.14815324346637, 485.05759816202504, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 497.2746231214732, 490.14815324346637, 502.0176824268639, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,196 ", "box": [ 553.3604992370615, 490.14815324346637, 577.0811332002108, 494.9043900298275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14. Commitments and Contingencies", "box": [ 33.44309332653772, 522.171809709147, 186.80875600591202, 526.9280464955082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded Commitments", "box": [ 67.60166022326405, 544.9441876402998, 159.55855886712283, 549.7004244266573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, the Company had future funding obligations on loans held for investment totaling $41.4 million and obligations", "box": [ 67.60166022326405, 567.7165655714489, 561.3548123881745, 572.47280235781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "relating to investments in limited liability companies totaling $0.7 million, which can be drawn by the borrowers when the conditions relating", "box": [ 33.44309332653772, 579.1027545370234, 571.4146064501639, 583.8589913233845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thereto have been satisfied. The unfunded commitments will be funded from loan payoffs and additional drawdowns under existing and future", "box": [ 33.44309332653772, 590.4889435026016, 573.1321246087125, 595.2451802889591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit facilities and proceeds from sale of debt and equity securities. The Company's unfunded commitments are subject to allowances under", "box": [ 33.44309332653772, 601.8751324681762, 568.0139652130483, 606.6313692545336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the scope of current expected credit losses. See Note 4 - Loans and Allowance for Credit Losses - for further details.", "box": [ 33.44309332653772, 613.2613214337507, 482.31008137403137, 618.0175582201118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Litigation", "box": [ 67.60166022326405, 636.0336993649034, 105.02730457036151, 640.7899361512609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company is subject to various pending and threatened legal proceedings or other matters arising out of the normal conduct of", "box": [ 67.60166022326405, 658.8060772960525, 560.7402327905278, 663.5623140824136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business in which claims for monetary damages are asserted. As of the date of this report, management, after consultation with legal counsel,", "box": [ 33.44309332653772, 670.1922662616271, 568.4585734051432, 674.9485030479882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "does not anticipate that the aggregate ultimate liability arising out of such pending or threatened matters will be material to the Company's", "box": [ 33.44309332653772, 681.5784552272053, 558.9817112812839, 686.3346920135627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated financial position. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with such", "box": [ 33.44309332653772, 692.9646441927798, 561.1216725233608, 697.7208809791373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "matters. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated,", "box": [ 33.44309332653772, 704.3508331583544, 568.4910192757281, 709.1070699447155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in", "box": [ 33.44309332653772, 715.7370221239289, 573.4378454096556, 720.49325891029 ], "from_ocr": false, "confidence": 1.0 }, { "text": "exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses for matters where an exposure is", "box": [ 33.44309332653772, 727.1232110895071, 569.5192266671436, 731.8794478758646 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 34, "width": 612.0, "height": 792.0, "cells": [ { "text": "not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available", "box": [ 33.44309332653772, 38.25886075219023, 571.6916073164635, 43.01509753854771 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the Company and involves elements of judgment and significant uncertainties.", "box": [ 33.44309332653772, 49.64504971776478, 340.8800407322274, 54.401286504122254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21", "box": [ 301.25204340414024, 90.2083479076282, 310.73815728253675, 94.96458469398567 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 35, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25726283225595, 100.74905603824624, 43.01349961861342 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33654628061777, 364.10915862561274, 60.09278306697888 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72273524619231, 490.83735774082226, 71.47897203255343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.1089242117705, 436.5336781050733, 82.86516099812798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While the Company does not believe that the outcome of pending or threatened litigation or other matters will be material to the Company's", "box": [ 33.44309332653772, 125.07695369476642, 565.049474930206, 129.83319048112753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations", "box": [ 33.44309332653772, 136.4631426603446, 565.341270502755, 141.21937944670208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for a particular reporting period in the future. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or", "box": [ 33.44309332653772, 147.84933162591915, 538.1474144188909, 152.60556841227663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investigation, any such matter could cause the Company to incur additional expenses, which could be significant, and possibly material, to the", "box": [ 33.44309332653772, 159.2355205914937, 572.9654216933053, 163.9917573778548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's results of operations in any future period.", "box": [ 33.44309332653772, 170.62170955706824, 235.77318654709907, 175.37794634342936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On April 6, 2026, Oppenheimer & Co. Inc. filed a complaint against the Company and Sachem Capital Corporation Holdings, LLC in", "box": [ 67.60166022326405, 191.25917705717438, 575.8077822234696, 196.0154138435355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the United States District Court for the Southern District of New York, asserting claims for breach of contract and quantum meruit relating to a", "box": [ 33.44309332653772, 202.64536602274893, 575.3368351535, 207.40160280911005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "May 2024 engagement letter. The complaint sought damages of not less than approximately $1.8 million, plus interest, costs, disbursements", "box": [ 33.44309332653772, 214.03155498832712, 564.1431532180854, 218.7877917746846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and attorneys' fees. In July 2026, Oppenheimer & Co. voluntarily dismissed the complaint without prejudice, preserving its right to refile its", "box": [ 33.44309332653772, 225.41774395390166, 565.4338737371389, 230.17398074025914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "claims. The Company believes the claims are without merit and intends to vigorously defend against any refiled action.", "box": [ 33.44309332653772, 236.8039329194762, 486.10824309281367, 241.56016970583732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 27, 2026, a group of seventeen plaintiffs filed a complaint in the Superior Court of the State of California in the County of", "box": [ 67.60166022326405, 259.57631085062894, 563.2413426287184, 264.3325476369864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Los Angeles, Case No. 26STCV23391, against the Company, IRG Master Holdings, IRG Holdings Manager, LLC ('IRGHM'), IRG Global,", "box": [ 33.44309332653772, 270.9624998162035, 568.0833833208634, 275.71873660256097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and Stuart Lichter (together with IRG Master Holdings, IRGHM, and IRG Global, the 'IRG Defendants'). The plaintiffs purport to be", "box": [ 33.44309332653772, 282.34868878177804, 543.386062323861, 287.10492556813915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investors who hold interests in IRG Master Holdings. The complaint alleges, among other things, that the plaintiffs are pursuing certain claims", "box": [ 33.44309332653772, 293.7348777473526, 574.4846135878222, 298.4911145337137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "against the IRG Defendants in an underlying arbitration (the 'Arbitration'). The Company is not a party to the underlying Arbitration. The", "box": [ 33.44309332653772, 305.12106671293077, 558.912158226159, 309.87730349928825 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Complaint asserts a single cause of action for injunctive relief in aid of arbitration, pursuant to California Code of Civil Procedure sections", "box": [ 33.44309332653772, 316.5072556785053, 559.7829544099164, 321.2634924648628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1281.8 and 525, et seq., seeking to enjoin the closing of the previously announced Transaction and certain related transactions, until the", "box": [ 33.44309332653772, 327.89344464407986, 547.4158618955754, 332.649681430441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conclusion of the Arbitration. The Company intends to vigorously defend itself against the claims made in the complaint.", "box": [ 33.44309332653772, 339.2796336096544, 492.98658825324895, 344.0358703960155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other", "box": [ 67.60166022326405, 362.05201154080714, 89.73283445439941, 366.8082483271646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the normal course of its business, the Company is named as a party-defendant in connection with tax foreclosure proceedings", "box": [ 67.60166022326405, 384.82438947195624, 553.3616312333834, 389.58062625831735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "against properties on which it holds a first mortgage lien. The Company actively monitors these actions and, in all cases, believes there remains", "box": [ 33.44309332653772, 396.2105784375344, 577.782535761537, 400.9668152238919 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sufficient value in the subject property to assure that no loan impairment exists. At June 30, 2026, there was one such property with an unpaid", "box": [ 33.44309332653772, 407.59676740310897, 571.4862418040767, 412.35300418946645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance of $1.3 million, net of reserves for credit losses. At December 31, 2025, there was one such property with an unpaid principal", "box": [ 33.44309332653772, 418.9829563686835, 576.6393127443519, 423.73919315504463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balance of $0.3 million.", "box": [ 33.44309332653772, 430.36914533425806, 123.8138092990171, 435.1253821206192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15. Related Party Transactions", "box": [ 33.44309332653772, 453.1415232654108, 162.73219210630936, 457.8977600517683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting", "box": [ 67.60166022326405, 475.9139011965599, 561.0968711977198, 480.670137982921 ], "from_ocr": false, "confidence": 1.0 }, { "text": "process on these loans adheres to prevailing Company policy. The terms of such loans, including the interest rate, income, origination fees, and", "box": [ 33.44309332653772, 487.3000901621381, 576.3790804119785, 492.05632694849555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of June 30, 2026, and", "box": [ 33.44309332653772, 498.6862791277126, 536.351639260705, 503.4425159140701 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, loans to known shareholders totaled $19.5 million and $17.2 million, respectively, which is included in loans held for", "box": [ 33.44309332653772, 510.07246809328717, 558.2007090819693, 514.8287048796483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment, net in the Company's accompanying Condensed Consolidated Balance Sheets. Of these amounts, $19.5 million and $17.2 million,", "box": [ 33.44309332653772, 521.4586570588617, 574.3791407441031, 526.2148938452228 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, were loaned to a joint venture entity fifty percent owned in aggregate by the Company's Senior Vice President of Asset", "box": [ 33.44309332653772, 532.8448460244399, 534.9735289458133, 537.6010828107974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management and Vice President of Asset Management. All such loans are performing. Interest income earned on all related party loans for the", "box": [ 33.44309332653772, 544.2310349900145, 573.4934591954581, 548.9872717763719 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2026 totaled $0.3 million and $0.6 million, respectively. Interest income earned on all related party loans", "box": [ 33.44309332653772, 555.617223955589, 571.604122266866, 560.3734607419501 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the three and six months ended June 30, 2025 totaled $0.3 million and $0.8 million, respectively.", "box": [ 33.44309332653772, 567.0034129211635, 414.101817978483, 571.7596497075247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subsequent to June 30, 2026, one of the loans to the related-party joint venture was repaid in full following the sale of the underlying", "box": [ 67.60166022326405, 589.7757908523163, 573.1550411547142, 594.5320276386738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Coconut Grove, Florida residence. The residence sold for gross sale proceeds of approximately $7.5 million and generated net sale proceeds of", "box": [ 33.44309332653772, 601.1619798178908, 575.6648761042607, 605.9182166042519 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $7.0 million. The Company received approximately $7.0 million in cash to repay the associated loan in full.", "box": [ 33.44309332653772, 612.5481687834654, 499.8491669578236, 617.3044055698265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In December 2021, the Company hired the daughter of its chief executive officer to perform certain internal audit and compliance", "box": [ 67.60166022326405, 635.3205467146181, 559.9852170122534, 640.0767835009756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "services. For the three and six months ended June 30, 2026, she received compensation of $0.1 million and $0.2 million, respectively. For the", "box": [ 33.44309332653772, 646.7067356801927, 570.0707964824952, 651.4629724665538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2025, she received compensation of $0.1 million and $0.1 million, respectively.", "box": [ 33.44309332653772, 658.0929246457672, 475.74650968478716, 662.8491614321283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22", "box": [ 301.25204340414024, 700.7911332666772, 310.73815728253675, 705.5473700530347 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 36, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.257584912244056, 100.74905603824624, 43.01382169860153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33686836060588, 364.10915862561274, 60.09310514696699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72305732618042, 490.83735774082226, 71.47929411254154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10924629175861, 436.5336781050733, 82.86548307811609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16. Stock-Based Compensation and Employee Benefits", "box": [ 33.44309332653772, 125.07727577475453, 258.4964568549714, 129.83351256111564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock-Based Compensation", "box": [ 67.60166022326405, 147.84965370590726, 171.66631066437532, 152.60589049226473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 9, 2025, the Company adopted the 2025 Omnibus Incentive Plan (the \"2025 Plan\"), which replaced the 2016 Equity", "box": [ 67.60166022326405, 170.62203163705635, 539.5540042667999, 175.37826842341747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Compensation Plan. The purpose of the 2025 Plan is to align the interests of the Company's officers, other employees, advisors and consultants", "box": [ 33.44309332653772, 182.00822060263454, 577.3980502772406, 186.764457388992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or any subsidiary, if any, with those of the Company's shareholders and to afford an incentive to such officers, employees, consultants and", "box": [ 33.44309332653772, 193.39440956820908, 557.4253658156431, 198.15064635456656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "advisors to continue as such, to increase their efforts on the Company's behalf and to promote the success of the Company's business. The", "box": [ 33.44309332653772, 204.78059853378363, 557.8793206544392, 209.53683532014475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximum number of the Company's common shares, par value $0.001 per share (the \"Common Shares\") reserved for grant of awards under", "box": [ 33.44309332653772, 216.16678749935818, 565.5542496513507, 220.9230242857193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the 2025 Plan is 2,936,762. The number of securities remaining available for future issuance under the 2025 Plan as of June 30, 2026 was", "box": [ 33.44309332653772, 227.55297646493636, 555.6879153201221, 232.30921325129384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,276,038.", "box": [ 33.44309332653772, 238.9391654305109, 73.7648797560973, 243.6954022168684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, the Company granted an aggregate of 282,217 restricted Common Shares, net of shares", "box": [ 67.60166022326405, 261.71154336166, 568.6817815065131, 266.4677801480211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "surrendered to cover taxes, under the 2025 Plan with a grant date fair value of $0.3 million. During the six months ended June 30, 2025, the", "box": [ 33.44309332653772, 273.0977323272382, 563.4989712295245, 277.85396911359567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company granted an aggregate of 767,668 restricted Common Shares, of which a grant of 420,168 shares was rescinded immediately after the", "box": [ 33.44309332653772, 284.48392129281274, 573.745146917376, 289.2401580791702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "grant, with a grant date fair value of $0.9 million.", "box": [ 33.44309332653772, 295.8701102583873, 221.01894986255277, 300.6263470447484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock-based compensation for the three and six months ended June 30, 2026 was $0.2 million and $0.4 million, respectively. Stock-", "box": [ 67.60166022326405, 318.64248818954, 568.1004268082681, 323.3987249758975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based compensation for the three and six months ended June 30, 2025 was $0.2 million and $0.4 million, respectively. As of June 30, 2026,", "box": [ 33.44309332653772, 330.02867715511456, 562.397655133027, 334.78491394147204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "there was unrecognized stock-based compensation expense of $0.6 million.", "box": [ 33.44309332653772, 341.4148661206891, 319.53617079516835, 346.1711029070502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Employee Benefits", "box": [ 67.60166022326405, 364.18724405184184, 137.9276381247838, 368.9434808381993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On April 16, 2018, the Company's Board of Directors approved the adoption of the Sachem Capital Corp. 401(k) Profit Sharing Plan", "box": [ 67.60166022326405, 386.95962198299094, 572.1253307286307, 391.71585876935205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the '401(k) Plan'). All employees, who meet the participation criteria, are eligible to participate in the 401(k) Plan. Under the terms of the", "box": [ 33.44309332653772, 398.3458109485655, 561.325399278501, 403.1020477349266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "401(k) Plan, the Company is obligated to contribute 3% of a participant's compensation to the 401(k) Plan on behalf of an employee-", "box": [ 33.44309332653772, 409.73199991414367, 539.2576535952696, 414.48823670050115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "participant. For the three and six months ended June 30, 2026, the 401(k) Plan expense was $30,661 and $74,595, respectively, and for the", "box": [ 33.44309332653772, 421.1181888797182, 558.9479603894329, 425.8744256660757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2025, the 401(k) Plan expense was $23,655 and $60,147, which is included within compensation and", "box": [ 33.44309332653772, 432.50437784529277, 557.751768570934, 437.2606146316539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employee benefits in the accompanying unaudited Condensed Consolidated Statements of Operations.", "box": [ 33.44309332653772, 443.8905668108673, 421.4888498129244, 448.6468035972284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17. Equity", "box": [ 33.44309332653772, 466.66294474202004, 79.83991560379364, 471.4191815283775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Series A Preferred Stock", "box": [ 33.44309332653772, 489.43532267316914, 125.90947956994998, 494.19155945953025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has designated 3,332,000 shares of its authorized preferred shares, par value $0.001 per share, as shares of Series A", "box": [ 67.60166022326405, 512.2077006043219, 561.540994705997, 516.9639373906793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred Stock (the 'Series A Preferred Stock') with the powers, designations, preferences and other rights as set forth in an Amended and", "box": [ 33.44309332653772, 523.5938895698964, 562.1313591975302, 528.3501263562575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Restated Certificate of Designation (the 'Series A Designation Certificate'). The Series A Designation Certificate provides that the Company", "box": [ 33.44309332653772, 534.980078535471, 568.5558100890083, 539.7363153218321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "will pay quarterly cumulative dividends on the Series A Preferred Stock, in arrears, on the 30th day of each March, June, September and", "box": [ 33.44309332653772, 546.3662675010455, 550.2830236802171, 551.1225042874066 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December, and including, the date of original issuance of the Series A Preferred Stock until redeemed at 7.75% of the $25.00 per share", "box": [ 33.44309332653772, 557.7524564666237, 544.1073642295493, 562.5086932529812 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liquidation preference per annum (equivalent to $1.9375 per annum per share). The Series A Preferred Stock is not redeemable before June 29,", "box": [ 33.44309332653772, 569.1386454321982, 574.8599205094273, 573.8948822185594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, except upon the occurrence of a Change of Control (as defined in the Series A Designation Certificate). On or after June 29, 2026, the", "box": [ 33.44309332653772, 580.5248343977728, 564.5028767797372, 585.2810711841339 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company may, at its option, redeem any or all of the shares of the Series A Preferred Stock at $25.00 per share plus any accumulated and", "box": [ 33.44309332653772, 591.9110233633473, 553.8967649330888, 596.6672601497085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unpaid dividends to, but not including the redemption date. Upon the occurrence of a Change of Control, the Company may, at its option,", "box": [ 33.44309332653772, 603.2972123289255, 554.7157389376248, 608.053449115283 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redeem any or all of the shares of Series A Preferred Stock within 120 days after the first date on which such Change of Control occurred at", "box": [ 33.44309332653772, 614.6834012945001, 562.9354389689261, 619.4396380808612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series A Preferred Stock has no", "box": [ 33.44309332653772, 626.0695902600746, 565.430324132663, 630.8258270464357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or", "box": [ 33.44309332653772, 637.4557792256492, 558.1387016047911, 642.2120160120103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redeemed by the Company or converted into Common Shares in connection with a Change of Control by the holders of the Series A Preferred", "box": [ 33.44309332653772, 648.8419681912274, 572.1779735635304, 653.5982049775848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock. Upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right (subject to the Company's", "box": [ 33.44309332653772, 660.2281571568019, 556.3553793392153, 664.9843939431594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "election to redeem the Series A Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date as", "box": [ 33.44309332653772, 671.6143461223764, 558.1942369016574, 676.3705829087376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "defined in the Series A Designation Certificate) to convert some or all of the Series A Preferred Stock held by such holder on the Change of", "box": [ 33.44309332653772, 683.000535087951, 562.1545155205988, 687.7567718743121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Control Conversion Date into a number of the Common Shares determined by formula, in each case, on the terms and subject to the conditions", "box": [ 33.44309332653772, 694.3867240535292, 575.8695777352714, 699.1429608398867 ], "from_ocr": false, "confidence": 1.0 }, { "text": "described in the Series A", "box": [ 33.44309332653772, 705.7729130191037, 127.7529659060408, 710.5291498054612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23", "box": [ 301.25204340414024, 745.6245743986183, 310.73815728253675, 750.3808111849758 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 37, "width": 612.0, "height": 792.0, "cells": [] }, { "page_no": 38, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.257989072229975, 100.74905603824624, 43.01422585858745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.337272520591796, 364.10915862561274, 60.09350930695291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72346148616634, 490.83735774082226, 71.47969827252746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10965045174453, 436.5336781050733, 82.865887238102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Designation Certificate, including provisions for the receipt, under specified circumstances, of alternative consideration as described in the", "box": [ 33.44309332653772, 125.07767993474044, 560.0053272280409, 129.83391672110156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Series A Designation Certificate. Except under limited circumstances, holders of the Series A Preferred Stock generally do not have any voting", "box": [ 33.44309332653772, 136.46386890031863, 575.0543607326734, 141.2201056866761 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rights. The Company has reserved 83,300,000 Common Shares for issuance upon conversion of the Series A Preferred Stock.", "box": [ 33.44309332653772, 147.85005786589318, 508.8122554277039, 152.6062946522543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At-The-Market Offerings", "box": [ 33.44309332653772, 167.77588855565045, 128.02162241271353, 172.53212534200793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On November 11, 2025, the Company filed a prospectus supplement to its Form S-3 Registration Statement covering the sale of up to", "box": [ 67.60166022326405, 190.54826648679955, 574.932309184277, 195.30450327316066 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$18.45 million of its Series A Preferred Stock in an ATM offering (the \"ATM Offering\"). There were no sales under the ATM Offering during", "box": [ 33.44309332653772, 201.93445545237773, 569.242254885107, 206.6906922387352 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the three and six months ended June 30, 2026. During the year ended December 31, 2025, the Company did not sell any Common Shares but it", "box": [ 33.44309332653772, 213.32064441795228, 576.429109747966, 218.07688120430976 ], "from_ocr": false, "confidence": 1.0 }, { "text": "did sell 6,010 shares of Series A Preferred Stock having an aggregate liquidation preference of $0.1 million, realizing gross proceeds of $0.1", "box": [ 33.44309332653772, 224.70683338352683, 565.8630558173178, 229.46307016988794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million (representing a discount of 25.5% from the liquidation preference). The Company's issuance costs for Series A Preferred Stock shares", "box": [ 33.44309332653772, 236.09302234910137, 570.9372921026799, 240.8492591354625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sold during the year ended December 31, 2025 were de minimis. At June 30, 2026, $18.3 million of Series A Preferred Stock were available for", "box": [ 33.44309332653772, 247.47921131467956, 577.9731458167823, 252.23544810103704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "future sale under the ATM Offering.", "box": [ 33.44309332653772, 258.8654002802541, 170.2505216304585, 263.6216370666116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Repurchase Plan", "box": [ 33.44309332653772, 281.6377782114032, 98.15985079781746, 286.3940149977643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Effective on October 10, 2024, the Board adopted a Repurchase Plan (the 'Repurchase Plan'). Under the Repurchase Plan, the", "box": [ 67.60166022326405, 304.41015614255593, 548.4194248638275, 309.1663929289134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company may repurchase up to an aggregate of 5,802,959 of Common Shares and share repurchases will be made from time to time on the", "box": [ 33.44309332653772, 315.7963451081305, 562.6901922228881, 320.5525818944916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "open market at prevailing market prices in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act.", "box": [ 33.44309332653772, 327.182534073705, 558.4073985146435, 331.93877086006614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three and six months ended June 30, 2026 and the year ended December 31, 2025, the Company did not repurchase any", "box": [ 67.60166022326405, 349.95491200485776, 564.6959276115189, 354.71114879121524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common Shares.", "box": [ 33.44309332653772, 361.3411009704323, 98.78978972754575, 366.0973377567934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18. Earnings (Losses) Per Share", "box": [ 33.44309332653772, 384.11347890158504, 166.70171217566582, 388.8697156879425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basic and diluted earnings (losses) per share are calculated in accordance with FASB ASC 260 (Earnings Per Share). Under FASB", "box": [ 67.60166022326405, 406.88585683273413, 562.515839612126, 411.64209361909525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASC 260, basic earnings per share is computed by dividing net income (loss) available to the common shareholders by the weighted-average", "box": [ 33.44309332653772, 418.2720457983087, 567.9444381468179, 423.0282825846698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "number of Common Shares outstanding for the period. The computation of diluted earnings (losses) per share is similar to basic earnings", "box": [ 33.44309332653772, 429.65823476388687, 553.0482486563379, 434.41447155024434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(losses) per share, except that the denominator is increased to include the potential dilution from the Company's unvested restricted stock", "box": [ 33.44309332653772, 441.0444237294614, 553.5809455692773, 445.8006605158189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "awards that contain non-forfeitable rights to dividends so therefore deemed to participating securities for Common Shares using the two-class", "box": [ 33.44309332653772, 452.43061269503596, 570.8439467022672, 457.1868494813971 ], "from_ocr": false, "confidence": 1.0 }, { "text": "method. The numerator in calculating both basic and diluted earnings (losses) per Common Share for each period is the reported net income", "box": [ 33.44309332653772, 463.8168016606105, 564.859607289811, 468.5730384469716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(loss) available to common shareholders.", "box": [ 33.44309332653772, 475.20299062618506, 189.1301258712186, 479.95922741254617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2026, the Company had basic and diluted weighted average Common Shares outstanding", "box": [ 67.60166022326405, 497.9753685573378, 575.5345330448167, 502.7316053436989 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of 47,281,931 and 47,230,349, respectively, resulting in basic and diluted loss per Common Share of $0.14 and $0.29, respectively. For the", "box": [ 33.44309332653772, 509.36155752291234, 560.7416791136492, 514.1177943092734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2025, the Company had basic and diluted weighted average Common Shares outstanding of 46,875,187", "box": [ 33.44309332653772, 520.7477464884869, 567.2044547690199, 525.503983274848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 46,830,215, respectively, resulting in basic and diluted income per Common Share of $0.02 and $0.01, respectively.", "box": [ 33.44309332653772, 532.1339354540651, 489.0452225781741, 536.8901722404225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "24", "box": [ 301.25204340414024, 574.8321440749714, 310.73815728253675, 579.5883808613326 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 39, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25831115221081, 100.74905603824624, 43.014547938568285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.33759460057263, 364.10915862561274, 60.09383138693374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72378356614718, 490.83735774082226, 71.48002035250829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10997253172536, 436.5336781050733, 82.86620931808284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19. Limited Liability Company ('LLC') Investments", "box": [ 33.44309332653772, 125.07800201472128, 252.69731638961608, 129.8342388010824 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the carrying value of each investment reflected on the Company's unaudited Condensed Consolidated", "box": [ 67.60166022326405, 147.850379945874, 563.5008604733819, 152.60661673223512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance Sheets as of June 30, 2026 and December 31, 2025:", "box": [ 33.44309332653772, 159.23656891144856, 262.6289399525326, 163.99280569780967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 311.2816746999889, 184.6902748678658, 355.32734015211065, 188.49383702628256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 461.27024824790556, 184.6902748678658, 522.4326814075931, 188.49383702628256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment", "box": [ 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"confidence": 1.0 }, { "text": "Total Shem LLC Investments", "box": [ 44.30667400951351, 343.55050279170246, 156.14362289315537, 348.30673957805993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 257.51973398501065, 343.55050279170246, 262.2627932904013, 348.30673957805993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,737 ", "box": [ 291.50039167914986, 343.55050279170246, 319.96898104452686, 348.30673957805993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 416.0257177231536, 343.55050279170246, 420.7687770285443, 348.30673957805993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,632 ", "box": [ 450.0063754172928, 343.55050279170246, 478.47495766630175, 348.30673957805993 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cordo CLT Investors LLC", "box": [ 44.30667400951351, 359.9181494297154, 144.7028324063789, 364.6743862160765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 257.51973398501065, 359.20651261936655, 262.2627932904013, 363.96274940572766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,500 ", "box": [ 296.2483470813776, 359.20651261936655, 319.96898104452686, 363.96274940572766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.2%", "box": [ 389.2503827337926, 359.9181494297154, 409.0167100125041, 364.6743862160765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 416.0257177231536, 359.20651261936655, 420.7687770285443, 363.96274940572766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,500 ", "box": [ 454.7543237031524, 359.20651261936655, 478.47495766630175, 363.96274940572766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.2%", "box": [ 547.7897208892365, 359.9181494297154, 567.556048167948, 364.6743862160765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total investments in LLC's", "box": [ 44.30667400951351, 376.285796067732, 147.71820400081978, 381.0420328540895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 257.51973398501065, 374.8625224470343, 262.2627932904013, 379.6187592333954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,237 ", "box": [ 291.50039167914986, 374.8625224470343, 319.96898104452686, 379.6187592333954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 416.0257177231536, 374.8625224470343, 420.7687770285443, 379.6187592333954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39,132 ", "box": [ 450.0063754172928, 374.8625224470343, 478.47495766630175, 379.6187592333954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Shem Creek ('Shem')", "box": [ 67.60166022326405, 406.88617891271497, 152.6060876097877, 411.6424156990761 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the ", "box": [ 67.60166022326405, 429.6585568438677, 97.11141224358653, 434.4147936302252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three", "box": [ 97.11234920240196, 430.2852280684383, 114.17912344198186, 434.5669116291647 ], "from_ocr": false, "confidence": 1.0 }, { "text": " months ended June 30, 2026, the Shem LLC investments generated $0.7 million of interest income and $0.1 million of", "box": [ 114.18051332560341, 429.6585568438677, 567.0929879101282, 434.4147936302252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other income. For the six months ended June 30, 2026, the Shem LLC investments generated $1.6 million of interest income and $0.2 million", "box": [ 33.44309332653772, 441.04474580944225, 571.1856327519589, 445.8009825957997 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of other income. For the ", "box": [ 33.44309332653772, 452.4309347750168, 127.75294954345873, 457.1871715613779 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three", "box": [ 127.75720934803272, 453.05760599959103, 144.82398358761264, 457.3392895603138 ], "from_ocr": false, "confidence": 1.0 }, { "text": " months ended June 30, 2025, the Shem LLC investments generated $0.9 million of interest income and $0.1", "box": [ 144.8253734712342, 452.4309347750168, 557.6792324983104, 457.1871715613779 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million of other income. For the six months ended June 30, 2025, the Shem LLC investments generated $2.8 million of interest income and", "box": [ 33.44309332653772, 463.81712374059134, 562.4749516823025, 468.57336052695246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$0.2 million of other income.", "box": [ 33.44309332653772, 475.2033127061695, 144.63387689807251, 479.959549492527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, the Company had unfunded commitments totaling $0.7 million to the Shem LLC entities.", "box": [ 67.60166022326405, 497.9756906373186, 476.5266541341031, 502.73192742367974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cordo CLT Investors LLC", "box": [ 67.60166022326405, 520.7480685684714, 166.78425931482084, 525.5043053548288 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In September 2024, the Company, through its wholly owned subsidiary Urbane Capital, LLC, acquired a member's interest in Cordo", "box": [ 67.60166022326405, 543.5204464996204, 569.7770250407954, 548.2766832859816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CLT Investors LLC for a one time contribution of $2.5 million. As of June 30, 2026 and December 31, 2025, the Company held 7.2% of total", "box": [ 33.44309332653772, 554.906635465195, 570.1412761159547, 559.6628722515561 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common member equity. This entity was formed for the sole purpose of developing a commercial multifamily property in Charlotte, North", "box": [ 33.44309332653772, 566.2928244307695, 559.7923050017207, 571.0490612171307 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carolina. The Company anticipates the project construction to be completed by the end of 2026, with monetization of the Company's", "box": [ 33.44309332653772, 577.6790133963477, 538.4115242736301, 582.4352501827052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment in the first half of 2028 upon rent stabilization of the project.", "box": [ 33.44309332653772, 589.0652023619223, 307.6832086422968, 593.8214391482834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20. Income Taxes", "box": [ 33.44309332653772, 611.8375802930714, 107.50158103522844, 616.5938170794325 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 40, "width": 612.0, "height": 792.0, "cells": [ { "text": "To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be", "box": [ 67.60166022326405, 38.25647323228986, 567.7852930989915, 43.01271001864734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distributed to stockholders. REITs that do not distribute a certain amount of taxable income in the current year are also subject to a 4% federal", "box": [ 33.44309332653772, 49.64266219786441, 572.5253135861832, 54.398898984225525 ], "from_ocr": false, "confidence": 1.0 }, { "text": "excise tax. Undistributed net income for federal income tax purposes differs from undistributed net income for GAAP purposes primarily due", "box": [ 33.44309332653772, 61.02885116343896, 570.3205423610486, 65.78508794980007 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the recognition of straight-line rent revenue, determining the basis of acquired assets, recording of impairments, the useful life and", "box": [ 33.44309332653772, 72.41504012901714, 538.1567043222257, 77.17127691537462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "depreciation and amortization methods for real property and the provision for loan losses for financial reporting purposes versus bad debt", "box": [ 33.44309332653772, 83.80122909459169, 554.7620177163395, 88.55746588094917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense for federal income tax purposes.", "box": [ 33.44309332653772, 95.18741806016624, 188.84758200418608, 99.94365484652735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2026, the Company's taxable REIT subsidiary (\"TRS\") recognized a de minimis", "box": [ 67.60166022326405, 117.95979599131897, 541.7494940223382, 122.71603277767645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for federal and state income tax, which would be presented in other expenses on the Company's unaudited Condensed Consolidated", "box": [ 33.44309332653772, 129.34598495689352, 571.9139764462128, 134.102221743251 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Statements of Operations.", "box": [ 33.44309332653772, 140.73217392246806, 131.70860602430437, 145.48841070882918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25", "box": [ 301.25204340414024, 183.43038254337807, 310.73815728253675, 188.18661932973555 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 41, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.256795312274335, 100.74905603824624, 43.01303209863181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 247.89039839498298, 55.336078760636155, 364.10915862561274, 60.09231554699727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 121.15233020198605, 66.72226772621434, 490.83735774082226, 71.47850451257182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026", "box": [ 175.44799852472562, 78.10845669178889, 436.5336781050733, 82.86469347814636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents the effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities", "box": [ 67.60166022326405, 125.07648617478844, 574.5802567211689, 129.83272296114592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as of June 30, 2026:", "box": [ 33.44309332653772, 136.462675140363, 109.58669698491539, 141.21891192672047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 423.7870066860165, 161.99663472712928, 473.36946746563507, 166.27831828785565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred Tax Assets:", "box": [ 108.72092467121129, 174.89106289917981, 187.96328001238876, 179.6472996855373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Operating Loss Carryforwards", "box": [ 108.72092467121129, 188.41216229580095, 240.69730601840243, 193.16839908215843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 393.90937641835865, 188.41216229580095, 398.65243572374936, 193.16839908215843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,054 ", "box": [ 479.0389298562938, 188.41216229580095, 502.7595638194431, 193.16839908215843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in LLCs", "box": [ 108.72092467121129, 201.9332616924221, 184.60051695232735, 206.68949847877957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "179", "box": [ 489.03520673484144, 201.9332616924221, 503.2643751862439, 206.68949847877957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basis in REO Assets", "box": [ 108.72092467121129, 215.45436108904323, 186.9905745853168, 220.2105978754007 ], "from_ocr": false, "confidence": 1.0 }, { "text": "261", "box": [ 489.03520673484144, 215.45436108904323, 503.2643751862439, 220.2105978754007 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Gross Deferred Tax Assets", "box": [ 108.72092467121129, 228.97546048566437, 231.56323641493827, 233.73169727202185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,494 ", "box": [ 479.0389298562938, 228.97546048566437, 502.7595638194431, 233.73169727202185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: Valuation Allowance", "box": [ 108.72092467121129, 243.20819669263074, 210.23803994842734, 247.96443347899185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,395)", "box": [ 475.08045009873047, 242.49655988228187, 502.75751722242796, 247.252796668643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Deferred Tax Assets", "box": [ 108.72092467121129, 256.7292960892519, 201.39575796886277, 261.485532875613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99", "box": [ 493.7720392537234, 256.7292960892519, 503.25815313212, 261.485532875613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred Tax Liabilities:", "box": [ 108.72092467121129, 275.9434899686603, 202.17852276328608, 280.6997267550214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Depreciation", "box": [ 108.72092467121129, 289.4645893652814, 157.7077895407013, 294.22082615164254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(54)", "box": [ 486.9336507210971, 289.4645893652814, 502.75751722242796, 294.22082615164254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prepaid Expenses", "box": [ 108.72092467121129, 302.98568876190257, 175.89721256751972, 307.7419255482637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12)", "box": [ 486.9336507210971, 302.98568876190257, 502.75751722242796, 307.7419255482637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization", "box": [ 108.72092467121129, 316.5067881585237, 159.3011541796595, 321.2630249448848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(33)", "box": [ 486.9336507210971, 316.5067881585237, 502.75751722242796, 321.2630249448848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Deferred Tax Liabilities", "box": [ 108.72092467121129, 330.7395243654937, 221.27116072212854, 335.4957611518512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(99)", "box": [ 486.9336507210971, 330.02788755514484, 502.75751722242796, 334.78412434150596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Deferred Tax Assets/(Liabilities)", "box": [ 108.72092467121129, 349.9537182449021, 254.47253823570696, 354.7099550312596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 393.90937641835865, 348.5304446242044, 398.65243572374936, 353.2866814105655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 490.8921304786604, 348.5304446242044, 502.7595638194431, 353.2866814105655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, the Company's TRS had federal net operating loss carryforwards of approximately $4.7 million. These losses were", "box": [ 67.60166022326405, 379.13082746918735, 572.8138602031479, 383.88706425554847 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generated after 2017 and therefore may be carried forward indefinitely but may be used to offset only 80% of taxable income in any given year.", "box": [ 33.44309332653772, 390.51701643476554, 578.2503550415058, 395.273253221123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company evaluates the realizability of deferred tax assets based on available evidence, including the history of taxable income", "box": [ 67.60166022326405, 413.28939436591463, 565.7010275113371, 418.04563115227575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and projected future taxable income of the TRS.", "box": [ 33.44309332653772, 424.6755833314892, 216.07842916879252, 429.4318201178503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Because the TRS has generated cumulative losses in recent years and uncertainty exists regarding the timing of future taxable income,", "box": [ 67.60166022326405, 447.4479612626419, 576.8731225433463, 452.2041980489994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management concluded that it is more likely than not that the deferred tax assets will not be realized. Accordingly, the Company recorded a", "box": [ 33.44309332653772, 458.83415022821646, 562.2935627275868, 463.5903870145776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "valuation allowance against substantially all deferred tax assets at June 30, 2026.", "box": [ 33.44309332653772, 470.220339193791, 340.3334561957045, 474.9765759801521 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The income tax provision for the Company differs from the amount computed from applying the statutory federal income tax rate to", "box": [ 67.60166022326405, 492.99271712494374, 568.9942416286954, 497.7489539113012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income before income taxes due to non-taxable REIT income and other permanent differences including the non-deductibility of acquisition", "box": [ 33.44309332653772, 504.3789060905183, 565.4617710074942, 509.1351428768794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs of business combinations for federal income tax reporting.", "box": [ 33.44309332653772, 515.7650950560928, 276.59405328315285, 520.521331842454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has determined that there are no uncertain tax positions requiring accrual or disclosure in the accompanying unaudited", "box": [ 67.60166022326405, 538.5374729872456, 572.8546890746484, 543.293709773603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "condensed consolidated financial statements as of June 30, 2026.", "box": [ 33.44309332653772, 549.9236619528201, 280.01704612443234, 554.6798987391812 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21. Subsequent Events", "box": [ 33.44309332653772, 572.6960398839728, 129.1278323014726, 577.4522766703303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company evaluated subsequent events from July 1, 2026 until the condensed consolidated financial statements were available to", "box": [ 67.60166022326405, 595.4684178151219, 572.8573382138387, 600.224654601483 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be issued. Based on the evaluation, no adjustments were required in the accompanying unaudited condensed consolidated financial statements.", "box": [ 33.44309332653772, 606.8546067806965, 575.045166545202, 611.6108435670576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26", "box": [ 301.25204340414024, 697.9441185053001, 310.73815728253675, 702.7003552916613 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 42, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.2590373921812, 100.74905603824624, 43.01527417854231 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS", "box": [ 33.44309332653772, 80.95724601308757, 556.5826260675971, 85.71348279944868 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following discussion of the Company's financial condition and results of operations should be read in conjunction with the", "box": [ 67.60166022326405, 103.7296239442403, 548.9196205720676, 108.48586073059778 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accompanying unaudited condensed consolidated financial statements and the notes to those statements included elsewhere in this Report.", "box": [ 33.44309332653772, 115.11581290981485, 559.7414134516379, 119.87204969617596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certain statements in this discussion and elsewhere in this Report constitute forward-looking statements, within the meaning of section 21E of", "box": [ 33.44309332653772, 126.5020018753894, 572.8819572765665, 131.2582386617505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Exchange Act, that involve risks and uncertainties. Actual operating results and financial conditions may differ materially from those", "box": [ 33.44309332653772, 137.88819084096758, 552.9972851203007, 142.64442762732506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "anticipated in these forward-looking statements.", "box": [ 33.44309332653772, 149.27437980654213, 216.7315268062854, 154.0306165928996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company Overview", "box": [ 33.44309332653772, 172.04675773769122, 114.32979058107117, 176.80299452405234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sachem Capital Corp., a New York corporation, established in 2010 and completing an initial public offering in 2017, is a self-", "box": [ 67.60166022326405, 194.81913566884396, 548.752861729539, 199.57537245520143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "managed REIT that specializes in originating, underwriting, funding, servicing and managing a portfolio of first mortgage loans. We operate its", "box": [ 33.44309332653772, 206.2053246344185, 577.3748993796901, 210.96156142077962 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business as one segment. We offer short-term (i.e., one to three years), secured, non-bank loans to real estate owners and investors to fund their", "box": [ 33.44309332653772, 217.59151359999305, 576.3002949754563, 222.34775038635416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquisition, renovation, development, rehabilitation or improvement of properties located primarily in the northeastern and southeastern", "box": [ 33.44309332653772, 228.97770256557124, 549.4909451527553, 233.7339393519287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sections of the United States. The properties securing our loans are generally classified as residential or commercial real estate and, typically,", "box": [ 33.44309332653772, 240.36389153114578, 568.6901245095479, 245.12012831750326 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are held for resale or investment. Each loan is typically secured by a first mortgage lien on real estate and may also be secured with additional", "box": [ 33.44309332653772, 251.75008049672033, 571.8490761526739, 256.50631728308144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral, such as other real estate owned by the borrower or its principals, a pledge of the ownership interests in the borrower by the", "box": [ 33.44309332653772, 263.1362694622949, 538.9395047519921, 267.892506248656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principals thereof, and/or personal guarantees by the principals of the borrower. We do not lend to owner occupants of residential real estate.", "box": [ 33.44309332653772, 274.52245842787306, 566.1796327363046, 279.27869521423054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our primary underwriting criterion is a conservative loan to value ratio. In addition, we may make opportunistic real estate purchases and", "box": [ 33.44309332653772, 285.9086473934476, 555.5356018121181, 290.6648841798051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments apart from its lending activities.", "box": [ 33.44309332653772, 297.29483635902216, 202.04843615418105, 302.05107314538327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recent Developments", "box": [ 33.44309332653772, 316.50903023843057, 120.63841213910723, 321.2652670247917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contribution Agreement with Industrial Realty Group Global, LLC", "box": [ 33.44309332653772, 339.2814081695833, 295.589381447577, 344.0376449559408 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On May 17, 2026, we entered into a Contribution Agreement (the 'Contribution Agreement') with Industrial Realty Group Global,", "box": [ 67.60166022326405, 362.0537861007324, 564.9876501167583, 366.8100228870935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LLC, a Delaware limited liability company ('IRG Global'). The Contribution Agreement and the transactions contemplated thereby (the", "box": [ 33.44309332653772, 373.43997506630694, 552.2098984143292, 378.19621185266806 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Transaction') were unanimously approved by our Board of Directors.", "box": [ 33.44309332653772, 384.8261640318851, 302.05554866607497, 389.5824008182426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the Contribution Agreement, IRG Global will contribute to IRG Realty Operating Partnership, L.P., a Delaware limited", "box": [ 67.60166022326405, 407.5985419630342, 564.4734542885939, 412.35477874939534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partnership to be formed as our subsidiary prior to the Closing (as defined below) (the 'Operating Partnership'), 100% of the outstanding", "box": [ 33.44309332653772, 418.98473092860877, 555.3132151665571, 423.7409677149699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "membership interests of IRG Master Holdings, LLC, a Delaware limited liability company ('IRG Master Holdings'), in exchange for (i) a", "box": [ 33.44309332653772, 430.37091989418695, 558.7269522555367, 435.12715668054443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "number of common units of limited partnership interest in the Operating Partnership ('OP Units') equal to the Transferee Consideration Units", "box": [ 33.44309332653772, 441.7571088597615, 572.9005011525265, 446.513345646119 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(as defined below) and (ii) a number of shares of our Class B common stock (the 'Class B Common Stock') equal to the Transferee", "box": [ 33.44309332653772, 453.14329782533605, 534.2520579063283, 457.89953461169716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consideration Units. IRG Master Holdings, together with its subsidiaries, owns and operates a portfolio of industrial real estate assets.", "box": [ 33.44309332653772, 464.5294867909106, 542.9646103755495, 469.2857235772717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prior to the closing of the Transaction (the 'Closing'), we will complete a series of pre-closing reorganization steps (the 'Pre-Closing", "box": [ 67.60166022326405, 487.3018647220633, 574.816467876833, 492.0581015084208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reorganization'), including (i) forming the Operating Partnership and contributing all or substantially all of our assets thereto, (ii)", "box": [ 33.44309332653772, 498.6880536876379, 527.2115147125187, 503.444290473999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redomesticating from the State of New York to the State of Delaware, (iii) effecting a 20-to-1 reverse stock split of our issued and outstanding", "box": [ 33.44309332653772, 510.0742426532124, 571.9926371498809, 514.8304794395735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common shares, following which such shares will be redesignated as our Class A common stock (the 'Class A Shares'), (iv) authorizing a new", "box": [ 33.44309332653772, 521.4604316187906, 575.0914629267987, 526.2166684051481 ], "from_ocr": false, "confidence": 1.0 }, { "text": "class of Class B Common Stock (the 'Class B Shares'), (v) adjusting the conversion and anti-dilution rights applicable to our issued and", "box": [ 33.44309332653772, 532.8466205843652, 551.931941036993, 537.6028573707226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding preferred stock in accordance with the applicable certificate of designations to reflect the reverse stock split, and (vi) changing our", "box": [ 33.44309332653772, 544.2328095499397, 574.734728862893, 548.9890463363008 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corporate name to 'IRG Realty Trust, Inc.'", "box": [ 33.44309332653772, 555.6189985155142, 197.30074831914987, 560.3752353018754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The number of OP Units and Class B Shares to be issued to IRG Global at the Closing (the 'Transferee Consideration Units') will be", "box": [ 67.60166022326405, 578.391376446667, 573.538067010296, 583.1476132330245 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calculated based on a formula set forth in the Contribution Agreement, subject to downward adjustment based on the aggregate shortfall in", "box": [ 33.44309332653772, 589.7775654122415, 559.5097610635243, 594.5338021986026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "replacement value for any dispositions of IRG Master Holdings' properties occurring during the Interim Period (as defined in the Contribution", "box": [ 33.44309332653772, 601.1637543778161, 573.5813539465036, 605.9199911641772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement), other than dispositions with an aggregate shortfall of less than $3.0 million. The calculation of the Transferee Consideration Units", "box": [ 33.44309332653772, 612.5499433433906, 575.9667847616722, 617.3061801297517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "was based on an assumed implied gross asset value of the IRG Global portfolio to be contributed of approximately $2.9 billion, with a net asset", "box": [ 33.44309332653772, 623.9361323089688, 577.7269428634479, 628.6923690953263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of approximately $1.5 billion after approximately $1.4 billion of debt, and a deemed exchange value of our common shares at a price of", "box": [ 33.44309332653772, 635.3223212745434, 571.862988966776, 640.0785580609045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$2.00 per share. Immediately following the Closing, IRG Global is expected to hold approximately 94.1% of the outstanding OP Units, with us", "box": [ 33.44309332653772, 646.7085102401179, 576.8793076769587, 651.464747026479 ], "from_ocr": false, "confidence": 1.0 }, { "text": "retaining the remaining approximately 5.9% of the outstanding OP Units. Subject to certain restrictions, a holder of OP Units may require the", "box": [ 33.44309332653772, 658.0946992056925, 569.6350104526505, 662.8509359920536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating Partnership to exchange all or a portion of such holder's OP", "box": [ 33.44309332653772, 669.4808881712706, 301.18471340780155, 674.2371249576281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27", "box": [ 301.25204340414024, 712.179096792177, 310.73815728253675, 716.9353335785381 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 43, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25911947217901, 100.74905603824624, 43.01535625854012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Units for cash or, at our option, Class A Shares on a one-for-one basis, subject to the ownership, transfer, REIT qualification and other", "box": [ 33.44309332653772, 80.95732809308538, 542.079876521177, 85.7135648794465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "limitations set forth in an Amended and Restated Limited Partnership Agreement, which is expected to be executed in connection with the", "box": [ 33.44309332653772, 92.34351705866356, 557.4115710302755, 97.09975384502104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Closing of the Transaction.", "box": [ 33.44309332653772, 103.72970602423811, 136.21078164225003, 108.48594281059559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For additional information on the Contribution Agreement, see our Current Report on Form 8-K filed with the SEC on May 18, 2026", "box": [ 67.60166022326405, 126.5020839553872, 572.1392299206645, 131.25832074174832 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and Note 1 - The Company, Contribution Agreement with Industrial Realty Group Global, LLC - to our accompanying unaudited condensed", "box": [ 33.44309332653772, 137.8882729209654, 569.3015871771872, 142.64450970732287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated financial statements included in this Quarterly Report on Form 10-Q.", "box": [ 33.44309332653772, 149.27446188653994, 346.15110014325705, 154.03069867289742 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portfolio and Asset Management Updates", "box": [ 33.44309332653772, 169.20029257629722, 195.9436184439466, 173.9565293626547 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Coconut Grove, Florida", "box": [ 67.60166022326405, 186.27957602465904, 164.12558392378298, 191.03581281102015 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". Subsequent to June 30, 2026, one of the loans to the related-party joint venture was repaid in full following", "box": [ 164.12852551012037, 186.27957602465904, 575.6344807269019, 191.03581281102015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the sale of the underlying Coconut Grove, Florida residence. The residence sold for gross sale proceeds of approximately $7.5 million and", "box": [ 33.44309332653772, 197.66576499023358, 557.7763202543822, 202.4220017765947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generated net sale proceeds of approximately $7.0 million. The Company received approximately $7.0 million in cash to repay the associated", "box": [ 33.44309332653772, 209.05195395581177, 570.1544453236751, 213.80819074216924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan in full. Of the two remaining residences, one is complete and actively marketed for sale, and the other is expected to be completed and", "box": [ 33.44309332653772, 220.43814292138632, 562.1082522079705, 225.1943797077438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "placed on the market during the fourth quarter of 2026.", "box": [ 33.44309332653772, 231.82433188696086, 242.59597820691673, 236.58056867332198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Vela Cove-Naples, Florida", "box": [ 67.60166022326405, 254.5967098181136, 179.76285158626612, 259.3529466044711 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". Through the date of this Report, we completed improvements to the common areas of the completed", "box": [ 179.77341245444086, 254.5967098181136, 565.2623184949106, 259.3529466044711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "North Building, including the rooftop and pool, and rebranded the project, formerly known as The Nautilus, as Vela Cove. We engaged a new", "box": [ 33.44309332653772, 265.98289878368814, 570.3576272528526, 270.7391355700456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "marketing and listing team for the three completed North Building residences and for pre-sales of the four planned South Building residences.", "box": [ 33.44309332653772, 277.3690877492627, 572.159397441006, 282.1253245356238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We reengaged the South Building architect under a comprehensive agreement covering completion and coordination of the construction plans,", "box": [ 33.44309332653772, 288.75527671483724, 573.7389496364575, 293.51151350119835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and that work is underway. We also completed negotiations with the selected general contractor and currently expect substantive construction", "box": [ 33.44309332653772, 300.1414656804154, 570.0519674880742, 304.8977024667729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "work on the South Building parcel to commence in early fourth quarter 2026. Urbane Capital, our in-house asset management and", "box": [ 33.44309332653772, 311.52765464598997, 527.3737386399264, 316.28389143234745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "development platform, continues to oversee the development and monetization of the project.", "box": [ 33.44309332653772, 322.9138436115645, 388.2689103064524, 327.67008039792563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Critical Accounting Policies and Use of Estimates", "box": [ 33.44309332653772, 345.68622154271725, 232.63277629933324, 350.4424583290747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to", "box": [ 67.60166022326405, 368.45859947386634, 558.5401216796936, 373.21483626022746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at", "box": [ 33.44309332653772, 379.8447884394409, 565.4108130311798, 384.601025225802 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management will base the", "box": [ 33.44309332653772, 391.2309774050191, 572.3910389150417, 395.98721419137655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "use of estimates on (a) various assumptions that consider prior reporting results, (b) projections regarding future operations and (c) general", "box": [ 33.44309332653772, 402.6171663705936, 559.7644542996202, 407.3734031569511 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial market and local and general economic conditions. Actual amounts could differ from those estimates. Significant estimates include", "box": [ 33.44309332653772, 414.00335533616817, 565.6470381172646, 418.7595921225293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the provisions for current expected credit losses and real estate owned. See Note 2 - Significant Accounting Policies - to our unaudited", "box": [ 33.44309332653772, 425.3895443017427, 546.6099108529133, 430.14578108810383 ], "from_ocr": false, "confidence": 1.0 }, { "text": "condensed consolidated financial statements for further details.", "box": [ 33.44309332653772, 436.7757332673209, 272.8839122846779, 441.5319700536784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revenue Recognition", "box": [ 67.60166022326405, 456.7015639570782, 147.93252364259678, 461.45780074343566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income from commercial loans is recognized, as earned, over the loan period, whereas origination and modification fee", "box": [ 67.60166022326405, 476.6273946468318, 551.2078125906046, 481.38363143319293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "revenue on commercial loans are amortized over the term of the respective notes.", "box": [ 33.44309332653772, 488.01358361241, 341.871267547536, 492.7698203987675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL Allowance", "box": [ 67.60166022326405, 507.9394143021673, 133.39761777353124, 512.6956510885248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We record an allowance for credit losses ('CECL') in accordance with the CECL standard on our loan portfolio, including unfunded", "box": [ 67.60166022326405, 527.1536081815757, 571.1943911508382, 531.9098449679332 ], "from_ocr": false, "confidence": 1.0 }, { "text": "construction commitments, on a collective basis by assets with similar risk characteristics. This methodology replaces the probable incurred", "box": [ 33.44309332653772, 538.5397971471502, 564.0861021888977, 543.2960339335077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loss impairment methodology. In addition, interest and fees receivable and amounts included in due from borrowers, other than", "box": [ 33.44309332653772, 549.9259861127248, 515.9607506418557, 554.6822228990859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reimbursements, which include origination, modification and other fees receivable are also analyzed for credit losses in accordance with the", "box": [ 33.44309332653772, 561.3121750782993, 564.4612665926354, 566.0684118646604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL standard, as they represent a financial asset that is subject to credit risk. Further, CECL requires credit losses to be presented as an", "box": [ 33.44309332653772, 572.6983640438775, 552.3626844795629, 577.454600830235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allowance rather than as a write-down on available-for-sale debt securities if management does not intend to sell and does not believe that it is", "box": [ 33.44309332653772, 584.0845530094521, 572.9885430796107, 588.8407897958095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "more likely than not, they will be required to sell. As allowed under the CECL standard that we have adopted, as a practical expedient, the fair", "box": [ 33.44309332653772, 595.4707419750266, 572.83566981517, 600.2269787613877 ], "from_ocr": false, "confidence": 1.0 }, { "text": "value of the collateral at the reporting date is compared to the net carrying amount of the loan when determining the allowance for credit losses", "box": [ 33.44309332653772, 606.8569309406012, 576.5875121755731, 611.6131677269623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for loans in pending/pre-foreclosure status, as defined. Fair value of collateral is reduced by estimated cost to sell if the collateral is expected to", "box": [ 33.44309332653772, 618.2431199061793, 577.3887675131298, 622.9993566925368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be sold. The CECL standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable", "box": [ 33.44309332653772, 629.6293088717539, 555.5494749677914, 634.3855456581114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forecast of the economic environment. We utilize a loss-rate method for estimating current expected credit losses. The loss rate method", "box": [ 33.44309332653772, 641.0154978373284, 545.7252728567311, 645.7717346236896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "involves applying a loss rate to a pool of loans with similar risk characteristics to estimate the expected credit losses on that pool of loans. In", "box": [ 33.44309332653772, 652.401686802903, 566.6428087240605, 657.1579235892641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determining the CECL allowance, we consider various factors including (1) historical loss experience in our portfolio, (2) loan specific losses", "box": [ 33.44309332653772, 663.7878757684812, 570.7466521445385, 668.5441125548386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for loans deemed collateral dependent based on excess amortized cost over the fair value of the underlying collateral,", "box": [ 33.44309332653772, 675.1740647340557, 478.0533780421022, 679.9303015204132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28", "box": [ 301.25204340414024, 714.3140893032214, 310.73815728253675, 719.0703260895789 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 44, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.257521552244725, 100.74905603824624, 43.01375833860584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and (3) our current and future view of the macroeconomic environment. We also utilize a reasonable and supportable forecast period equal to", "box": [ 33.44309332653772, 80.9557301731511, 568.7920525879216, 85.71196695951221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the contractual term of the loan plus any applicable short-term extensions that are reasonably expected for construction loans. Loans, interest", "box": [ 33.44309332653772, 92.34191913872928, 567.9073620602168, 97.09815592508676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "receivable, due from borrowers, unfunded commitments, and (available-for-sale debt) investment securities are all presented on a net basis on", "box": [ 33.44309332653772, 103.72810810430383, 571.3951903649214, 108.48434489066494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the unaudited Condensed Consolidated Balance Sheets with expanded disclosures in the notes to the unaudited condensed consolidated", "box": [ 33.44309332653772, 115.11429706987838, 546.6285442088279, 119.87053385623949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial statements. The change in the balances during the reporting period are recorded in the unaudited Condensed Consolidated Statements", "box": [ 33.44309332653772, 126.50048603545292, 575.1238875379468, 131.25672282181404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Operations under the provision for credit losses.", "box": [ 33.44309332653772, 137.8866750010311, 226.28245161949272, 142.64291178738858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Owned ('REO')", "box": [ 67.60166022326405, 157.10086888043952, 177.99345078988438, 161.857105666797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REO acquired through foreclosure is initially measured at fair value and is thereafter subject to an ongoing impairment analysis. After", "box": [ 67.60166022326405, 179.87324681158861, 576.0022885214811, 184.62948359794973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an REO acquisition, events or circumstances may occur that result in a material and sustained decrease in the cash flows generated from the", "box": [ 33.44309332653772, 191.25943577716316, 564.2111683115335, 196.01567256352428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property or other market indicators, including listing data, may signal a decline in the liquidation value. REO is evaluated for recoverability", "box": [ 33.44309332653772, 202.64562474274135, 563.1920387054901, 207.40186152909882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "when impairment indicators are identified. Any impairment losses or recoveries are included in the unaudited Condensed Consolidated", "box": [ 33.44309332653772, 214.0318137083159, 545.289882069971, 218.788050494677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Statements of Operations.", "box": [ 33.44309332653772, 225.41800267389044, 131.70860602430437, 230.17423946025156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our Mortgage Loan Portfolio", "box": [ 33.44309332653772, 248.19038060504317, 153.66837981200894, 252.94661739140065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents certain information regarding our real estate lending activities for the three and six months ended", "box": [ 67.60166022326405, 270.96275853619227, 546.492506292888, 275.7189953225534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026:", "box": [ 33.44309332653772, 282.3489475017668, 89.03965005793276, 287.10518428812793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30,", "box": [ 320.3995213325786, 320.61211604445634, 418.2623466377411, 324.4156782028731 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 361.74117228375974, 329.86339457898794, 376.9132404014255, 333.6669567374047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2026", "box": [ 437.5304925858713, 329.86339457898794, 543.3386235014997, 333.6669567374047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands, except number", "box": [ 383.86862935553233, 343.3844939756091, 473.1934462411978, 347.1880561340258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of loans)", "box": [ 415.1584103605414, 352.63577251013703, 441.91325326126196, 356.4393346685538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans disbursed", "box": [ 67.01233598969422, 366.32209112288547, 128.92679551179285, 371.0783279092466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.10450476195433, 367.7453647435832, 316.847564067345, 372.5016015299443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40,547 ", "box": [ 390.1955218143526, 367.7453647435832, 418.65384617455874, 372.5016015299443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 435.90707111226385, 367.7453647435832, 440.65013041765457, 372.5016015299443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75,747 ", "box": [ 508.5718574857551, 367.7453647435832, 537.0301818459612, 372.5016015299443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans originated", "box": [ 67.01233598969422, 381.9781009505532, 131.0250360096378, 386.7343377369143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7 ", "box": [ 411.54462612480654, 382.68973776090206, 418.6592103505078, 387.4459745472632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11 ", "box": [ 525.5288319155236, 382.68973776090206, 537.0344419885627, 387.4459745472632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan repayments", "box": [ 67.01233598969422, 396.92247396787207, 132.5998960590096, 401.67871075422954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.10450476195433, 398.3457475885698, 316.847564067345, 403.10198437492727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "52,310 ", "box": [ 390.1955218143526, 398.3457475885698, 418.65384617455874, 403.10198437492727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 435.90707111226385, 398.3457475885698, 440.65013041765457, 403.10198437492727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "70,360 ", "box": [ 508.5718574857551, 398.3457475885698, 537.0301818459612, 403.10198437492727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of loans repaid", "box": [ 67.01233598969422, 412.57848379553616, 156.8385493725122, 417.3347205818973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14 ", "box": [ 406.79667783894695, 413.290120605885, 418.65431663765406, 418.04635739224614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23 ", "box": [ 525.1730135103494, 413.290120605885, 537.0306523090566, 418.04635739224614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal of loans transferred to real estate owned", "box": [ 67.01233598969422, 427.522856812855, 255.34487863258173, 432.27909359921614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.10450476195433, 428.94613043355275, 316.847564067345, 433.70236721991023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,500 ", "box": [ 394.94347721658033, 428.94613043355275, 418.65874700378055, 433.70236721991023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 435.90707111226385, 428.94613043355275, 440.65013041765457, 433.70236721991023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,500 ", "box": [ 513.3198128879827, 428.94613043355275, 537.035082675183, 433.70236721991023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of loans transferred to real estate owned", "box": [ 67.01233598969422, 443.17886664052276, 252.18132217062967, 447.93510342688023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 421.8188825742125, 443.8905034508716, 426.56194187960324, 448.6467402372291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 540.2285797792841, 443.8905034508716, 544.9716390846747, 448.6467402372291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026", "box": [ 338.0347710390265, 457.2463836313618, 400.6232468694036, 461.0499457897786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of December 31, 2025", "box": [ 450.5845803257009, 457.2463836313618, 530.289823863644, 461.0499457897786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands, except number", "box": [ 383.86862935553233, 470.0558462176341, 473.1934462411978, 473.85940837605085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of loans and weighted averages)", "box": [ 379.6655244444117, 479.3071247521657, 477.4024040092653, 483.11068691058244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of loans held for investment outstanding", "box": [ 67.01233598969422, 493.705080175263, 253.53846644257916, 498.46131696162047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100", "box": [ 412.3341017694709, 494.41671698561186, 426.5632702208734, 499.17295377196933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "115", "box": [ 531.088494496371, 494.41671698561186, 544.9656342221053, 499.17295377196933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gross principal amount of loans held for investment", "box": [ 67.01233598969422, 508.64945319258186, 264.863425239138, 513.4056899789393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.10450476195433, 510.07272681327595, 316.847564067345, 514.8289635996371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "337,557 ", "box": [ 385.45868929547066, 510.07272681327595, 418.66006822868263, 514.8289635996371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 435.90707111226385, 510.07272681327595, 440.65013041765457, 514.8289635996371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "377,418 ", "box": [ 503.8350249668731, 510.07272681327595, 537.0364039000851, 514.8289635996371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average contractual interest rate", "box": [ 67.01233598969422, 524.305463020246, 226.3724518916712, 529.0616998066071 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.46 %", "box": [ 395.28817273840883, 525.0170998305948, 426.56300511765846, 529.7733366169559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.10 %", "box": [ 513.3198128879827, 525.0170998305948, 544.97270232273, 529.7733366169559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average term to maturity (in months) ", "box": [ 67.01233598969422, 539.2498360375648, 247.74860203851028, 544.0060728239223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6", "box": [ 421.8188825742125, 540.6731096582625, 426.56194187960324, 545.42934644462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8", "box": [ 540.2285797792841, 540.6731096582625, 544.9716390846747, 545.42934644462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "______________________________________________________________", "box": [ 33.44309332653772, 557.0407562962755, 327.5124699144441, 561.7969930826366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.44309332653772, 571.2734925032455, 44.50404112308446, 576.029729289603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes new originations, modifications, and draws", "box": [ 71.87148108535483, 571.2734925032455, 270.24597875462, 576.029729289603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.44309332653772, 585.5062287102155, 44.50404112308446, 590.262465496573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes default interest.", "box": [ 71.87148108535483, 585.5062287102155, 165.38002913003848, 590.262465496573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.44309332653772, 599.7389649171855, 44.50404112308446, 604.495201703543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Does not give effect to extensions.", "box": [ 71.87148108535483, 599.7389649171855, 202.88906368346383, 604.495201703543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 128.93585781517237, 365.67596110063096, 136.12173075151344, 368.76590933225816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 226.37450776528766, 522.9476961876426, 233.56038070162873, 526.0376444192698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 247.75696649304265, 537.8920692049578, 254.94283942938372, 540.9820174365886 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29", "box": [ 301.25204340414024, 658.0931833657596, 310.73815728253675, 662.8494201521171 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 45, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.257843632232834, 100.74905603824624, 43.01408041859395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The table below presents our loans held for investment by loan size as of June 30, 2026:", "box": [ 67.60166022326405, 80.9560522531392, 401.90817340673027, 85.71228903950032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 70.72619059370027, 124.912315278616, 97.28102668792604, 128.7158774370364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of", "box": [ 265.4033390828363, 115.66103674408805, 300.45173251118797, 119.4645989025048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans", "box": [ 273.02007326041314, 124.912315278616, 292.8371065859633, 128.7158774370364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 337.3120113453323, 124.912315278616, 372.97529312132804, 128.7158774370364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate Gross", "box": [ 403.9612463645307, 106.40975820955646, 457.8265655112538, 110.21332036797321 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 415.93676312186005, 115.66103674408805, 445.85865298924466, 119.4645989025048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 417.6157776630919, 124.912315278616, 444.1706137573178, 128.7158774370364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 488.8906519495554, 124.912315278616, 524.5539337255512, 128.7158774370364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 409.2985224421442, 138.43341467523715, 452.49223437195116, 142.2369768336539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,000,000 or less", "box": [ 70.72619059370027, 152.83137009833445, 140.287877890765, 157.58760688469556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41", "box": [ 304.18754524682765, 152.83137009833445, 313.67365912522416, 157.58760688469556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41.0 %", "box": [ 362.6974342476655, 152.83137009833445, 389.6134911635308, 157.58760688469556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 396.6113759908345, 152.83137009833445, 401.35443529622523, 157.58760688469556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,881 ", "box": [ 436.25176663409235, 152.83137009833445, 464.71009099429847, 157.58760688469556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.9 %", "box": [ 518.9795458371013, 152.83137009833445, 541.2588477187239, 157.58760688469556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,000,001 to $5,000,000", "box": [ 70.72619059370027, 167.7757431156533, 168.2227947867949, 172.53197990201443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39", "box": [ 304.18754524682765, 167.7757431156533, 313.67365912522416, 172.53197990201443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39.0 %", "box": [ 362.6974342476655, 167.7757431156533, 389.6134911635308, 172.53197990201443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "88,804 ", "box": [ 436.25176663409235, 167.7757431156533, 464.71009099429847, 172.53197990201443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26.3 %", "box": [ 514.2315975512417, 167.7757431156533, 541.2588477187239, 172.53197990201443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$5,000,001 to $10,000,000", "box": [ 70.72619059370027, 183.43175294332104, 172.96584935980079, 188.18798972967852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 304.54336365200186, 183.43175294332104, 313.6774488047303, 188.18798972967852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.0 %", "box": [ 363.0532526528397, 183.43175294332104, 389.6134911635308, 188.18798972967852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "84,386 ", "box": [ 436.25176663409235, 183.43175294332104, 464.71009099429847, 188.18798972967852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25.0 %", "box": [ 514.2315975512417, 183.43175294332104, 541.2588477187239, 188.18798972967852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$10,000,001 or more", "box": [ 70.72619059370027, 199.08776277098514, 150.29275921946754, 203.84399955734625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9", "box": [ 308.93549353268725, 198.37612596063627, 313.6785528380779, 203.1323627469974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.0 %", "box": [ 367.4453825335251, 198.37612596063627, 389.6134911635308, 203.1323627469974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "147,486 ", "box": [ 431.51493411521034, 198.37612596063627, 464.71631304842236, 203.1323627469974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43.8 %", "box": [ 514.2315975512417, 198.37612596063627, 541.2588477187239, 203.1323627469974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 70.72619059370027, 216.1670462193506, 90.08285774358013, 220.92328300570807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100", "box": [ 299.45071272794564, 214.74377259865287, 313.6798811793481, 219.50000938501034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 357.9606017287835, 214.74377259865287, 389.6134911635308, 219.50000938501034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 396.6113759908345, 214.74377259865287, 401.35443529622523, 219.50000938501034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "337,557 ", "box": [ 431.51493411521034, 214.74377259865287, 464.71631304842236, 219.50000938501034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 509.4947650323598, 214.74377259865287, 541.2588477187239, 219.50000938501034 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the primary geographic markets in which we were exposed were Connecticut, Florida, Massachusetts and New", "box": [ 67.60166022326405, 246.0557922539847, 569.4389800623405, 250.8120290403458 ], "from_ocr": false, "confidence": 1.0 }, { "text": "York. The following table presents our loans held for investment by state as of June 30, 2026:", "box": [ 33.44309332653772, 257.44198121955924, 388.5050431116162, 262.19821800592035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "State", "box": [ 85.59272833488617, 292.85860252085695, 102.02419254586519, 296.6621646792737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of", "box": [ 293.6019476928942, 283.60732398632535, 328.6503411212459, 287.4108861447421 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans", "box": [ 301.2186818704711, 292.85860252085695, 321.0357151960212, 296.6621646792737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 350.3216217845152, 292.85860252085695, 385.98490356051093, 296.6621646792737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gross Amount", "box": [ 410.3659776576669, 283.60732398632535, 457.22679719639024, 287.4108861447421 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 413.55722753725735, 292.85860252085695, 454.0321344575256, 296.6621646792737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 481.66309059445376, 292.85860252085695, 517.3263723704497, 296.6621646792737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 412.2006698675306, 306.3797019174781, 455.39438179733753, 310.18326407589484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "California", "box": [ 85.59272833488617, 320.0660205302265, 124.05128199624048, 324.822257316584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 329.52848373214596, 320.0660205302265, 334.2715430375366, 324.822257316584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.0 %", "box": [ 372.8271359117854, 320.0660205302265, 395.0063603087687, 324.822257316584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 402.0376066697416, 320.0660205302265, 406.7806659751323, 324.822257316584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,000 ", "box": [ 436.60758503926655, 320.0660205302265, 465.0659093994727, 324.822257316584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.9 %", "box": [ 504.1352503044229, 320.0660205302265, 526.392306419354, 324.822257316584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Connecticut", "box": [ 85.59272833488617, 335.7220303578906, 131.42990539251255, 340.47826714425173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41", "box": [ 324.78053544628636, 335.7220303578906, 334.2666493246829, 340.47826714425173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41.0 %", "box": [ 368.0791876259258, 335.7220303578906, 395.0063603087687, 340.47826714425173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "93,682", "box": [ 439.4763709309838, 335.7220303578906, 465.5631703708794, 340.47826714425173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27.9 %", "box": [ 499.3872949021952, 335.7220303578906, 526.392306419354, 340.47826714425173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Florida", "box": [ 85.59272833488617, 350.6664033752095, 112.99496999686428, 355.42264016156696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 325.13635385146057, 350.6664033752095, 334.27043900418903, 355.42264016156696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.0 %", "box": [ 368.4350060311, 350.6664033752095, 395.0063603087687, 355.42264016156696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "73,595", "box": [ 439.4763709309838, 350.6664033752095, 465.5631703708794, 355.42264016156696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21.8 %", "box": [ 499.3872949021952, 350.6664033752095, 526.392306419354, 355.42264016156696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Georgia", "box": [ 85.59272833488617, 366.3224132028772, 115.97328775290106, 371.0786499892347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 329.52848373214596, 366.3224132028772, 334.2715430375366, 371.0786499892347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.0 %", "box": [ 372.8271359117854, 366.3224132028772, 395.0063603087687, 371.0786499892347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,200", "box": [ 444.22432633321154, 366.3224132028772, 465.56807120010126, 371.0786499892347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.4 %", "box": [ 504.1352503044229, 366.3224132028772, 526.392306419354, 371.0786499892347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maine", "box": [ 85.59272833488617, 381.26678622019244, 109.82677672294705, 386.02302300655356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 329.52848373214596, 381.26678622019244, 334.2715430375366, 386.02302300655356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.0 %", "box": [ 372.8271359117854, 381.26678622019244, 395.0063603087687, 386.02302300655356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "550", "box": [ 451.3406944366962, 381.26678622019244, 465.56986288809867, 386.02302300655356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.2 %", "box": [ 504.1352503044229, 381.26678622019244, 526.392306419354, 386.02302300655356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maryland", "box": [ 85.59272833488617, 396.9227960478602, 122.47183176879722, 401.67903283421765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 329.52848373214596, 396.9227960478602, 334.2715430375366, 401.67903283421765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.0 %", "box": [ 372.8271359117854, 396.9227960478602, 395.0063603087687, 401.67903283421765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,073", "box": [ 444.22432633321154, 396.9227960478602, 465.56807120010126, 401.67903283421765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.9 %", "box": [ 504.1352503044229, 396.9227960478602, 526.392306419354, 401.67903283421765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Massachusetts", "box": [ 85.59272833488617, 411.8671690651754, 140.3926209374966, 416.6234058515365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9", "box": [ 329.52848373214596, 411.8671690651754, 334.2715430375366, 416.6234058515365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.0 %", "box": [ 372.8271359117854, 411.8671690651754, 395.0063603087687, 416.6234058515365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,159", "box": [ 439.4763709309838, 411.8671690651754, 465.5631703708794, 416.6234058515365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.8 %", "box": [ 499.3872949021952, 411.8671690651754, 526.392306419354, 416.6234058515365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New Jersey", "box": [ 85.59272833488617, 426.81154208249427, 129.58179321956933, 431.5677788688554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 329.52848373214596, 426.81154208249427, 334.2715430375366, 431.5677788688554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0 %", "box": [ 372.8271359117854, 426.81154208249427, 395.0063603087687, 431.5677788688554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13,228", "box": [ 439.4763709309838, 426.81154208249427, 465.5631703708794, 431.5677788688554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.9 %", "box": [ 504.1352503044229, 426.81154208249427, 526.392306419354, 431.5677788688554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New York", "box": [ 85.59272833488617, 442.467551910162, 124.06983307739324, 447.2237886965195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16", "box": [ 324.78053544628636, 442.467551910162, 334.2666493246829, 447.2237886965195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16.0 %", "box": [ 368.0791876259258, 442.467551910162, 395.0063603087687, 447.2237886965195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29,506", "box": [ 439.4763709309838, 442.467551910162, 465.5631703708794, 447.2237886965195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.7 %", "box": [ 504.1352503044229, 442.467551910162, 526.392306419354, 447.2237886965195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "North Carolina", "box": [ 85.59272833488617, 457.41192492747723, 142.75948146602377, 462.16816171383834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 329.52848373214596, 457.41192492747723, 334.2715430375366, 462.16816171383834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.0 %", "box": [ 372.8271359117854, 457.41192492747723, 395.0063603087687, 462.16816171383834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,981", "box": [ 439.4763709309838, 457.41192492747723, 465.5631703708794, 462.16816171383834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4 %", "box": [ 499.3872949021952, 457.41192492747723, 526.392306419354, 462.16816171383834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pennsylvania", "box": [ 85.59272833488617, 473.06793475514496, 136.1775901815344, 477.8241715415061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 329.52848373214596, 473.06793475514496, 334.2715430375366, 477.8241715415061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.0 %", "box": [ 372.8271359117854, 473.06793475514496, 395.0063603087687, 477.8241715415061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,890", "box": [ 444.22432633321154, 473.06793475514496, 465.56807120010126, 477.8241715415061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.4 %", "box": [ 504.1352503044229, 473.06793475514496, 526.392306419354, 477.8241715415061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rhode Island", "box": [ 85.59272833488617, 488.0123077724638, 135.91356480268874, 492.7685445588213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 329.52848373214596, 488.0123077724638, 334.2715430375366, 492.7685445588213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.0 %", "box": [ 372.8271359117854, 488.0123077724638, 395.0063603087687, 492.7685445588213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "412", "box": [ 451.3406944366962, 488.0123077724638, 465.56986288809867, 492.7685445588213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.1 %", "box": [ 504.1352503044229, 488.0123077724638, 526.392306419354, 492.7685445588213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "South Carolina", "box": [ 85.59272833488617, 503.6683176001279, 142.76874391725624, 508.42455438648904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 329.52848373214596, 503.6683176001279, 334.2715430375366, 508.42455438648904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.0 %", "box": [ 372.8271359117854, 503.6683176001279, 395.0063603087687, 508.42455438648904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,579", "box": [ 439.832189336158, 503.6683176001279, 465.56696005038555, 508.42455438648904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.4 %", "box": [ 504.1352503044229, 503.6683176001279, 526.392306419354, 508.42455438648904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Tennessee", "box": [ 85.59272833488617, 518.6126906174468, 124.43576740937334, 523.3689274038079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 329.52848373214596, 518.6126906174468, 334.2715430375366, 523.3689274038079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.0 %", "box": [ 372.8271359117854, 518.6126906174468, 395.0063603087687, 523.3689274038079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,857", "box": [ 439.4763709309838, 518.6126906174468, 465.5631703708794, 523.3689274038079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.0 %", "box": [ 504.1352503044229, 518.6126906174468, 526.392306419354, 523.3689274038079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Washington D.C.", "box": [ 85.59272833488617, 534.2687004451145, 150.96720134387576, 539.024937231472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 329.52848373214596, 534.2687004451145, 334.2715430375366, 539.024937231472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.0 %", "box": [ 372.8271359117854, 534.2687004451145, 395.0063603087687, 539.024937231472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "845", "box": [ 451.3406944366962, 534.2687004451145, 465.56986288809867, 539.024937231472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.2 %", "box": [ 504.1352503044229, 534.2687004451145, 526.392306419354, 539.024937231472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 94.13237005906777, 551.3479838934763, 113.48903720894762, 556.1042206798375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100", "box": [ 320.04370292740435, 549.9247102727786, 334.2728713788068, 554.6809470591397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 363.3423551070438, 549.9247102727786, 395.0063603087687, 554.6809470591397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 402.0376066697416, 549.9247102727786, 406.7806659751323, 554.6809470591397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "337,557 ", "box": [ 431.8707525203846, 549.9247102727786, 465.0721314535966, 554.6809470591397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 494.65046238331325, 549.9247102727786, 526.392306419354, 554.6809470591397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents our loans held for investment as of June 30, 2026 by year of origination:", "box": [ 67.60166022326405, 581.9483667384593, 452.7569776718606, 586.7046035248204 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 46, "width": 612.0, "height": 792.0, "cells": [ { "text": "Year of Origination", "box": [ 82.70170379284554, 59.44181080655471, 145.77545346977314, 63.245372964971466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of", "box": [ 253.87259533197476, 50.19053227202312, 288.9209887603265, 53.99409443043987 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans", "box": [ 261.4893366259197, 59.44181080655471, 281.30636995146983, 63.245372964971466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 325.592242624906, 59.44181080655471, 361.2555244009018, 63.245372964971466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate Gross", "box": [ 392.18588457648, 40.939253737491526, 446.0512037232031, 44.74281589591192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 404.1613942174412, 50.19053227202312, 434.08328408482583, 53.99409443043987 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 405.8404158750412, 59.44181080655471, 432.3952519692671, 63.245372964971466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 477.02633556021107, 59.44181080655471, 512.689617336207, 63.245372964971466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 397.5231606540935, 72.96291020317221, 440.7168725839004, 76.7664723615926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 82.70170379284554, 87.36086562627315, 101.67392681725389, 92.11710241263063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9", "box": [ 297.2935636465769, 87.36086562627315, 302.03662295196756, 92.11710241263063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.0 %", "box": [ 355.6144205614819, 87.36086562627315, 377.7936449584652, 92.11710241263063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.82489131943805, 87.36086562627315, 389.56795062482877, 92.11710241263063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45,695 ", "box": [ 424.4764048460416, 87.36086562627315, 452.93472920624777, 92.11710241263063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.5 %", "box": [ 502.2672036772582, 87.36086562627315, 529.2833309613947, 92.11710241263063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 82.70170379284554, 102.30523864358838, 101.67392681725389, 107.0614754299495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19", "box": [ 292.5456082443492, 102.30523864358838, 302.03172212274575, 107.0614754299495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19.0 %", "box": [ 350.86647227562224, 102.30523864358838, 377.7936449584652, 107.0614754299495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.82489131943805, 102.30523864358838, 389.56795062482877, 107.0614754299495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80,684 ", "box": [ 424.4764048460416, 102.30523864358838, 452.93472920624777, 107.0614754299495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "24.0 %", "box": [ 502.2672036772582, 102.30523864358838, 529.2833309613947, 107.0614754299495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2024", "box": [ 82.70170379284554, 117.96124847125611, 101.67392681725389, 122.71748525761359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14", "box": [ 292.5456082443492, 117.96124847125611, 302.03172212274575, 122.71748525761359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14.0 %", "box": [ 350.86647227562224, 117.96124847125611, 377.7936449584652, 122.71748525761359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,470", "box": [ 427.32295208743545, 117.96124847125611, 453.4097515273311, 122.71748525761359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.9 %", "box": [ 507.01515196311783, 117.96124847125611, 529.2833309613947, 122.71748525761359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023", "box": [ 82.70170379284554, 132.90562148857498, 101.67392681725389, 137.66185827493246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13", "box": [ 292.5456082443492, 132.90562148857498, 302.03172212274575, 137.66185827493246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.0 %", "box": [ 350.86647227562224, 132.90562148857498, 377.7936449584652, 137.66185827493246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65,713", "box": [ 427.32295208743545, 132.90562148857498, 453.4097515273311, 137.66185827493246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19.5 %", "box": [ 502.2672036772582, 132.90562148857498, 529.2833309613947, 137.66185827493246 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022", "box": [ 82.70170379284554, 148.56163131623907, 101.67392681725389, 153.3178681026002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17", "box": [ 292.5456082443492, 148.56163131623907, 302.03172212274575, 153.3178681026002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17.0 %", "box": [ 350.86647227562224, 148.56163131623907, 377.7936449584652, 153.3178681026002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30,705", "box": [ 427.32295208743545, 148.56163131623907, 453.4097515273311, 153.3178681026002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.1 %", "box": [ 507.01515196311783, 148.56163131623907, 529.2833309613947, 153.3178681026002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2021", "box": [ 82.70170379284554, 163.50600433355794, 101.67392681725389, 168.26224111991542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19", "box": [ 292.5456082443492, 163.50600433355794, 302.03172212274575, 168.26224111991542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19.0 %", "box": [ 350.86647227562224, 163.50600433355794, 377.7936449584652, 168.26224111991542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "73,073", "box": [ 427.32295208743545, 163.50600433355794, 453.4097515273311, 168.26224111991542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21.6 %", "box": [ 502.2672036772582, 163.50600433355794, 529.2833309613947, 168.26224111991542 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2020", "box": [ 82.70170379284554, 179.16201416122203, 101.67392681725389, 183.91825094758315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 297.2935636465769, 179.16201416122203, 302.03662295196756, 183.91825094758315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0 %", "box": [ 355.6144205614819, 179.16201416122203, 377.7936449584652, 183.91825094758315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,199", "box": [ 432.0709003732951, 179.16201416122203, 453.4146452401848, 183.91825094758315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.8 %", "box": [ 507.01515196311783, 179.16201416122203, 529.2833309613947, 183.91825094758315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2019 and prior", "box": [ 82.70170379284554, 194.81802398888976, 138.5530090258849, 199.57426077525088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 297.2935636465769, 194.1063871785409, 302.03662295196756, 198.862623964902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.0 %", "box": [ 355.6144205614819, 194.1063871785409, 377.7936449584652, 198.862623964902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,018", "box": [ 432.0709003732951, 194.1063871785409, 453.4146452401848, 198.862623964902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.6 %", "box": [ 507.01515196311783, 194.1063871785409, 529.2833309613947, 198.862623964902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 82.70170379284554, 211.89730743725158, 102.05837094272539, 216.6535442236127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100", "box": [ 287.8087757254672, 210.4740338165575, 302.03794417686964, 215.23027060291497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 346.1296397567403, 210.4740338165575, 377.7936449584652, 215.23027060291497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 384.82489131943805, 210.4740338165575, 389.56795062482877, 215.23027060291497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "337,557 ", "box": [ 419.73957232715964, 210.4740338165575, 452.94095126037166, 215.23027060291497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 497.5303711583762, 210.4740338165575, 529.2833309613947, 215.23027060291497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30", "box": [ 301.25204340414024, 261.7118841616466, 310.73815728253675, 266.46812094800407 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 47, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.258247792218754, 100.74905603824624, 43.01448457857623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents additional information regarding the types of properties securing loans held for investment as of June 30,", "box": [ 67.60166022326405, 80.95645641312149, 576.5580896093742, 85.71269319948624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 and December 31, 2025:", "box": [ 33.44309332653772, 92.34264537869603, 148.03603120393564, 97.09888216506079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 268.2943636248769, 117.79635133511329, 312.3400290769987, 121.59991349353368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 452.4971042535124, 117.79635133511329, 513.6595374132, 121.59991349353368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 363.7871281135116, 132.0290875420833, 406.9808400433183, 135.83264970050368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate Gross", "box": [ 214.32115929001054, 144.83855012835556, 268.18647843673347, 148.64211228677595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal Amount", "box": [ 212.2752034602587, 154.08982866288716, 270.2298628097333, 157.89339082130755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 321.4558536647556, 154.08982866288716, 357.11913544075134, 157.89339082130755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate Gross", "box": [ 409.7210567982886, 144.83855012835556, 463.58637594501175, 148.64211228677595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal Amount", "box": [ 407.67510096853675, 154.08982866288716, 465.62976031801185, 157.89339082130755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 514.220474667896, 154.08982866288716, 549.8837564438919, 157.89339082130755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential", "box": [ 43.06130959140369, 168.48778408598446, 85.73953412142257, 173.24402087234193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 201.83415357524328, 168.48778408598446, 206.57721288063397, 173.24402087234193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "173,302 ", "box": [ 247.0008523820474, 168.48778408598446, 280.2022313152594, 173.24402087234193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51.2 %", "box": [ 351.9005659574758, 168.48778408598446, 378.8166228733411, 173.24402087234193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 397.23405819988943, 168.48778408598446, 401.97711750528015, 173.24402087234193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "202,234 ", "box": [ 442.4007570066936, 168.48778408598446, 475.60213593990557, 173.24402087234193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "53.6 %", "box": [ 541.9520716211628, 168.48778408598446, 568.9348444879981, 173.24402087234193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commercial", "box": [ 43.06130959140369, 184.1437939136522, 89.94993615639649, 188.90003070000967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "105,207 ", "box": [ 247.0008523820474, 184.1437939136522, 280.2022313152594, 188.90003070000967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31.2 %", "box": [ 351.9005659574758, 184.1437939136522, 378.8166228733411, 188.90003070000967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "110,178 ", "box": [ 442.7454525285221, 184.1437939136522, 475.594802736066, 188.90003070000967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29.2 %", "box": [ 541.9520716211628, 184.1437939136522, 568.9348444879981, 188.90003070000967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pre-Development Land", "box": [ 43.06130959140369, 199.08816693096742, 131.83146939018332, 203.8444037173249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11,369 ", "box": [ 252.0935033061036, 199.08816693096742, 280.19979894064164, 203.8444037173249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.4 %", "box": [ 356.6485213597035, 199.08816693096742, 378.8166228733411, 203.8444037173249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17,977 ", "box": [ 447.13758952557555, 199.08816693096742, 475.59591388578167, 203.8444037173249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.8 %", "box": [ 546.7000270233905, 199.08816693096742, 568.9348444879981, 203.8444037173249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mixed Use", "box": [ 43.06130959140369, 214.74417675863515, 84.95211882992463, 219.50041354499263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,679 ", "box": [ 251.73768490092937, 214.74417675863515, 280.1960092611355, 219.50041354499263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14.2 %", "box": [ 351.9005659574758, 214.74417675863515, 378.8166228733411, 219.50041354499263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,029 ", "box": [ 447.13758952557555, 214.74417675863515, 475.59591388578167, 219.50041354499263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12.4 %", "box": [ 541.9520716211628, 214.74417675863515, 568.9348444879981, 219.50041354499263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 43.06130959140369, 231.8234602070006, 62.41797674128356, 236.57969699335808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 201.83415357524328, 230.40018658630288, 206.57721288063397, 235.15642337266036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "337,557 ", "box": [ 247.0008523820474, 230.40018658630288, 280.2022313152594, 235.15642337266036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 347.16373343859385, 230.40018658630288, 378.8166228733411, 235.15642337266036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 397.23405819988943, 230.40018658630288, 401.97711750528015, 235.15642337266036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "377,418 ", "box": [ 442.4007570066936, 230.40018658630288, 475.60213593990557, 235.15642337266036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0 %", "box": [ 537.2152391022807, 230.40018658630288, 568.9348444879981, 235.15642337266036 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for Credit Losses", "box": [ 33.44309332653772, 262.42384305198357, 140.86583287232529, 267.18007983834104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our allowance for credit losses is influenced by historical loss experience, current exposure by geographical region, current expected", "box": [ 67.60166022326405, 285.19622098313266, 572.5422618700211, 289.95245776949014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit losses on loans in foreclosure based on fair value less cost to sell, non-performing status, and other supportable forecasts of economic", "box": [ 33.44309332653772, 296.5824099487072, 564.2527789256172, 301.3386467350647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions. A loan is considered non-performing once it has been delinquent on its monthly payments 90 days or more.", "box": [ 33.44309332653772, 307.96859891428176, 484.4778288624165, 312.7248357006465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the allowance for credit losses against unpaid principal balance of loans held for investment as of", "box": [ 67.60166022326405, 330.7409768454381, 547.2892372342399, 335.4972136317956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 and December 31, 2025:", "box": [ 33.44309332653772, 342.1271658110127, 182.02482205285298, 346.88340259737015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 288.7094446217485, 367.5808717674299, 332.75511007387024, 371.38443392584304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 460.28063186669874, 367.5808717674299, 521.4430650263863, 371.38443392584304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 379.20962855459817, 380.3903343537022, 422.403340484405, 384.1938965121153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate Gross", "box": [ 226.29666893097175, 403.1627122848513, 280.1619880776947, 406.9662744432644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal Amount", "box": [ 224.25071310121993, 411.7023540090304, 282.2053724506945, 415.5059161674508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance", "box": [ 293.2016519870732, 411.7023540090304, 326.9128515105712, 415.5059161674508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage of", "box": [ 345.6181507993023, 393.9114337503197, 389.4971670560553, 397.7149959087401 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Respective", "box": [ 350.28826736721413, 403.1627122848513, 384.83289507503935, 406.9662744432644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 352.60108700084663, 411.7023540090304, 382.52297686823096, 415.5059161674508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate Gross", "box": [ 406.39638213312594, 403.1627122848513, 460.26170127984904, 406.9662744432644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal Amount", "box": [ 404.3504263033741, 411.7023540090304, 462.30508565284913, 415.5059161674508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance", "box": [ 473.29024230588163, 411.7023540090304, 507.00144182937987, 415.5059161674508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage of", "box": [ 525.7289797684341, 393.9114337503197, 569.6079960251873, 397.7149959087401 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Respective", "box": [ 530.3990963363459, 403.1627122848513, 564.9437240441714, 406.9662744432644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 532.7119159699785, 411.7023540090304, 562.6338058373631, 415.5059161674508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Performing - General reserve", "box": [ 34.38823596528177, 426.8119462424802, 146.85510665989491, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 224.01721083100836, 426.8119462424802, 228.76027013639904, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "228,218 ", "box": [ 248.7688286409409, 426.8119462424802, 281.97020757415294, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 289.1097403275695, 426.8119462424802, 293.85279963296017, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,599)", "box": [ 302.8754648777477, 426.8119462424802, 330.5370982357934, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.0 %", "box": [ 375.2177943797338, 426.8119462424802, 397.45261184434156, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 404.1169169167945, 426.8119462424802, 408.85997622218514, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "259,833 ", "box": [ 428.868534726727, 426.8119462424802, 462.069913659939, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 469.20944641335564, 426.8119462424802, 473.95250571874635, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5,262)", "box": [ 482.9418165462327, 426.8119462424802, 510.6034499042784, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.0 %", "box": [ 555.3175004655199, 426.8119462424802, 577.6079181141201, 431.56818302883767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-performing - Direct reserves", "box": [ 34.38823596528177, 441.7563192597954, 163.19177648087467, 446.5125560461529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "77,712 ", "box": [ 253.5056611598229, 441.7563192597954, 281.963985520029, 446.5125560461529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,114)", "box": [ 303.2201603995762, 441.7563192597954, 330.5297650319538, 446.5125560461529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.7 %", "box": [ 375.2177943797338, 441.7563192597954, 397.45261184434156, 446.5125560461529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80,079 ", "box": [ 433.605367245609, 441.7563192597954, 462.0636916058151, 446.5125560461529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,054)", "box": [ 482.9418165462327, 441.7563192597954, 510.6034499042784, 446.5125560461529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.6 %", "box": [ 555.3175004655199, 441.7563192597954, 577.6079181141201, 446.5125560461529 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-performing in Foreclosure - Direct reserves", "box": [ 34.38823596528177, 457.41232908746315, 220.09451024649772, 462.1685658738206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,627 ", "box": [ 253.5056611598229, 457.41232908746315, 281.963985520029, 462.1685658738206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,778)", "box": [ 302.8754648777477, 457.41232908746315, 330.5370982357934, 462.1685658738206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21.4 %", "box": [ 370.4698389775061, 457.41232908746315, 397.45261184434156, 462.1685658738206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37,506 ", "box": [ 433.605367245609, 457.41232908746315, 462.0636916058151, 462.1685658738206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,194)", "box": [ 482.9418165462327, 457.41232908746315, 510.6034499042784, 462.1685658738206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.2 %", "box": [ 550.9253705848345, 457.41232908746315, 577.6079181141201, 462.1685658738206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-performing subtotal", "box": [ 34.38823596528177, 473.7799757254761, 128.96675781997004, 478.5362125118336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 224.01721083100836, 473.0683389151309, 228.76027013639904, 477.82457570148836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "109,339 ", "box": [ 248.7688286409409, 473.0683389151309, 281.97020757415294, 477.82457570148836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 289.1097403275695, 473.0683389151309, 293.85279963296017, 477.82457570148836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8,892)", "box": [ 302.8754648777477, 473.0683389151309, 330.5370982357934, 477.82457570148836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.1 %", "box": [ 375.2177943797338, 473.7799757254761, 397.45261184434156, 478.5362125118336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 404.1169169167945, 473.0683389151309, 408.85997622218514, 477.82457570148836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,585 ", "box": [ 429.2132373649236, 473.0683389151309, 462.0625875724675, 477.82457570148836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 469.20944641335564, 473.0683389151309, 473.95250571874635, 477.82457570148836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,248)", "box": [ 482.9418165462327, 473.0683389151309, 510.6034499042784, 477.82457570148836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.3 %", "box": [ 555.3175004655199, 473.7799757254761, 577.6079181141201, 478.5362125118336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 34.38823596528177, 490.85925917384156, 53.74490311516164, 495.61549596019904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 224.01721083100836, 489.43598555314384, 228.76027013639904, 494.1922223395013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "337,557 ", "box": [ 248.7688286409409, 489.43598555314384, 281.97020757415294, 494.1922223395013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ (13,491)", "box": [ 289.1097403275695, 489.43598555314384, 330.5321974065715, 494.1922223395013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0 %", "box": [ 375.2177943797338, 490.85925917384156, 397.45261184434156, 495.61549596019904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 404.1169169167945, 489.43598555314384, 408.85997622218514, 494.1922223395013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "377,418 ", "box": [ 428.868534726727, 489.43598555314384, 462.069913659939, 494.1922223395013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ (11,510)", "box": [ 469.20944641335564, 489.43598555314384, 510.6023387545627, 494.1922223395013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.0 %", "box": [ 555.3175004655199, 490.85925917384156, 577.6079181141201, 495.61549596019904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For further information, see Note 4 - Loans and Allowance for Credit Losses - to our unaudited condensed consolidated financial statements.", "box": [ 33.44309332653772, 520.748005208472, 575.5916638350521, 525.5042419948368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31", "box": [ 301.25204340414024, 563.446213829382, 310.73815728253675, 568.2024506157395 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 48, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.258329872216564, 100.74905603824624, 43.01456665857404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment in Developmental Real Estate", "box": [ 33.44309332653772, 80.95653849312657, 200.48286249002382, 85.71277527948405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we owned five projects that were classified as investments in developmental real estate. The projects are in", "box": [ 67.60166022326405, 103.72891642427567, 554.2278215084647, 108.48515321063314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "various phases of completion. The following table details the carrying value of our investments in developmental real estate owned property", "box": [ 33.44309332653772, 115.11510538985021, 565.3876277742977, 119.87134217620769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reflected on our unaudited Condensed Consolidated Balance Sheet as of June 30, 2026:", "box": [ 33.44309332653772, 126.50129435542476, 365.10944020601517, 131.2575311417895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Property Type", "box": [ 45.12950407147892, 161.2062788463736, 91.69400286643945, 165.009841004794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Location", "box": [ 351.822734239528, 161.2062788463736, 380.48149919026025, 165.009841004794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Month of", "box": [ 440.23248504197903, 151.955000311842, 470.3654853165257, 155.7585624702624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Acquisition", "box": [ 436.7410169412069, 161.2062788463736, 473.8377751220592, 165.009841004794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 519.9580464513305, 151.955000311842, 549.8762291291351, 155.7585624702624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 525.7845728360586, 161.2062788463736, 544.0532991909146, 165.009841004794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 513.3198128879827, 175.4390150533436, 556.5135248177896, 179.24257721175672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commercial", "box": [ 45.12950407147892, 189.1253336660884, 92.01813063647171, 193.88157045245316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Branford, CT", "box": [ 356.50396657441746, 189.1253336660884, 407.61220238409703, 193.88157045245316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 2025", "box": [ 456.45558401107576, 189.1253336660884, 493.6125946423815, 193.88157045245316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 502.97884048760665, 189.1253336660884, 507.72189979299736, 193.88157045245316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,541 ", "box": [ 542.6192311308644, 189.1253336660884, 566.3345009180647, 193.88157045245316 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential - Single family (2 parcels)", "box": [ 45.12950407147892, 204.0697066834109, 189.750920676413, 208.8259434697684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Old Lyme, CT", "box": [ 352.5454868168541, 204.0697066834109, 407.6140158481809, 208.8259434697684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "May 2025", "box": [ 454.8766398381151, 204.0697066834109, 493.6085008804663, 208.8259434697684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "696 ", "box": [ 549.735599234349, 204.0697066834109, 566.3362926060621, 208.8259434697684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential - Multifamily (1 parcel)", "box": [ 45.12950407147892, 219.72571651107864, 180.52883042380515, 224.48195329743612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "East Windsor, CT", "box": [ 340.30311337201226, 219.72571651107864, 407.6090677662748, 224.48195329743612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 2025", "box": [ 447.50452369772745, 219.72571651107864, 493.60571745540994, 224.48195329743612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,259 ", "box": [ 542.6192311308644, 219.72571651107864, 566.3345009180647, 224.48195329743612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential - Multifamily (2 parcels)", "box": [ 45.12950407147892, 234.67008952839387, 184.2204463774878, 239.42632631475135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "New London, CT", "box": [ 340.95914999836816, 234.67008952839387, 407.6166654143532, 239.42632631475135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "November 2024", "box": [ 432.2265709255588, 234.67008952839387, 493.6083779096254, 239.42632631475135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,250 ", "box": [ 542.6192311308644, 234.67008952839387, 566.3345009180647, 239.42632631475135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential - Multifamily (3 completed units and one parcel)", "box": [ 45.12950407147892, 250.3260993560616, 275.3667491391222, 255.08233614241908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Naples, FL", "box": [ 365.45502688776577, 250.3260993560616, 407.6098495704747, 255.08233614241908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "January 2026", "box": [ 442.76769117884544, 250.3260993560616, 493.6119395095339, 255.08233614241908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36,831 ", "box": [ 537.8712828450048, 250.3260993560616, 566.3296072052109, 255.08233614241908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accumulated depreciation", "box": [ 45.12950407147892, 265.98210918372934, 144.95136083375598, 270.7383459700868 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(41)", "box": [ 550.5250748790135, 265.27047237337683, 566.329077248566, 270.0267091597343 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 45.12950407147892, 283.0613926320875, 64.48617122135879, 287.81762941845227 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 502.97884048760665, 281.6381190113898, 507.72189979299736, 286.39435579775454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45,536 ", "box": [ 537.8712828450048, 281.6381190113898, 566.3296072052109, 286.39435579775454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For further information, see Note 5 - Investment in Developmental Real Estate, Net - to our unaudited condensed consolidated", "box": [ 67.60166022326405, 312.95013866672525, 555.4784417202372, 317.7063754530827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial statements.", "box": [ 33.44309332653772, 324.3363276322998, 111.41167865636439, 329.0925644186573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have fully rebranded the Naples, Florida condominium project included above as Vela Cove and relaunched full-scale marketing", "box": [ 67.60166022326405, 347.1087055634489, 569.7817156525031, 351.86494234981365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the three completed north building residences currently available for sale. We have also awarded the architect and construction contracts", "box": [ 33.44309332653772, 358.49489452902344, 564.0397450596821, 363.2511313153882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and expect to break ground on the four-unit south building parcel early fourth quarter 2026. Presale activity on the south building units is", "box": [ 33.44309332653772, 369.88108349460526, 553.5530482989227, 374.63732028096274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected to occur alongside of the completed unit marketing efforts.", "box": [ 33.44309332653772, 381.2672724601798, 292.4675413838082, 386.0235092465373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Owned", "box": [ 33.44309332653772, 404.0396503913289, 110.9068040510862, 408.7958871776864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, we owned eleven properties, each of which previously served as collateral for first mortgage loans. The", "box": [ 67.60166022326405, 426.812028322478, 541.0593000883491, 431.5682651088355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "following table presents the carrying value of each of our properties reflected on our unaudited Condensed Consolidated Balance Sheet as of", "box": [ 33.44309332653772, 438.19821728805255, 567.1272870252949, 442.9544540744173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026:", "box": [ 33.44309332653772, 449.5844062536271, 89.03998666214406, 454.34064303999185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Property Type", "box": [ 91.37477741896745, 485.00102755492844, 137.939276213928, 488.80458971334156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Location", "box": [ 288.34250333322854, 485.00102755492844, 317.00126828396077, 488.80458971334156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Month of", "box": [ 393.36453304361964, 475.74974902039685, 423.49753331816623, 479.55331117880996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Acquisition", "box": [ 389.8730649428475, 485.00102755492844, 426.9698231236998, 488.80458971334156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying", "box": [ 473.10121021994877, 475.74974902039685, 503.01939289775345, 479.55331117880996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 478.92773660467685, 485.00102755492844, 497.1964629595328, 488.80458971334156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 466.46297665660103, 498.52212695154594, 509.656688586408, 502.32568910996633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commercial - Restaurant", "box": [ 91.37477741896745, 512.208445564298, 186.73146722289474, 516.9646823506555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bristol, CT", "box": [ 318.6426679570308, 512.208445564298, 361.33475821365033, 516.9646823506555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 2019", "box": [ 402.29334759027654, 512.208445564298, 448.39454134795903, 516.9646823506555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 455.5215606974934, 512.208445564298, 460.2646200028841, 516.9646823506555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "750 ", "box": [ 503.46809079472126, 512.208445564298, 520.0687841664342, 516.9646823506555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Land", "box": [ 91.37477741896745, 527.8644553919585, 110.86577556546018, 532.6206921783232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bristol, CT", "box": [ 318.6426679570308, 527.8644553919585, 361.33475821365033, 532.6206921783232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 2019", "box": [ 388.0828500336306, 527.8644553919585, 448.3993300232195, 532.6206921783232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "821 ", "box": [ 503.46809079472126, 527.8644553919585, 520.0687841664342, 532.6206921783232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential - Single Family", "box": [ 91.37477741896745, 542.808828409281, 195.44865757601798, 547.5650651956385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bellingham, MA", "box": [ 297.0489384930196, 542.808828409281, 361.3395543338895, 547.5650651956385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 2023", "box": [ 388.0828500336306, 542.808828409281, 448.3993300232195, 547.5650651956385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "293 ", "box": [ 503.46809079472126, 542.808828409281, 520.0687841664342, 547.5650651956385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Residential - Multi Family", "box": [ 91.37477741896745, 558.4648382369487, 192.28970511957414, 563.2210750233062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Flagler Beach, FL", "box": [ 292.5789697780183, 558.4648382369487, 361.3347145903138, 563.2210750233062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "October 2024", "box": [ 396.50018273921756, 558.4648382369487, 448.3958696892292, 563.2210750233062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,382 ", "box": [ 496.3517226912366, 558.4648382369487, 520.0669924784368, 563.2210750233062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commercial - 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Real Estate Owned (REO) - to our unaudited condensed consolidated financial statements.", "box": [ 67.60166022326405, 710.7551156515183, 560.2168513864094, 715.5113524378758 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 49, "width": 612.0, "height": 792.0, "cells": [ { "text": "32", "box": [ 301.25204340414024, 38.258651952201035, 310.73815728253675, 43.01488873855851 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 50, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.258974032185506, 100.74905603824624, 43.01521081854298 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of Operations", "box": [ 33.44309332653772, 80.95718265309551, 120.92556015397537, 85.71341943945299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our results of operations depend primarily on net interest income, the credit performance of our loan portfolio, and the effectiveness", "box": [ 67.60166022326405, 103.72956058424461, 569.758465939829, 108.48579737060209 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our operating platform. 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"confidence": 1.0 }, { "text": "6.4 %", "box": [ 555.4398166004826, 482.3203436896292, 577.6079181141201, 487.0765804759867 ], "from_ocr": false, "confidence": 1.0 }, { "text": " General and administrative expenses", "box": [ 34.38823596528177, 497.26471670694445, 178.47240031064723, 502.0209534933092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,450)", "box": [ 315.6070886297041, 497.26471670694445, 343.2687219877498, 502.0209534933092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,304)", "box": [ 394.2207175228861, 497.26471670694445, 421.8823508809318, 502.0209534933092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "146 ", "box": [ 483.2642734177378, 497.26471670694445, 499.8649667894508, 502.0209534933092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11.2 %", "box": [ 551.0476796034291, 497.26471670694445, 577.6079181141201, 502.0209534933092 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Transaction expenses", "box": [ 34.38823596528177, 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429.8474346047886, 695.5861659080911 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NM - not meaningful", "box": [ 34.38823596528177, 704.1858093022238, 99.06955992551721, 707.9893714606369 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 51, "width": 612.0, "height": 792.0, "cells": [ { "text": "33", "box": [ 301.25204340414024, 38.259056112183316, 310.73815728253675, 43.01529289854079 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 52, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25937819216779, 100.74905603824624, 43.015614978525264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (loss) income and net (loss) income attributable to common shareholders are the primary metrics by which we assess our business", "box": [ 67.60166022326405, 80.9575868130778, 576.5581505389237, 85.71382359943527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance. Accordingly, we closely monitor the following primary drivers of these metrics:", "box": [ 33.44309332653772, 92.34377577865234, 389.24156820962395, 97.10001256500982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income", "box": [ 67.60166022326405, 115.11615370980144, 141.0124550831901, 119.87239049616619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income represents the largest component of net income and is evaluated on both an absolute basis and relative to our", "box": [ 67.60166022326405, 137.88853164095053, 556.0759361307782, 142.64476842731528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for credit losses and operating expenses. Net interest income is generated when the yield earned on our loan portfolio exceeds the", "box": [ 33.44309332653772, 149.27472060653236, 562.9142031083055, 154.03095739288983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cost of financing those assets, which we primarily achieve through short- and long-term financing arrangements. Accordingly, we actively", "box": [ 33.44309332653772, 160.6609095721069, 557.5643570955093, 165.41714635846438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "monitor financing market conditions and maintain ongoing dialogue with investors and financial institutions as we evaluate funding sources", "box": [ 33.44309332653772, 172.04709853768145, 564.8132763392838, 176.80333532403893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and cost of capital.", "box": [ 33.44309332653772, 183.433287503256, 105.08913700267524, 188.18952428961347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In evaluating net interest income, management monitors: (1) portfolio loan yields, (2) funding costs, (3) net interest spread, and (4)", "box": [ 67.60166022326405, 206.2056654344051, 564.6958023093553, 210.96190222076257 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net interest margin. Net interest spread reflects the difference between the yield earned on our loans and the interest rates paid on our funding", "box": [ 33.44309332653772, 217.59185439997964, 569.3895419999262, 222.3480911863444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sources. Net interest margin represents net interest income, calculated as annualized interest income less annualized interest expense, expressed", "box": [ 33.44309332653772, 228.97804336555419, 577.9864312049885, 233.73428015191894 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as a percentage of average loans outstanding for the applicable period.", "box": [ 33.44309332653772, 240.364232331136, 300.25836590735685, 245.12046911749349 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average loans outstanding are calculated using the arithmetic average of the unpaid principal balance of loans held for investment as", "box": [ 67.60166022326405, 263.1366102622851, 571.3195147242473, 267.8928470486426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the beginning and the end the quarter.", "box": [ 33.44309332653772, 274.52279922785965, 186.7539455830131, 279.2790360142171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in net interest income are primarily driven by origination activity, changes in average outstanding loan balances (total,", "box": [ 67.60166022326405, 297.29517715900874, 550.8882151552108, 302.0514139453662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performing and nonperforming), and fluctuations in interest rates affecting asset yields and funding costs. Historically, portfolio growth driven", "box": [ 33.44309332653772, 308.6813661245833, 574.2807859008997, 313.43760291094804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by loan originations has been the primary contributor to increases in net interest income. Net interest income is evaluated both before and after", "box": [ 33.44309332653772, 320.06755509015784, 574.7625271046336, 324.8237918765226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest expense associated with corporate debt and before and after provisions for credit losses.", "box": [ 33.44309332653772, 331.45374405573966, 396.9490203127005, 336.20998084209714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income from loans - decreased from the corresponding period in the prior year, as further analyzed below.", "box": [ 67.60166022326405, 354.22612198688876, 499.91023970005125, 358.98235877324623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 50.52237677490088, 376.99849991803785, 53.84344470301789, 381.7547367043953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average loans held for investment were $346.7 million and $376.3 million for the three months ended June 30, 2026 and 2025,", "box": [ 67.60166022326405, 376.99849991803785, 550.0637347363186, 381.7547367043953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. The effective yield on total loans held for investment was 8.4% and 8.0%, respectively.", "box": [ 67.60166022326405, 388.3846888836124, 448.2455946427251, 393.1409256699699 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results are impacted by nonperforming loans and real estate owned, which do not contribute interest income.", "box": [ 67.60166022326405, 411.1570668147615, 482.49841527308956, 415.91330360112624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 50.52237677490088, 433.92944474591786, 53.84344470301789, 438.68568153227534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average total performing loans held for investment were $254.3 million and 262.7 million for the three months ended June 30, 2026", "box": [ 67.60166022326405, 433.92944474591786, 569.8140744899067, 438.68568153227534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 2025, respectively. The effective yield on performing loans was 11.4% and 11.4%, respectively.", "box": [ 67.60166022326405, 445.3156337114924, 446.49004434534083, 450.0718704978499 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The difference between total portfolio yield and performing loan yield reflects the impact of nonaccrual loans, which do not generate", "box": [ 67.60166022326405, 468.0880116426415, 572.1068880297639, 472.844248428999 ], "from_ocr": false, "confidence": 1.0 }, { "text": "current interest income.", "box": [ 33.44309332653772, 479.47420060821605, 123.26003630558188, 484.2304373945735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 50.52237677490088, 502.24657853936515, 53.84344470301789, 507.0028153257299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average nonperforming loans held for investment were $92.4 million and $113.6 million for the three months ended June 30, 2026", "box": [ 67.60166022326405, 502.24657853936515, 564.4596418450872, 507.0028153257299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 2025, respectively.", "box": [ 67.60166022326405, 513.632767504947, 154.96834486683838, 518.3890042913044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income from limited liability company investments - Interest income generated from our investments in the Shem Creek", "box": [ 67.60166022326405, 536.4051454360961, 555.2173366237533, 541.1613822224535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funds and direct loan co-investment funds decreased from the corresponding period in the prior year. The decrease was primarily attributable to", "box": [ 33.44309332653772, 547.7913344016706, 577.7408504655225, 552.5475711880281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lower average capital deployed within certain direct loan co-investment funds during 2026. As underlying mortgage loans repaid, capital was", "box": [ 33.44309332653772, 559.1775233672452, 569.2413737676376, 563.9337601536026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "returned to us and not redeployed at prior levels within those structures. In certain vehicles, our ownership percentage also declined during the", "box": [ 33.44309332653772, 570.5637123328197, 573.7157154691557, 575.3199491191772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "period, further reducing its effective exposure.", "box": [ 33.44309332653772, 581.9499012983943, 209.48259535358744, 586.706138084759 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The decrease in interest income was driven by lower average invested balances rather than changes in underlying loan yields or credit", "box": [ 67.60166022326405, 604.7222792295506, 575.4372303617022, 609.4785160159081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance. The Shem Creek portfolios continue to consist primarily of short-duration, first mortgage loans, and there were no material", "box": [ 33.44309332653772, 616.1084681951252, 553.0065109711279, 620.8647049814826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in the contractual economics of those investments during the period.", "box": [ 33.44309332653772, 627.4946571606997, 325.5855390595252, 632.2508939470572 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We evaluate these minority investments as part of its broader capital allocation framework. Given the short-term nature of the", "box": [ 67.60166022326405, 650.2670350918488, 544.4035240571651, 655.0232718782063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underlying assets and the return of capital upon loan repayment, investment balances may fluctuate period to", "box": [ 33.44309332653772, 661.6532240574234, 446.4824726542152, 666.4094608437808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34", "box": [ 301.25204340414024, 704.3514326783334, 310.73815728253675, 709.1076694646908 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 53, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.255860272322025, 100.74905603824624, 43.0120970586795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "period depending on repayment activity and redeployment decisions. Capital returned from these funds may be redeployed into other", "box": [ 33.44309332653772, 80.95406889322476, 538.6894382174235, 85.71030567958951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment opportunities or retained to support liquidity and balance sheet objectives.", "box": [ 33.44309332653772, 92.34025785880658, 358.2634984619647, 97.09649464516406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 19 - Limited Liability Company (\"LLC\") Investments - to our unaudited condensed consolidated financial statements for", "box": [ 67.60166022326405, 115.11263578995568, 575.6225376280472, 119.86887257631315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the three and six months ended June 30, 2026.", "box": [ 33.44309332653772, 126.49882475553022, 208.9036522643159, 131.2550615418877 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense and amortization of deferred financing costs - increased from the corresponding period in the prior year, primarily", "box": [ 67.60166022326405, 149.27120268667932, 563.7386887837633, 154.0274394730368 ], "from_ocr": false, "confidence": 1.0 }, { "text": "attributable to similar average borrowings but at higher average interest rates.", "box": [ 33.44309332653772, 160.65739165225386, 327.66522227543044, 165.41362843861862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During 2025, as a result of maturing unsecured notes payable, we began repositioning our capital structure through the issuance of", "box": [ 67.60166022326405, 183.42976958340296, 562.5837387646148, 188.1860063697677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$100.0 million ($100.0 million and $90.0 million drawn as of June 30, 2026 and December 31, 2025, respectively) of Senior Secured Notes", "box": [ 33.44309332653772, 194.81595854898478, 563.7757046036832, 199.57219533534226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due 2030. The secured notes replaced a portion of lower rate unsecured notes and reduced reliance on repurchase agreements and lines of", "box": [ 33.44309332653772, 206.20214751455933, 554.785269482631, 210.9583843009168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit.", "box": [ 33.44309332653772, 217.58833648013388, 57.40848267278059, 222.34457326649135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We continue to evaluate refinancing strategies for upcoming maturities late 2026 and into 2027, with a focus on extending duration", "box": [ 67.60166022326405, 240.36071441128297, 565.2470286222223, 245.11695119764045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and optimizing cost of capital. Access to diversified funding sources remains a strategic priority as we balance liquidity, leverage, and", "box": [ 33.44309332653772, 251.74690337685752, 541.2276796816983, 256.50314016322227 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shareholder returns.", "box": [ 33.44309332653772, 263.13309234243206, 108.77611635788375, 267.8893291287968 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Interest Margin", "box": [ 67.60166022326405, 285.90547027358843, 142.2491585159528, 290.6617070599459 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest margin in the second quarter of 2026 was 1.9% compared to 2.3% in the second quarter of 2025. The decrease in net", "box": [ 67.60166022326405, 308.67784820473753, 556.1592740375771, 313.434084991095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest margin reflects both structural and cyclical factors. Structurally, refinancing activity during 2025 increased the weighted average cost", "box": [ 33.44309332653772, 320.0640371703121, 569.20888771678, 324.82027395666955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of capital. Cyclically, lower average earning assets reduced interest-earning balances.", "box": [ 33.44309332653772, 331.4502261358866, 357.3139687246122, 336.2064629222441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While asset yields remained strong on performing loans, 11.4% in second quarter 2026 as compared to 11.4% in the second quarter", "box": [ 67.60166022326405, 354.2226040670357, 565.571275490875, 358.97884085340047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, overall margin stabilization depends on continued resolution of nonperforming loans, normalization of earning asset levels, and", "box": [ 33.44309332653772, 365.60879303261027, 540.9127332827622, 370.365029818975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disciplined origination activity at spreads consistent with current funding costs.", "box": [ 33.44309332653772, 376.9949819981921, 334.3026992265214, 381.75121878454956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest (loss) income after provision for credit losses, and changes in valuation allowance", "box": [ 67.60166022326405, 399.7673599293412, 426.9759142581742, 404.52359671569866 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit risk management is central to our operating model. We seek to minimize credit losses through disciplined underwriting, active", "box": [ 67.60166022326405, 422.5397378604903, 572.4588843759573, 427.29597464684775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "life-of-loan portfolio management, and targeted special servicing. We closely monitor portfolio credit performance, including delinquency", "box": [ 33.44309332653772, 433.9259268260648, 557.8422533336972, 438.6821636124223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "trends and expected and realized credit losses, as a key indicator of overall operating results.", "box": [ 33.44309332653772, 445.31211579163937, 384.2947068624008, 450.0683525780041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for credit losses related to loans held for investment - increased from the corresponding period in the prior year primarily", "box": [ 67.60166022326405, 468.08449372279574, 565.4830763461405, 472.8407305091532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due to declines in collateral valuations for loans previously reserved and new nonperforming loans. The current quarter provision was", "box": [ 33.44309332653772, 479.4706826883703, 540.8849227609345, 484.22691947472777 ], "from_ocr": false, "confidence": 1.0 }, { "text": "concentrated in three specific loans, which accounted for approximately $2.7 million of loan-specific provision activity. This included", "box": [ 33.44309332653772, 490.85687165394484, 541.8483635434262, 495.6131084403023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $0.7 million associated with charge-offs of related receivable balances in connection with the foreclosure process and transfer of", "box": [ 33.44309332653772, 502.2430606195194, 578.0789962415546, 506.99929740587686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the collateral securing one of the loans to real estate owned. The loan-specific activity was partially offset by an approximately $0.1 million net", "box": [ 33.44309332653772, 513.6292495850939, 577.3147021202744, 518.3854863714514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease in the collective reserve for the remaining portfolio and other loan-specific reserves.", "box": [ 33.44309332653772, 525.0154385506685, 387.69448397601633, 529.771675337026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We continue to apply a conservative collateral-dependent methodology for loans in foreclosure and pending foreclosure status. We", "box": [ 67.60166022326405, 547.7878164818176, 562.9635884257057, 552.5440532681823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evaluate the allowance quarterly based on updated appraisals, liquidation cost assumptions and macroeconomic forecasts under the CECL", "box": [ 33.44309332653772, 559.1740054473994, 557.3838104645097, 563.9302422337569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "framework.", "box": [ 33.44309332653772, 570.5601944129739, 77.42751380253276, 575.3164311993314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total other income", "box": [ 67.60166022326405, 593.332572344123, 138.923477178905, 598.0888091304805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total other income decreased from the corresponding period in the prior year.", "box": [ 67.60166022326405, 616.1049502752721, 361.9535071127476, 620.8611870616296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fee income on loans - declined from the corresponding period in the prior year primarily due to lower new loan origination volume.", "box": [ 67.60166022326405, 638.8773282064212, 568.647037462574, 643.633564992786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination and modification fees are recognized over the contractual life of the loan, and the decrease reflects the smaller average portfolio", "box": [ 33.44309332653772, 650.263517172003, 564.6881958199016, 655.0197539583605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "growth and reduced refinancing activity relative to the prior year.", "box": [ 33.44309332653772, 661.6497061375776, 281.0360063513679, 666.4059429239351 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income from limited liability company investments - no material change from the corresponding period in the prior year. See Note 19", "box": [ 67.60166022326405, 684.4220840687267, 574.7040588648892, 689.1783208550842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- Limited Liability Company (\"LLC\") Investments - to our unaudited condensed consolidated financial statements.", "box": [ 33.44309332653772, 695.8082730343012, 481.6662903092531, 700.5645098206587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "35", "box": [ 301.25204340414024, 738.5064816552112, 310.73815728253675, 743.2627184415687 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 54, "width": 612.0, "height": 792.0, "cells": [] }, { "page_no": 55, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.260104432141816, 100.74905603824624, 43.01634121849929 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other investment income - Other investment income varies based on the timing of realizations and performance of non-core", "box": [ 67.60166022326405, 80.95831305304455, 538.3255966689899, 85.7145498394093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment holdings.", "box": [ 33.44309332653772, 92.34450201862637, 112.49090491403973, 97.10073880498385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain on equity securities - The balance includes net mark-to-market gains on equity securities held within the investment portfolio.", "box": [ 67.60166022326405, 115.11687994977547, 565.583011663536, 119.87311673613294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "These gains reflect changes in fair value and are inherently subject to market volatility.", "box": [ 33.44309332653772, 126.50306891535001, 363.1316124586734, 131.2593057017075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other income - Other income consists primarily of ancillary revenue streams, including property-related income and miscellaneous", "box": [ 67.60166022326405, 149.2754468464991, 565.458371336189, 154.03168363285658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recoveries. The decrease from the corresponding period in the prior year reflects rent recognized on the Westport, CT investments in", "box": [ 33.44309332653772, 160.66163581207365, 535.5304586305386, 165.4178725984384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "developmental real estate during 2025 which were disposed of in December 2025.", "box": [ 33.44309332653772, 172.0478247776482, 345.3313105495638, 176.80406156401295 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total operating expenses", "box": [ 67.60166022326405, 194.82020270880457, 162.10608948608925, 199.57643949516205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our operating expenses primarily include compensation and benefits for our employees, general and administrative expense including", "box": [ 67.60166022326405, 217.59258063995367, 576.5303642926158, 222.34881742631114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "occupancy costs, professional fees for legal, consulting, and advisory services, costs related to investments in developmental real estate,", "box": [ 33.44309332653772, 228.9787696055282, 549.2223578534747, 233.7350063918857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreclosure pursuits and the resolution and disposition of real estate owned. We monitor operating expenses in relation to profitability and the", "box": [ 33.44309332653772, 240.36495857110276, 570.1815508676913, 245.12119535746024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "scale of our loan portfolio. Because origination volume and portfolio size influence the level and impact of operating expenses, we also closely", "box": [ 33.44309332653772, 251.7511475366773, 576.3512823125652, 256.50738432304206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "monitor loan origination activity and key loan characteristics, including interest rates, loan-to-value ratios, estimated credit losses, and", "box": [ 33.44309332653772, 263.13733650225186, 542.9043957071964, 267.8935732886166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected loan duration.", "box": [ 33.44309332653772, 274.5235254678337, 122.20860857430185, 279.27976225419116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We continue to align operating expense levels with portfolio scale while preserving asset management intensity. As origination", "box": [ 67.60166022326405, 297.2959033989828, 548.5722978199157, 302.05214018534025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activity and earning asset levels increase, we expect to benefit from operating leverage as fixed overhead costs are absorbed over a larger asset", "box": [ 33.44309332653772, 308.6820923645573, 574.531005076369, 313.4383291509148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "base.", "box": [ 33.44309332653772, 320.06828133013187, 52.670075657455726, 324.82451811648934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total operating expenses increased from the corresponding period in the prior year as further discussed below.", "box": [ 67.60166022326405, 342.84065926128096, 485.68045308533385, 347.5968960476457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Compensation and employee benefits - increased modestly from the corresponding period in the prior year, reflecting strategic", "box": [ 67.60166022326405, 365.61303719243006, 547.4371019771263, 370.3692739787948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additions to personnel during 2025 and performance-based compensation adjustments including stock-based compensation.", "box": [ 33.44309332653772, 376.9992261580119, 502.36621703358384, 381.75546294436936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General and administrative expenses - increased modestly from the corresponding period in the prior year due to additional costs", "box": [ 67.60166022326405, 399.771604089161, 556.5175868448913, 404.52784087551845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "associated with our investments in developmental real estate, real estate owned, and increased director fees.", "box": [ 33.44309332653772, 411.1577930547355, 441.9756420241927, 415.914029841093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transaction expenses - expenses in the current year are associated with an announced contribution transaction as described earlier in", "box": [ 67.60166022326405, 433.9301709858846, 569.8344887169393, 438.68640777224937 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Recent Developments section. Additional material costs are expected to be incurred until that transaction closes.", "box": [ 33.44309332653772, 445.31635995145916, 473.0880346024326, 450.0725967378239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Impairment loss on real estate owned - increased from the corresponding period in the prior year and relates to specific property-level", "box": [ 67.60166022326405, 468.08873788261553, 574.9205946333602, 472.844974668973 ], "from_ocr": false, "confidence": 1.0 }, { "text": "valuation adjustments following updated market data and liquidation timelines.", "box": [ 33.44309332653772, 479.4749268481901, 334.03409810369544, 484.23116363454756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain on sale of investments in developmental real estate, real estate owned and property and equipment, net - increased from the", "box": [ 67.60166022326405, 502.2473047793392, 555.9695558137051, 507.00354156569665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corresponding period in the prior year. Each period reflects gains realized on the disposition of select real estate assets and developmental", "box": [ 33.44309332653772, 513.6334937449137, 555.7857341678969, 518.3897305312712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "projects during the period.", "box": [ 33.44309332653772, 525.0196827104883, 133.54744273578785, 529.7759194968457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other expenses - decreased from the corresponding period in the prior year and primarily reflect operating costs associated with real", "box": [ 67.60166022326405, 547.7920606416374, 569.3905328702944, 552.5482974280021 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned, income taxes, legal matters, public company expenses, and portfolio servicing.", "box": [ 33.44309332653772, 559.1782496072192, 386.43005167655514, 563.9344863935767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (loss) income and net (loss) income attributable to common shareholders", "box": [ 67.60166022326405, 581.9506275383683, 360.7538538446248, 586.7068643247258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (loss) income and net (loss) income attributable to common shareholders - Operating results for the second quarter of 2026 were", "box": [ 67.60166022326405, 604.7230054695174, 570.7422776913821, 609.4792422558749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "negatively impacted by a decrease in net interest margin, the $2.6 million provision for credit losses described above, which was concentrated", "box": [ 33.44309332653772, 616.1091944350919, 571.960277956659, 620.8654312214494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in three specific loans, and $2.6 million of transaction expenses associated with the pending contribution transaction..", "box": [ 33.44309332653772, 627.4953834006665, 479.43829870854194, 632.2516201870312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36", "box": [ 301.25204340414024, 670.1935920215765, 310.73815728253675, 674.949828807934 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 56, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.26018651213235, 100.74905603824624, 43.0164232984971 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book value per common share", "box": [ 67.60166022326405, 80.95839513304236, 182.63463020497235, 85.71463191939984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the calculation of our book value per common share (in thousands, except share and per share data):", "box": [ 67.60166022326405, 103.73077306419145, 557.8128827176977, 108.48700985054893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 426.2332582215894, 129.1844790206087, 470.27892367371123, 132.9880411790291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 31, 2026", "box": [ 511.68526853102964, 129.1844790206087, 561.9020074422692, 132.9880411790291 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total shareholders' equity", "box": [ 34.38823596528177, 144.2940712540585, 132.59352317781617, 149.05030804041598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.47495311562625, 144.2940712540585, 412.21801242101697, 149.05030804041598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "158,792 ", "box": [ 455.3436514949063, 144.2940712540585, 488.5450304281183, 149.05030804041598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.99590428606234, 144.2940712540585, 500.73896359145306, 149.05030804041598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "165,609 ", "box": [ 543.87571843232, 144.2940712540585, 577.0770973655319, 149.05030804041598 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Series A Preferred Stock ($25 liquidation preference per share)", "box": [ 34.38823596528177, 159.95008108171896, 273.0323422163388, 164.70631786808372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(57,819)", "box": [ 456.1331200232026, 159.23844427137374, 488.53780795425416, 163.9946810577312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(57,819)", "box": [ 544.6651869606162, 159.23844427137374, 577.0698748916678, 163.9946810577312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total shareholders' equity, net of preferred stock", "box": [ 34.38823596528177, 177.02936453008442, 218.10278402817585, 181.7856013164419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.47495311562625, 175.6060909093867, 412.21801242101697, 180.36232769574417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,973 ", "box": [ 455.3436514949063, 175.6060909093867, 488.5450304281183, 180.36232769574417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.99590428606234, 175.6060909093867, 500.73896359145306, 180.36232769574417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "107,790 ", "box": [ 543.87571843232, 175.6060909093867, 577.0770973655319, 180.36232769574417 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of common shares outstanding at period end", "box": [ 34.38823596528177, 193.39701116809738, 235.9217199336735, 198.15324795446213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,954,632", "box": [ 446.35923676425693, 193.39701116809738, 489.0467217656515, 198.15324795446213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,955,647", "box": [ 534.913542351994, 193.39701116809738, 577.6010273533885, 198.15324795446213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book value per common share", "box": [ 34.38823596528177, 209.0530209957651, 150.29662475945764, 213.8092577821226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.47495311562625, 209.0530209957651, 412.21801242101697, 213.8092577821226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.11 ", "box": [ 469.9210832237041, 209.0530209957651, 488.54126971223036, 213.8092577821226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.99590428606234, 209.0530209957651, 500.73896359145306, 213.8092577821226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.25 ", "box": [ 558.0973317559435, 209.0530209957651, 577.0695469701379, 213.8092577821226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The decrease in book value per common share is primarily due to cash dividends declared and paid for the ", "box": [ 67.60166022326405, 233.24867254761193, 473.51717116908486, 238.0049093339694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three", "box": [ 473.5237445760932, 233.87534377218253, 490.5905188156731, 238.15702733291255 ], "from_ocr": false, "confidence": 1.0 }, { "text": " months ended", "box": [ 490.59191225747867, 233.24867254761193, 545.9198330085705, 238.0049093339694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 on issued and outstanding common shares and shares of Series A Preferred Stock totaling $1.6 million, or $0.03 per common", "box": [ 33.44309332653772, 244.63486151318648, 563.0021853906785, 249.39109829955123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share, and net loss for the ", "box": [ 33.44309332653772, 256.021050478761, 132.75538619790336, 260.7772872651258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three", "box": [ 132.76090567079538, 256.6477217033389, 149.82767991037528, 260.92940526406164 ], "from_ocr": false, "confidence": 1.0 }, { "text": " months ended June 30, 2026 of $5.4 million, or $0.11 per common share.", "box": [ 149.82907335218087, 256.021050478761, 430.3315624256057, 260.7772872651258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The three month period's net loss affecting book value per common share was materially driven by (i) the provision for credit losses", "box": [ 67.60166022326405, 278.7934284099174, 569.2628740947704, 283.5496651962749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related to loans held for investment of $2.6 million, or approximately $0.05 per common share, which was concentrated in three specific loans", "box": [ 33.44309332653772, 290.17961737549194, 573.7296284886265, 294.9358541618494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as described above, and (ii) transaction expenses associated with the pending contribution transaction of $2.6 million, or approximately $0.05", "box": [ 33.44309332653772, 301.5658063410665, 570.8486061130535, 306.32204312742397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "per common share. The aggregate impact of these items was approximately $5.2 million, or $0.10 per common share.", "box": [ 33.44309332653772, 312.95199530664104, 479.51708964174657, 317.7082320929985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37", "box": [ 301.25204340414024, 355.65020392755105, 310.73815728253675, 360.4064407139085 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 57, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25618859230599, 100.74905603824624, 43.012425378663465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six months ended June 30, 2026 compared to six months ended June 30, 2025", "box": [ 33.44309332653772, 80.95439721320872, 345.55817878131097, 85.71063399957347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months June 30,", "box": [ 320.9999648913101, 106.40810316962597, 386.759170162451, 110.21166532804637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 306.40028739582084, 120.64083937659598, 321.5723555134866, 124.44440153501637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 386.0368942038788, 120.64083937659598, 401.2089623215445, 124.44440153501637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ Change", "box": [ 453.5534365856894, 120.64083937659598, 484.1124160216243, 124.44440153501637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% Change", "box": [ 525.4176386639067, 120.64083937659598, 559.7696435799452, 124.44440153501637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income from loans", "box": [ 34.38823596528177, 135.03879479969328, 136.3314611683148, 139.79503158605803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 277.6790740613473, 135.03879479969328, 282.42213336673797, 139.79503158605803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16,006 ", "box": [ 313.9391898554499, 135.03879479969328, 342.39751421565603, 139.79503158605803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 357.1711260841192, 135.03879479969328, 361.91418538950984, 139.79503158605803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,370 ", "box": [ 393.7203514487939, 135.03879479969328, 422.178675809, 139.79503158605803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 436.9522876774631, 135.03879479969328, 441.69534698285383, 139.79503158605803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "636 ", "box": [ 483.65345335658117, 135.03879479969328, 500.2541467282942, 139.79503158605803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.1 %", "box": [ 555.4286937171368, 135.03879479969328, 577.6079181141201, 139.79503158605803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income from limited liability company investments", "box": [ 34.38823596528177, 150.694804627361, 259.8963409662953, 155.45104141371849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,608 ", "box": [ 318.6871452576776, 150.694804627361, 342.40241504487784, 155.45104141371849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,801 ", "box": [ 398.4682997346535, 150.694804627361, 422.18356952185377, 155.45104141371849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,193)", "box": [ 472.5897212625108, 150.694804627361, 500.2513546205565, 155.45104141371849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(42.6)%", "box": [ 546.7333814406915, 150.694804627361, 577.6079181141201, 155.45104141371849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense and amortization of deferred financing costs", "box": [ 34.38823596528177, 166.35081445502874, 265.91315519127176, 171.10705124138622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,387)", "box": [ 309.9918329812323, 165.63917764467624, 342.3965209122839, 170.395414431041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,233)", "box": [ 389.7729874582082, 165.63917764467624, 422.17767538925983, 170.395414431041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "154 ", "box": [ 483.65345335658117, 166.35081445502874, 500.2541467282942, 171.10705124138622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.3 %", "box": [ 555.4286937171368, 166.35081445502874, 577.6079181141201, 171.10705124138622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income", "box": [ 34.38823596528177, 182.00682428269647, 108.66983474412399, 186.76306106905395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,227 ", "box": [ 318.6871452576776, 182.00682428269647, 342.40241504487784, 186.76306106905395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,938 ", "box": [ 398.4682997346535, 182.00682428269647, 422.18356952185377, 186.76306106905395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(711)", "box": [ 480.05079200419203, 182.00682428269647, 500.24582022108245, 186.76306106905395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12.0)%", "box": [ 546.7333814406915, 182.00682428269647, 577.6079181141201, 186.76306106905395 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Net interest margin", "box": [ 34.38823596528177, 196.23956048966647, 128.79070301330964, 200.99579727602395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.9 %", "box": [ 328.1719260624192, 196.23956048966647, 350.30667315875576, 200.99579727602395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.2 %", "box": [ 407.95308765576317, 196.23956048966647, 430.08783475209975, 200.99579727602395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for credit losses related to loans held for investment", "box": [ 34.38823596528177, 210.4722966966292, 269.64640690702544, 215.22853348299395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,923)", "box": [ 314.7397812670919, 210.4722966966292, 342.40141462513765, 215.22853348299395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,977)", "box": [ 394.5209428604359, 210.4722966966292, 422.18257621848164, 215.22853348299395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,946 ", "box": [ 476.5370852530965, 210.4722966966292, 500.2523550402968, 215.22853348299395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "300.8 %", "box": [ 545.9439129123951, 210.4722966966292, 577.6079181141201, 215.22853348299395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Change in valuation allowance related to loans held for sale", "box": [ 34.38823596528177, 226.12830652429693, 261.1839967997426, 230.88454331066168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 330.54034588004424, 225.4166697139517, 342.39798467875136, 230.17290650030918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,047 ", "box": [ 398.4682997346535, 225.4166697139517, 422.18356952185377, 230.17290650030918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,047)", "box": [ 472.5897212625108, 226.12830652429693, 500.2513546205565, 230.88454331066168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(100.0)%", "box": [ 541.9965489218094, 226.12830652429693, 577.6079181141201, 230.88454331066168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest (loss) income after provision for credit losses", "box": [ 34.38823596528177, 241.07267954161944, 252.50843965399892, 245.8289163279769 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related to loans held for investment and changes in valuation", "box": [ 34.38823596528177, 252.45886850719398, 264.8848687192159, 257.21510529355146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allowance related to loans held for sale", "box": [ 34.38823596528177, 263.84505747276853, 182.4141111078925, 268.601294259126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,696)", "box": [ 314.7397812670919, 263.84505747276853, 342.40141462513765, 268.601294259126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,008 ", "box": [ 398.4682997346535, 263.84505747276853, 422.18356952185377, 268.601294259126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,704)", "box": [ 472.5897212625108, 263.84505747276853, 500.2513546205565, 268.601294259126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(153.8)%", "box": [ 541.9965489218094, 263.84505747276853, 577.6079181141201, 268.601294259126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other income", "box": [ 34.38823596528177, 279.50106730043626, 86.27929280226105, 284.25730408679374 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Fee income from loans", "box": [ 34.38823596528177, 294.4454403177515, 126.32658771709816, 299.20167710410897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,438 ", "box": [ 318.6871452576776, 294.4454403177515, 342.40241504487784, 299.20167710410897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,196 ", "box": [ 398.4682997346535, 294.4454403177515, 422.18356952185377, 299.20167710410897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(758)", "box": [ 479.70608936599547, 294.4454403177515, 500.25314630855394, 299.20167710410897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(23.7)%", "box": [ 546.7333814406915, 294.4454403177515, 577.6079181141201, 299.20167710410897 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Income from limited liability company investments", "box": [ 34.38823596528177, 310.1014501454192, 234.3468464968249, 314.8576869317767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "176 ", "box": [ 325.8035133611623, 310.1014501454192, 342.40420673287525, 314.8576869317767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "229 ", "box": [ 405.58466783813816, 310.1014501454192, 422.1853612098512, 314.8576869317767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(53)", "box": [ 484.4429218848774, 310.1014501454192, 500.24692425443004, 314.8576869317767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(23.1)%", "box": [ 546.7333814406915, 310.1014501454192, 577.6079181141201, 314.8576869317767 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Other investment income", "box": [ 34.38823596528177, 325.04582316273445, 135.02064827387505, 329.8020599490919 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7 ", "box": [ 335.28829416590384, 325.04582316273445, 342.4028783916051, 329.8020599490919 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17 ", "box": [ 410.3215003570201, 325.04582316273445, 422.1791391557273, 329.8020599490919 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(10)", "box": [ 484.4429218848774, 325.04582316273445, 500.24692425443004, 329.8020599490919 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(58.8)%", "box": [ 546.7333814406915, 325.04582316273445, 577.6079181141201, 329.8020599490919 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (Loss) gain on equity securities", "box": [ 34.38823596528177, 340.7018329904022, 158.20784295280853, 345.45806977675966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(133)", "box": [ 321.8561493705766, 340.7018329904022, 342.40320631313506, 345.45806977675966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "696 ", "box": [ 405.58466783813816, 340.7018329904022, 422.1853612098512, 345.45806977675966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(829)", "box": [ 479.70608936599547, 340.7018329904022, 500.25314630855394, 345.45806977675966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(119.1)%", "box": [ 542.3412515600061, 340.7018329904022, 577.6079181141201, 345.45806977675966 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Other income", "box": [ 34.38823596528177, 356.3578428180699, 91.02233648722374, 361.1140796044274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "277 ", "box": [ 325.8035133611623, 355.6462060077174, 342.40420673287525, 360.40244279408216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "604 ", "box": [ 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false, "confidence": 1.0 }, { "text": "(41.7)%", "box": [ 546.7333814406915, 372.01385264573764, 577.6079181141201, 376.7700894320951 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating expenses", "box": [ 34.38823596528177, 386.9582256630529, 108.93386746496475, 391.71446244941035 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Compensation and employee benefits", "box": [ 34.38823596528177, 402.6142354907206, 181.649877883047, 407.3704722770781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,075)", "box": [ 314.7397812670919, 402.6142354907206, 342.40141462513765, 407.3704722770781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,592)", "box": [ 394.5209428604359, 402.6142354907206, 422.18257621848164, 407.3704722770781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "483 ", "box": [ 483.65345335658117, 402.6142354907206, 500.2541467282942, 407.3704722770781 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13.4 %", "box": [ 550.6807454312772, 402.6142354907206, 577.6079181141201, 407.3704722770781 ], "from_ocr": false, "confidence": 1.0 }, { "text": " General and administrative expenses", "box": [ 34.38823596528177, 417.55860850803583, 178.47240031064723, 422.3148452943933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,413)", "box": [ 314.7397812670919, 417.55860850803583, 342.40141462513765, 422.3148452943933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,659)", "box": [ 394.5209428604359, 417.55860850803583, 422.18257621848164, 422.3148452943933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "754 ", "box": [ 483.65345335658117, 417.55860850803583, 500.2541467282942, 422.3148452943933 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28.4 %", "box": [ 550.6807454312772, 417.55860850803583, 577.6079181141201, 422.3148452943933 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Transaction expenses", "box": [ 34.38823596528177, 433.21461833570356, 120.01796681803833, 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"confidence": 1.0 }, { "text": "(59.5)%", "box": [ 546.7333814406915, 490.8571999739288, 577.6079181141201, 495.6134367602863 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total operating expenses", "box": [ 34.38823596528177, 506.51320980159653, 128.55453562330916, 511.269446587954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(11,523)", "box": [ 310.34765138640654, 506.51320980159653, 342.40031059179006, 511.269446587954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,959)", "box": [ 394.5209428604359, 506.51320980159653, 422.18257621848164, 511.269446587954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,564 ", "box": [ 476.5370852530965, 506.51320980159653, 500.2523550402968, 511.269446587954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65.6 %", "box": [ 550.6807454312772, 506.51320980159653, 577.6079181141201, 511.269446587954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (loss) income", "box": [ 38.65805682737256, 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599.7376319572431, 422.1782053459047, 604.4938687436006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NM - not meaningful", "box": [ 34.38823596528177, 613.0935121377333, 99.06955992551721, 616.8970742961537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (loss) income and net (loss) income attributable to common shareholders are the primary metrics by which we assess our business", "box": [ 67.60166022326405, 640.3009301471029, 576.5581505389237, 645.0571669334677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance. Accordingly, we closely monitor the following primary drivers of these metrics:", "box": [ 33.44309332653772, 651.6871191126775, 389.24156820962395, 656.4433558990422 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income", "box": [ 67.60166022326405, 674.4594970438338, 141.0124550831901, 679.2157338301913 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest income represents the largest component of net income and is evaluated on both an absolute basis and relative to our", "box": [ 67.60166022326405, 697.2318749749829, 556.0759361307782, 701.9881117613404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for credit losses and operating expenses. Net interest income is generated when the yield earned on our loan portfolio exceeds the", "box": [ 33.44309332653772, 708.6180639405575, 562.9142031083055, 713.374300726915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cost of financing those assets, which we primarily achieve through short- and long-term", "box": [ 33.44309332653772, 720.004252906132, 366.6842517261089, 724.7604896924968 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 58, "width": 612.0, "height": 792.0, "cells": [ { "text": "38", "box": [ 301.25204340414024, 42.527291534337564, 310.73815728253675, 47.28352832069504 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 59, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25635275229433, 100.74905603824624, 43.01258953865181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing arrangements. Accordingly, we actively monitor financing market conditions and maintain ongoing dialogue with investors and", "box": [ 33.44309332653772, 80.95456137319707, 555.2206551996915, 85.71079815956182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial institutions as we evaluate funding sources and cost of capital.", "box": [ 33.44309332653772, 92.34075033877889, 305.56187161595363, 97.09698712513637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In evaluating net interest income, management monitors: (1) portfolio loan yields, (2) funding costs, (3) net interest spread, and (4)", "box": [ 67.60166022326405, 115.11312826992798, 564.6958023093553, 119.86936505628546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net interest margin. Net interest spread reflects the difference between the yield earned on our loans and the interest rates paid on our funding", "box": [ 33.44309332653772, 126.49931723550253, 569.3895419999262, 131.25555402186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sources. Net interest margin represents net interest income, calculated as annualized interest income less annualized interest expense, expressed", "box": [ 33.44309332653772, 137.88550620107708, 577.9864312049885, 142.64174298743455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as a percentage of average loans outstanding for the applicable period.", "box": [ 33.44309332653772, 149.27169516665163, 300.25836590735685, 154.02793195301638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average loans outstanding are calculated using the arithmetic average of the unpaid principal balance of loans held for investment as", "box": [ 67.60166022326405, 172.04407309780072, 571.3195147242473, 176.80030988416547 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the end of each of the three most recent fiscal quarters.", "box": [ 33.44309332653772, 183.43026206338254, 251.52625132438004, 188.18649884974002 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in net interest income are primarily driven by origination activity, changes in average outstanding loan balances (total,", "box": [ 67.60166022326405, 206.20263999453164, 550.8882151552108, 210.9588767808891 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performing and nonperforming), and fluctuations in interest rates affecting asset yields and funding costs. Historically, portfolio growth driven", "box": [ 33.44309332653772, 217.58882896010618, 574.2807859008997, 222.34506574646366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by loan originations has been the primary contributor to increases in net interest income. Net interest income is evaluated both before and after", "box": [ 33.44309332653772, 228.97501792568073, 574.7625271046336, 233.7312547120382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest expense associated with corporate debt and before and after provisions for credit losses.", "box": [ 33.44309332653772, 240.36120689125528, 396.9490203127005, 245.11744367761275 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income from loans - increased from the corresponding period in the prior year, as further analyzed below.", "box": [ 67.60166022326405, 263.1335848224044, 498.33540010588547, 267.8898216087691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 50.52237677490088, 285.90596275356074, 53.84344470301789, 290.6621995399182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average loans held for investment were $356.9 million and $376.5 million for the six months ended June 30, 2026 and 2025,", "box": [ 67.60166022326405, 285.90596275356074, 542.1756160108597, 290.6621995399182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. The effective yield on total loans held for investment was 9.0% and 8.2%, respectively.", "box": [ 67.60166022326405, 297.2921517191353, 448.2455946427251, 302.04838850549277 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results are impacted by nonperforming loans and real estate owned, which do not contribute interest income.", "box": [ 67.60166022326405, 320.0645296502844, 482.49841527308956, 324.82076643664186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 50.52237677490088, 342.8369075814335, 53.84344470301789, 347.59314436779823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average total performing loans held for investment were $256.2 million and $271.8 million for the six months ended June 30, 2026", "box": [ 67.60166022326405, 342.8369075814335, 566.6690427880923, 347.59314436779823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 2025, respectively. The effective yield on performing loans was 12.5% and 11.3%, respectively.", "box": [ 67.60166022326405, 354.223096547008, 446.8421272977338, 358.9793333333728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The difference between total portfolio yield and performing loan yield reflects the impact of nonaccrual loans, which do not generate", "box": [ 67.60166022326405, 376.9954744781644, 572.1068880297639, 381.7517112645219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "current interest income.", "box": [ 33.44309332653772, 388.38166344373894, 123.26003630558188, 393.1379002300964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 50.52237677490088, 411.15404137488804, 53.84344470301789, 415.9102781612455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average nonperforming loans held for investment were $100.7 million and $104.7 million for the six months ended June 30, 2026 and", "box": [ 67.60166022326405, 411.15404137488804, 577.7346395129329, 415.9102781612455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, respectively.", "box": [ 67.60166022326405, 422.5402303404626, 138.90032280257816, 427.29646712682006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income from limited liability company investments - Interest income generated from our investments in the Shem Creek", "box": [ 67.60166022326405, 445.3126082716117, 555.2173366237533, 450.06884505797643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funds and direct loan co-investment funds decreased from the corresponding period in the prior year. The decrease was primarily attributable to", "box": [ 33.44309332653772, 456.6987972371935, 577.7408504655225, 461.455034023551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lower average capital deployed within certain direct loan co-investment funds during 2026. As underlying mortgage loans repaid, capital was", "box": [ 33.44309332653772, 468.08498620276805, 569.2413737676376, 472.8412229891255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "returned to us and not redeployed at prior levels within those structures. In certain vehicles, our ownership percentage also declined during the", "box": [ 33.44309332653772, 479.4711751683426, 573.7157154691557, 484.2274119547001 ], "from_ocr": false, "confidence": 1.0 }, { "text": "period, further reducing its effective exposure.", "box": [ 33.44309332653772, 490.85736413391714, 209.48259535358744, 495.6136009202746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The decrease in interest income was driven by lower average invested balances rather than changes in underlying loan yields or credit", "box": [ 67.60166022326405, 513.6297420650662, 575.4372303617022, 518.3859788514237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance. The Shem Creek portfolios continue to consist primarily of short-duration, first mortgage loans, and there were no material", "box": [ 33.44309332653772, 525.0159310306408, 553.0065109711279, 529.7721678170055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in the contractual economics of those investments during the period.", "box": [ 33.44309332653772, 536.4021199962153, 325.5855390595252, 541.1583567825801 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We evaluate these minority investments as part of its broader capital allocation framework. Given the short-term nature of the", "box": [ 67.60166022326405, 559.1744979273717, 544.4035240571651, 563.9307347137292 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underlying assets and the return of capital upon loan repayment, investment balances may fluctuate period to period depending on repayment", "box": [ 33.44309332653772, 570.5606868929463, 569.2367730628666, 575.3169236793037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activity and redeployment decisions. Capital returned from these vehicles may be redeployed into other investment opportunities or retained to", "box": [ 33.44309332653772, 581.9468758585208, 575.3091491985017, 586.7031126448783 ], "from_ocr": false, "confidence": 1.0 }, { "text": "support liquidity and balance sheet objectives.", "box": [ 33.44309332653772, 593.3330648240953, 208.88975292995465, 598.0893016104528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 19 - Limited Liability Company (\"LLC\") Investments - to our unaudited condensed consolidated financial statements for", "box": [ 67.60166022326405, 616.1054427552444, 575.6225376280472, 620.8616795416092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the three and six months ended June 30, 2026.", "box": [ 33.44309332653772, 627.491631720819, 208.9036522643159, 632.2478685071837 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense and amortization of deferred financing costs - increased from the corresponding period in the prior year, primarily", "box": [ 67.60166022326405, 650.2640096519754, 563.7386887837633, 655.0202464383328 ], "from_ocr": false, "confidence": 1.0 }, { "text": "attributable to similar average borrowings but at higher average interest rates.", "box": [ 33.44309332653772, 661.6501986175499, 327.66522227543044, 666.4064354039074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39", "box": [ 301.25204340414024, 704.3484072384526, 310.73815728253675, 709.1046440248174 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 60, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25763483224, 100.74905603824624, 43.01387161860475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During 2025, as a result of maturing unsecured notes payable, we began repositioning our capital structure through the issuance of", "box": [ 67.60166022326405, 80.95584345315001, 562.5837387646148, 85.71208023950749 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$100.0 million ($100.0 million and $90.0 million drawn as of June 30, 2026 and December 31, 2025, respectively) of Senior Secured Notes", "box": [ 33.44309332653772, 92.34203241872456, 563.7757046036832, 97.09826920508203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due 2030. The secured notes replaced a portion of lower rate unsecured notes and reduced reliance on repurchase agreements and lines of", "box": [ 33.44309332653772, 103.7282213842991, 554.785269482631, 108.48445817066386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit.", "box": [ 33.44309332653772, 115.11441034987365, 57.40848267278059, 119.8706471362384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We continue to evaluate refinancing strategies for upcoming maturities late 2026 and into 2027, with a focus on extending duration", "box": [ 67.60166022326405, 137.88678828103002, 565.2470286222223, 142.6430250673875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and optimizing cost of capital. Access to diversified funding sources remains a strategic priority as we balance liquidity, leverage, and", "box": [ 33.44309332653772, 149.27297724660457, 541.2276796816983, 154.02921403296205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shareholder returns.", "box": [ 33.44309332653772, 160.65916621217912, 108.77611635788375, 165.4154029985366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Interest Margin", "box": [ 67.60166022326405, 183.4315441433282, 142.2491585159528, 188.1877809296857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest margin in the six month period of 2026 was 2.9% compared to 3.2% in the six month period of 2025. The decrease in net", "box": [ 67.60166022326405, 206.2039220744773, 573.5936809777695, 210.96015886084206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest margin reflects both structural and cyclical factors. Structurally, refinancing activity during 2025 increased the weighted average cost", "box": [ 33.44309332653772, 217.59011104005185, 569.20888771678, 222.3463478264166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of capital. Cyclically, lower average earning assets reduced interest-earning balances.", "box": [ 33.44309332653772, 228.97630000563368, 357.3139687246122, 233.73253679199115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While asset yields remained strong on performing loans, 12.5% in the six month period of 2026 as compared to 11.3% in the six", "box": [ 67.60166022326405, 251.74867793678277, 554.3713733839941, 256.50491472314025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "month period of 2025, overall margin stabilization depends on continued resolution of nonperforming loans, normalization of earning asset", "box": [ 33.44309332653772, 263.1348669023573, 561.4690121901957, 267.8911036887148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "levels, and disciplined origination activity at spreads consistent with current funding costs.", "box": [ 33.44309332653772, 274.52105586793186, 377.24032047484184, 279.27729265428934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net interest (loss) income after provision for credit losses, and changes in valuation allowance", "box": [ 67.60166022326405, 297.29343379908096, 426.9759142581742, 302.0496705854457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit risk management is central to our operating model. We seek to minimize credit losses through disciplined underwriting, active", "box": [ 67.60166022326405, 320.06581173023733, 572.4588843759573, 324.8220485165948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "life-of-loan portfolio management, and targeted special servicing. We closely monitor portfolio credit performance, including delinquency", "box": [ 33.44309332653772, 331.4520006958119, 557.8422533336972, 336.20823748216935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "trends and expected and realized credit losses, as a key indicator of overall operating results.", "box": [ 33.44309332653772, 342.8381896613864, 384.2947068624008, 347.5944264477439 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for credit losses related to loans held for investment - increased from the corresponding period in the prior year primarily", "box": [ 67.60166022326405, 365.6105675925355, 565.4830763461405, 370.366804378893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due to declines in collateral valuations for loans previously reserved, new nonperforming loans, and a credit loss of $3.9 million related to a", "box": [ 33.44309332653772, 376.99675655811006, 563.7247412099733, 381.75299334446754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specific loan restructuring. This non-cash loss relates to the Naples, Florida loan restructuring where we took control of the three completed", "box": [ 33.44309332653772, 388.3829455236846, 563.8034712886835, 393.13918231004936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "condominium units and entitled land for development of four additional condominium units which is treated as a deed in lieu of foreclosure for", "box": [ 33.44309332653772, 399.76913448925916, 576.6477303701682, 404.5253712756239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounting purposes. The loan restructuring was negotiated by management to recover the full carrying value of the mortgage note receivable", "box": [ 33.44309332653772, 411.155323454841, 571.14046261126, 415.91156024119846 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on an undiscounted cash flow basis. Due to the length of time between taking over the project and receipt of the final cash flows from sales of", "box": [ 33.44309332653772, 422.54151242041553, 572.1455329761361, 427.297749206773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the units under construction, we are required to record the assets received on a discounted cash flow basis. As a result, we recorded a $3.9", "box": [ 33.44309332653772, 433.9277013859901, 556.0589914007722, 438.68393817234755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million charge in first quarter 2026. We believe the sales of the condominium units provides an opportunity to recover the fair value adjustment", "box": [ 33.44309332653772, 445.3138903515646, 577.9029403249077, 450.0701271379221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over time; however, actual recovery will depend on sales prices, timing, completion costs and market conditions.", "box": [ 33.44309332653772, 456.70007931713917, 461.6611473411644, 461.45631610349665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition to the above non-cash Naples, Florida loan loss, the provision includes three specific loans which accounted for", "box": [ 67.60166022326405, 479.47245724828826, 534.9313669853342, 484.228694034653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately $2.7 million of loan-specific provision activity during the second quarter. This included approximately $0.7 million associated", "box": [ 33.44309332653772, 490.8586462138628, 569.9036807370275, 495.61488300022756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with charge-offs of related receivable balances in connection with the foreclosure process and transfer of the collateral securing one of the", "box": [ 33.44309332653772, 502.24483517944464, 557.2400894025233, 507.0010719658021 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans to real estate owned.", "box": [ 33.44309332653772, 513.6310241450192, 133.802220669391, 518.3872609313767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We continue to apply a conservative collateral-dependent methodology for loans in foreclosure and pending foreclosure status. We", "box": [ 67.60166022326405, 536.4034020761683, 562.9635884257057, 541.1596388625258 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evaluate the allowance quarterly based on updated appraisals, liquidation cost assumptions and macroeconomic forecasts under the CECL", "box": [ 33.44309332653772, 547.7895910417428, 557.3838104645097, 552.5458278281003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "framework.", "box": [ 33.44309332653772, 559.1757800073174, 77.42751380253276, 563.9320167936748 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total other income", "box": [ 67.60166022326405, 581.9481579384665, 138.923477178905, 586.7043947248312 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total other income decreased from the corresponding period in the prior year.", "box": [ 67.60166022326405, 604.7205358696228, 361.9535071127476, 609.4767726559803 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fee income on loans - declined from the corresponding period in the prior year primarily due to lower new loan origination volume.", "box": [ 67.60166022326405, 627.4929138007719, 568.647037462574, 632.2491505871294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Origination and modification fees are recognized over the contractual life of the loan, and the decrease reflects the smaller average portfolio", "box": [ 33.44309332653772, 638.8791027663465, 564.6881958199016, 643.635339552704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "growth and reduced refinancing activity relative to the prior year.", "box": [ 33.44309332653772, 650.265291731921, 281.0360063513679, 655.0215285182785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40", "box": [ 301.25204340414024, 692.963500352831, 310.73815728253675, 697.7197371391885 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 61, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25651691228995, 100.74905603824624, 43.01275369864743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income from limited liability company investments - no material change from the corresponding period in the prior year. See Note 19", "box": [ 67.60166022326405, 80.95472553319996, 574.7040588648892, 85.71096231955744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- Limited Liability Company (\"LLC\") Investments - to our unaudited condensed consolidated financial statements.", "box": [ 33.44309332653772, 92.34091449877451, 481.6662903092531, 97.09715128513199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other investment income - Other investment income varies based on the timing of realizations and performance of non-core", "box": [ 67.60166022326405, 115.1132924299236, 538.3255966689899, 119.86952921628108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment holdings.", "box": [ 33.44309332653772, 126.49948139549815, 112.49090491403973, 131.25571818185563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Loss) gain on equity securities - The balance includes net mark-to-market gains on equity securities held within the investment", "box": [ 67.60166022326405, 149.27185932664725, 552.139120489336, 154.028096113012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio. These losses and gains reflect changes in fair value and are inherently subject to market volatility.", "box": [ 33.44309332653772, 160.6580482922218, 442.00339628677864, 165.41428507858654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other income - Other income consists primarily of ancillary revenue streams, including property-related income and miscellaneous", "box": [ 67.60166022326405, 183.43042622337816, 565.458371336189, 188.18666300973564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recoveries. The decrease from the corresponding period in the prior year reflects rent recognized on the Westport, CT investments in", "box": [ 33.44309332653772, 194.8166151889527, 535.5304586305386, 199.5728519753102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "developmental real estate during 2025 which were disposed of in December 2025.", "box": [ 33.44309332653772, 206.20280415452726, 345.3313105495638, 210.95904094088473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total operating expenses", "box": [ 67.60166022326405, 228.97518208567635, 162.10608948608925, 233.73141887203383 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our operating expenses primarily include compensation and benefits for our employees, general and administrative expense including", "box": [ 67.60166022326405, 251.74756001682545, 576.5303642926158, 256.5037968031902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "occupancy costs, professional fees for legal, consulting, and advisory services, costs related to investments in developmental real estate,", "box": [ 33.44309332653772, 263.1337489824, 549.2223578534747, 267.88998576876475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreclosure pursuits and the resolution and disposition of real estate owned. We monitor operating expenses in relation to profitability and the", "box": [ 33.44309332653772, 274.5199379479818, 570.1815508676913, 279.2761747343393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "scale of our loan portfolio. Because origination volume and portfolio size influence the level and impact of operating expenses, we also closely", "box": [ 33.44309332653772, 285.90612691355636, 576.3512823125652, 290.66236369991384 ], "from_ocr": false, "confidence": 1.0 }, { "text": "monitor loan origination activity and key loan characteristics, including interest rates, loan-to-value ratios, estimated credit losses, and", "box": [ 33.44309332653772, 297.2923158791309, 542.9043957071964, 302.0485526654884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected loan duration.", "box": [ 33.44309332653772, 308.67850484470546, 122.20860857430185, 313.43474163106293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We continue to align operating expense levels with portfolio scale while preserving asset management intensity. As origination", "box": [ 67.60166022326405, 331.45088277585455, 548.5722978199157, 336.2071195622193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activity and earning asset levels increase, we expect to benefit from operating leverage as fixed overhead costs are absorbed over a larger asset", "box": [ 33.44309332653772, 342.8370717414291, 574.531005076369, 347.59330852779385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "base.", "box": [ 33.44309332653772, 354.22326070700365, 52.670075657455726, 358.9794974933684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total operating expenses increased from the corresponding period in the prior year as further discussed below.", "box": [ 67.60166022326405, 376.99563863816, 485.68045308533385, 381.7518754245175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Compensation and employee benefits - increased from the corresponding period in the prior year, reflecting strategic additions to", "box": [ 67.60166022326405, 399.7680165693091, 557.187212643057, 404.5242533556666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "personnel during 2025 and performance-based compensation adjustments including stock-based compensation.", "box": [ 33.44309332653772, 411.15420553488366, 455.46373065292835, 415.91044232124113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General and administrative expenses - increased from the corresponding period in the prior year due to additional costs associated", "box": [ 67.60166022326405, 433.92658346603275, 560.718727536022, 438.6828202523975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with our investments in developmental real estate, real estate owned, increased external audit fees and increased director fees.", "box": [ 33.44309332653772, 445.3127724316073, 510.70822995683613, 450.06900921797205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transaction expenses - expenses in the current year are associated with a contribution transaction as described earlier in the Recent", "box": [ 67.60166022326405, 468.08515036276367, 564.2993585214557, 472.84138714912115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Developments section. Additional material costs are expected to be incurred until that transaction closes.", "box": [ 33.44309332653772, 479.4713393283382, 430.4190578156195, 484.2275761146957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Impairment loss on real estate owned - increased from the corresponding period in the prior year and relates to specific property-level", "box": [ 67.60166022326405, 502.2437172594873, 574.9205946333602, 506.9999540458448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "valuation adjustments following updated market data and liquidation timelines.", "box": [ 33.44309332653772, 513.6299062250619, 334.03409810369544, 518.3861430114193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain on sale of investments in developmental real estate, real estate owned and property and equipment, net - increased from the", "box": [ 67.60166022326405, 536.402284156211, 555.9695558137051, 541.1585209425757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "corresponding period in the prior year. Each period reflects gains realized on the disposition of select real estate assets and developmental", "box": [ 33.44309332653772, 547.7884731217928, 555.7857341678969, 552.5447099081503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "projects during the period.", "box": [ 33.44309332653772, 559.1746620873673, 133.54744273578785, 563.9308988737248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other expenses - decreased from the corresponding period in the prior year and primarily reflect operating costs associated with real", "box": [ 67.60166022326405, 581.9470400185164, 569.3905328702944, 586.7032768048739 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate owned, income taxes, legal matters, public company expenses, and portfolio servicing.", "box": [ 33.44309332653772, 593.333228984091, 386.43005167655514, 598.0894657704484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (loss) income and net (loss) income attributable to common shareholders", "box": [ 67.60166022326405, 616.1056069152401, 360.7538538446248, 620.8618437016048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (loss) income and net (loss) income attributable to common shareholders - Operating results for the six month period of 2026", "box": [ 67.60166022326405, 638.8779848463964, 558.6576605255849, 643.6342216327539 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were negatively impacted by a decrease in net interest margin, the $6.6 million specific provisions for credit losses described above, which was", "box": [ 33.44309332653772, 650.264173811971, 577.4953878178326, 655.0204105983285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "concentrated in four specific loans, and $4.2 million of transaction expenses associated with the pending contribution transaction..", "box": [ 33.44309332653772, 661.6503627775455, 527.1096688822815, 666.406599563903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41", "box": [ 301.25204340414024, 704.3485713984483, 310.73815728253675, 709.104808184813 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 62, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25779899223562, 100.74905603824624, 43.01403577860037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book value per common share", "box": [ 67.60166022326405, 80.95600761314563, 182.63463020497235, 85.7122443995031 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the calculation of our book value per common share (in thousands, except share and per share data):", "box": [ 67.60166022326405, 103.72838554429472, 557.8128827176977, 108.48462233065948 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 426.2332582215894, 129.18209150071198, 470.27892367371123, 132.98565365913237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 506.2145605514758, 129.18209150071198, 567.3769937111633, 132.98565365913237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total shareholders' equity", "box": [ 34.38823596528177, 144.29168373416178, 132.59352317781617, 149.04792052051926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.47495311562625, 144.29168373416178, 412.21801242101697, 149.04792052051926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "158,792 ", "box": [ 455.3436514949063, 144.29168373416178, 488.5450304281183, 149.04792052051926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.99590428606234, 144.29168373416178, 500.73896359145306, 149.04792052051926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "174,937 ", "box": [ 543.87571843232, 144.29168373416178, 577.0770973655319, 149.04792052051926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Series A Preferred Stock ($25 liquidation preference per share)", "box": [ 34.38823596528177, 159.94769356182223, 273.0323422163388, 164.703930348187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(57,819)", "box": [ 456.1331200232026, 159.236056751477, 488.53780795425416, 163.99229353783448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(57,819)", "box": [ 544.6651869606162, 159.236056751477, 577.0698748916678, 163.99229353783448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total shareholders' equity, net of preferred stock", "box": [ 34.38823596528177, 177.0269770101877, 218.10278402817585, 181.78321379654517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.47495311562625, 175.60370338948997, 412.21801242101697, 180.35994017585472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100,973 ", "box": [ 455.3436514949063, 175.60370338948997, 488.5450304281183, 180.35994017585472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.99590428606234, 175.60370338948997, 500.73896359145306, 180.35994017585472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "117,118 ", "box": [ 544.5762323593227, 175.60370338948997, 577.0735538411985, 180.35994017585472 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Number of common shares outstanding at period end", "box": [ 34.38823596528177, 193.39462364820065, 235.9217199336735, 198.1508604345654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,954,632", "box": [ 446.35923676425693, 193.39462364820065, 489.0467217656515, 198.1508604345654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47,684,955", "box": [ 534.913542351994, 193.39462364820065, 577.6010273533885, 198.1508604345654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book value per common share", "box": [ 34.38823596528177, 209.05063347586838, 150.29662475945764, 213.80687026222586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 407.47495311562625, 209.05063347586838, 412.21801242101697, 213.80687026222586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.11 ", "box": [ 469.9210832237041, 209.05063347586838, 488.54126971223036, 213.80687026222586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 495.99590428606234, 209.05063347586838, 500.73896359145306, 213.80687026222586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.46 ", "box": [ 558.0973317559435, 209.05063347586838, 577.0695469701379, 213.80687026222586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The decrease in book value per common share is primarily due to cash dividends declared and paid for the six months ended June 30,", "box": [ 67.60166022326405, 233.2462850277152, 573.9040890857921, 238.00252181407996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 on issued and outstanding common shares and shares of Series A Preferred Stock totaling $5.1 million, or $0.11 per common share, and", "box": [ 33.44309332653772, 244.63247399328975, 569.4868362730003, 249.3887107796545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net loss for the six months ended June 30, 2026 of $11.5 million, or $0.24 per common share.", "box": [ 33.44309332653772, 256.0186629588716, 388.24567294502947, 260.77489974522905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This six month period's net loss impacting the book value per common share was materially driven by i) the non-cash discounted cash", "box": [ 67.60166022326405, 278.79104089002067, 576.4377177907138, 283.54727767637814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "flow fair value adjustment on loan restructuring recorded in provision for credit losses related to loans held for investment of $3.9 million, or", "box": [ 33.44309332653772, 290.1772298555952, 568.7456693274845, 294.9334666419527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$0.08 per common share, ii) contribution transactional expenses of $4.2 million or $0.09 per common share and iii) the second-quarter", "box": [ 33.44309332653772, 301.56341882116976, 544.2384156427273, 306.31965560752724 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for credit losses related to loans held for investment of $2.6 million, or approximately $0.05 per common share, which was", "box": [ 33.44309332653772, 312.9496077867443, 538.2030372470847, 317.7058445731018 ], "from_ocr": false, "confidence": 1.0 }, { "text": "concentrated in three specific loans as described earlier. The aggregate impact of these events is $10.7 million, or $0.22 per common share of", "box": [ 33.44309332653772, 324.33579675231886, 569.0468462657772, 329.0920335386836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "book value decline from year end.", "box": [ 33.44309332653772, 335.7219857178934, 163.03406871247537, 340.47822250425816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity and Capital Resources", "box": [ 33.44309332653772, 358.4943636490498, 164.78025452334725, 363.25060043540725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total assets at June 30, 2026 were $472.9 million compared to $460.0 million at December 31, 2025, an increase of $12.9 million, or", "box": [ 67.60166022326405, 381.26674158019887, 572.4913180850848, 386.02297836655634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.8%. The increase was due primarily to increases in cash of $17.9 million, real estate owned, net of $4.6 million, investments in", "box": [ 33.44309332653772, 392.6529305457734, 522.2091596657375, 397.4091673321309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "developmental real estate of $35.8 million and other assets of $3.8 million offset by decreases in loans held for investment, net of $41.4", "box": [ 33.44309332653772, 404.03911951134796, 548.0272771052837, 408.79535629770544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, due from borrowers, net of $2.6 million and investments in limited liability companies of $4.9 million. The increase in investments in", "box": [ 33.44309332653772, 415.4253084769225, 572.8356213356249, 420.18154526328726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "developmental real estate and decrease in loans held for investment, net is primarily driven by the Naples, Florida loan restructuring in the first", "box": [ 33.44309332653772, 426.81149744249706, 576.0918802925697, 431.5677342288618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarter of 2026.", "box": [ 33.44309332653772, 438.1976864080789, 94.29219641018565, 442.95392319443636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total liabilities at June 30, 2026 were $314.1 million compared to $285.1 million at December 31, 2025, an increase of $29.0 million,", "box": [ 67.60166022326405, 460.970064339228, 575.3908649056237, 465.72630112558545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or 10.2%. This increase is primarily due to increases in senior secured notes payable of $10.3 million, lines of credit of $17.5 million and", "box": [ 33.44309332653772, 472.3562533048025, 553.826352527035, 477.11249009116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounts payable and accrued liabilities of $1.4 million offset by a decrease in advances from borrowers of $0.9 million.", "box": [ 33.44309332653772, 483.74244227037707, 490.30009809341794, 488.49867905673455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, the Company's capital structure consisted of a mix of unsecured listed notes, senior secured notes, and revolving", "box": [ 67.60166022326405, 506.51482020152616, 575.7845877025825, 511.2710569878909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit facilities. The increase in secured financing during 2025 reflects management's strategy to diversify funding sources. While secured", "box": [ 33.44309332653772, 517.9010091671007, 558.0738479191112, 522.6572459534655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowings increased asset encumbrance, they also provide longer-term capital stability and improved liquidity flexibility. We monitor asset", "box": [ 33.44309332653772, 529.2871981326753, 564.8873795345352, 534.04343491904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "coverage ratios, covenant compliance and refinancing risk associated with upcoming maturities.", "box": [ 33.44309332653772, 540.6733870982571, 398.0051390826705, 545.4296238846146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total shareholders' equity at June 30, 2026 was $158.8 million compared to $174.9 million at December 31, 2025, a decrease of $16.1", "box": [ 67.60166022326405, 563.4457650294062, 577.5678928318621, 568.2020018157637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, or 9.2%. This decrease was due primarily to an aggregate of $5.1 million of dividends paid to holders of Series A Preferred Stock and", "box": [ 33.44309332653772, 574.8319539949807, 572.2705331034139, 579.5881907813382 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common shares during the period and a net loss of $11.4 million for the period (inclusive of $4.2 million of transaction expenses) offset by a", "box": [ 33.44309332653772, 586.2181429605553, 566.6566813815886, 590.9743797469127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$0.4 million increase in additional paid-in capital related to stock-based compensation.", "box": [ 33.44309332653772, 597.6043319261298, 362.7239983510585, 602.3605687124946 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Historically, we have distributed a substantial portion of our earnings to shareholders in order to maintain our REIT qualification.", "box": [ 67.60166022326405, 620.3767098572789, 558.3871577135017, 625.1329466436437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividend levels are determined by the Board of Directors based on taxable income, capital needs, liquidity, market conditions and regulatory", "box": [ 33.44309332653772, 631.7628988228607, 568.0973116010521, 636.5191356092182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "requirements. Accordingly, dividend levels may fluctuate from period to period depending on operating performance, credit trends, asset", "box": [ 33.44309332653772, 643.1490877884353, 551.7606254213816, 647.9053245747928 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repositioning activity and capital market access.", "box": [ 33.44309332653772, 654.5352767540098, 215.72179629528893, 659.2915135403673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42", "box": [ 301.25204340414024, 697.2334853749198, 310.73815728253675, 701.9897221612773 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 63, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25908107218129, 100.74905603824624, 43.015317858538765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sources and Uses of Funds", "box": [ 67.60166022326405, 80.9572896930913, 170.53612341430363, 85.71352647944877 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our primary sources of cash include principal and interest payments on mortgage loans and various fees associated with such loans,", "box": [ 67.60166022326405, 103.72966762424039, 568.1142218173849, 108.48590441059787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds from the sales of real property, net proceeds from offerings of equity securities and borrowings from our credit facilities. Our primary", "box": [ 33.44309332653772, 115.11585658981494, 576.0779463853859, 119.87209337617242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "uses of cash include debt service payments (both principal and interest), new originations of loans held for investment, new investments in real", "box": [ 33.44309332653772, 126.50204555538949, 575.8510340728026, 131.25828234174696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate, dividend distributions to our shareholders, and operating expenses.", "box": [ 33.44309332653772, 137.88823452096403, 313.4823927309887, 142.6444713073215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "These sources and uses of cash are reflected in our unaudited Condensed Consolidated Statements of Cash Flows as summarized", "box": [ 67.60166022326405, 160.66061245211313, 556.5391639975701, 165.41684923847788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "below:", "box": [ 33.44309332653772, 172.04680141769495, 59.261250284782506, 176.80303820405243 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended", "box": [ 346.3186647263051, 197.50050737410493, 406.18463014049956, 201.30406953252532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Change", "box": [ 497.2635073544956, 197.50050737410493, 522.1329647955944, 201.30406953252532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 37.27926050732241, 211.73324358107493, 63.83409660154821, 215.53680573949532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 336.15560152851606, 211.73324358107493, 351.32766964618185, 215.53680573949532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 401.15917642378366, 211.73324358107493, 416.3312445414494, 215.53680573949532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 460.44741818594014, 211.73324358107493, 487.0022542801661, 215.53680573949532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage", "box": [ 524.350183448384, 211.73324358107493, 560.0134652243798, 215.53680573949532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 322.14525182478064, 225.2543429776997, 365.3389637545874, 229.05790513611282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands)", "box": [ 452.13016296499245, 225.2543429776997, 495.32387489479936, 229.05790513611282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents, January 1", "box": [ 37.27926050732241, 238.9406615904445, 178.47775491943355, 243.69689837680926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 314.6953039664451, 238.9406615904445, 319.4383632718358, 243.69689837680926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,924 ", "box": [ 343.86129742375454, 238.9406615904445, 372.3196217839607, 243.69689837680926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 379.6988788617127, 238.9406615904445, 384.4419381671034, 243.69689837680926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18,066 ", "box": [ 408.86487231902214, 238.9406615904445, 437.3231966792283, 243.69689837680926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 444.70245375698033, 238.9406615904445, 449.44551306237105, 243.69689837680926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,142)", "box": [ 474.624561325285, 238.9406615904445, 502.28619468333073, 243.69689837680926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(39.5)%", "box": [ 543.7867638310264, 238.9406615904445, 574.7057778051018, 243.69689837680926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash (used in) provided by operating activities", "box": [ 37.27926050732241, 254.59667141811224, 228.7892904320998, 259.3529082044697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,753)", "box": [ 344.6618888353966, 254.59667141811224, 372.3235221934423, 259.3529082044697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "692 ", "box": [ 420.72918870836645, 254.59667141811224, 437.32988208007947, 259.3529082044697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3,445)", "box": [ 474.624561325285, 254.59667141811224, 502.28619468333073, 259.3529082044697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(497.8)%", "box": [ 539.0499313121445, 254.59667141811224, 574.7057778051018, 259.3529082044697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash used in investing activities", "box": [ 37.27926050732241, 269.54104443543474, 173.47993190882354, 274.2972812217922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,540)", "box": [ 344.6618888353966, 269.54104443543474, 372.3235221934423, 274.2972812217922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,658)", "box": [ 409.6654637306642, 269.54104443543474, 437.3270970887099, 274.2972812217922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,118 ", "box": [ 478.9166208376992, 269.54104443543474, 502.2798618992313, 274.2972812217922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(42.1)%", "box": [ 543.7867638310264, 269.54104443543474, 574.7057778051018, 274.2972812217922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net cash provided by financing activities", "box": [ 37.27926050732241, 285.1970542630952, 192.96165198365586, 289.95329104945995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,188 ", "box": [ 343.86129742375454, 285.1970542630952, 372.3196217839607, 289.95329104945995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,374 ", "box": [ 413.6128206048818, 285.1970542630952, 437.328090392082, 289.95329104945995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,814 ", "box": [ 473.823969913643, 285.1970542630952, 502.2822942738491, 289.95329104945995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "248.1 %", "box": [ 542.9972881863621, 285.1970542630952, 574.7057778051018, 289.95329104945995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents, June 30", "box": [ 37.27926050732241, 302.27633771146066, 171.10842220410217, 307.03257449781813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 314.6953039664451, 300.8530640907629, 319.4383632718358, 305.6093008771204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28,819 ", "box": [ 343.86129742375454, 300.8530640907629, 372.3196217839607, 305.6093008771204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 379.6988788617127, 300.8530640907629, 384.4419381671034, 305.6093008771204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22,474 ", "box": [ 408.86487231902214, 300.8530640907629, 437.3231966792283, 305.6093008771204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 444.70245375698033, 300.8530640907629, 449.44551306237105, 305.6093008771204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,345 ", "box": [ 478.5719181995026, 300.8530640907629, 502.28718798670286, 305.6093008771204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28.2 %", "box": [ 547.734120705244, 302.27633771146066, 574.7057778051018, 307.03257449781813 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We project anticipated cash requirements for our operating needs as well as cash flows generated from operating activities available to", "box": [ 67.60166022326405, 332.8767205564436, 577.5725403895428, 337.6329573428011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "meet these needs. Our short-term cash requirements primarily include funding of loans, transaction expenses, dividend payments, interest and", "box": [ 33.44309332653772, 344.26290952201816, 571.0987475193461, 349.0191463083829 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal payments on our indebtedness, including repayment/refinancing of the Notes maturing in December 2026, March 2027, and June", "box": [ 33.44309332653772, 355.6490984875927, 559.7784235389894, 360.40533527395746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027, and payments for usual and customary operating and administrative expenses. Based on this analysis, we believe that our current cash", "box": [ 33.44309332653772, 367.03528745317453, 565.3089239454389, 371.791524239532 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balances, availability on our debt facilities, and our anticipated cash flows from operations will be sufficient to fund the operations for the next", "box": [ 33.44309332653772, 378.4214764187491, 574.8690151973466, 383.17771320510656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12 months.", "box": [ 33.44309332653772, 389.8076653843236, 75.60718043091882, 394.5639021706811 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our long-term cash needs will include principal and interest payments on outstanding indebtedness including notes payable in the", "box": [ 67.60166022326405, 412.5800433154727, 559.9713609454104, 417.3362801018302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal amount of $173.2 million maturing late in 2026 and in 2027, preferred stock dividends and funding of new mortgage loans. Specific", "box": [ 33.44309332653772, 423.96623228104727, 571.395164328561, 428.72246906740475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the maturities in 2026 and 2027, we believe that we will address these maturities through a combination of operating cash flow, credit", "box": [ 33.44309332653772, 435.3524212466218, 550.7369524508332, 440.10865803298657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "facility capacity, secured financing alternatives and potential capital markets transactions, subject to market conditions. There can be no", "box": [ 33.44309332653772, 446.73861021219636, 548.3978633263825, 451.4948469985611 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assurance that refinancing will occur on terms similar to existing obligations. We continue to proactively evaluate capital market access and", "box": [ 33.44309332653772, 458.1247991777709, 563.5487690732368, 462.88103596413566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balance sheet positioning in advance of these maturities. In general, funding for long-term cash needs will come from unused net proceeds", "box": [ 33.44309332653772, 469.51098814335273, 558.6991672719238, 474.2672249297102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from financing activities, operating cash flows, refinancing existing debt, and proceeds from sales of investment in developmental real estate", "box": [ 33.44309332653772, 480.8971771089273, 567.9166398339137, 485.65341389528476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and real estate owned.", "box": [ 33.44309332653772, 492.2833660745018, 117.72494697077792, 497.0396028608593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Off-Balance Sheet Arrangements", "box": [ 33.44309332653772, 515.0557440056509, 163.61766599108876, 519.8119807920084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are not a party to any off-balance sheet transactions, arrangements or other relationships with unconsolidated entities or other", "box": [ 67.60166022326405, 537.8281219368, 557.405260313737, 542.5843587231648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "persons that are likely to affect liquidity or the availability of our requirements for capital resources.", "box": [ 33.44309332653772, 549.2143109023746, 413.109612876051, 553.9705476887393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contractual Obligations", "box": [ 33.44309332653772, 571.9866888335309, 128.06328739584953, 576.7429256198884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, our contractual obligations include unfunded amounts of any outstanding construction loans and unfunded", "box": [ 67.60166022326405, 594.75906676468, 552.0925198195011, 599.5153035510375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments for loans and limited liability company investments.", "box": [ 33.44309332653772, 606.1452557302546, 285.3113002698398, 610.901492516612 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 301.04077266788397, 640.8502402212034, 317.6241090108725, 644.6538023796165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less than", "box": [ 354.480249394989, 631.5989616866718, 385.46520100938096, 635.4025238450922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1 year", "box": [ 359.97319602486624, 640.8502402212034, 379.98284604992494, 644.6538023796165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1 - 3", "box": [ 423.0308925750213, 631.5989616866718, 438.20296069268704, 635.4025238450922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "years", "box": [ 421.985676009822, 640.8502402212034, 439.2579909627529, 644.6538023796165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3 - 5", "box": [ 483.3643509023771, 631.5989616866718, 498.53641902004284, 635.4025238450922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "years", "box": [ 482.3080114538321, 640.8502402212034, 499.580326406763, 644.6538023796165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "More than", "box": [ 533.9016802040958, 631.5989616866718, 568.1055244471758, 635.4025238450922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5 years", "box": [ 539.5280587359133, 640.8502402212034, 562.4898956836803, 644.6538023796165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(In thousands)", "box": [ 406.52981403506624, 654.3713396178209, 453.54247110786554, 658.1749017762413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded portions of outstanding construction loans", "box": [ 34.38823596528177, 668.057658230573, 234.36072405509984, 672.8138950169305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 282.4714996478537, 668.057658230573, 287.21455895324436, 672.8138950169305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41,393 ", "box": [ 307.25647899145537, 668.057658230573, 335.71480335166154, 672.8138950169305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 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[ 565.2136998594282, 668.057658230573, 577.0713386581353, 672.8138950169305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded commitments to investments in LLCs", "box": [ 34.38823596528177, 683.7136680582407, 217.50532567476577, 688.4699048445982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "651 ", "box": [ 319.1207953807997, 683.7136680582407, 335.72148875251264, 688.4699048445982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "651 ", "box": [ 379.76559481268293, 683.7136680582407, 396.3662881843959, 688.4699048445982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 445.14722676344815, 683.7136680582407, 457.00486556215526, 688.4699048445982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 505.1471053359531, 683.7136680582407, 517.0047441346602, 688.4699048445982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 565.2136998594282, 683.7136680582407, 577.0713386581353, 688.4699048445982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total contractual obligations", "box": [ 34.38823596528177, 700.7929515065989, 142.7836775662404, 705.5491882929637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 282.4714996478537, 699.3696778859012, 287.21455895324436, 704.1259146722659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42,044 ", "box": [ 307.25647899145537, 699.3696778859012, 335.71480335166154, 704.1259146722659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 343.11629907973696, 699.3696778859012, 347.8593583851276, 704.1259146722659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,889 ", "box": [ 367.9012784233386, 699.3696778859012, 396.35960278354474, 704.1259146722659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 403.7610985116202, 699.3696778859012, 408.50415781701093, 704.1259146722659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,155 ", "box": [ 428.5460778552219, 699.3696778859012, 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38.25924523217691, 100.74905603824624, 43.015482018534385 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recent Accounting Pronouncements", "box": [ 33.44309332653772, 80.95745385308692, 179.7644571413034, 85.7136906394444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 2 - Significant Accounting Policies - to our unaudited condensed consolidated financial statements for explanation of", "box": [ 67.60166022326405, 103.72983178423601, 560.077894406725, 108.48606857059349 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recent accounting pronouncements impacting us.", "box": [ 33.44309332653772, 115.11602074981056, 219.15405201478285, 119.87225753616804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK", "box": [ 33.44309332653772, 137.88839868095965, 407.949849197404, 142.64463546731713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As a smaller reporting company, we are not required to provide the information required by this Item.", "box": [ 67.60166022326405, 160.66077661210875, 453.1645928062843, 165.4170133984735 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 4. CONTROLS AND PROCEDURES", "box": [ 33.44309332653772, 183.43315454326512, 212.372991919969, 188.1893913296226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(a)", "box": [ 67.60166022326405, 206.2055324744142, 78.66260801981079, 210.9617692607717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Evaluation and Disclosure Controls and Procedures", "box": [ 97.49040625789956, 206.2055324744142, 306.8285586077595, 210.9617692607717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of June 30, 2026, under the supervision and with the participation of our management, including our Principal Executive Officer", "box": [ 67.60166022326405, 228.9779104055633, 567.9566749627951, 233.73414719192078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and Principal Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined", "box": [ 33.44309332653772, 240.36409937113785, 576.656976436675, 245.1203361575026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, and as a result of the material weakness in internal control", "box": [ 33.44309332653772, 251.7502883367124, 576.3512736178698, 256.50652512307715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over financial reporting described below, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls", "box": [ 33.44309332653772, 263.1364773022942, 577.2174049022815, 267.8927140886517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and procedures were not effective as of June 30, 2026.", "box": [ 33.44309332653772, 274.5226662678688, 240.04383240974414, 279.27890305422625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Material Weakness in Internal Control Over Financial Reporting", "box": [ 67.60166022326405, 297.29504419901787, 331.36451250268493, 302.05128098537534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a", "box": [ 67.60166022326405, 320.06742213016696, 567.1924069096946, 324.82365891652444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely", "box": [ 33.44309332653772, 331.4536110957415, 567.9259179316092, 336.20984788210626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "basis.", "box": [ 33.44309332653772, 342.83980006131605, 54.78684120009294, 347.5960368476808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management identified a material weakness in the design and operation of controls over the accounting and disclosure for complex,", "box": [ 67.60166022326405, 365.6121779924724, 567.8316777368615, 370.3684147788299 ], "from_ocr": false, "confidence": 1.0 }, { "text": "nonroutine transactions involving noncash loan workouts, asset acquisitions and related fair value measurements. Specifically, our controls", "box": [ 33.44309332653772, 376.998366958047, 560.751117645511, 381.75460374440445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were not designed and operating effectively to ensure sufficient contemporaneous fair value analysis and documentation of alternative", "box": [ 33.44309332653772, 388.3845559236215, 542.5246186350751, 393.140792709979 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounting conclusions before management reached definitive accounting and disclosure conclusions for such transactions.", "box": [ 33.44309332653772, 399.77074488919607, 501.53248419753834, 404.52698167555354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This material weakness related to the accounting and disclosure evaluation of the Company's February 2026 Naples, Florida assets", "box": [ 67.60166022326405, 422.54312282034516, 563.5101435933111, 427.2993596067099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transaction. As a result of the final accounting analysis, the Company recorded a fair value adjustment loss included in provision for credit", "box": [ 33.44309332653772, 433.9293117859197, 558.4582812277032, 438.68554857228446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses related to loans held for investment in the quarter ended March 31, 2026. The adjustment was recorded before issuance of the unaudited", "box": [ 33.44309332653772, 445.31550075150153, 574.3364257942262, 450.071737537859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.", "box": [ 33.44309332653772, 456.7016897170761, 388.5606838894243, 461.45792650343355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Remediation Plan", "box": [ 67.60166022326405, 479.4740676482252, 140.062923334161, 484.23030443458265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management is implementing remediation measures designed to address the material weakness, including: (i) a complex transaction", "box": [ 67.60166022326405, 502.24644557937427, 569.1610752717845, 507.00268236573174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "trigger checklist for material noncash transactions, loan workouts, asset acquisitions, foreclosures and deeds-in-lieu, loan modifications with", "box": [ 33.44309332653772, 513.6326345449488, 566.3649118453998, 518.3888713313136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity transfers and control changes; and (ii) enhanced review of definitive accounting impact language in SEC filings when accounting", "box": [ 33.44309332653772, 525.0188235105234, 550.2691240612012, 529.7750602968881 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conclusions remain preliminary or subject to auditor resolution. These efforts are ongoing as of June 30, 2026.", "box": [ 33.44309332653772, 536.4050124760979, 452.2305696350293, 541.1612492624627 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(b)", "box": [ 67.60166022326405, 559.1773904072543, 79.19527144588594, 563.9336271936118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Changes in Internal Control Over Financial Reporting", "box": [ 97.49040625789956, 559.1773904072543, 318.49165681120087, 563.9336271936118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other than the remediation activities described above, there were no changes in our internal control over financial reporting (as", "box": [ 67.60166022326405, 581.9497683384034, 549.8877103172624, 586.7060051247608 ], "from_ocr": false, "confidence": 1.0 }, { "text": "defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) identified in connection with the evaluation required by Rules 13a-15(d) or", "box": [ 33.44309332653772, 593.3359573039706, 566.6057205789855, 598.0921940903354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15d-15(d) that occurred during the fiscal quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect,", "box": [ 33.44309332653772, 604.7221462695525, 578.3244116685021, 609.4783830559172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our internal control over financial reporting.", "box": [ 33.44309332653772, 616.108335235127, 200.96917751703091, 620.8645720214918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44", "box": [ 301.25204340414024, 658.8065438560297, 310.73815728253675, 663.5627806423945 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 66, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.258127312219585, 100.74905603824624, 43.01436409858434 ], "from_ocr": false, "confidence": 1.0 }, { "text": "PART II. OTHER INFORMATIO", "box": [ 233.15729611392146, 80.95633593312232, 371.96577276756, 85.71257271948707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "N", "box": [ 371.9709514325189, 80.95633593312232, 378.8215224528461, 85.71257271948707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1. Legal Proceedings", "box": [ 33.44309332653772, 103.72871386427869, 142.8668118323895, 108.48495065064344 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The information set forth under 'Litigation' in Note 14-Commitments and Contingencies to the unaudited condensed consolidated", "box": [ 67.60166022326405, 126.50109179542778, 569.9901598385122, 131.25732858179254 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial statements included in Part I, Item 1 of this Quarterly Report is incorporated herein by reference.", "box": [ 33.44309332653772, 137.88728076100233, 436.4589794571374, 142.64351754736708 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 1A. Risk Factors", "box": [ 33.44309332653772, 162.08293231284915, 127.23419179875106, 166.8391690992139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There have been no material changes to the risk factors set forth under 'Risk Factors' in Part I, Item 1A of our Annual Report, filed", "box": [ 67.60166022326405, 184.85531024399825, 567.0534414526979, 189.611547030363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with the SEC on March 13, 2026, other than as described below.", "box": [ 33.44309332653772, 196.24149920958007, 277.83540008448614, 200.99773599594482 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The consummation of the Transaction is subject to a number of conditions which, if not satisfied or waived, would adversely impact our", "box": [ 33.44309332653772, 220.4371507614269, 563.0345320903215, 225.19338754779164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ability to complete the Transaction.", "box": [ 33.44309332653772, 231.82333972700144, 170.8943565320642, 236.5795765133662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Transaction is subject to certain closing conditions, including, among others: (1) the receipt by us of the affirmative vote of the", "box": [ 59.384478928771614, 256.01899127884826, 557.3772133473996, 260.775228065213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "holders of a majority of the outstanding Common Shares approving the Transaction (the 'Sachem Shareholder Approval'); (2) the absence of", "box": [ 33.44309332653772, 267.4051802444228, 570.065828553454, 272.16141703078756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any injunction or other order prohibiting consummation of the Transaction; (3) the accuracy of the representations and warranties of each party,", "box": [ 33.44309332653772, 278.79136920999736, 577.8427195847866, 283.5476059963621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subject to customary material adverse effect and materiality qualifications; (4) the performance in all material respects by each party of its", "box": [ 33.44309332653772, 290.1775581755719, 557.42539673191, 294.93379496193666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "covenants and obligations under the Contribution Agreement; (5) the absence of \"Material Adverse Effect\" (as defined in the Contribution", "box": [ 33.44309332653772, 301.56374714114645, 557.3327626524226, 306.3199839275112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement) on either party; (6) the receipt by each party of a tax opinion from nationally recognized REIT counsel; (7) the consummation of", "box": [ 33.44309332653772, 312.9499361067283, 568.5233695016141, 317.706172893093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Pre-Closing Reorganization (as defined in the Contribution Agreement); (8) the delivery by each party of the Determination Date", "box": [ 33.44309332653772, 324.3361250723028, 537.4619377259771, 329.0923618586676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certificates (as defined in the Contribution Agreement); (9) the delivery by each party of officer's certificates regarding accuracy of", "box": [ 33.44309332653772, 335.72231403787737, 533.5387147407679, 340.4785508242421 ], "from_ocr": false, "confidence": 1.0 }, { "text": "representations and warranties; (10) the execution and delivery of specified transaction documents; and (11) other customary conditions", "box": [ 33.44309332653772, 347.1085030034519, 548.8610405729416, 351.86473978981667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specified in the Contribution Agreement. There can be no assurance these conditions will be satisfied or waived, if permitted.", "box": [ 33.44309332653772, 358.49469196902646, 508.75353044647755, 363.2509287553912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, although there is no financing condition to the closing of the Transaction, it is anticipated that we will enter into a new credit", "box": [ 59.384478928771614, 382.6903435208733, 578.3689098607538, 387.44658030723804 ], "from_ocr": false, "confidence": 1.0 }, { "text": "facility or other debt financing in connection with the Transaction. No assurance can be given that any new credit facility or other debt", "box": [ 33.44309332653772, 394.07653248644783, 543.6872136921188, 398.8327692728126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing will be available in the amounts, at the costs or on the terms contemplated, or at all, and the inability to obtain such financing could", "box": [ 33.44309332653772, 405.4627214520224, 569.7924876277376, 410.21895823838713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "materially and adversely affect our ability to close the Transaction.", "box": [ 33.44309332653772, 416.8489104176042, 286.6822780497458, 421.60514720396895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Therefore, we cannot provide any assurance with respect to the timing of the closing of the Transaction, or that the Transaction will be", "box": [ 59.384478928771614, 441.044561969451, 569.3969869402914, 445.8007987558158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "completed at all.", "box": [ 33.44309332653772, 452.43075093502557, 96.39509521142745, 457.1869877213903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Failure to complete the Transaction could adversely affect the market price of our Common Shares and our future business and financial", "box": [ 33.44309332653772, 475.9147656765199, 571.0199483184281, 480.67100246288464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "results.", "box": [ 33.44309332653772, 486.5893178317492, 61.646661244572364, 491.34555461811397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We cannot assure you that the conditions to closing of the Transaction will be satisfied or waived or that the Transaction will be", "box": [ 67.60166022326405, 510.0733325732508, 551.5968590263819, 514.8295693596156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "completed. If the Transaction is not completed, our ongoing business could be adversely affected and we will be subject to a variety of risks", "box": [ 33.44309332653772, 520.7478847284801, 564.0952977063362, 525.5041215148449 ], "from_ocr": false, "confidence": 1.0 }, { "text": "associated with the failure to complete the Transaction, including the following:", "box": [ 33.44309332653772, 531.4224368837022, 336.66961582319465, 536.1786736700669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 84.6809436716272, 554.9064516252038, 88.00201159974421, 559.6626884115685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "upon termination of the Contribution Agreement under specified circumstances, we may be required to pay IRG Global a", "box": [ 101.76022711999036, 554.9064516252038, 561.7020668631263, 559.6626884115685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "termination fee of $4.0 million;", "box": [ 67.60166022326405, 565.5810037804331, 186.94223497425338, 570.3372405667978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 84.6809436716272, 576.2555559356551, 88.00201159974421, 581.0117927220199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we have incurred, and will continue to incur, significant transaction expenses, including legal, accounting, financial advisor,", "box": [ 101.76022711999036, 576.2555559356551, 572.2581249506159, 581.0117927220199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filing, printing and mailing fees, regardless of whether the Transaction closes; and", "box": [ 67.60166022326405, 586.9301080908845, 379.25357806980435, 591.6863448772492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 84.6809436716272, 596.8930234357613, 88.00201159974421, 601.649260222126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Transaction, whether or not it closes, will divert the attention of certain management and other key employees from our", "box": [ 101.76022711999036, 596.8930234357613, 568.8212457260528, 601.649260222126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ongoing business activities, including the pursuit of other opportunities that could be beneficial to us.", "box": [ 67.60166022326405, 607.5675755909906, 451.7194282410094, 612.3238123773554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If the Transaction is not completed, these risks could materially affect our business and financial results and the market price of our", "box": [ 67.60166022326405, 631.0515903324922, 565.8352725370288, 635.807827118857 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common Shares, including to the extent that the current market price of our Common Shares reflects, and is positively affected by, a market", "box": [ 33.44309332653772, 641.7261424877142, 565.5682214716983, 646.482379274079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assumption that the Transaction will be completed.", "box": [ 33.44309332653772, 652.4006946429436, 226.5650386828796, 657.1569314293083 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45", "box": [ 301.25204340414024, 722.1411020570886, 310.73815728253675, 726.8973388434533 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 67, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25940939216525, 100.74905603824624, 43.015646178530005 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Contribution Agreement contains provisions that could discourage a potential competing acquirer from making a favorable proposal", "box": [ 33.44309332653772, 80.24598120272276, 569.0977380884998, 85.00221798908751 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to us and, in specified circumstances, could require us to make a termination payment to IRG Global.", "box": [ 33.44309332653772, 90.92053335795208, 429.5065346868427, 95.67677014431683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Contribution Agreement contains certain provisions that restrict our ability to solicit, initiate, knowingly encourage or knowingly", "box": [ 67.60166022326405, 114.40454809945368, 574.4737233784839, 119.16078488581843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "facilitate any proposals for, or that could reasonably lead to, alternative transactions with a third party, or participate in discussions relating to", "box": [ 33.44309332653772, 125.079100254683, 569.8294938093311, 129.83533704104775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an alternative transaction or a proposal or inquiry related thereto, furnish non-public information to third parties relating to an alternative", "box": [ 33.44309332653772, 135.75365240990504, 552.371909935228, 140.5098891962698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transaction or a proposal or inquiry therefor, change our board of directors' recommendation to our shareholders or enter into an agreement", "box": [ 33.44309332653772, 146.42820456513437, 561.0150747248839, 151.18444135149912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with respect to any proposal for an alternative transaction, in each case, subject to certain exceptions. In addition, IRG Global generally has an", "box": [ 33.44309332653772, 157.1027567203637, 573.9612354252918, 161.85899350672844 ], "from_ocr": false, "confidence": 1.0 }, { "text": "opportunity to offer to modify the terms of the Contribution Agreement in response to any competing acquisition proposal before our board of", "box": [ 33.44309332653772, 167.77730887558573, 572.5438308327757, 172.53354566195048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "directors may withdraw or qualify its recommendation with respect to the Transaction.", "box": [ 33.44309332653772, 178.45186103081505, 361.6910955222435, 183.2080978171798 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We will be required to pay IRG Global a termination fee of $4.0 million if the Contribution Agreement is terminated under certain", "box": [ 67.60166022326405, 201.22423896196415, 561.5600171010298, 205.9804757483289 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specified circumstances, including (i) a termination by us, prior to obtaining the Sachem Shareholder Approval, in order to enter into a", "box": [ 33.44309332653772, 211.89879111719347, 543.7056991210142, 216.65502790355822 ], "from_ocr": false, "confidence": 1.0 }, { "text": "definitive agreement with respect to a Superior Acquisition Proposal (as defined in the Contribution Agreement), (ii) a termination by IRG", "box": [ 33.44309332653772, 222.5733432724155, 558.7407987896265, 227.32958005878027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Global following a Transferee Parent Adverse Recommendation Change (as defined in the Contribution Agreement) or our approval or entry", "box": [ 33.44309332653772, 233.24789542764483, 567.1616377170518, 238.0041322140096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "into an alternative acquisition agreement, or (iii) certain terminations for failure to close by the outside date (which is April 30, 2027), our", "box": [ 33.44309332653772, 243.92244758287416, 556.3414536601413, 248.6786843692389 ], "from_ocr": false, "confidence": 1.0 }, { "text": "uncured terminating breach or failure to obtain the Sachem Shareholder Approval, in each case, if a qualifying competing acquisition proposal", "box": [ 33.44309332653772, 254.59699973810348, 573.7111290188038, 259.35323652446823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "has been announced, disclosed or otherwise communicated prior to such termination and, within 12 months after the termination, we", "box": [ 33.44309332653772, 265.2715518933255, 536.8644910121816, 270.0277886796903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consummate, or enter into and subsequently consummate, a competing acquisition transaction.", "box": [ 33.44309332653772, 275.94610404855484, 392.5071107966578, 280.7023408349196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "These provisions could discourage a potential competing acquirer or other third party that might have an interest in acquiring all or a", "box": [ 67.60166022326405, 299.43011879005644, 570.999820476321, 304.1863555764212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "significant portion of us or our assets from considering or proposing such a competing transaction, even if such third party were prepared to", "box": [ 33.44309332653772, 310.1046709452785, 563.73397582666, 314.86090773164324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pay consideration with a higher value than the value implied by the Transaction. These provisions also might result in a potential competing", "box": [ 33.44309332653772, 320.7792231005078, 564.3825014111368, 325.53545988687256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquirer proposing to pay a lower price to holders of our Common Shares than it might otherwise have proposed to pay because of the added", "box": [ 33.44309332653772, 331.4537752557371, 568.2084181753053, 336.2100120421019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense of the termination payment that may become payable to IRG Global in certain circumstances under the Contribution Agreement.", "box": [ 33.44309332653772, 342.1283274109592, 554.2248383447467, 346.8845641973239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If the Contribution Agreement is terminated and after the termination we seek another business combination, we may not be able to", "box": [ 67.60166022326405, 365.61234215246077, 566.2707017350981, 370.3685789388255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "negotiate a transaction with another party on terms comparable to, or better than, the terms of the Transaction.", "box": [ 33.44309332653772, 376.2868943076901, 450.7067009562406, 381.04313109405484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The pendency of the Transaction could adversely affect our business and operations.", "box": [ 33.44309332653772, 399.7709090491844, 363.87269836583505, 404.52714583554916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In connection with the pending Transaction, some borrowers, lenders, noteholders, service providers or other counterparties may react", "box": [ 67.60166022326405, 422.5432869803408, 576.5396070899459, 427.29952376670553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unfavorably or delay or defer decisions concerning their business relationships or transactions with us, which could adversely affect our", "box": [ 33.44309332653772, 433.2178391355628, 548.7915189085323, 437.9740759219276 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business, financial condition and results of operations, regardless of whether the Transaction is completed. In addition, due to certain", "box": [ 33.44309332653772, 443.89239129079215, 537.1377223192035, 448.6486280771569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restrictions in the Contribution Agreement on the conduct of our business prior to completing the Transaction, we may be unable (without IRG", "box": [ 33.44309332653772, 454.56694344602147, 575.1099225721682, 459.3231802323862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Global's prior written consent), during the pendency of the Transaction, to pursue strategic transactions, undertake certain significant financing", "box": [ 33.44309332653772, 465.2414956012435, 576.1057453387631, 469.99773238760827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions, originate new loans above specified thresholds, enter into or modify certain material contracts and otherwise pursue other", "box": [ 33.44309332653772, 475.91604775647284, 544.7340074166223, 480.6722845428376 ], "from_ocr": false, "confidence": 1.0 }, { "text": "restricted actions, even if such actions would prove beneficial, and such restrictions may cause us to forego certain opportunities we might", "box": [ 33.44309332653772, 486.59059991170216, 558.7084227051595, 491.3468366980669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "otherwise pursue absent the Contribution Agreement. In addition, the pendency of the Transaction may make it more difficult for us to", "box": [ 33.44309332653772, 497.2651520669242, 543.2981324700278, 502.02138885328895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "effectively retain and incentivize key personnel and may cause distractions from our strategy and day-to-day operations for our current", "box": [ 33.44309332653772, 507.9397042221535, 544.7988851087428, 512.6959410085183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "employees and management.", "box": [ 33.44309332653772, 518.6142563773828, 143.28374751481726, 523.3704931637476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We and IRG Global are the target of certain legal proceedings, which could result in substantial costs and may delay or prevent the", "box": [ 33.44309332653772, 542.0982711188772, 544.7386242952249, 546.8545079052419 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transaction from being completed.", "box": [ 33.44309332653772, 552.7728232741065, 170.1069585822313, 557.5290600604712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities class action lawsuits, derivative lawsuits and other legal proceedings are often brought against companies that have entered", "box": [ 67.60166022326405, 576.2568380156081, 574.9416035168384, 581.0130748019728 ], "from_ocr": false, "confidence": 1.0 }, { "text": "into significant transaction agreements. On July 27, 2026, a group of seventeen plaintiffs filed a complaint in the Superior Court of the State of", "box": [ 33.44309332653772, 586.9313901708301, 575.42946920929, 591.6876269571949 ], "from_ocr": false, "confidence": 1.0 }, { "text": "California in the County of Los Angeles, Case No. 26STCV23391, against us, IRG Master Holdings, IRG Holdings Manager, LLC", "box": [ 33.44309332653772, 597.6059423260594, 531.0329037244876, 602.3621791124242 ], "from_ocr": false, "confidence": 1.0 }, { "text": "('IRGHM'), IRG Global and Stuart Lichter (together with IRG Master Holdings, IRGHM and IRG Global, the 'IRG Defendants'). The", "box": [ 33.44309332653772, 608.2804944812888, 551.1954771492975, 613.0367312676535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "plaintiffs purport to be investors who hold interests in IRG Master Holdings. The complaint alleges, among other things, that the plaintiffs are", "box": [ 33.44309332653772, 618.2434098261656, 571.4228760352653, 622.9996466125303 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pursuing certain claims against the IRG Defendants in an underlying arbitration (the 'Arbitration'). We are not a party to the underlying", "box": [ 33.44309332653772, 628.9179619813949, 550.1254850813265, 633.6741987677597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Arbitration. The Complaint asserts a single cause of action for injunctive relief in aid of arbitration, pursuant to California Code of Civil", "box": [ 33.44309332653772, 639.592514136617, 549.86603993614, 644.3487509229817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Procedure sections 1281.8 and 525, et seq., seeking to enjoin the closing of the previously announced Transaction and certain related", "box": [ 33.44309332653772, 650.2670662918463, 537.3971152886851, 655.023303078211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transactions, until the conclusion of the Arbitration. We intend to vigorously defend ourself", "box": [ 33.44309332653772, 660.9416184470756, 379.20421917120836, 665.6978552334404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "46", "box": [ 301.25204340414024, 692.2536381024038, 310.73815728253675, 697.0098748887685 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 68, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.258291472215205, 100.74905603824624, 43.01452825857996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "against the claims made in the complaint. Additional lawsuits or other proceedings may be brought against us and/or IRG Global challenging,", "box": [ 33.44309332653772, 80.24486328277271, 571.3952042596304, 85.00110006913746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "among other things, the adequacy of the disclosures in the proxy statement or other disclosures we make in connection with the Transaction,", "box": [ 33.44309332653772, 90.91941543800203, 565.8600828300059, 95.67565222436679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the process conducted by our respective boards of directors, the terms of the Contribution Agreement, alleged breaches of fiduciary duties by", "box": [ 33.44309332653772, 101.59396759322408, 568.7086575068818, 106.35020437958883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our respective directors and/or officers, or the fairness of the consideration in connection with the Transaction. Even if such lawsuits or other", "box": [ 33.44309332653772, 112.2685197484534, 567.7683409214093, 117.02475653481815 ], "from_ocr": false, "confidence": 1.0 }, { "text": "legal or regulatory proceedings are without merit, defending against these claims can result in substantial costs and divert management time", "box": [ 33.44309332653772, 122.94307190368272, 563.9749265242568, 127.69930869004747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and resources from us and/or IRG Global. An adverse judgment in any such lawsuits or proceedings could result in monetary damages payable", "box": [ 33.44309332653772, 133.61762405890477, 575.5917107948374, 138.37386084526952 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by us and/or IRG Global, which could have a negative impact on our and/or IRG Global's liquidity, results of operations and financial", "box": [ 33.44309332653772, 144.2921762141341, 542.0614033249029, 149.04841300049884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "condition. In addition, the pendency of such litigation could create uncertainty and negatively affect our relationships with borrowers, lenders,", "box": [ 33.44309332653772, 154.9667283693634, 572.7569306898379, 159.72296515572816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "noteholders, service providers and other counterparties, and could impair our ability to recruit and retain employees.", "box": [ 33.44309332653772, 165.64128052458545, 474.39876841233985, 170.3975173109502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additionally, if a plaintiff is successful in obtaining an injunction prohibiting completion of the Transaction, then that injunction may", "box": [ 67.60166022326405, 188.41365845574182, 572.6626633461456, 193.16989524210658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "delay or prevent the Transaction from being completed, which may exacerbate the other risks described herein and adversely affect our", "box": [ 33.44309332653772, 199.08821061096387, 545.854974589081, 203.84444739732862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business, results of operations and financial condition. Any such delay could also result in the Transaction not being consummated before the", "box": [ 33.44309332653772, 209.7627627661932, 568.7735231405278, 214.51899955255794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outside date (which is April 30, 2027), which could give rise to termination rights under the Contribution Agreement. Even if we are ultimately", "box": [ 33.44309332653772, 220.4373149214225, 576.4021880420111, 225.19355170778726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "successful in defending against such claims, the costs and distraction of litigation during the pendency of the Transaction could materially and", "box": [ 33.44309332653772, 231.11186707664456, 572.7060110656834, 235.8681038630093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adversely affect our business, results of operations and financial condition, as well as the price of our Common Shares.", "box": [ 33.44309332653772, 241.78641923187388, 484.52873409371665, 246.54265601823863 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our existing shareholders will experience substantial dilution, and IRG Global will have significant influence over us, as a result of the", "box": [ 33.44309332653772, 265.2704339733755, 562.6176301043574, 270.0266707597402 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transaction.", "box": [ 33.44309332653772, 275.9449861285975, 82.90239147564945, 280.7012229149623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If the Transaction is completed, our existing shareholders will experience substantial dilution of their economic ownership and voting", "box": [ 67.60166022326405, 299.4290008700991, 574.4691193729758, 304.18523765646387 ], "from_ocr": false, "confidence": 1.0 }, { "text": "power. Immediately following the closing of the Transaction, IRG Global is expected to hold approximately 94.1% of the outstanding OP Units", "box": [ 33.44309332653772, 310.10355302532844, 578.1947761488926, 314.8597898116932 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Operating Partnership, with our existing common shareholders retaining ownership of approximately 5.9% on a fully diluted basis. IRG", "box": [ 33.44309332653772, 320.7781051805505, 573.5119105178568, 325.53434196691524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Global also will receive Class B Shares in the Transaction, which will have no economic rights, but are expected initially to represent, in the", "box": [ 33.44309332653772, 331.4526573357798, 565.591397796956, 336.20889412214456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "aggregate, 51% of the total voting power of all outstanding common shares entitled to vote generally in the election of directors for so long as", "box": [ 33.44309332653772, 342.1272094910091, 571.6313768892475, 346.8834462773739 ], "from_ocr": false, "confidence": 1.0 }, { "text": "IRG Global's aggregate economic interest in the Operating Partnership equals or exceeds 51% of the outstanding OP Units. In addition, the", "box": [ 33.44309332653772, 352.80176164623117, 562.0757800163702, 357.5579984325959 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partnership agreement of the Operating Partnership will provide IRG Global, for so long as it owns more than 35% of the outstanding OP", "box": [ 33.44309332653772, 363.4763138014605, 555.3363918158134, 368.23255058782524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Units, with consent rights over specified material actions of the Operating Partnership and its subsidiaries, including, but not limited to, equity", "box": [ 33.44309332653772, 374.1508659566898, 573.5211534575141, 378.90710274305457 ], "from_ocr": false, "confidence": 1.0 }, { "text": "issuances to third parties, debt incurrence, distributions, property acquisitions and dispositions, material contracts, leases and capital", "box": [ 33.44309332653772, 384.11378130156663, 534.4975254021051, 388.8700180879314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenditures above certain thresholds, and hiring or terminating property managers or key executives.", "box": [ 33.44309332653772, 394.78833345679595, 420.66428221852306, 399.5445702431607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As a result, following the closing of the Transaction, our existing shareholders will have significantly less influence over the", "box": [ 67.60166022326405, 418.2723481982903, 539.1740966093237, 423.028584984655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management, policies and operations of the combined company than they currently have with respect to Sachem. The interests of IRG Global", "box": [ 33.44309332653772, 428.9469003535196, 570.6541398845463, 433.70313713988435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may differ from the interests of our existing shareholders, and IRG Global's ownership and governance rights may make it more difficult for", "box": [ 33.44309332653772, 439.6214525087489, 566.8095597631951, 444.37768929511367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "existing shareholders to influence significant corporate decisions. These effects may adversely affect the market price of our securities and may", "box": [ 33.44309332653772, 450.29600466397096, 577.6389523292676, 455.0522414503357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discourage a third party from seeking to acquire us or otherwise engage in a strategic transaction with us following the closing of the", "box": [ 33.44309332653772, 460.9705568192003, 537.1145455987834, 465.72679360556504 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Transaction.", "box": [ 33.44309332653772, 471.6451089744296, 80.25759910541123, 476.40134576079436 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Transaction represents a strategic transformation of our business, and we may not be able to successfully operate the combined", "box": [ 33.44309332653772, 495.1291237159312, 547.9902275850087, 499.88536050229595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "company or realize the anticipated benefits of the Transaction.", "box": [ 33.44309332653772, 505.80367587115325, 277.3490380265301, 510.559912657518 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Historically, we have operated as a real estate finance company that specializes in originating, underwriting, funding, servicing and", "box": [ 67.60166022326405, 529.2876906126548, 565.0942247565215, 534.0439273990196 ], "from_ocr": false, "confidence": 1.0 }, { "text": "managing a portfolio of short-term loans secured by first mortgage liens on real property. If completed, the Transaction will result in a", "box": [ 33.44309332653772, 539.9622427678842, 542.0474433101949, 544.7184795542489 ], "from_ocr": false, "confidence": 1.0 }, { "text": "significant transformation of our business, asset base, operations and investment strategy, as an industrial property REIT with a real estate", "box": [ 33.44309332653772, 550.6367949231062, 556.3600126424776, 555.393031709471 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capital solutions platform.", "box": [ 33.44309332653772, 561.3113470783355, 132.76465960834273, 566.0675838647003 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The management and operation of an industrial property REIT require different expertise and experience, and involve different risks,", "box": [ 67.60166022326405, 584.7953618198371, 572.0280941159289, 589.5515986062019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than those associated with our historical real estate finance business, including risks relating to property ownership and operation, leasing,", "box": [ 33.44309332653772, 595.4699139750592, 557.4114802336629, 600.2261507614239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "tenant credit, occupancy levels, capital expenditures, environmental matters, property-level expenses, financing, asset management and", "box": [ 33.44309332653772, 605.4328293199433, 546.8137936604589, 610.189066106308 ], "from_ocr": false, "confidence": 1.0 }, { "text": "competition in the industrial real estate sector. Although we expect to benefit from property management and other agreements with affiliates", "box": [ 33.44309332653772, 616.1073814751653, 569.0607279656963, 620.8636182615301 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of IRG Global, we may not have sufficient experience, personnel, systems, controls or resources to manage these risks effectively following", "box": [ 33.44309332653772, 626.7819336303946, 564.9521933642013, 631.5381704167594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the closing of the Transaction. We also may not be able to successfully implement the combined company's business strategy, realize the", "box": [ 33.44309332653772, 637.456485785624, 551.9227938804701, 642.2127225719887 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected benefits of the Transaction, manage the contributed portfolio, integrate the contributed business with our existing operations or", "box": [ 33.44309332653772, 648.131037940846, 550.5701759108213, 652.8872747272108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operate the combined company in a manner that produces the results we expect. If we are unable to manage this strategic transformation", "box": [ 33.44309332653772, 658.8055900960753, 550.7694072296051, 663.5618268824401 ], "from_ocr": false, "confidence": 1.0 }, { "text": "successfully, our business, financial condition, results of operations, cash flows, ability to pay dividends and the market price of our securities", "box": [ 33.44309332653772, 669.4801422513046, 571.5618814272234, 674.2363790376694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "could be materially and adversely affected.", "box": [ 33.44309332653772, 680.1546944065267, 196.56430663322038, 684.9109311928914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47", "box": [ 301.25204340414024, 711.4667140618621, 310.73815728253675, 716.2229508482269 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 69, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.25477355235489, 100.74905603824624, 43.01101033871964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have identified a material weakness in our internal control over financial reporting. If we fail to properly remediate this material", "box": [ 33.44309332653772, 182.71704605309787, 549.9957802932902, 187.47328283946263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "weakness or if we are otherwise unable to maintain an effective system of internal control over financial reporting, material misstatements", "box": [ 33.44309332653772, 193.39159820831992, 573.4563367540927, 198.14783499468467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in our financial statements could occur and we may not be able to accurately report our financial results in a timely manner, which may", "box": [ 33.44309332653772, 204.06615036354924, 564.69742191604, 208.822387149914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adversely affect investor confidence in us, our business, results of operations and financial condition, the trading price of our common", "box": [ 33.44309332653772, 214.74070251877856, 558.722269737395, 219.49693930514331 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shares, and our ability to remain listed on the NYSE American.", "box": [ 33.44309332653772, 225.4152546740006, 280.29027338467114, 230.17149146036536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We identified a material weakness in our internal control over financial reporting related to the design and operation of controls over", "box": [ 67.60166022326405, 249.61090622584743, 570.4764179434093, 254.36714301221218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the accounting and disclosure for complex, nonroutine transactions involving noncash loan workouts, asset acquisitions and related fair value", "box": [ 33.44309332653772, 260.28545838107675, 570.0565888670675, 265.0416951674415 ], "from_ocr": false, "confidence": 1.0 }, { "text": "measurements, and specifically, not sufficiently performing and documenting the reasonableness of significant assumptions used therein. See", "box": [ 33.44309332653772, 270.9600105363061, 569.0005134357792, 275.7162473226708 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Part I, Item 4 'Controls and Procedures' of this quarterly report for additional information about this material weakness and our remediation", "box": [ 33.44309332653772, 282.3461995018806, 566.8836545880094, 287.10243628824537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "efforts.", "box": [ 33.44309332653772, 293.02075165710994, 60.40066702788539, 297.7769884434747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a", "box": [ 67.60166022326405, 316.50476639860426, 567.1924069096946, 321.261003184969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected and corrected", "box": [ 33.44309332653772, 327.8909553641788, 576.5968197133495, 332.64719215054356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on a timely basis.", "box": [ 33.44309332653772, 338.56550751940813, 99.8365807180243, 343.3217443057729 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Effective internal controls are necessary to provide reliable financial reporting and prevent fraud. If we are unable to assert that our", "box": [ 67.60166022326405, 362.0495222609097, 564.9690945420347, 366.8057590472745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an unqualified", "box": [ 33.44309332653772, 373.4357112264843, 574.581832396165, 378.191948012849 ], "from_ocr": false, "confidence": 1.0 }, { "text": "opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy and completeness", "box": [ 33.44309332653772, 384.1102633817136, 574.5773032860782, 388.86650016807835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our financial reports, the market price of our common shares could be adversely affected and we could become subject to litigation or", "box": [ 33.44309332653772, 394.78481553693564, 550.8666629490426, 399.5410523233004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "regulatory investigations. We continue to evaluate and implement steps to remediate the material weakness. These remediation measures may", "box": [ 33.44309332653772, 406.1710045025102, 570.4920496693427, 410.92724128887494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be time-consuming and costly and there is no assurance that these initiatives will ultimately have the intended effects. The material weakness", "box": [ 33.44309332653772, 416.8455566577395, 569.158022452261, 421.60179344410426 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in our internal control over financial reporting will not be considered remediated until the management review control operates for a sufficient", "box": [ 33.44309332653772, 427.52010881296883, 573.257147645501, 432.2763455993336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "period of time and management concludes, through testing, that the control operates effectively. If we do not successfully remediate the", "box": [ 33.44309332653772, 438.9062977785434, 547.8929942375921, 443.6625345649081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "material weakness, or if other material weaknesses or other deficiencies arise in the future, we may be unable to accurately report our financial", "box": [ 33.44309332653772, 449.5808499337727, 574.9710001532922, 454.33708672013745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "results, which could cause our financial results to be materially misstated. In such case, we may be unable to maintain compliance with", "box": [ 33.44309332653772, 460.25540208899474, 546.0634134918993, 465.0116388753595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities law requirements regarding timely filing of periodic reports, which could adversely affect investor confidence in us, our business,", "box": [ 33.44309332653772, 471.6415910545693, 563.5394447273928, 476.39782784093404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "results of operations and financial condition, the trading price of our common shares, and our ability to remain listed on the NYSE American.", "box": [ 33.44309332653772, 482.3161432097986, 570.0611893226361, 487.07237999616336 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Item 6. 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false, "confidence": 1.0 }, { "text": "Previously filed as an exhibit to the Current Report on Form 8-K on May 18, 2026 and incorporated herein by reference.", "box": [ 67.60166022326405, 525.0170801505956, 524.9217675547724, 529.7733169369603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51", "box": [ 301.25204340414024, 567.7152887715056, 310.73815728253675, 572.4715255578703 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 74, "width": 612.0, "height": 792.0, "cells": [ { "text": "Table of Contents", "box": [ 33.44309332653772, 38.2563839522918, 100.74905603824624, 43.01262073865655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SIGNATURES", "box": [ 275.5108020966328, 80.95459257320181, 336.485009836747, 85.71082935956656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its", "box": [ 67.60166022326405, 103.7269705043509, 563.1487656678836, 108.48320729071565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "behalf by the undersigned thereunto duly authorized.", "box": [ 33.44309332653772, 115.11315946992545, 233.90657322763408, 119.8693962562902 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SACHEM CAPITAL CORP.", "box": [ 275.93333645277716, 141.44372145281523, 385.25052469377323, 146.19995823917998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date: August 5, 2026", "box": [ 34.38823596528177, 157.09973128048296, 115.01552073875831, 161.8559680668477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "By:", "box": [ 275.93333645277716, 157.09973128048296, 289.6390952346415, 161.8559680668477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "/s/ John L. Villano", "box": [ 299.328396592983, 157.09973128048296, 369.20504214208887, 161.8559680668477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "John L. Villano, CPA", "box": [ 299.328396592983, 172.7557411081507, 380.1965146471628, 177.51197789451544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "President and Chief Executive Officer", "box": [ 299.328396592983, 188.41175093581842, 444.0285714669916, 193.16798772218317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Executive Officer)", "box": [ 299.328396592983, 199.79793990139297, 409.77575097895453, 204.55417668775772 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date: August 5, 2026", "box": [ 34.38823596528177, 232.53323317741888, 115.01552073875831, 237.28946996378363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "By:", "box": [ 275.8999820354761, 232.53323317741888, 289.60574081734046, 237.28946996378363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "/s/ Jeffery C. Walraven", "box": [ 299.2839192923362, 232.53323317741888, 386.15495464396986, 237.28946996378363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Jeffery C. Walraven", "box": [ 299.2839192923362, 248.9008798154391, 374.82073551836265, 253.65711660180386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chief Financial Officer", "box": [ 299.2839192923362, 263.84525283275434, 387.61401293875383, 268.6014896191191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Principal Accounting and Financial Officer)", "box": [ 299.2839192923362, 275.2314417983289, 469.2788323359711, 279.98767858469364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "52", "box": [ 301.25204340414024, 324.33438171237503, 310.73815728253675, 329.0906184987398 ], "from_ocr": false, "confidence": 1.0 } ] } ]