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)

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## Sachem Capital Corp. Earnings Release First Quarter 2026

![Image](data:image/png;base64,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)

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Table of Contents

| Table of Contents                               |   PAGE |
|-------------------------------------------------|--------|
| Company Overview & Financial Results            |        |
| Corporate Profile                               |      3 |
| Earnings Release                                |      4 |
| Financial Information                           |        |
| Condensed Consolidated Balance Sheets           |     10 |
| Condensed Consolidated Statements of Operations |     11 |
| Condensed Consolidated Statements of Cash Flows |     12 |

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)

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## Corporate Profile

Sachem is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e.,  one  to  three  years),  secured,  nonbanking  loans  to  real  estate  investors  to  fund  their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company's primary underwriting  criteria  is  a  conservative  loan  to  value  ratio.  The  properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Loans are secured by mortgage liens on real estate and often are  personally  guaranteed  by  the  principal(s)  of  the  borrower.  The  Company  also  makes opportunistic real estate purchases apart from its lending activities.

## Corporate Headquarters

568 East Main Street Branford, CT 06405

Contact Number: (203) 433-4736

Website: www.sachemcapitalcorp.com

## Executive Leadership

John L. Villano, CPA Chairman, Chief Executive Officer and President

Jeffery C. Walraven Executive Vice President and Chief Financial Officer

Eric O'Brien -Senior Vice President of Asset Management, Managing Director at Urbane Capital, LLC

Ralph Sylvester Vice President of Assets Management, Director at Urbane Capital, LLC

## Board of Directors

John L. Villano, CPA Chairman, Chief Executive Officer and President

Leslie Bernhard Independent Director

Arthur Goldberg -

Brian Prinz -

Independent Director Independent Director

## Investor Relations

To request additional information or to be added to our email distribution list, please visit the Investors section of our website: www.sachemcapitalcorp.com

Investor Relations

Email: investors@sachemcapitalcorp.com

Contact Number: (203) 433-4736

![Image](data:image/png;base64,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)

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## SACHEM CAPITAL REPORTS FIRST QUARTER 2026 RESULTS

BRANFORD, Conn., May 20, 2026 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) ('Sachem' or the 'Company'), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter ended March 31, 2026.

John Villano, CPA, Sachem's Chief Executive Officer, commented, 'During the first quarter, we remained  focused  on  disciplined  capital  and  liquidity  management,  continuing  the  strategic priorities established last year. We made meaningful progress resolving legacy loan issues and protecting  invested  capital,  positioning  the  Company  for  improved  operating  performance  and future  growth.  Subsequent  to  quarter  end,  we  announced  a  transformational  combination transaction  with  Industrial  Realty  Group,  which  will  add  significant  industrial  property  leasedriven  revenue  while  enhancing  our  ability  to  deliver  creative  capital  solutions  to  real  estate investors. We believe this combination will add meaningful scale and diversification to our asset base,  positioning  the  Company  to  generate  consistent  and  attractive  risk-adjusted  returns  for shareholders over time.'

## Recent Development

## Contribution Agreement with Industrial Realty Group Global, LLC

As  previously  announced,  the  Company  and  Industrial  Realty  Group  ('IRG'),  a  private  real estate  development  and  investment  firm  specializing  in  the  acquisition,  development  and management of commercial and industrial real estate throughout the United States, entered into a definitive contribution agreement under which IRG will contribute 98 industrial assets from its 200-asset  portfolio  owned  by  IRG  and/or  its  partners  to  Sachem,  and  once  completed,  the combined company will operate as IRG Realty Trust, In c. ('IRGT').

Upon closing, IRGT is expected to own 98 industrial properties with gross real estate asset value of $2.9 billion plus Sachem's approximately $470 million of total assets (as of March 31, 2026) in direct and indirect mortgage loans, investments in developmental and owned real estate, and other assets. IRGT is expected to have an implied enterprise value of approximately $3.4 billion, positioning  IRGT as a top-10 publicly listed industrial REIT based on enterprise value.  IRGT will focus on mission-critical industrial infrastructure supporting manufacturing and distribution users,  and  the  assets  not  being  contributed  will  continue  to  be  owned  and  operated  by  IRG's existing private business, Industrial Realty Group, LLC.

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)

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The  transaction  is  designed  to  deliver  an  immediate  and  durable  strategic  reset  for  Sachem shareholders.  This  will  be  achieved  by  combining  IRG's  high-quality  income -producing industrial real estate portfolio that is diversified geographically, by tenant and by industry, with sizable  near-term  mark  to -market  opportunities,  with  Sachem's  established  real  estate  capital solutions platform. The combination will result in a large industrial REIT with meaningful scale and multiple pathways for long-term growth.

For additional information on the Contribution Agreement, see the Company's Current Report on Form 8-K filed with the SEC on May 18, 2026.

## Results of operations for the quarter ended March 31, 2026

Net interest income was $3.6 million compared to $3.7 million in the first quarter of 2025. The decrease compared to the first quarter 2025 was primarily due to $0.9 million increase in interest income from loans as the Company reduced nonperforming loans during the period offset by a $1.1  million  reduction  in  interest  income  from  limited  liability  investments  as  the  Company continued to reduce its limited liability company investments. Utilizing the average performing loans held for investment balance for the quarter end of $270.9 million, the effective interest rate on loans held for investment was 13.5%. Comparatively, using the average performing loans held for investment balance for the prior year quarter of $275.1 million, the effective interest rate on loans held for investment was 11.5%.

The Company's net interest margin was 3.9% for the first quarter, compared to 4.0% for the first quarter 2025. Net interest margin represents net interest income, calculated as interest income less interest expense, expressed as a percentage of average loans held for investment outstanding for the applicable period. The change in net interest margin reflects both structural and cyclical factors.  Structurally,  refinancing  activity  during  2025  increased  the  weighted  average  cost  of capital. Cyclically, lower average earning assets reduced interest-earning balances.

Provision for credit losses related to loans held for investment was $5.4 million compared to $1.1 million in the first quarter of 2025.  The change from the corresponding period in the prior year primarily  relates  to  lower  collateral  valuations  for  loans  previously  reserved  and  a  non-cash credit loss of $3.9 million related to a loan restructuring. This non-cash loss relates to the Naples, Florida loan restructuring where the Company took control of the three completed condominium units and entitled land for development of four additional condominium units which is treated as a deed in lieu of foreclosure for accounting purposes.  The loan restructuring was executed with the intent to recover the full carrying value of the mortgage note receivable 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 the units under construction, Sachem was required to record the assets received on a discounted cash flow basis.  As a result,  a $3.9 million charge was incurred in  first  quarter  2026.  It  is  believed  that  the  sales  of  the  condominium  units  provides  an opportunity to recover the fair value adjustment over time; however, actual recovery will depend on sales prices, timing, completion costs and market conditions.

![Image](data:image/png;base64,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)

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Total other income was $1.4 million compared to $1.5 million in the same quarter last year, with underlying components shifting in composition rather than magnitude.

Total operating costs and expenses for the first quarter of 2026 were $5.7 million compared to $3.3 million in the same quarter last year. The primary change was related to a one time rise in expenses.

- Compensation and employee benefits were $2.1 million, compared to $1.8 million in the same  quarter  last  year,  reflecting  strategic  additions  to  personnel  during  2025  and performance-based  compensation  including  stock-based  compensation  as  management continues to align staffing levels with portfolio scale and operational complexity.
- General  and  administrative  expenses  were  $2.0  million,  versus  $1.4  million  from  the same quarter last year, primarily due to additional costs associated with investments in developmental real estate, real estate owned, increased external audit fees and increased director fees.
- Transaction expenses in the current year are associated with the contribution transaction with IRG mentioned above and as more particularly described in our recent SEC filings.
- Recovery  of  non-cash  impairment  loss  on  real  estate  totaled  $0.1  million  related  to specific property-level valuation adjustments based on updated market data and revised liquidation timelines.
- Gain on sale of investments in developmental real estate, real estate owned and property and equipment, net was $0.2 million, reflecting gains realized on the disposition of select real estate  assets  and  developmental  projects  driven  by  improved  value  creation execution relative to carrying value and successful asset repositioning, whereas the same quarter last year included more limited disposition activity.

Net loss attributable to common shareholders for the first quarter of 2026 was $7.2 million, or $0.15  per  common  share,  compared  to  net  loss  attributable  to  common  shareholders  of  $0.2 million, or $0.00 per common share for the first quarter of 2025.

## Balance Sheet

At quarter end, total assets were $473.3 million compared to $460.0 million as of December 31, 2025 and total liabilities were $307.7 million compared to $285.1 million as of December 31, 2025.

Total indebtedness at quarter end was $298.3 million. This includes $171.7 million of unsecured notes payable (net of $1.6 million of deferred financing costs), $96.7 million of senior secured notes payable (net of $3.3 million of deferred financing costs), $29.0 million outstanding on a $50.0 million revolving credit facility and $0.9 million of outstanding principal on a loan secured by a mortgage on the Company's office building.

![Image](data:image/png;base64,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)

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Total shareholders' equity as of March 31, 2026 was $165.6 million compared to $174.9 million as of December 31, 2025.

## Book value per common share

Book value per common share as of March 31, 2026, was $2.25, a decrease of $0.21 from book value per common share as of December 31, 2025 of $2.46. This change was primarily due to cash  dividends  declared  and  paid  for  the  three  months  ended  March  31,  2026  on  issued  and outstanding  common  shares  and  Series A  Preferred  Stock  totaling  $3.5  million,  or  $0.07  per common share, and net loss for the three months ended March 31, 2026 of $7.2 million, or $0.15 per common share.

This quarter's net loss impacting the book value per common share was materially driven by 1) the  non-cash  discounted  cash  flow  fair  value  adjustment  on  loan  restructuring  recorded  in provision  for  credit  losses  related  to  loans  held  for  investment  of  $3.9  million,  or  $0.08  per common share,  and 2) contribution transactional expenses of $1.6 million or $0.03 per common share.   The aggregate impact of both events is $5.5 million, or $0.11 per common share of book value decline from year end.

## Dividends

The  Company  currently  operates  and  qualifies  as  a  Real  Estate  Investment  Trust  (REIT)  for federal  income  tax  purposes  and  intends  to  continue  to  qualify  and  operate  as  a  REIT.  Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.

On March 30, 2026, the Company paid a dividend of $0.484375 per share to the holders of its Series A Preferred Stock and $0.05 per share to its common shareholders of record on March 15, 2026.

## About Sachem Capital Corp

Sachem is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e.,  one  to  three  years),  secured,  nonbanking  loans  to  real  estate  investors  to  fund  their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company's primary underwriting  criteria  is  a  conservative  loan  to  value  ratio.  The  properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Loans are secured by mortgage liens on real estate and often are  personally  guaranteed  by  the  principal(s)  of  the  borrower.  The  Company  also  makes opportunistic real estate purchases apart from its lending activities.

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)

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## Forward Looking Statements

This  press  release  includes  forward-looking  statements.  These  forward-looking  statements generally  can  be  identified  by  phrases  such  as  'anticipate,'  'estimate,'  'expect,'  'project,' 'plan,' 'seek,' 'intend,' 'believe,' 'may,'  'might,' 'will,' 'should,' 'could,' 'likely,' 'continue,' 'outlook,' 'design,' and the negative of such terms and other words and terms of similar  expressions  are  intended  to  identify  forward-looking  statements.  Such  forward-looking statements include, but are not limited to, statements about the proposed transaction with IRG (the 'Transaction') and expected timing, terms, structure and completion thereof; the expected ownership,  governance,  management,  business  strategy  and  market  position  of  the  combined company;  the  expected  benefits  of  the  proposed  Transaction,  including  anticipated  future financial and operating results, accretion, growth rates, revenue, NOI, cash flow generation, costof-capital improvements, liquidity, deleveraging, leverage targets and risk-adjusted returns; the expected  gross  asset  value,  enterprise  value,  portfolio  composition,  industrial  REIT  ranking, mark-to-market rent growth, acquisition and development opportunities and lending strategy of the  combined  company;  and  Sachem's,  IRG's  and  the  combined  company's  plans,  objectives, expectations and intentions. These statements are based on current expectations, estimates and projections about the industry, markets in which Sachem and IRG operate, management's beliefs, assumptions  made  by  management  and  the  transactions  described  in  this  press  release.  While Sachem's management believes the assumptions underlying the forward -looking statements and information  are  reasonable,  such  information  is  necessarily  subject  to  uncertainties  and  may involve  certain  risks,  many  of  which  are  difficult  to  predict  and  are  beyond  management's control. These risks include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the contribution agreement; (2) the nature,  cost  and  outcome  of  any  litigation  and  other  legal  proceedings,  including  any  such proceedings  related  to  the  Transaction  that  may  be  instituted  against  the  parties  and  others following  announcement  of  the  Transaction;  (3)  the  inability  to  consummate  the  Transaction within the anticipated time period, or at all, due to any reason, including the failure to obtain the requisite  shareholder  approval,  failure  to  obtain  required  regulatory  approvals,  the  failure  to obtain debt financing on the terms  or timing expected, or at all, or the failure to satisfy other conditions  to  completion  of  the  Transaction;  (4)  risks  that  the  proposed  Transaction  disrupts current  plans  and  operations  of  Sachem  or  diverts  management's  attention  from  its  ongoing business; (5) the ability to recognize the anticipated benefits of the Transaction; (6) the amount of  the  costs,  fees,  expenses  and  charges  related  to  the  Transaction;  (7)  the  risk  that  the contribution  agreement  may  be  terminated  in  circumstances  requiring  Sachem  to  pay  a termination fee; (8) the effect of the announcement of the Transaction on the ability of Sachem to retain  and  hire  key  personnel  and  maintain  relationships  with  its  borrowers  and  others  with whom  it  does  business;  (9)  the  effect  of  the  announcement  of  the  Transaction  on  Sachem's operating  results  and  business  generally;  (10)  the  risk  that  Sachem's  stock  price  may  decline significantly  if  the  Transaction  is  not  consummated;  and  (11)  the  other  risks  and  important factors  contained  and  identified  in  S achem's  filings  with  the  SEC,  such  as  Sachem's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its Quarterly Report on Form 10Q for the quarter ended March 31, 2026, as well as Sachem's subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed from time to time, any of which could cause actual results to differ materially from the forward-looking statements in this press release.

![Image](data:image/png;base64,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)

Logo

There  can  be  no  assurance  that  the  Transaction  will  in  fact  be  consummated.  We  caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Sachem undertakes no obligation or duty to update or  revise  any  of  these  forward-looking  statements  after  the  date  of  this  press  release,  nor  to conform prior statements to actual results or revised expectations, and Sachem does not intend to do so.

## Additional Information and Where to Find It

This press release does not constitute a solicitation of any vote or approval or an offer to sell or the solicitation of an offer to buy any securities in connection with the Transaction. In connection with the proposed Transaction, Sachem will file a proxy statement (the 'Proxy Statement') with the Securities and Exchange Commission (the 'SEC'), which Sachem will furnish, together with any  other  relevant  documents,  to  its  shareholders  in  connection  with  the  special  meeting  of Sachem shareholders to vote on the Transaction (the 'Sachem Shareholder Meeting'). This press release is not a substitute for the Proxy Statement or any other document that Sachem may file with the SEC or send to its shareholders in connection with the Transaction. BEFORE MAKING ANY  VOTING  DECISION,  WE  URGE  SHAREHOLDERS  TO  READ  THE  PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY  BECOME AVAILABLE,  BECAUSE  THEY  WILL  CONTAIN  IMPORTANT INFORMATION ABOUT SACHEM AND THE PROPOSED TRANSACTION. The proposals for the Transaction will be made solely through the Proxy Statement. In addition, a copy of the Proxy Statement (when it becomes available) may be obtained free of charge from the Investor Relations  Department  of  Sachem  at  Investor  Relations,  568  East  Main  Street,  Branford,  CT 06405. Security holders also will be able to obtain, free of charge, copies of the Proxy Statement and  any  other  documents  filed  by  Sachem  with  the  SEC  in  connection  with  the  proposed Transaction at the SEC's website at http://www.sec.gov and at Sachem's website at https://www.sachemcapitalcorp.com/.

## Participants in the Solicitation

The  directors  and  executive  officers  of  Sachem,  and  certain  directors,  managers,  officers  and other members of management of IRG and its affiliates, may be deemed to be participants in the solicitation of proxies in connection with the approval of the proposed Transaction. Information regarding Sachem's directors and executive officers and their respective interests in Sachem by security holdings or otherwise is available in its most recent Annual Report on Form 10-K filed with the SEC (available here). Additional information regarding the interests of such potential participants is or will be included in the Proxy Statement and other relevant materials to be filed with  the  SEC  when  they  become  available,  including  in  connection  with  the  solicitation  of proxies to approve the proposed Transaction.

## Investor & Media Contact:

Email: investors@sachemcapitalcorp.com

![Image](data:image/png;base64,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)

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## SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

|                                                                                                                                                                                                                                                      | March 31, 2026 (unaudited)   | December 31, 2025 (audited)   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|-------------------------------|
| Assets                                                                                                                                                                                                                                               |                              |                               |
| Cash and cash equivalents                                                                                                                                                                                                                            | $ 11,565                     | $ 10,924                      |
| Investment securities (at fair value)                                                                                                                                                                                                                | 795                          | 936                           |
| Loans held for investment (net of deferred loan fees of $2,225 and $2,230)                                                                                                                                                                           | 353,610                      | 375,188                       |
| Allowance for credit losses                                                                                                                                                                                                                          | (12,401)                     | (11,510)                      |
| Loans held for investment, net                                                                                                                                                                                                                       | 341,209                      | 363,678                       |
| Interest and fees receivable (net of allowance of $922 and $2,598)                                                                                                                                                                                   | 4,808                        | 4,116                         |
| Due from borrowers (net of allowance of $1,791 and $1,084)                                                                                                                                                                                           | 5,573                        | 6,978                         |
| Real estate owned (net of impairment of $798 and $1,110)                                                                                                                                                                                             | 16,022                       | 16,402                        |
| Investments in limited liability companies                                                                                                                                                                                                           | 35,235                       | 39,132                        |
| Investments in developmental real estate, net                                                                                                                                                                                                        | 46,013                       | 9,719                         |
| Property and equipment, net                                                                                                                                                                                                                          | 3,088                        | 3,160                         |
| Other assets                                                                                                                                                                                                                                         | 8,961                        | 5,002                         |
| Total assets                                                                                                                                                                                                                                         | $ 473,269                    | $ 460,047                     |
| Liabilities and Shareholders' Equity                                                                                                                                                                                                                 |                              |                               |
| Liabilities:                                                                                                                                                                                                                                         |                              |                               |
| Notes payable (net of deferred financing costs of $1,562 and $1,905)                                                                                                                                                                                 | $ 171,692                    | $ 171,349                     |
| Senior secured notes payable (net of deferred financing costs of $3,298 and $3,427)                                                                                                                                                                  | 96,702                       | 86,573                        |
| Mortgage payable                                                                                                                                                                                                                                     | 895                          | 917                           |
| Lines of credit                                                                                                                                                                                                                                      | 29,000                       | 19,000                        |
| Accounts payable and accrued liabilities                                                                                                                                                                                                             | 4,011                        | 3,255                         |
| Advances from borrowers                                                                                                                                                                                                                              | 5,360                        | 4,016                         |
| Total liabilities                                                                                                                                                                                                                                    | 307,660                      | 285,110                       |
| Commitments and Contingencies - Note 14                                                                                                                                                                                                              |                              |                               |
| Shareholders' equity:                                                                                                                                                                                                                                |                              |                               |
| Preferred shares - $0.001 par value; 5,000,000 shares authorized; 3,332,000 shares designated as Series A Preferred Stock; 2,312,758 shares of Series A Preferred Stock issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 2                            | 2                             |
| Common Shares - $0.001 par value; 200,000,000 shares authorized; 47,955,647 and 47,684,955 issued and outstanding at March 31, 2026 and December 31, 2025, respectively                                                                              | 48                           | 48                            |
| Additional paid-in capital                                                                                                                                                                                                                           | 258,172                      | 257,905                       |
| Cumulative net earnings                                                                                                                                                                                                                              | 35,749                       | 41,826                        |
| Cumulative dividends paid                                                                                                                                                                                                                            | (128,362)                    | (124,844)                     |
| Total shareholders' equity                                                                                                                                                                                                                           | 165,609                      | 174,937                       |
| Total liabilities and shareholders' equity                                                                                                                                                                                                           | $ 473,269                    | $ 460,047                     |

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)

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## CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

## SACHEM CAPITAL CORP. (in thousands, except share and per share data)

SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data)

| Item                                                                                                                                                                | Three Months Ended March 31, 2026   | Three Months Ended March 31, 2025   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|-------------------------------------|
| Interest income from loans                                                                                                                                          | $ 8,754                             | $ 7,887                             |
| Interest income from limited liability company investments                                                                                                          | 858                                 | 1,942                               |
| Interest expense and amortization of deferred financing costs                                                                                                       | (6,059)                             | (6,094)                             |
| Net interest income                                                                                                                                                 | 3,553                               | 3,735                               |
| Provision for credit losses related to loans held for investment                                                                                                    | (5,372)                             | (1,052)                             |
| Change in valuation allowance related to loans held for sale                                                                                                        | —                                   | 4                                   |
| Net interest (loss) income after provision for credit losses related to loans held for investment and changes in valuation allowance related to loans held for sale | (1,819)                             | 2,687                               |
| Other income                                                                                                                                                        |                                     |                                     |
| Fee income from loans                                                                                                                                               | 1,292                               | 1,425                               |
| Income from limited liability company investments                                                                                                                   | 105                                 | 110                                 |
| Other investment income                                                                                                                                             | 3                                   | 6                                   |
| Loss on equity securities                                                                                                                                           | (140)                               | (125)                               |
| Other income                                                                                                                                                        | 143                                 | 72                                  |
| Total other income                                                                                                                                                  | 1,403                               | 1,488                               |
| Operating expenses                                                                                                                                                  |                                     |                                     |
| Compensation and employee benefits                                                                                                                                  | (2,138)                             | (1,771)                             |
| General and administrative expenses                                                                                                                                 | (1,963)                             | (1,355)                             |
| Transaction expenses                                                                                                                                                | (1,608)                             | —                                   |
| Recovery of impairment loss on real estate                                                                                                                          | 97                                  | —                                   |
| Gain on sale of investments in developmental real estate, real estate owned, and property and equipment, net                                                        | 196                                 | —                                   |
| Other expenses                                                                                                                                                      | (245)                               | (145)                               |
| Total operating expenses                                                                                                                                            | (5,661)                             | (3,271)                             |
| Net (loss) income                                                                                                                                                   | (6,077)                             | 904                                 |
| Preferred stock dividends                                                                                                                                           | (1,120)                             | (1,117)                             |
| Net loss attributable to common shareholders                                                                                                                        | $ (7,197)                           | $ (213)                             |
| Basic and diluted loss per common share                                                                                                                             | $ (0.15)                            | $0.00                               |
| Basic and diluted weighted average number of common shares outstanding                                                                                              | 47,178,193                          | 46,784,744                          |

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)

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## SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)

SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)

| Item                                                                                     | Three Months Ended March 31, 2026   | Three Months Ended March 31, 2025   |
|------------------------------------------------------------------------------------------|-------------------------------------|-------------------------------------|
| CASH FLOWS FROM OPERATING ACTIVITIES                                                     |                                     |                                     |
| Net (loss) income                                                                        | $ (6,077)                           | $ 904                               |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |                                     |                                     |
| Amortization of deferred financing costs                                                 | 507                                 | 545                                 |
| Depreciation and amortization expense                                                    | 89                                  | 92                                  |
| Stock-based compensation                                                                 | 267                                 | 264                                 |
| Provision for credit losses related to loans held for investment                         | 5,372                               | 1,052                               |
| Change in valuation allowance related to loans held for sale                             | —                                   | (4)                                 |
| Recovery of impairment loss on real estate owned                                         | (97)                                | —                                   |
| Gain on sale of real estate owned and property and equipment, net                        | (196)                               | —                                   |
| Loss on equity securities                                                                | 140                                 | 125                                 |
| Change in deferred loan fees                                                             | (5)                                 | 275                                 |
| Changes in operating assets and liabilities:                                             |                                     |                                     |
| Interest and fees receivable, net                                                        | (668)                               | (361)                               |
| Other assets                                                                             | 176                                 | 133                                 |
| Due from borrowers, net                                                                  | (855)                               | (254)                               |
| Accounts payable and accrued liabilities                                                 | 838                                 | (1,612)                             |
| Advances from borrowers                                                                  | 1,344                               | (968)                               |
| NET CASH PROVIDED BY OPERATING ACTIVITIES                                                | 835                                 | 191                                 |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                     |                                     |                                     |
| Purchase of interests in limited liability companies                                     | (721)                               | (4,223)                             |
| Proceeds from investments in limited liability companies                                 | 4,618                               | 4,230                               |
| Proceeds from sale of real estate owned                                                  | 673                                 | 89                                  |
| Purchase of property and equipment                                                       | —                                   | (41)                                |
| Investments in developmental real estate                                                 | (363)                               | (742)                               |
| Principal disbursements for loans                                                        | (38,761)                            | (41,308)                            |
| Principal collections on loans                                                           | 18,050                              | 47,742                              |
| NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES                                      | (16,504)                            | 5,747                               |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                     |                                     |                                     |
| Proceeds from lines of credit                                                            | 20,000                              | 36,100                              |
| Repayments on lines of credit                                                            | (10,000)                            | (40,000)                            |
| Proceeds from repurchase agreements                                                      | —                                   | 11,693                              |
| Repayments of repurchase agreements                                                      | —                                   | (3,882)                             |
| Repayment of mortgage payable                                                            | (22)                                | (21)                                |
| Dividends paid on common shares                                                          | (2,398)                             | (2,363)                             |
| Dividends paid on Series A Preferred Stock                                               | (1,120)                             | (1,117)                             |
| Proceeds from issuance of Senior Secured Notes                                           | 10,000                              | —                                   |
| Payments of deferred financing costs                                                     | (150)                               | —                                   |
| NET CASH PROVIDED BY FINANCING ACTIVITIES                                                | 16,310                              | 410                                 |
| NET INCREASE IN CASH AND CASH EQUIVALENTS                                                | 641                                 | 6,348                               |
| CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD                                          | 10,924                              | 18,066                              |
| CASH AND CASH EQUIVALENTS – END OF PERIOD                                                | $ 11,565                            | $ 24,414                            |

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