Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)
Left: the page cropped around the table with its final boundary (content_region, the corrected end of the table) drawn; the crop extends a little below so any footnotes sit visibly outside the box. Right: the final corrected markdown. One row per table.
529b0f1e2c2c0650.pdf
56 tables
p1 · table 1 · Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | Ticker symbol(s) | Name of each exchange on which registered |
|---|
| Common shares, par value $0.001 per share | SACH | NYSE American LLC |
| 6.00% Notes due 2026 | SCCD | NYSE American LLC |
| 6.00% Notes due 2027 | SCCE | NYSE American LLC |
| 7.125% Notes due 2027 | SCCF | NYSE American LLC |
| 8.00% Notes due 2027 | SCCG | NYSE American LLC |
| 7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share | SACHPRA | NYSE American LLC |
p3 · table 2 · SACHEM CAPITAL CORP.
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| Item | Page Number |
|---|
| Part I FINANCIAL INFORMATION | |
| Item 1. Financial Statements | |
| Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025 | 1 |
| Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited) | 2 |
| Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited) | 3 |
| Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited) | 5 |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 7 |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 27 |
| Item 3. Quantitative and Qualitative Disclosures about Market Risk | 44 |
| Item 4. Controls and Procedures | 44 |
| Part II OTHER INFORMATION | |
| Item 1A. Risk Factors | 45 |
| Item 6. Exhibits | 48 |
| SIGNATURES | 52 |
| EXHIBITS | |
p6 · table 3 · Condensed Consolidated Balance Sheets
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| Item | June 30, 2026 | December 31, 2025 |
|---|
| (unaudited) | (audited) |
| Assets | | |
| Cash and cash equivalents | $ 28,819 | $ 10,924 |
| Investment securities (at fair value) | 803 | 936 |
| Loans held for investment (net of deferred loan fees of $1,753 and $2,230) | 335,804 | 375,188 |
| Allowance for credit losses | (13,491) | (11,510) |
| Loans held for investment, net | 322,313 | 363,678 |
| Interest and fees receivable (net of allowance of $1,233 and $2,598) | 3,975 | 4,116 |
| Due from borrowers (net of allowance of $2,043 and $1,084) | 4,413 | 6,978 |
| Real estate owned (net of impairment of $1,028 and $1,110) | 20,968 | 16,402 |
| Investments in limited liability companies | 34,237 | 39,132 |
| Investments in developmental real estate, net | 45,536 | 9,719 |
| Property and equipment, net | 3,043 | 3,160 |
| Other assets | 8,793 | 5,002 |
| Total assets | $ 472,900 | $ 460,047 |
| Liabilities and Shareholders' Equity | | |
| Liabilities: | | |
| Notes payable (net of deferred financing costs of $1,213 and $1,905) | $ 172,041 | $ 171,349 |
| Senior secured notes payable (net of deferred financing costs of $3,152 and $3,427) | 96,848 | 86,573 |
| Mortgage payable | 873 | 917 |
| Lines of credit | 36,500 | 19,000 |
| Accounts payable and accrued liabilities | 4,727 | 3,255 |
| Advances from borrowers | 3,119 | 4,016 |
| Total liabilities | 314,108 | 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 June 30, 2026 and December 31, 2025, respectively | 2 | 2 |
| Common Shares - $0.001 par value; 200,000,000 shares authorized; 47,954,632 and 47,684,955 issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 48 | 48 |
| Additional paid-in capital | 258,332 | 257,905 |
| Cumulative net earnings | 30,372 | 41,826 |
| Cumulative dividends paid | (129,962) | (124,844) |
| Total shareholders' equity | 158,792 | 174,937 |
| Total liabilities and shareholders' equity | $ 472,900 | $ 460,047 |
p7 · table 4 · SACHEM CAPITAL CORP.
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| Item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|
| Interest income from loans | $ 7,252 | $ 7,482 | $ 16,006 | $ 15,370 |
| Interest income from limited liability company investments | 750 | 859 | 1,608 | 2,801 |
| Interest expense and amortization of deferred financing costs | (6,328) | (6,139) | (12,387) | (12,233) |
| Net interest income | 1,674 | 2,202 | 5,227 | 5,938 |
| Provision for credit losses related to loans held for investment | (2,551) | (925) | (7,923) | (1,977) |
| Change in valuation allowance related to loans held for sale | — | 1,043 | — | 1,047 |
| 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 | (877) | 2,320 | (2,696) | 5,008 |
| Other income | | | | |
| Fee income from loans | 1,146 | 1,771 | 2,438 | 3,196 |
| Income from limited liability company investments | 71 | 119 | 176 | 229 |
| Other investment income | 4 | 12 | 7 | 17 |
| Gain (loss) on equity securities | 7 | 821 | (133) | 696 |
| Other income | 134 | 532 | 277 | 604 |
| Total other income | 1,362 | 3,255 | 2,765 | 4,742 |
| Operating expenses | | | | |
| Compensation and employee benefits | (1,937) | (1,821) | (4,075) | (3,592) |
| General and administrative expenses | (1,450) | (1,304) | (3,413) | (2,659) |
| Transaction expenses | (2,567) | — | (4,175) | — |
| Impairment loss on real estate | (288) | — | (191) | — |
| Gain on sale of investments in developmental real estate, real estate owned, and property and equipment, net | 475 | 131 | 671 | 131 |
| Other expenses | (95) | (694) | (340) | (839) |
| Total operating expenses | (5,862) | (3,688) | (11,523) | (6,959) |
| Net (loss) income | (5,377) | 1,887 | (11,454) | 2,791 |
| Preferred stock dividends | (1,120) | (1,118) | (2,240) | (2,235) |
| Net (loss) income attributable to common shareholders | $ (6,497) | $ 769 | $ (13,694) | $ 556 |
| Basic and diluted (loss) income per common share | $ (0.14) | $ 0.02 | $ (0.29) | $ 0.01 |
| Basic and diluted weighted average number of common shares outstanding | 47,281,931 | 46,875,187 | 47,230,349 | 46,830,215 |
p8 · table 5 · SACHEM CAPITAL CORP.
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| Preferred Shares Shares | Preferred Shares Amount | Common Shares Shares | Common Shares Amount | Additional Paid in Capital | Cumulative Net Earnings | Cumulative Dividends Paid | Totals |
|---|
| Balance, April 1, 2026 | 2,312,758 | $ 2 | 47,955,647 | $ 48 | $ 258,172 | $ 35,749 | $ (128,362) | $ 165,609 |
| Stock-based compensation, less shares forfeited | — | — | (1,015) | — | 160 | — | — | 160 |
| Dividends paid on Series A Preferred Stock | — | — | — | — | — | — | (1,120) | (1,120) |
| Dividends paid on Common Shares | — | — | — | — | — | — | (480) | (480) |
| Net loss | — | — | — | — | — | (5,377) | — | (5,377) |
| Balance, June 30, 2026 | 2,312,758 | $ 2 | 47,954,632 | $ 48 | $ 258,332 | $ 30,372 | $ (129,962) | $ 158,792 |
p8 · table 6 · FOR THE THREE MONTHS ENDED JUNE 30, 2025
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| Item | Preferred Shares Shares | Preferred Shares Amount | Common Shares Shares | Common Shares Amount | Additional Paid in Capital | Cumulative Net Earnings | Cumulative Dividends Paid | Totals |
|---|
| Balance, April 1, 2025 | 2,306,748 | $ 2 | 47,310,139 | $ 47 | $ 257,220 | $ 36,422 | $ (114,352) | $ 179,339 |
| Stock-based compensation, less shares forfeited | — | — | — | — | 164 | — | — | 164 |
| Dividends paid on Series A Preferred Stock | — | — | — | — | — | — | (1,118) | (1,118) |
| Dividends paid on Common Shares | — | — | — | — | — | — | (2,365) | (2,365) |
| Net income | — | — | — | — | — | 1,887 | — | 1,887 |
| Balance, June 30, 2025 | 2,306,748 | $ 2 | 47,310,139 | $ 47 | $ 257,384 | $ 38,309 | $ (117,835) | $ 177,907 |
p9 · table 7 · SACHEM CAPITAL CORP.
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| Item | Preferred Shares Shares | Preferred Shares Amount | Common Shares Shares | Common Shares Amount | Additional Paid in Capital | Cumulative Net Earnings | Cumulative Dividends Paid | Totals |
|---|
| FOR THE SIX MONTHS ENDED JUNE 30, 2026 | | | | | | | | |
| Balance, January 1, 2026 | 2,312,758 | $ 2 | 47,684,955 | $ 48 | $ 257,905 | $ 41,826 | $ (124,844) | $ 174,937 |
| Stock-based compensation, less shares forfeited | — | — | 269,677 | — | 427 | — | — | 427 |
| Dividends paid on Series A Preferred Stock | — | — | — | — | — | — | (2,240) | (2,240) |
| Dividends paid on Common Shares | — | — | — | — | — | — | (2,878) | (2,878) |
| Net loss | — | — | — | — | — | (11,454) | — | (11,454) |
| Balance, June 30, 2026 | 2,312,758 | $ 2 | 47,954,632 | $ 48 | $ 258,332 | $ 30,372 | $ (129,962) | $ 158,792 |
| FOR THE SIX MONTHS ENDED JUNE 30, 2025 | | | | | | | | |
| Balance, January 1, 2025 | 2,306,748 | $ 2 | 46,965,306 | $ 47 | $ 256,956 | $ 35,518 | $ (110,872) | $ 181,651 |
| Stock-based compensation, less shares forfeited | — | — | 344,833 | — | 428 | — | — | 428 |
| Dividends paid on Series A Preferred Stock | — | — | — | — | — | — | (2,235) | (2,235) |
| Dividends paid on Common Shares | — | — | — | — | — | — | (4,728) | (4,728) |
| Net income | — | — | — | — | — | 2,791 | — | 2,791 |
| Balance, June 30, 2025 | 2,306,748 | $ 2 | 47,310,139 | $ 47 | $ 257,384 | $ 38,309 | $ (117,835) | $ 177,907 |
p10 · table 8 · SACHEM CAPITAL CORP.
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| Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | | |
| Net (loss) income | $ (11,454) | $ 2,791 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | | |
| Amortization of deferred financing costs | 1,035 | 1,101 |
| Depreciation and amortization expense | 152 | 234 |
| Stock-based compensation | 427 | 428 |
| Provision for credit losses related to loans held for investment | 7,923 | 1,977 |
| Change in valuation allowance related to loans held for sale | — | (1,047) |
| Impairment loss on real estate owned | 191 | — |
| Gain on sale of real estate owned and property and equipment, net | (671) | (131) |
| Loss (gain) on equity securities | 133 | (696) |
| Change in deferred loan fees | (477) | 681 |
| Changes in operating assets and liabilities: | | |
| Interest and fees receivable, net | (332) | (462) |
| Other assets | 310 | (1,010) |
| Due from borrowers, net | (448) | (2,277) |
| Accounts payable and accrued liabilities | 1,355 | (996) |
| Advances from borrowers | (897) | 99 |
| NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (2,753) | 692 |
| CASH FLOWS FROM INVESTING ACTIVITIES | | |
| Proceeds from the sale of investment securities | — | 1,174 |
| Purchase of interests in limited liability companies | (721) | (5,731) |
| Proceeds from investments in limited liability companies | 5,616 | 10,963 |
| Proceeds from sale of real estate owned | 2,402 | 1,559 |
| Purchase of property and equipment | — | (43) |
| Investments in developmental real estate | (1,104) | (1,022) |
| Proceeds from sale of investments in developmental real estate | 1,215 | — |
| Principal disbursements for loans | (79,308) | (80,952) |
| Principal collections on loans | 70,360 | 71,394 |
| NET CASH USED IN INVESTING ACTIVITIES | (1,540) | (2,658) |
| CASH FLOWS FROM FINANCING ACTIVITIES | | |
| Proceeds from lines of credit | 38,500 | 36,100 |
| Repayments on lines of credit | (21,000) | (49,862) |
| Proceeds from repurchase agreements | — | 11,693 |
| Repayments of repurchase agreements | — | (30,959) |
| Repayment of mortgage payable | (44) | (42) |
| Dividends paid on common shares | (2,878) | (4,728) |
| Dividends paid on Series A Preferred Stock | (2,240) | (2,235) |
| Proceeds from issuance of Senior Secured Notes | 10,000 | 50,000 |
| Payments of deferred financing costs | (150) | (3,593) |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 22,188 | 6,374 |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 17,895 | 4,408 |
| CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD | 10,924 | 18,066 |
| CASH AND CASH EQUIVALENTS – END OF PERIOD | $ 28,819 | $ 22,474 |
p12 · table 9 · SACHEM CAPITAL CORP.
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| Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION | | |
| Cash paid during the period for interest | $ 11,437 | $ 11,005 |
| Real estate acquired in connection with foreclosure of certain mortgages | $ 6,500 | $ 6,298 |
| Loans held for sale transferred to loans held for investment | $ — | $ 6,479 |
| Developmental real estate acquired in restructuring of loan held for investment | $ 35,948 | $ 1,696 |
| Loans held for investment transferred to other assets | $ 454 | $ — |
| Loans originated from sale of real estate owned | $ — | $ 840 |
p16 · table 10 · The following table presents the assets and liabilities of our consolidated VIEs:
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| (in thousands) | SN Holdings | Holdings |
|---|
| Assets | | |
| Cash and cash equivalents | $ 200 | $ 21,401 |
| Loans held for investment | 99,140 | 162,226 |
| Allowance for credit losses | (1,711) | (2,431) |
| Loans held for investment, net | 97,429 | 159,795 |
| Interest and fees receivable, net | 675 | 1,693 |
| Due from borrowers, net | 1,029 | 1,418 |
| Other assets | — | 2,773 |
| Total assets | $ 99,333 | $ 187,080 |
| Liabilities | | |
| Senior secured notes payable, net | $ — | $ 96,848 |
| Lines of credit | 36,500 | — |
| Accounts payable and accrued liabilities | 477 | 1,279 |
| Advances from borrowers | 1,608 | 1,110 |
| Total liabilities | $ 38,585 | $ 99,237 |
p16 · table 11 · Fair Value Measurement
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| (in thousands) | Fair Value Measurement June 30, 2026 | Fair Value Measurement December 31, 2025 |
|---|
| Level 1 | | |
| Investment securities | $ 803 | $ 936 |
p16 · table 12 · Fair Value Measurement
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| (in thousands) | June 30, 2026 | December 31, 2025 |
|---|
| Level 3 | | |
| Individually evaluated loans, net of allowance for credit losses | $ 100,447 | $ 114,028 |
| Real estate owned, net | 20,968 | 16,402 |
| Investments in developmental real estate, net | 19,168 | — |
p17 · table 13 · FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026
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| (in thousands) | Carrying Amount June 30, 2026 | Carrying Amount December 31, 2025 | Fair Value Measurement June 30, 2026 | Fair Value Measurement December 31, 2025 |
|---|
| Level 1 | | | | |
| Cash and cash equivalents | $ 28,819 | $ 10,924 | $ 28,819 | $ 10,924 |
| Notes payable (listed) - fixed rate debt | 172,041 | 171,349 | 170,422 | 163,854 |
| Level 2 | | | | |
| Lines of credit | 36,500 | 19,000 | 36,500 | 19,000 |
| Level 3 | | | | |
| Loans held for investment, net | 322,313 | 363,678 | 322,313 | 363,678 |
| Interest and fees receivable and due from borrowers | 8,388 | 11,094 | 8,388 | 10,963 |
| Investments in limited liability companies | 34,237 | 39,132 | 34,237 | 39,132 |
| Advances from borrowers | 3,119 | 4,016 | 3,119 | 4,016 |
| Senior secured notes payable | 96,848 | 86,573 | 105,423 | 89,277 |
| Mortgage payable | 873 | 917 | 873 | 917 |
p18 · table 14 · Loans held for investment
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| (in thousands) | Current | 30-59 days past due | 60-89 days past due | 90 days and greater | Total |
|---|
| As of June 30, 2026 | $ 255,512 | $ — | $ 1,710 | $ 80,335 | $ 337,557 |
| As of March 31, 2026 | $ 259,192 | $ 37,956 | $ 1,360 | $ 57,327 | $ 355,835 |
| As of December 31, 2025 | $ 239,615 | $ 20,218 | $ — | $ 117,585 | $ 377,418 |
p19 · table 15 · The following table presents the Company's loans held for investment by geographic location as of June 30, 2026 and December 31, 2025:
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| (in thousands) | June 30, 2026 Carrying Value | June 30, 2026 % of Portfolio | December 31, 2025 Carrying Value | December 31, 2025 % of Portfolio |
|---|
| New England | $ 137,801 | 40.9 % | $ 163,049 | 43.2 % |
| Mid-Atlantic | 48,098 | 14.2 % | 40,483 | 10.7 % |
| South | 138,213 | 40.9 % | 170,441 | 45.2 % |
| West | 13,445 | 4.0 % | 3,445 | 0.9 % |
| Total | $ 337,557 | 100.0 % | $ 377,418 | 100.0 % |
p19 · table 16 · Credit Quality Indicators by Year of Origination
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| FICO Score (2) (in thousands) | June 30, 2026 Carrying Value | Year Originated (1) 2026 | Year Originated (1) 2025 | Year Originated (1) 2024 | Year Originated (1) 2023 | Year Originated (1) 2022 | Year Originated (1) Prior |
|---|
| Under 500 | $ — | $ — | $ — | $ — | $ — | $ — | $ — |
| 501-550 | 35 | — | — | — | — | — | 35 |
| 551-600 | — | — | — | — | — | — | — |
| 601-650 | 25,042 | 10,000 | 1,218 | 4,445 | 649 | 2,628 | 6,102 |
| 651-700 | 64,152 | — | 15,288 | 2,453 | 3,591 | 9,042 | 33,778 |
| 701-750 | 105,188 | 33,239 | 25,534 | 7,675 | 12,154 | 5,298 | 21,288 |
| 751-800 | 143,140 | 2,456 | 38,644 | 18,897 | 49,319 | 13,737 | 20,087 |
| 801-850 | — | — | — | — | — | — | — |
| Total | $ 337,557 | $ 45,695 | $ 80,684 | $ 33,470 | $ 65,713 | $ 30,705 | $81,290 |
p20 · table 17 · FICO Score
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| FICO Score (in thousands) | December 31, 2025 Carrying Value | Year Originated 2025 | Year Originated 2024 | Year Originated 2023 | Year Originated 2022 | Year Originated 2021 | Year Originated Prior |
|---|
| Under 500 | $ 142 | $ — | $ 142 | $ — | $ — | $ — | $ — |
| 501-550 | 35 | — | — | — | — | — | 35 |
| 551-600 | — | — | — | — | — | — | — |
| 601-650 | 17,665 | 2,914 | 4,250 | 1,025 | 3,102 | — | 6,374 |
| 651-700 | 81,859 | 18,654 | 4,017 | 10,594 | 9,010 | 38,375 | 1,209 |
| 701-750 | 125,603 | 24,082 | 7,226 | 23,721 | 5,299 | 64,348 | 927 |
| 751-800 | 137,725 | 42,340 | 15,795 | 46,339 | 13,449 | 19,802 | — |
| 801-850 | 14,389 | — | — | 1,700 | 12,689 | — | — |
| Total | $ 377,418 | $ 87,990 | $ 31,430 | $ 83,379 | $ 43,549 | $ 122,525 | $ 8,545 |
p20 · table 18 · The following table presents the amortized cost of collateral dependent loans:
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| Collateral Type | June 30, 2026 Collateral Dependent Loans | December 31, 2025 Collateral Dependent Loans |
|---|
| Residential | $ 38,565 | $ 65,077 |
| Commercial | 49,629 | 27,700 |
| Pre-Development Land | 6,320 | 12,832 |
| Mixed Use | 14,825 | 14,666 |
| Total | $ 109,339 | $ 120,275 |
p22 · table 19 · Loan Modifications to Borrowers Experiencing Financial Difficulty
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| (in thousands) | Carrying Value | % of Total Carrying Value of Loans held for investment, net | Financial Effect |
|---|
| Principal modification, with no term extension | $ — | — % | Unpaid interest/taxes/charges ad principal b |
| Term extension | 23,272 | 7.2 % | A weighted average of 8.5 month added to the life of th |
p22 · table 20 · Three months ended June 30, 2025
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| (in thousands) | Carrying Value | % of Total Carrying Value of Loans held for investment, net | Financial Effect |
|---|
| Principal modification, with no term extension | $ 14,042 | 3.9 % | Unpaid interest/taxes/charges added to principal b |
| Term extension | 25,559 | 7.0 % | A weighted average of 7.7 months added to the life of th |
p22 · table 21 · Six months ended June 30, 2026
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| (in thousands) | Carrying Value | % of Total Carrying Value of Loans held for investment, net | Financial Effect |
|---|
| Principal modification, with no term extension | $ 5,810 | 1.8 % | Unpaid interest/taxes/charges added to principal balance |
| Term extension | 55,141 | 17.1 % | A weighted average of 3.6 months were added to the life of the loans |
p22 · table 22 · Six months ended June 30, 2025
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| (in thousands) | Carrying Value | % of Total Carrying Value of Loans held for investment, net | Financial Effect |
|---|
| Principal modification, with no term extension | $ 14,042 | 3.9 % | Unpaid interest/taxes/charges added to principal balance |
| Term extension | 47,702 | 13.1 % | A weighted average of 7.4 months were added to the life of the loans |
p22 · table 23 · Performance of Modified Loans
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| (in thousands) | Current | 90-119 days past due | 120+ days past due | Total |
|---|
| Principal modification, with no term extension | $ 5,810 | $ — | $ — | $ 5,810 |
| Term extension | 77,986 | 9,571 | — | 87,557 |
p23 · table 24 · The following table presents the performance of loans that have been modified during the twelve-month period ended June 30, 2025 to borrowers experiencing financial difficulty, of which none of 31 defaulted during the period.
units=(in thousands) · flavor=stream · camelot_accuracy=92.6 · llm_corrected=True
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| (in thousands) | Current | 90-119 days past due | 120+ days past due | Total |
|---|
| Principal modification, with no term extension | $ 15,268 | $ — | $ — | $ 15,268 |
| Term extension | 61,692 | 12,895 | — | 74,587 |
| Allowance for credit losses | | | | |
p23 · table 25 · Allowance for credit losses
units=(in thousands) · flavor=stream · camelot_accuracy=91.8 · llm_corrected=True
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| Item | Balance as of March 31, 2026 | Provision for (recovery of) credit losses related to loans | Charge-offs | Balance as of June 30, 2026 |
|---|
| Loans held for investment | $ 12,401 | $ 1,102 | $ (12) | $ 13,491 |
| Interest and fees receivable | 922 | 497 | (186) | 1,233 |
| Due from borrower | 1,791 | 753 | (501) | 2,043 |
| Unfunded commitments | 588 | 199 | — | 787 |
| Total allowance for credit losses | $ 15,702 | $ 2,551 | $ (699) | $ 17,554 |
p23 · table 26 · The following table presents the financial statement line items that are impacted by the allowance for credit losses for the six months ended June 30, 2026:
units=(in thousands) · flavor=stream · camelot_accuracy=92.3 · llm_corrected=True
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| Balance as of December 31, 2025 | Provision for (recovery of) credit losses related to loans | Charge-offs | Balance as of June 30, 2026 |
|---|
| Loans held for investment | $ 11,510 | $ 5,873 | $ (3,892) | $ 13,491 |
| Interest and fees receivable | 2,598 | 473 | (1,838) | 1,233 |
| Due from borrower | 1,084 | 1,460 | (501) | 2,043 |
| Unfunded commitments | 670 | 117 | — | 787 |
| Total allowance for credit losses | $ 15,862 | $ 7,923 | $ (6,231) | $ 17,554 |
p24 · table 27 · Allowance for credit losses by region
units=(in thousands) · flavor=stream · camelot_accuracy=93.4 · llm_corrected=True
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| Balance as of March 31, 2026 | Provision for (recovery of) credit losses related to loans | Charge-offs | Allowance for credit losses as of June 30, 2026 |
|---|
| New England | $ 6,599 | $ 1,065 | $ — | $ 7,664 |
| Mid-Atlantic | 2,411 | (158) | — | 2,253 |
| South | 1,803 | (55) | (12) | 1,736 |
| West | 1,588 | 250 | — | 1,838 |
| Total | $ 12,401 | $ 1,102 | $ (12) | $ 13,491 |
p25 · table 28 · The following table presents activity in the allowance for credit losses by geographic location with respect to loans held for investment for the six months ended June 30, 2026:
units=(in thousands) · flavor=stream · camelot_accuracy=95.5 · llm_corrected=True
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| Balance as of December 31, 2025 | Provision for (recovery of) credit losses related to loans | Charge-offs | Allowance for credit losses as of June 30, 2026 |
|---|
| New England | $ 6,429 | $ 1,235 | $ — | $ |
| Mid-Atlantic | 1,770 | 483 | — | |
| South | 1,681 | 3,947 | (3,892) | |
| West | 1,630 | 208 | — | |
| Total | $ 11,510 | $ 5,873 | $ (3,892) | $ |
p25 · table 29 · Charge-offs on Loan Principal by Fiscal Year of Origination
units=(in thousands) · flavor=stream · camelot_accuracy=95.8 · llm_corrected=True
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| 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total |
|---|
| Current period charge-offs | $ — | $ — | $ — | $ — | $ — | $ 12 | $ 12 |
| Total | $ — | $ — | $ — | $ — | $ — | $ 12 | $ 12 |
p25 · table 30 · Charge-offs on Loan Principal by Fiscal Year of Origination
units=(in thousands) · flavor=stream · camelot_accuracy=96.5 · llm_corrected=True
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| 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total |
|---|
| Current period charge-offs | $ — | $ — | $ — | $ — | $ — | $ 3,892 | $ 3,892 |
| Total | $ — | $ — | $ — | $ — | $ — | $ 3,892 | $ 3,892 |
p26 · table 31 · As of June 30, 2026 and December 31, 2025, investment in developmental real estate, net consisted of the following:
units=(in thousands) · flavor=stream · camelot_accuracy=95.8 · llm_corrected=True
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| (in thousands) | Cost | Accumulated Depreciation | Net investment | Cost | Accumulated Depreciation | Net investment |
|---|
| Land and land improvements | $ 8,350 | $ — | $ 8,350 | $ 8,392 | $ (15) | $ 8,377 |
| Building | 19,563 | (9) | 19,554 | 1,346 | (4) | 1,342 |
| Construction in progress | 17,664 | (32) | 17,632 | — | — | — |
| Total | $ 45,577 | $ (41) | $ 45,536 | $ 9,738 | $ (19) | $ 9,719 |
p27 · table 32 · The following table presents the Company's REO activity during the six months ended June 30, 2026 and June 30, 2025:
units=(in thousands) · flavor=stream · camelot_accuracy=96.2 · llm_corrected=True
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| June 30, 2026 | June 30, 2025 |
|---|
| Real estate owned at beginning of period | $ 16,402 | $ 18,574 |
| Principal basis transferred to real estate owned | 6,500 | 6,298 |
| Charge-offs on principal transferred | — | (3,978) |
| Proceeds from sale of real estate owned | (2,402) | (1,559) |
| Loans origination from sale of real estate owned | — | (840) |
| Impairment loss on real estate owned | (191) | — |
| Gain on sale of real estate owned | 659 | 131 |
| Real estate owned at end of period | $ 20,968 | $ 18,626 |
p27 · table 33 · Property and Equipment, Net
units=(in thousands) · flavor=stream · camelot_accuracy=95.8 · llm_corrected=True
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| (in thousands) | Cost | Accumulated Depreciation | Net investment | Cost | Accumulated Depreciation | Net investment |
|---|
| Building | $ 2,594 | $ (211) | $ 2,383 | $ 2,594 | $ (177) | $ 2,417 |
| Land | 255 | — | 255 | 255 | — | 255 |
| Furniture and fixtures | 308 | (214) | 94 | 308 | (185) | 123 |
| Computer hardware and software | 322 | (291) | 31 | 320 | (276) | 44 |
| Vehicles | 502 | (222) | 280 | 502 | (181) | 321 |
| Total property and equipment, net | $ 3,981 | $ (938) | $ 3,043 | $ 3,979 | $ (819) | $ 3,160 |
p29 · table 34 · Other Assets
units=(in thousands) · flavor=stream · camelot_accuracy=95.5 · llm_corrected=True
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| June 30, 2026 | December 31, 2025 |
|---|
| Prepaid expenses | $ 668 | $ |
| Other receivables | 865 | |
| Other assets | 405 | |
| Notes receivable | 6,334 | |
| Goodwill | 391 | |
| Intangible asset – trade name | 130 | |
| Total | $ 8,793 | $ |
p32 · table 35 · The following table presents the future principal payments on the Notes payable as of June 30, 2026:
units=(in thousands) · flavor=stream · camelot_accuracy=97.8 · llm_corrected=True
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| Years ending December 31, | Amount |
|---|
| 2026 (six months remaining) | $ 51,750 |
| 2027 | 121,504 |
| Total principal payments | 173,254 |
| Deferred financing costs | (1,213) |
| Total notes payable, net of deferred financing costs | $ 172,041 |
p32 · table 36 · The following table presents the estimated amortization of the deferred financing costs as of June 30, 2026:
units=(in thousands) · flavor=stream · camelot_accuracy=94.7 · llm_corrected=True
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| Years ending December 31, | Amount |
|---|
| 2026 (six months remaining) | $ 718 |
| 2027 | 495 |
| Total deferred costs | $ 1,213 |
p33 · table 37 · 12. Accounts Payable and Accrued Liabilities
units=(in thousands) · flavor=stream · camelot_accuracy=90.5 · llm_corrected=True
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| June 30, 2026 | December 31, 2025 |
|---|
| Accounts payable and accrued expenses | $ 2,991 | $ 1,551 |
| Allowance for credit losses on unfunded commitments | 787 | 669 |
| Accrued interest | 949 | 1,035 |
| Total | $ 4,727 | $ 3,255 |
p33 · table 38 · 13. Fee Income from Loans
units=(in thousands) · flavor=stream · camelot_accuracy=92.9 · llm_corrected=True
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| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|
| Origination and modification fees | $ 728 | $ 761 | $ 1385 | $ 1,541 |
| Extension fees | 73 | 184 | 332 | 462 |
| Late and other fees | 129 | 147 | 293 | 226 |
| Processing fees | 14 | 30 | 37 | 51 |
| Construction servicing fees | 69 | 104 | 143 | 241 |
| Legal fees | 40 | 71 | 79 | 134 |
| Other fees | 93 | 474 | 169 | 541 |
| Total | $ 1,146 | $ 1,771 | $ 2,438 | $ 3,196 |
p39 · table 39 · Investments in LLC's
units=(in thousands) · flavor=stream · camelot_accuracy=96.3 · llm_corrected=True
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| Investment | June 30, 2026 Carrying Value | June 30, 2026 Ownership Percentage | December 31, 2025 Carrying Value | December 31, 2025 Ownership Percentage |
|---|
| Shem Creek Capital Fund V LLC | $ 770 | 7.6% | $ 867 | 7.6% |
| Shem Creek Capital Fund VI LLC | 1,463 | 9.9% | 3,071 | 9.9% |
| Shem Creek Capital Fund VII LLC | 4,294 | 13.0% | 3,605 | 13.0% |
| Shem Creek Sachem V LLC | 1,639 | 49.0% | 1,736 | 49.0% |
| Shem Creek Sachem VI LLC | 10,440 | 44.6% | 13,403 | 45.5% |
| Shem Creek Sachem 100 LLC | 8,131 | 69.5% | 8,950 | 67.6% |
| Shem Creek Capital LLC | 5,000 | 20.0% | 5,000 | 20.0% |
| Total Shem LLC Investments | $ 31,737 | | $ 36,632 | |
| Cordo CLT Investors LLC | $ 2,500 | 7.2% | $ 2,500 | 7.2% |
| Total investments in LLC's | $ 34,237 | | $ 39,132 | |
p41 · table 40 · Deferred Tax Assets and Liabilities
units=(none) · flavor=stream · camelot_accuracy=97.2 · llm_corrected=True
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| Item | June 30, 2026 |
|---|
| Deferred Tax Assets: | |
| Net Operating Loss Carryforwards | $ 1,054 |
| Investment in LLCs | 179 |
| Basis in REO Assets | 261 |
| Total Gross Deferred Tax Assets | 1,494 |
| Less: Valuation Allowance | (1,395) |
| Net Deferred Tax Assets | 99 |
| Deferred Tax Liabilities: | |
| Depreciation | (54) |
| Prepaid Expenses | (12) |
| Amortization | (33) |
| Total Deferred Tax Liabilities | (99) |
| Total Deferred Tax Assets/(Liabilities) | $ — |
p44 · table 41 · Our Mortgage Loan Portfolio
units=(in thousands, except number of loans) · flavor=stream · camelot_accuracy=92.3 · llm_corrected=True
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| Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 |
|---|
| Loans disbursed (1) | $ 40,547 | $ 75,747 |
| Loans originated | 7 | 11 |
| Loan repayments | $ 52,310 | $ 70,360 |
| Number of loans repaid | 14 | 23 |
| Principal of loans transferred to real estate owned | $ 6,500 | $ 6,500 |
| Number of loans transferred to real estate owned | 1 | 1 |
| As of June 30, 2026 | As of December 31, 2025 |
| Number of loans held for investment outstanding | 100 | 115 |
| Gross principal amount of loans held for investment | $ 337,557 | $ 377,418 |
| Weighted average contractual interest rate (2) | 11.46 % | 13.10 % |
| Weighted average term to maturity (in months) (3) | 6 | 8 |
p45 · table 42 · The table below presents our loans held for investment by loan size as of June 30, 2026:
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| Amount | Number of Loans | Percentage | Aggregate Gross Principal Amount | Percentage |
|---|
| $1,000,000 or less | 41 | 41.0 % | $ 16,881 | 4.9 % |
| $1,000,001 to $5,000,000 | 39 | 39.0 % | 88,804 | 26.3 % |
| $5,000,001 to $10,000,000 | 11 | 11.0 % | 84,386 | 25.0 % |
| $10,000,001 or more | 9 | 9.0 % | 147,486 | 43.8 % |
| Total | 100 | 100.0 % | $ 337,557 | 100.0 % |
p45 · table 43 · Loans Held for Investment by State
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| State | Number of Loans | Percentage | Gross Amount Outstanding | Percentage |
|---|
| California | 1 | 1.0 % | $ 10,000 | 2.9 % |
| Connecticut | 41 | 41.0 % | 93,682 | 27.9 % |
| Florida | 11 | 11.0 % | 73,595 | 21.8 % |
| Georgia | 1 | 1.0 % | 1,200 | 0.4 % |
| Maine | 1 | 1.0 % | 550 | 0.2 % |
| Maryland | 2 | 2.0 % | 3,073 | 0.9 % |
| Massachusetts | 9 | 9.0 % | 43,159 | 12.8 % |
| New Jersey | 4 | 4.0 % | 13,228 | 3.9 % |
| New York | 16 | 16.0 % | 29,506 | 8.7 % |
| North Carolina | 5 | 5.0 % | 34,981 | 10.4 % |
| Pennsylvania | 2 | 2.0 % | 4,890 | 1.4 % |
| Rhode Island | 1 | 1.0 % | 412 | 0.1 % |
| South Carolina | 3 | 3.0 % | 11,579 | 3.4 % |
| Tennessee | 2 | 2.0 % | 16,857 | 5.0 % |
| Washington D.C. | 1 | 1.0 % | 845 | 0.2 % |
| Total | 100 | 100.0 % | $ 337,557 | 100.0 % |
p46 · table 44 · Year of Origination - Number of Loans / Aggregate Gross Principal Amount
units=(in thousands) · flavor=stream · camelot_accuracy=99.6 · llm_corrected=True
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| Year of Origination | Number of Loans | Percentage | Aggregate Gross Principal Amount | Percentage |
|---|
| 2026 | 9 | 9.0 % | $ 45,695 | 13.5 % |
| 2025 | 19 | 19.0 % | $ 80,684 | 24.0 % |
| 2024 | 14 | 14.0 % | 33,470 | 9.9 % |
| 2023 | 13 | 13.0 % | 65,713 | 19.5 % |
| 2022 | 17 | 17.0 % | 30,705 | 9.1 % |
| 2021 | 19 | 19.0 % | 73,073 | 21.6 % |
| 2020 | 4 | 4.0 % | 6,199 | 1.8 % |
| 2019 and prior | 5 | 5.0 % | 2,018 | 0.6 % |
| Total | 100 | 100.0 % | $ 337,557 | 100.0 % |
p47 · table 45 · The following table presents additional information regarding the types of properties securing loans held for investment as of June 30, 2026 and December 31, 2025:
units=(in thousands) · flavor=stream · camelot_accuracy=93.8 · llm_corrected=True
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| June 30, 2026 Aggregate Gross Principal Amount | June 30, 2026 Percentage | December 31, 2025 Aggregate Gross Principal Amount | December 31, 2025 Percentage |
|---|
| Residential | $ 173,302 | 51.2 % | $ 202,234 | 53.6 % |
| Commercial | 105,207 | 31.2 % | 110,178 | 29.2 % |
| Pre-Development Land | 11,369 | 3.4 % | 17,977 | 4.8 % |
| Mixed Use | 47,679 | 14.2 % | 47,029 | 12.4 % |
| Total | $ 337,557 | 100.0 % | $ 377,418 | 100.0 % |
p47 · table 46 · The following table presents the allowance for credit losses against unpaid principal balance of loans held for investment as of June 30, 2026 and December 31, 2025:
units=(in thousands) · flavor=stream · camelot_accuracy=96.2 · llm_corrected=True
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| June 30, 2026 Aggregate Gross Principal Amount | June 30, 2026 Allowance | June 30, 2026 Percentage of Respective Principal | December 31, 2025 Aggregate Gross Principal Amount | December 31, 2025 Allowance | December 31, 2025 Percentage of Respective Principal |
|---|
| Performing – General reserve | $ 228,218 | $ (4,599) | 2.0 % | $ 259,833 | $ (5,262) | 2.0 % |
| Non-performing – Direct reserves | 77,712 | (2,114) | 2.7 % | 80,079 | (2,054) | 2.6 % |
| Non-performing in Foreclosure – Direct reserves | 31,627 | (6,778) | 21.4 % | 37,506 | (4,194) | 11.2 % |
| Non-performing subtotal | $ 109,339 | $ (8,892) | 8.1 % | $ 117,585 | $ (6,248) | 5.3 % |
| Total | $ 337,557 | $ (13,491) | 4.0 % | $ 377,418 | $ (11,510) | 3.0 % |
p48 · table 47 · Investment in Developmental Real Estate
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| Property Type | Location | Month of Acquisition | Carrying Value |
|---|
| Commercial | Branford, CT | July 2025 | $ 1,541 |
| Residential - Single family (2 parcels) | Old Lyme, CT | May 2025 | 696 |
| Residential - Multifamily (1 parcel) | East Windsor, CT | March 2025 | 2,259 |
| Residential - Multifamily (2 parcels) | New London, CT | November 2024 | 4,250 |
| Residential - Multifamily (3 completed units and one parcel) | Naples, FL | January 2026 | 36,831 |
| Accumulated depreciation | | | (41) |
| Total | | | $ 45,536 |
p48 · table 48 · Real Estate Owned
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| Property Type | Location | Month of Acquisition | Carrying Value |
|---|
| Commercial - Restaurant | Bristol, CT | March 2019 | $ 750 |
| Land | Bristol, CT | December 2019 | 821 |
| Residential - Single Family | Bellingham, MA | December 2023 | 293 |
| Residential - Multi Family | Flagler Beach, FL | October 2024 | 3,382 |
| Commercial - Office | Windsor, CT | December 2024 | 1,400 |
| Commercial - Office | Windsor, CT | December 2024 | 2,000 |
| Commercial - Office | Wilton, CT | September 2025 | 1,338 |
| Commercial - Office | Wilton, CT | September 2025 | 334 |
| Residential - Multi Family | Jacksonville, FL | October 2025 | 2,400 |
| Residential - Multi Family | Daytona Beach, FL | October 2025 | 1,750 |
| Land | Lake Worth, FL | June 2026 | 6,500 |
| Total | | | $ 20,968 |
p50 · table 49 · Three months ended June 30, 2026 compared to three months ended June 30, 2025
units=(none) · flavor=stream · camelot_accuracy=99.2 · llm_corrected=True
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| 2026 | 2025 | $ Change | % Change |
|---|
| Interest income from loans | $ 7,252 | $ 7,482 | $ (230) | (3.1)% |
| Interest income from limited liability company investments | 750 | 859 | (109) | (12.7)% |
| Interest expense and amortization of deferred financing costs | (6,328) | (6,139) | 189 | 3.1 % |
| Net interest income | 1,674 | 2,202 | (528) | (24.0)% |
| Net interest margin | 1.9 % | 2.3 % | | |
| Provision for credit losses related to loans held for investment | (2,551) | (925) | 1,626 | 175.8 % |
| Change in valuation allowance related to loans held for sale | — | 1,043 | (1,043) | (100.0)% |
| 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 | (877) | 2,320 | (3,197) | (137.8)% |
| Other income | | | | |
| Fee income from loans | 1,146 | 1,771 | (625) | (35.3)% |
| Income from limited liability company investments | 71 | 119 | (48) | (40.3)% |
| Other investment income | 4 | 12 | (8) | (66.7)% |
| Gain on equity securities | 7 | 821 | (814) | (99.1)% |
| Other income | 134 | 532 | (398) | (74.8)% |
| Total other income | 1,362 | 3,255 | (1,893) | (58.2)% |
| Operating expenses | | | | |
| Compensation and employee benefits | (1,937) | (1,821) | 116 | 6.4 % |
| General and administrative expenses | (1,450) | (1,304) | 146 | 11.2 % |
| Transaction expenses | (2,567) | — | 2,567 | 100.0 % |
| Impairment loss on real estate | (288) | — | 288 | 100.0 % |
| Gain on sale of investments in developmental real estate, real estate owned, and property and equipment, net | 475 | 131 | 344 | 262.6 % |
| Other expenses | (95) | (694) | (599) | (86.3)% |
| Total operating expenses | (5,862) | (3,688) | 2,174 | 58.9 % |
| Net (loss) income | (5,377) | 1,887 | (7,264) | (384.9)% |
| Preferred stock dividends | (1,120) | (1,118) | 2 | 0.2 % |
| Net (loss) income attributable to common shareholders | $ (6,497) | $ 769 | $ (7,266) | NM |
| Basic and diluted (loss) income per common share | $ (0.14) | $ 0.02 | | |
| Basic and diluted weighted average number of common shares outstanding | 47,281,931 | 46,875,187 | | |
p56 · table 50 · Book value per common share
units=(in thousands, except share and per share data) · flavor=stream · camelot_accuracy=95.5 · llm_corrected=True
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| June 30, 2026 | March 31, 2026 |
|---|
| Total shareholders’ equity | $ 158,792 | $ 165,609 |
| Series A Preferred Stock ($25 liquidation preference per share) | (57,819) | (57,819) |
| Total shareholders’ equity, net of preferred stock | $ 100,973 | $ 107,790 |
| Number of common shares outstanding at period end | 47,954,632 | 47,955,647 |
| Book value per common share | $ 2.11 | $ 2.25 |
p57 · table 51 · Six months ended June 30, 2026 compared to six months ended June 30, 2025
units=(none) · flavor=stream · camelot_accuracy=98.5 · llm_corrected=True
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| Item | 2026 | 2025 | $ Change | % Change |
|---|
| Interest income from loans | $ 16,006 | $ 15,370 | $ 636 | 4.1 % |
| Interest income from limited liability company investments | 1,608 | 2,801 | (1,193) | (42.6)% |
| Interest expense and amortization of deferred financing costs | (12,387) | (12,233) | 154 | 1.3 % |
| Net interest income | 5,227 | 5,938 | (711) | (12.0)% |
| Net interest margin | 2.9 % | 3.2 % | | |
| Provision for credit losses related to loans held for investment | (7,923) | (1,977) | 5,946 | 300.8 % |
| Change in valuation allowance related to loans held for sale | — | 1,047 | (1,047) | (100.0)% |
| 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 | (2,696) | 5,008 | (7,704) | (153.8)% |
| Other income | | | | |
| Fee income from loans | 2,438 | 3,196 | (758) | (23.7)% |
| Income from limited liability company investments | 176 | 229 | (53) | (23.1)% |
| Other investment income | 7 | 17 | (10) | (58.8)% |
| (Loss) gain on equity securities | (133) | 696 | (829) | (119.1)% |
| Other income | 277 | 604 | (327) | (54.1)% |
| Total other income | 2,765 | 4,742 | (1,977) | (41.7)% |
| Operating expenses | | | | |
| Compensation and employee benefits | (4,075) | (3,592) | 483 | 13.4 % |
| General and administrative expenses | (3,413) | (2,659) | 754 | 28.4 % |
| Transaction expenses | (4,175) | — | 4,175 | 100.0 % |
| Impairment loss on real estate | (191) | — | 191 | 100.0 % |
| Gain on sale of investments in developmental real estate, real estate owned, and property and equipment, net | 671 | 131 | 540 | 412.2 % |
| Other expenses | (340) | (839) | (499) | (59.5)% |
| Total operating expenses | (11,523) | (6,959) | 4,564 | 65.6 % |
| Net (loss) income | (11,454) | 2,791 | (14,245) | (510.4)% |
| Preferred stock dividends | (2,240) | (2,235) | 5 | 0.2 % |
| Net (loss) income attributable to common shareholders | $ (13,694) | $ 556 | $ (14,250) | NM |
| Basic and diluted (loss) income per common share | $ (0.29) | $ 0.01 | | |
| Basic and diluted weighted average number of common shares outstanding | 47,230,349 | 46,830,215 | | |
p62 · table 52 · Book value per common share
units=(in thousands, except share and per share data) · flavor=stream · camelot_accuracy=95.2 · llm_corrected=True
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| June 30, 2026 | December 31, 2025 |
|---|
| Total shareholders’ equity | $ 158,792 | $ 174,937 |
| Series A Preferred Stock ($25 liquidation preference per share) | (57,819) | (57,819) |
| Total shareholders’ equity, net of preferred stock | $ 100,973 | $ 117,118 |
| Number of common shares outstanding at period end | 47,954,632 | 47,684,955 |
| Book value per common share | $ 2.11 | $ 2.46 |
p63 · table 53 · Sources and Uses of Funds - Cash Flow Summary
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| Amount | Six Months Ended 2026 | Six Months Ended 2025 | Change Amount | Change Percentage |
|---|
| Cash and cash equivalents, January 1 | $ 10,924 | $ 18,066 | $ (7,142) | (39.5)% |
| Net cash (used in) provided by operating activities | (2,753) | 692 | (3,445) | (497.8)% |
| Net cash used in investing activities | (1,540) | (2,658) | 1,118 | (42.1)% |
| Net cash provided by financing activities | 22,188 | 6,374 | 15,814 | 248.1 % |
| Cash and cash equivalents, June 30 | $ 28,819 | $ 22,474 | $ 6,345 | 28.2 % |
p63 · table 54 · Contractual Obligations
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| Total | Less than 1 year | 1 – 3 years | 3 – 5 years | More than 5 years |
|---|
| Unfunded portions of outstanding construction loans | $ 41,393 | $ 27,238 | $ 14,155 | $ — | $ — |
| Unfunded commitments to investments in LLCs | 651 | 651 | — | — | — |
| Total contractual obligations | $ 42,044 | $ 27,889 | $ 14,155 | $ — | $ — |
p69 · table 55 · Item 6. EXHIBITS
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| Exhibit No. | Description |
|---|
| 2.1 | Form of Amended and Restated Exchange Agreement (1) |
| 2.2 | Contribution Agreement, dated as of May 17, 2026 by and between Industrial Realty Group Global, LLC and Sachem Capital Corp (26) |
| 3.1 | Certificate of Incorporation (1) |
| 3.1(a) | Certificate of Amendment to Certificate of Incorporation (1) |
| 3.1(b) | Certificate of Amendment to Certificate of Incorporation filed on October 7, 2019 (2) |
| 3.1(c) | Certificate of Amendment to Certificate of Incorporation filed on June 25, 2021 (7) |
| 3.1(d) | Certificate of Amendment to Certificate of Incorporation filed on July 19, 2022 (17) |
| 3.1(e) | Certificate of Amendment to Certificate of Incorporation filed on August 23, 2022 (11) |
| 3.1(f) | Certificate of Amendment to Certificate of Incorporation filed on November 13, 2025 (6) |
| 3.2 | Amended and Restated Bylaws, effective as of March 25, 2025 (19) |
| 4.1 | Indenture, dated as of June 21, 2019, between Sachem Capital Corp. and U.S. Bank National Association, as Trustee (3) |
| 4.2 | Specimen 7.75% Series A Cumulative Redeemable Preferred Stock Certificate. (7) |
p71 · table 56 · Table of Contents
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| Exhibit No. | Description |
|---|
| 4.3 | Fourth Supplemental Indenture between Sachem Capital Corp. and U.S. Bank National Association, as Trustee (4) |
| 4.4 | Form of 6.00% Note due 2026 (attached as Exhibit A to Exhibit 4.3 above). |
| 4.5 | Fifth Supplemental Indenture between Sachem Capital Corp. and U.S. Bank Trust Company, National Association, as Trustee (8) |
| 4.6 | Form of 6.00% Note due 2027 (attached as Exhibit A to Exhibit 4.5 above) |
| 4.7 | Sixth Supplemental Indenture between Sachem Capital Corp. and U.S. Bank Trust Company, National Association, as Trustee (20) |
| 4.8 | Form of 7.125% Note due 2027 (attached as Exhibit A to Exhibit 4.7 above) |
| 4.9 | Seventh Supplemental Indenture between Sachem Capital Corp. and U.S. Bank Trust Company, National Association, as Trustee (10) |
| 4.10 | Form of 8.00% Note due 2027 (attached as Exhibit A to Exhibit 4.9 above) |
| 4.11 | Revolving Credit Note, dated March 20, 2025, in the principal amount of $50 million in favor of Needham Bank, as lender (18) |
| 4.12 | Note Purchase and Guaranty Agreement, dated June 11, 2025 (21) |
| 10.1** | Employment Agreement by and between John L. Villano and Sachem Capital Corp. (1) |
| 10.1(a)** | Amendment to Employment Agreement by and between John L. Villano and Sachem Capital Corp. (5) |
| 10.2 | Sachem Capital Corp. 2016 Equity Compensation Plan (1) |
| 10.3 | Credit and Security Agreement, dated as of March 20, 2025, among SN Holdings, as the borrower, Sachem Capital Corp., as the guarantor, the lenders party thereto and Needham Bank, as administrative agent (18) |
| 10.3(a) | Amendment No.1 to the Credit and Security Agreement, dated as of June 9, 2025, among SN Holdings, as the borrower, Sachem Capital Corp., as the guarantor, the lenders party thereto and Needham Bank, as administrative agent (23) |
| 10.3(b) | Amendment No.2 to the Credit and Security Agreement, dated as of January 21, 2026, among SN Holdings, as the borrower, Sachem Capital Corp., as the guarantor, the lenders party thereto and Needham Bank, as administrative agent (9) |
| 10.4** | Final Form of the Restrictive Stock Grant Agreement dated February 17, 2023 under the Sachem Capital Corp. 2016 Equity Compensation Plan between the Company and John L. Villano (13) |
| 10.5** | Final Form of the Restricted Stock Grant Agreement dated March 19, 2024 under the Sachem Capital Corp. 2016 Equity Compensation Plan between the Company and John L. Villano (14) |
| 10.6 | Cooperation Agreement, dated August 20, 2024, between Sachem Capital Corp. and Blackwells Capital LLC, Blackwells Onshore I LLC and Jason Aintabi (15) |
| 10.7** | Final Form of the Restrictive Stock Grant Agreement dated September 7, 2023 under the Sachem Capital Corp. 2016 Equity Compensation Plan between Sachem Capital Corp. and each of Leslie Bernhard, Arthur Goldberg and Brian Prinz (16) |
| 10.8** | Final Form of the Restrictive Stock Grant Agreement dated March 10, 2025 under the Sachem Capital Corp. 2016 Equity Compensation Plan between Sachem Capital Corp. and each of Arthur Goldberg, Brian Prinz and Jeffery Walraven (19) |
| 10.9 | Sachem Capital Corp. 2025 Omnibus Incentive Plan (22) |
| 10.10 | Restricted Stock Award Agreement, dated August 11, 2025, under the Sachem Capital Corp. 2025 Omnibus Incentive Plan between Sachem Capital Corp. and John L. Villano (a portion of the exhibit has been excluded from the exhibit because it both (i) is not material and (ii) is the type that the company treats as private or confidential) (25) |
| 10.11** | Employment Agreement by and between Jeffery C. Walraven and Sachem Capital Corp. effective as of September 1, 2025 (24) |
| 10.12** | Restricted Stock Award Agreement, dated September 3, 2025, under the Sachem Capital Corp. 2025 Omnibus Incentive Plan between Sachem Capital Corp. and Jeffery C. Walraven (a portion of the exhibit has been excluded from the exhibit because it both (i) is not material and (ii) is the type that the company treats as private or confidential) (24) |
| 31.1 | Chief Executive Officer Certification as required under section 302 of the Sarbanes Oxley Act * |