Sachem Capital Corp. (NYSE American: SACH) announced its financial
results for the year ended December 31, 2022. The company will host
a conference call on Friday, March 31, 2023 at 8:00 a.m. Eastern
Time to discuss in greater detail its financial and operating
results for 2022.
John Villano, CPA, the company’s Chief Executive Officer,
stated: “2022 was another record year for our company with revenue
of $52.3 million and net income attributable to common shareholders
of $17.2 million. Earnings per share was $0.46 per share compared
to $0.44 for the prior year. Further we achieved approximately
$20.2 million of non-GAAP adjusted earnings or $0.53 per share in
earnings, reflecting the strength of our business and specifically
our loan portfolio in a very challenging interest rate environment.
We fully understand the effects of rapid interest rate increases on
our business and, more importantly, our borrowers and will continue
to take appropriate measures to further reduce risk and insulate
our loan portfolio, including additional enhancements to our
underwriting process and limiting the term of new loans.
“In 2022, we acquired Urbane New Haven, LLC, which added
construction finance service expertise in all phases of our
business. This acquisition provides us the ability to reduce risks
associated with distressed properties, as well as new income
streams to help ensure the highest level of oversight and planning
diligence on all construction financing. We are extremely pleased
with the addition of the Urbane team and their operational
excellence.
“Certainly, the process of lending has undergone
significant changes the past year and despite the ongoing
crosscurrents, our business model has proven to be highly scalable
and resilient, as evidenced by our continued strong performance
during the year.”
Results of operations
for year ended December 31,
2022
Total revenue grew 71.8% to approximately $52.3
million compared to approximately $30.4 million for the year ended
December 31, 2021. The growth in revenue was due primarily to an
increase in lending operations. For 2022, interest income was
approximately $42.6 million, origination fees were approximately
$7.3 million and various other fees relating to the company’s
lending activities were approximately $3.0 million.
Total operating costs and expenses for the year
ended December 31, 2022 were approximately $31.4 million compared
to approximately $17.1 million for 2021, an increase of
approximately $14.3 million. Given the company’s implementation of
its growth strategies, the largest contributor to this increase was
interest and amortization of deferred financing costs, which were
$21.5 million in 2022 compared to $10.4 million in 2021. The
balance of the increases was attributable to (i) approximately $2.2
million of compensation (including stock-based compensation), fees
and taxes and (ii) approximately $854,000 general and
administrative expenses. These increases are attributable to the
implementation of certain growth strategies.
Net income for 2022 attributable to common
shareholders was approximately $17.2 million compared to
approximately $11.5 million for 2021, an increase of approximately
$5.8 million or 50.2%. Net income per weighted average common share
outstanding for 2022 was $0.46 compared to $0.44 for 2021.
Balance Sheet
Total assets at December 31, 2022 were
approximately $565.7 million compared to approximately $418.0
million at December 31, 2021, an increase of approximately $147.7
million, or 35.3%. The increase was due primarily to the growth in
the company’s mortgage loan portfolio, which increased
approximately $168.3 million, and an approximately $24.8 million
increase in partnership investments. Total liabilities were
approximately $348.0 million compared to approximately $237.9
million.
Total indebtedness at December 31, 2022 included
$280.0 million of notes payable (net of $8.4 million of deferred
financing costs), $3.6 million balance on our margin loan account
with Wells Fargo Advisors, $42.5 million outstanding on the
company’s master repurchase financing facility with an affiliate of
Churchill Real Estate and $750,000 outstanding on a mortgage with
New Haven Bank.
Total shareholders’ equity at December 31, 2022
increased approximately $37.6 million to $217.7 million compared to
approximately $180.1 million at December 31, 2021. The change was
primarily due to net income of approximately $20.9 million, net
proceeds from the sale of common shares of $39.3 million, and
approximately $1.0 million related to the acquisition of Urbane New
Haven’s assets.
Dividends
The company declared and paid dividends of
approximately $14.9 million on common shares approximately $3.7
million on Series A preferred shares, and reported approximately
$5.3 million of accrued dividends.
The company currently operates and qualifies as
a Real Estate Investment Trust (REIT) for federal income taxes and
intends to continue to qualify and operate as a REIT. Under federal
income tax rules, a REIT is required to distribute a minimum of 90%
of taxable income each year to its shareholders and the company
intends to comply with this requirement for the current year.
Investor Conference Call
The company will host a conference call on
Friday, March 31, 2023, at 8:00 a.m., Eastern Time, to discuss in
greater detail its financial results for the year ended December
31, 2022.
Interested parties can access the conference
call via telephone by dialing toll free 1-877-704-4453 for U.S.
callers or +1 201-389-0920 for international callers. A webcast of
the call may be accessed on Sachem’s website at
https://ir.sachemcapitalcorp.com/ir-calendar.
The webcast will also be archived on the
company’s website and a telephone replay of the call will be
available through Friday, April 14, 2023 and can be accessed by
dialing 1-844-512-2921 for U.S. callers or +1 412-317-6671 for
international callers and by entering replay passcode:
13737135.
About Sachem Capital Corp
Sachem Capital Corp. is a financing REIT that
specializes in originating, underwriting, funding, servicing, and
managing a portfolio of first mortgage loans. It offers short-term
(i.e., three years or less) secured, nonbanking loans to real
estate investors to fund their acquisition, renovation,
development, rehabilitation, or improvement of properties. The
company’s primary underwriting criteria is a conservative loan to
value ratio. The properties securing the loans are generally
classified as residential or commercial real estate and, typically,
are held for resale or investment. Each loan is secured by a first
mortgage lien on real estate and is personally guaranteed by the
principal(s) of the borrower. The company will also make
opportunistic real estate purchases apart from its lending
activities.
Forward Looking Statements
This press release may contain forward-looking
statements. All statements other than statements of historical
facts contained in this press release, including statements
regarding our future results of operations and financial position,
strategy and plans, and our expectations for future operations, are
forward-looking statements. The words “anticipate,” “estimate,”
“expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,”
“might,” “will,” “should,” “could,” “likely,” “continue,” “design,”
and the negative of such terms and other words and terms of similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based primarily on
management’s current expectations and projections about future
events and trends that management believes may affect the company’s
financial condition, results of operations, strategy, short-term
and long-term business operations and objectives and financial
needs. These forward-looking statements are subject to several
risks, uncertainties and assumptions as described in the Annual
Report on Form 10-K for 2022 to be filed with the U.S. Securities
and Exchange Commission on March 31, 2023. Because of these risks,
uncertainties and assumptions, the forward-looking events and
circumstances discussed in this press release may not occur, and
actual results could differ materially and adversely from those
anticipated or implied in the forward-looking statements. You
should not rely upon forward-looking statements as predictions of
future events. Although the company believes that the expectations
reflected in the forward-looking statements are reasonable, the
company cannot guarantee future results, level of activity,
performance, or achievements. In addition, neither the company nor
any other person assumes responsibility for the accuracy and
completeness of any of these forward-looking statements. The
company disclaims any duty to update any of these forward-looking
statements. All forward-looking statements attributable to the
company are expressly qualified in their entirety by these
cautionary statements as well as others made in this press release.
You should evaluate all forward-looking statements made by the
company in the context of these risks and uncertainties.
Investor & Media Contact:Email:
investors@sachemcapitalcorp.com
|
SACHEM
CAPITAL CORP. |
CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
|
December 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
23,713,097 |
|
|
$ |
41,938,897 |
|
Investment securities |
|
|
24,576,462 |
|
|
|
60,633,661 |
|
Mortgages receivable |
|
|
460,633,268 |
|
|
|
292,301,209 |
|
Interest and fees receivable |
|
|
6,309,845 |
|
|
|
3,693,645 |
|
Due from borrowers |
|
|
5,276,967 |
|
|
|
3,671,016 |
|
Real estate owned |
|
|
5,216,149 |
|
|
|
6,559,010 |
|
Investments in partnerships |
|
|
30,831,180 |
|
|
|
6,055,838 |
|
Property and equipment, net |
|
|
4,121,721 |
|
|
|
2,172,185 |
|
Other assets |
|
|
4,983,173 |
|
|
|
936,290 |
|
Total assets |
|
$ |
565,661,862 |
|
|
$ |
417,961,751 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity: |
|
|
|
|
Liabilities: |
|
|
|
|
Notes payable (net of deferred financing costs of $8,352,597 and
$5,747,387) |
|
$ |
280,049,153 |
|
|
$ |
160,529,363 |
|
Repurchase facility |
|
|
42,533,466 |
|
|
|
19,087,189 |
|
Mortgage payable |
|
|
750,000 |
|
|
|
750,000 |
|
Line of credit |
|
|
3,587,894 |
|
|
|
33,178,031 |
|
Accrued dividends payable |
|
|
5,342,160 |
|
|
|
3,927,600 |
|
Accounts payable and accrued liabilities |
|
|
1,439,219 |
|
|
|
697,403 |
|
Advances from borrowers |
|
|
9,892,164 |
|
|
|
15,066,114 |
|
Deferred revenue |
|
|
4,360,452 |
|
|
|
4,643,490 |
|
Total liabilities |
|
|
347,954,508 |
|
|
|
237,879,190 |
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Preferred shares - $.001 par value; 5,000,000 shares authorized;
1,903,000 shares of Series A Preferred Stock issued and
outstanding |
|
|
1,903 |
|
|
|
1,903 |
|
Common stock - $.001 par value; 200,000,000 shares authorized;
41,093,536 and 32,730,004 issued and outstanding |
|
|
41,094 |
|
|
|
32,730 |
|
Paid-in capital |
|
|
226,220,990 |
|
|
|
185,516,394 |
|
Accumulated other comprehensive loss |
|
|
(561,490 |
) |
|
|
(476,016 |
) |
Accumulated deficit |
|
|
(7,995,143 |
) |
|
|
(4,992,450 |
) |
Total shareholders' equity |
|
|
217,707,354 |
|
|
|
180,082,561 |
|
Total liabilities and shareholders' equity |
|
$ |
565,661,862 |
|
|
$ |
417,961,751 |
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial
statements. |
|
|
|
|
|
|
|
|
|
SACHEM
CAPITAL CORP. |
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
|
|
|
|
|
Years
Ended |
|
December
31, |
|
|
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
Interest income from loans |
$ |
42,618,817 |
|
|
$ |
22,305,530 |
|
Investment gain (loss), net |
|
521,662 |
|
|
|
1,069,374 |
|
Income from partnership investments |
|
1,809,564 |
|
|
|
142,026 |
|
Origination and modification fees, net |
|
7,320,625 |
|
|
|
4,322,883 |
|
Fee and other income |
|
2,969,117 |
|
|
|
2,299,970 |
|
Unrealized losses on investment securities |
|
(2,963,760 |
) |
|
|
284,769 |
|
Total revenue |
|
52,276,025 |
|
|
|
30,424,552 |
|
|
|
|
|
Operating costs and expenses: |
|
|
|
Interest and amortization of deferred financing costs |
|
21,549,859 |
|
|
|
10,422,101 |
|
Compensation, fees and taxes |
|
5,315,455 |
|
|
|
3,122,934 |
|
Other expenses |
|
544,684 |
|
|
|
432,868 |
|
General and administrative expenses |
|
3,097,219 |
|
|
|
2,243,038 |
|
Loss (Gain) on sale of real estate |
|
(44,752 |
) |
|
|
165,915 |
|
Impairment loss |
|
904,909 |
|
|
|
719,000 |
|
Total operating costs and expenses |
|
31,367,374 |
|
|
|
17,105,856 |
|
Net income |
|
20,908,651 |
|
|
|
13,318,696 |
|
Preferred stock dividend |
|
(3,687,062 |
) |
|
|
(1,853,855 |
) |
Net income attributable to common shareholders |
|
17,221,589 |
|
|
|
11,464,841 |
|
|
|
|
|
Other comprehensive loss |
|
|
|
Unrealized gain (loss) on investment securities |
|
(85,474 |
) |
|
|
(476,016 |
) |
Comprehensive income |
$ |
17,136,115 |
|
|
$ |
10,988,825 |
|
Basic and diluted net income per common share outstanding: |
|
|
|
Basic |
$ |
0.46 |
|
|
$ |
0.44 |
|
Diluted |
$ |
0.46 |
|
|
$ |
0.44 |
|
Weighted average number of common shares outstanding: |
|
|
|
Basic |
|
37,741,657 |
|
|
|
26,316,286 |
|
Diluted |
|
37,749,169 |
|
|
|
26,324,986 |
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial
statements. |
|
|
|
|
|
|
SACHEM
CAPITAL CORP. |
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY |
FOR THE
YEARS ENDED DECEMBER 31, 2022 AND 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
Other |
|
|
|
|
|
Preferred Stock |
|
Common Stock |
|
Paid
in |
|
Comprehensive |
|
Accumulated |
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Loss |
|
Deficit |
|
Totals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2021 |
- |
|
|
- |
|
22,124,801 |
|
|
22,125 |
|
|
83,814,376 |
|
|
|
(25,992 |
) |
|
|
(2,890,969 |
) |
|
$ |
80,919,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Preferred Stock, Net of expenses |
1,903,000 |
|
|
1,903 |
|
|
|
|
|
|
|
45,460,723 |
|
|
|
|
|
|
|
|
|
|
|
45,462,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Common Stock, Net of expenses |
|
|
|
|
|
10,490,188 |
|
|
10,490 |
|
|
56,049,982 |
|
|
|
|
|
|
|
|
|
|
|
56,060,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of warrants |
|
|
|
|
|
5,334 |
|
|
5 |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
109,681 |
|
|
110 |
|
|
191,318 |
|
|
|
|
|
|
|
|
|
|
|
191,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(450,024 |
) |
|
|
|
|
|
|
(450,024 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on Common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,638,722 |
) |
|
|
(9,638,722 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on Series A Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,853,855 |
) |
|
|
(1,853,855 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,927,600 |
) |
|
|
(3,927,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the year ended December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,318,696 |
|
|
|
13,318,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2021 |
1,903,000 |
|
|
1,903 |
|
32,730,004 |
|
|
32,730 |
|
|
185,516,394 |
|
|
|
(476,016 |
) |
|
|
(4,992,450 |
) |
|
|
180,082,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Preferred Stock, net of expenses |
- |
|
|
- |
|
|
|
|
|
|
|
(70,000 |
) |
|
|
|
|
|
|
|
|
|
|
(70,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Common Stock, net of expenses |
|
|
|
|
|
7,879,907 |
|
|
7,880 |
|
|
39,284,065 |
|
|
|
|
|
|
|
|
|
|
|
39,291,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of Urbane New Haven assets |
|
|
|
|
|
300,000 |
|
|
300 |
|
|
995,700 |
|
|
|
|
|
|
|
|
|
|
|
996,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of warrants |
|
|
|
|
|
19,658 |
|
|
20 |
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
|
163,967 |
|
|
164 |
|
|
494,851 |
|
|
|
|
|
|
|
|
|
|
|
495,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(85,474 |
) |
|
|
|
|
|
|
(85,474 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on Common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,882,122 |
) |
|
|
(14,882,122 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on Series A Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,687,062 |
) |
|
|
(3,687,062 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,342,160 |
) |
|
|
(5,342,160 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the year ended December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,908,651 |
|
|
|
20,908,651 |
|
Balance, December 31, 2022 |
1,903,000 |
|
$ |
1,903 |
|
41,093,536 |
|
$ |
41,094 |
|
$ |
226,220,990 |
|
|
$ |
(561,490 |
) |
|
$ |
(7,995,143 |
) |
|
$ |
217,707,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial
statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SACHEM
CAPITAL CORP. |
CONSOLIDATED
STATEMENTS OF CASH FLOW |
|
|
|
|
|
Years
Ended |
|
December
30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net income |
$ |
20,908,651 |
|
|
$ |
13,318,696 |
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Amortization of deferred financing costs and bond discount |
|
2,104,093 |
|
|
|
1,215,200 |
|
Write-off of deferred financing costs |
|
- |
|
|
|
72,806 |
|
Depreciation expense |
|
106,414 |
|
|
|
83,525 |
|
Stock based compensation |
|
495,015 |
|
|
|
191,318 |
|
Impairment loss |
|
904,909 |
|
|
|
719,000 |
|
(Gain) Loss on sale of real estate |
|
(44,752 |
) |
|
|
165,915 |
|
Unrealized loss on investment securities |
|
2,963,760 |
|
|
|
(284,769 |
) |
Gain on sale of investment securities |
|
(521,662 |
) |
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
(Increase) decrease in: |
|
|
|
Interest and fees receivable |
|
(2,616,200 |
) |
|
|
(1,873,578 |
) |
Other assets |
|
(3,599,779 |
) |
|
|
(26,801 |
) |
Due from borrowers |
|
(1,605,951 |
) |
|
|
(1,645,353 |
) |
Accrued Dividends Payable |
|
(1,414,560 |
) |
|
- |
Other Assets - Prepaid Expenses |
|
- |
|
|
|
(199,978 |
) |
(Decrease) increase in: |
|
|
|
Accrued Interest |
|
158,687 |
|
|
|
161,385 |
|
Accounts payable and accrued liabilities |
|
766,723 |
|
|
|
129,091 |
|
Deferred revenue |
|
(283,038 |
) |
|
|
2,544,159 |
|
Advances from borrowers |
|
(5,173,950 |
) |
|
|
13,235,575 |
|
Total adjustments |
|
(7,760,291 |
) |
|
|
14,487,495 |
|
|
|
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
13,148,360 |
|
|
|
27,806,191 |
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Purchase of investment securities |
|
(51,651,930 |
) |
|
|
(204,064,590 |
) |
Proceeds from the sale of investment securities |
|
85,113,227 |
|
|
|
180,533,333 |
|
Purchase of interests in investment partnerships, net |
|
(24,775,342 |
) |
|
|
(6,055,838 |
) |
Proceeds from sale of real estate owned |
|
2,090,879 |
|
|
|
2,399,557 |
|
Acquisitions of and improvements to real estate owned, net |
|
(126,442 |
) |
|
|
(981,873 |
) |
Purchase of property and equipment |
|
(1,581,350 |
) |
|
|
(822,322 |
) |
Security deposits held |
|
- |
|
|
|
(13,415 |
) |
Principal disbursements for mortgages receivable |
|
(300,277,303 |
) |
|
|
(251,832,318 |
) |
Principal collections on mortgages receivable |
|
131,840,244 |
|
|
|
115,147,409 |
|
Other Assets - Pre-offering Costs |
|
(170,606 |
) |
|
|
(306,440 |
) |
NET CASH USED FOR INVESTING ACTIVITIES |
|
(159,538,623 |
) |
|
|
(165,996,497 |
) |
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Net proceeds from (repayment of) line of credit |
|
(29,590,137 |
) |
|
|
5,122,383 |
|
Net proceeds from repurchase facility |
|
23,446,277 |
|
|
|
19,087,189 |
|
Proceeds from mortgage |
|
- |
|
|
|
750,000 |
|
Repayment of mortgage payable |
|
- |
|
|
|
(767,508 |
) |
Accounts payable and accrued liabilities - principal payments on
other notes |
|
(24,907 |
) |
|
|
(23,761 |
) |
Dividends paid on Common Stock |
|
(18,809,722 |
) |
|
|
(12,267,706 |
) |
Dividends paid on Preferred Stock |
|
(3,687,062 |
) |
|
|
(1,853,855 |
) |
Financings costs incurred |
|
- |
|
|
|
(461,357 |
) |
Repayment of other loans |
|
- |
|
|
|
(257,845 |
) |
Proceeds from issuance of common shares, net of expenses |
|
39,291,945 |
|
|
|
56,060,472 |
|
Proceeds from issuance of Series A Preferred Stock, net of
expenses |
|
(70,000 |
) |
|
|
45,462,626 |
|
Gross proceeds from issuance of fixed rate notes |
|
122,125,000 |
|
|
|
51,750,000 |
|
Financings costs incurred in connection with fixed rate notes |
|
(4,516,931 |
) |
|
|
(1,879,463 |
) |
NET CASH PROVIDED BY FINANCING ACTIVITIES |
|
128,164,463 |
|
|
|
160,721,175 |
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
(18,225,800 |
) |
|
|
22,530,869 |
|
|
|
|
|
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR |
|
41,938,897 |
|
|
|
19,408,028 |
|
|
|
|
|
CASH AND CASH EQUIVALENTS - END OF PERIOD |
$ |
23,713,097 |
|
|
$ |
41,938,897 |
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial
statements. |
|
|
|
|
|
SACHEM
CAPITAL CORP. |
CONSOLIDATED
STATEMENTS OF CASH FLOW (Continued) |
|
|
|
|
|
|
|
Years
Ended |
|
|
December
30, |
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS |
|
|
INFORMATION |
|
|
|
|
Interest paid |
|
$ |
19,286,819 |
|
$ |
9,097,631 |
|
|
|
|
|
SUPPLEMENTAL INFORMATION-NON-CASH |
|
|
|
|
Dividends declared and payable |
|
$ |
5,342,160 |
|
$ |
3,927,600 |
|
|
|
|
|
|
|
|
|
|
Real estate acquired in connection with the foreclosure of certain
mortgages, inclusive of interest and other fees receivable, during
the period ended December 31, 2022 amounted to $1,376,733.
Additionally, Property and Equipment, Goodwill, and Intangibles
acquired in connection with the acquisition from Urbane New Haven
during the period ended December 31, 2022 amounted to
$996,000. |
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial
statements. |
Grafico Azioni Sachem Capital (AMEX:SACH)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Sachem Capital (AMEX:SACH)
Storico
Da Giu 2023 a Giu 2024