Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 66

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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, 2025. The Company may redeem the Notes, in whole or in part, without premium or penalty, at any time after their second anniversary of issuance upon at least 30 days prior written notice to the holders of the Notes. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not including the date of redemption. Currently, all the Notes are callable at any time.The Company repaid in full the unsecured notes payable having an aggregate principal amount of $56.3 million which bore interest at 7.75% per annum when they matured on September 30, 2025.  These notes previously traded on the NYSE American under the symbol "SCCC".During the three months ended September 30, 2025, the Company repurchased and cancelled $0.6 million of unsecured notes payable for $0.5 million, resulting in a $0.1 million gain on extinguishment of debt which is included in other income in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2025.The following table presents the future principal payments on the notes payable as of September 30, 2025:Years ending December 31,Amount(in thousands)2025 (remaining three months)$— 202651,750 2027121,504 Total principal payments$173,254 Deferred financing costs(2,241)Total notes payable, net of deferred financing costs$171,013 The following table presents the estimated amortization of the deferred financing costs as of September 30, 2025:Years ending December 31,Amount(in thousands)2025 (remaining three months)$337 20261,410 2027494 Total deferred costs$2,241 

11.    Senior Secured Notes Payable

On June 11, 2025, Holdings, an indirect, wholly-owned subsidiary of the Company, consummated a private placement of $100.0 million aggregate principal amount of Senior Secured Notes due June 11, 2030 (the "Senior Secured Notes") to various institutional investors under a Note Purchase and Guaranty Agreement (the "Senior Secured Note Purchase Agreement"). An initial draw of $50.0 million was made at closing, an additional draw of $40.0 million was made in September 2025, and the remaining $10.0 million may be