Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 33

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 150%; and (B) must maintain unencumbered cash and cash equivalents in an amount equal to or greater than 2.50% of the amount of its repurchase obligations. Churchill has the right to terminate the Churchill Facility at any time upon 180 days prior notice to the Company. The Company then has an additional 180 days after termination to repurchase all the mortgage loans held by Churchill.The Company was in compliance with all facility covenants as of September 30, 2025.

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Table of ContentsSACHEM CAPITAL CORP.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

The following table presents the outstanding balances under the Churchill Facility:September 30, 2025December 31, 2024TotalOutstandingRateTotalOutstandingRate(in thousands)(in thousands)Repurchase Agreement$7,825 8.33 %$33,708 8.69 %The following table presents loans held for investment pledged as collateral under the Churchill Facility:September 30, 2025December 31, 2024Total Carrying ValueLoans PledgedNumber of LoansTotal Carrying ValueLoans PledgedNumber of Loans(in thousands)(in thousands)Loans held for investment sold under the repurchase agreement$30,718 7$66,365 17The following table presents the contractual maturities for loans held for investment sold under the Churchill Facility agreement:September 30, 2025December 31, 2024(in thousands)Maturing within one year$28,887 $56,050 After one but within two years1,831 10,315 Total$30,718 $66,365 The NHB Mortgage and the Churchill Facility contain cross-default provisions.

10.    Unsecured Notes Payable

At September 30, 2025, the Company had an aggregate of $173.3 million of unsecured, unsubordinated notes payable outstanding, net of deferred financing costs (collectively, the “Notes”). At September 30, 2025, the Company had four series of Notes outstanding:(i)Notes having an aggregate principal amount of $51.7 million bearing interest at 6.0% per annum and maturing December 30, 2026 (the “December 2026 Notes”);(ii)Notes having an aggregate principal amount