# EDGAR Filing Document

**Accession Number:** 0001682220
**File Stem:** 0001682220-25-000075
**Filing Date:** 2025-11
**Character Count:** 60506
**Document Hash:** 9735cc667fca358362f3cc79b7ad6a5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001682220-25-000075.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001682220-25-000075

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sachem Capital Corp.
- **CENTRAL INDEX KEY:** 0001682220
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 813467779
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37997
- **FILM NUMBER:** 251467241

**BUSINESS ADDRESS:**
- **STREET 1:** 568 EAST MAIN STREET
- **CITY:** BRANFORD
- **STATE:** CT
- **ZIP:** 06405
- **BUSINESS PHONE:** 2034334736

**MAIL ADDRESS:**
- **STREET 1:** 568 EAST MAIN STREET
- **CITY:** BRANFORD
- **STATE:** CT
- **ZIP:** 06405

?xml version='1.0' encoding='ASCII'? sach-20251105

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________________________________________________

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): <u>November 5, 2025</u>

<u>SACHEM CAPITAL CORP.</u>

(Exact name of Registrant as specified in its charter)

New York 001-37997 81-3467779 <br> (State or other jurisdiction of incorporation) (Commission FileNumber) (IRS Employer Identification No.)

568 East Main Street, Branford, Connecticut 06405 <br> (Address of Principal Executive Office) (Zip Code)

Registrant's telephone number, including area code <u>(203) 433-4736</u>

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 $.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 |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On November 5, 2025, Sachem Capital Corp. (the "Company") issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, announcing its financial results for the three and nine month periods ended September 30, 2025.

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On November 5, 2025, the Company hosted a conference call for investors to discuss its financial condition and operating results for the three and nine month periods ended September 30, 2025. A transcript of the call is attached hereto as Exhibit 99.2.

The information furnished pursuant to this Item 7.01 shall not be deemed to constitute an admission that such information is required to be furnished pursuant to Regulation FD or that such information or exhibits contain material information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**<u>No.</u>** | <br>**<u>Description</u>** |
| 99.1 | <u>[Press release, dated](sach-q3resultsx8kxexx991.htm)[Novem](sach-q3resultsx8kxexx991.htm)[ber](sach-q3resultsx8kxexx991.htm)[5, 2025, announcing financial results for the three and](sach-q3resultsx8kxexx991.htm)[nine](sach-q3resultsx8kxexx991.htm)[month periods ended](sach-q3resultsx8kxexx991.htm)[September](sach-q3resultsx8kxexx991.htm)[30, 2025](sach-q3resultsx8kxexx991.htm)</u> |
| 99.2 | <u>[Transcript from the investor conference call held on](sachemcapitalcorp_earnin.htm)[November](sachemcapitalcorp_earnin.htm)[5, 2025](sachemcapitalcorp_earnin.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, furnished pursuant to Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, respectively, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

\*\*\*\*\*

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | Sachem Capital Corp. | Sachem Capital Corp. |
| Dated: November 10, 2025 | By: | /s/ John L. Villano |
|  |  | John L. Villano, CPA |
|  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

![sachemcapital-logoxcolor.jpg](sachemcapital-logoxcolor.jpg)**EXHIBIT 99.1**

**SACHEM CAPITAL REPORTS THIRD QUARTER 2025 RESULTS**

**- Company to Host Webcast and Conference Call -**

**BRANFORD, Conn., November 5, 2025 (GLOBE NEWSWIRE)** -- Sachem Capital Corp. (NYSE American: SACH) (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 September 30, 2025.

John Villano, CPA, Sachem's Chief Executive Officer, commented, "In the third quarter, amid a challenging macroeconomic backdrop, our focus remained on disciplined portfolio management and capital preservation. Following the successful completion of our $100 million senior secured notes private placement, we used a portion of the proceeds to repay $56.3 million of unsecured subordinated notes, extending our debt maturity profile and strengthening our liquidity. As a result, we are in a better position to capitalize on high-quality lending opportunities, which we believe will drive long-term shareholder value into 2026 and thereafter."

***Results of operations for the quarter ended September 30, 2025***

Total revenue was $12.0 million compared to $14.8 million in the third quarter of 2024. The change in revenue was primarily due to the cumulative effect of materially lower net new origination over the last twelve months, resulting in a reduction in the unpaid principal balance of loans held for investment, in addition to a currently elevated amount of nonperforming loans and real estate owned. Utilizing the average performing loans held for investment balance for the three months ended September 30, 2025 of $268.1 million, the effective interest rate on loans held for investment for the three months ended September 30, 2025 was 12.4%. Comparatively, utilizing the average performing loans held for investment balance for the three months ended September 30, 2024 of $361.7 million, the effective interest rate on loans held for investment for the three months ended September 30, 2024 was 12.6%. Income from limited liability company investments decreased by $0.4 million as the Company has reduced its investments in limited liability companies by $12.8 million since December 31, 2024. The Company used returns of capital from its investments in limited liability companies to fund additional loans held for investment during the period.

Total operating costs and expenses for the third quarter of 2025 were $12.4 million compared to $19.6 million in the same quarter last year. Interest and amortization of deferred financing costs remained relatively consistent with the prior period at $6.6 million, but increased as a percentage of total revenues due to lower revenues in 2025. The increase in compensation and employee benefits of $0.6 million relates to one time cash bonuses of $0.4 million and additional headcount to build out the executive team due to resignation of the prior chief financial officer and the

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hiring of his replacement and a new chief accounting officer. The material decline in the provision for credit losses related to loans held for investment for the three months ended September 30, 2025 of $7.3 million as compared to the corresponding 2024 period is a result of the prior year build-up and recognition of credit loss allowance as the aggregate non-performing loan balances were increasing significantly. As the Company has been addressing its non-performing loan portfolio for the last year through loan sales, primarily during the fourth quarter of 2024, ongoing foreclosure sales and conversions to real estate owned with subsequent sale, material additional new material credit loss allowance has not been required.

Net loss attributable to common shareholders for the third quarter of 2025 was $0.1 million, or $0.00 per common share, compared to net loss attributable to common shareholders of $6.1 million, or $0.13 per common share for the third quarter of 2024.

***Balance Sheet*** 

At quarter end, total assets were $484.4 million compared to $492.0 million as of December 31, 2024 and total liabilities were $308.8 million compared to $310.3 million as of December 31, 2024.

Total indebtedness at quarter end was $298.8 million. This includes: $171.0 million of unsecured notes payable (net of $2.2 million of deferred financing costs), $86.4 million of senior secured notes payable (net of $3.6 million of deferred financing costs), $7.8 million of repurchase agreements, $32.7 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.

Total shareholders' equity as of September 30, 2025 was $175.6 million compared to $181.7 million as of December 31, 2024.

***Book value per common share***

Book value per common share as of September 30, 2025, was $2.47, a change of $0.17 from book value per common share as of December 31, 2024 of $2.64. This reduction is primarily due to cash dividends declared and paid for the nine months ended September 30, 2025 on issued and outstanding common shares and Series A Preferred Stock totaling $10.5 million, or $0.22 per common share, partially offset by net income for the nine months ended September 30, 2025 of $3.8 million, or $0.08 per common share.

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***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 September 30, 2025, 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 September 15, 2025.

***Investor Conference Webcast and Call***

The Company is hosting a webcast and conference call Wednesday, November 5, 2025 at 8:00 a.m. Eastern Time, to discuss its financial results for the quarter ended September 30, 2025 in greater detail. A webcast of the call may be accessed on the Company's website at https://sachemcapitalcorp.com/investor-relations/events-and-presentations/default.aspx.

Interested parties can access the conference call via telephone by dialing toll free 1-877-704-4453 for U.S. callers or1-201-389-0920 for international callers.

**Replay**

The webcast will also be archived on the Company's website and a telephone replay of the call will be available through Wednesday, November 19, 2025, 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: 13753427.

**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. Every loan is secured by a first mortgage lien on real estate and is usually 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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**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 the Company's 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 2024 filed with the U.S. Securities and Exchange Commission on March 31, 2025, as supplemented by our subsequently filed Quarterly Reports on Form 10-Q. 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

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**SACHEM CAPITAL CORP.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

***(dollars in thousands, except share data)***

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | **(audited)** |
| **Assets** | | |
| &nbsp;&nbsp;Cash and cash equivalents | $11172 | $18066 |
| &nbsp;&nbsp;Investment securities (at fair value) | 1429 | 1517 |
| &nbsp;&nbsp;Loans held for investment (net of deferred loan fees of $2,397 and $1,950) | 372823 | 375041 |
| &nbsp;&nbsp;Allowance for credit losses | (11083) | (18470) |
| &nbsp;&nbsp;Loans held for investment, net | 361740 | 356571 |
| &nbsp;&nbsp;Loans held for sale (net of valuation allowance of $574 and $4,880) | 8797 | 10970 |
| &nbsp;&nbsp;Interest and fees receivable (net of allowance of $2,915 and $3,133) | 4065 | 3768 |
| &nbsp;&nbsp;Due from borrowers (net of allowance of $906 and $1,135) | 5794 | 5150 |
| &nbsp;&nbsp;Real estate owned (net of impairment of $185 and $492) | 18912 | 18574 |
| &nbsp;&nbsp;Investments in limited liability companies | 41167 | 53942 |
| &nbsp;&nbsp;Investments in developmental real estate, net | 22612 | 14032 |
| &nbsp;&nbsp;Property and equipment, net | 3053 | 3222 |
| &nbsp;&nbsp;Other assets | 5656 | 6164 |
| &nbsp;&nbsp;&nbsp;Total assets | $484397 | $491976 |
| **Liabilities and Shareholders' Equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Notes payable (net of deferred financing costs of $2,241 and $3,713) | $171013 | $226526 |
| &nbsp;&nbsp;Senior secured notes payable (net of deferred financing costs of $3,554 and $0) | 86446 |  |
| &nbsp;&nbsp;Repurchase agreements | 7825 | 33708 |
| &nbsp;&nbsp;Mortgage payable | 939 | 1002 |
| &nbsp;&nbsp;Lines of credit | 32740 | 40000 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 3377 | 4377 |
| &nbsp;&nbsp;Advances from borrowers | 5811 | 4047 |
| &nbsp;&nbsp;Below market lease intangible | 628 | 665 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 308779 | 310325 |
| Commitments and Contingencies - Note 14 |  |  |
| Shareholders' equity: |  |  |
| Preferred shares - $0.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,306,748 shares of Series A Preferred Stock issued and outstanding at September 30, 2025 and December 31, 2024 | 2 | 2 |
| Common Shares - $0.001 par value; 200,000,000 shares authorized; 47,691,121 and 46,965,306 issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 48 | 47 |
| Additional paid-in capital | 257600 | 256956 |
| Cumulative net earnings | 39306 | 35518 |
| Cumulative dividends paid | (121338) | (110872) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 175618 | 181651 |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $484397 | $491976 |

---

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**SACHEM CAPITAL CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)**

***(dollars in thousands, except share and per share data)***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| Interest income from loans | $8326 | $11420 | $23696 | $35816 |
| Fee income from loans | 1964 | 1843 | 5160 | 6543 |
| Income from limited liability company investments | 1098 | 1495 | 4128 | 3907 |
| Other investment income | 85 | 3 | 102 | 388 |
| Other income | 527 | 24 | 1131 | 81 |
| &nbsp;&nbsp;Total revenues | 12000 | 14785 | 34217 | 46735 |
| Operating expenses |  |  |  |  |
| Interest and amortization of deferred financing costs | 6565 | 6836 | 18798 | 21278 |
| Compensation and employee benefits | 2334 | 1745 | 5926 | 5053 |
| General and administrative expenses | 1679 | 2301 | 4338 | 4797 |
| Provision for credit losses related to loans held for investment | 812 | 8096 | 2788 | 17964 |
| Change in valuation allowance related to loans held for sale | 33 |  | (1014) |  |
| Impairment loss on real estate owned | 185 | 320 | 185 | 397 |
| Loss (gain) on sale of real estate owned and property and equipment, net | 312 | (30) | 181 | (294) |
| Other expenses | 447 | 339 | 1287 | 1205 |
| &nbsp;&nbsp;Total operating expenses | 12367 | 19607 | 32489 | 50400 |
| &nbsp;&nbsp;Operating (loss) income | (367) | (4822) | 1728 | (3665) |
| Other income, net |  |  |  |  |
| Gain (loss) on equity securities | 1364 | (229) | 2060 | 229 |
| &nbsp;&nbsp;Total other income, net | 1364 | (229) | 2060 | 229 |
| &nbsp;&nbsp;Net income (loss) | 997 | (5051) | 3788 | (3436) |
| Preferred stock dividends | (1117) | (1095) | (3352) | (3187) |
| &nbsp;&nbsp;Net (loss) income attributable to common shareholders | $(120) | $(6146) | $436 | $(6623) |
| Basic and diluted (loss) earnings per common share | $0.00 | $(0.13) | $0.01 | $(0.14) |
| Basic and diluted weighted average number of common shares outstanding | 46902151 | 47339635 | 46854457 | 47390113 |

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**SACHEM CAPITAL CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)**

***dollars in thousands)***

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** |
| | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;Net income (loss) | $3788 | $(3436) |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1653 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 368 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 645 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses related to loans held for investment | 2788 | 17964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance related to loans held for sale | (1014) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment loss on real estate owned | 185 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale of real estate owned and property and equipment, net | 181 | (294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt | (140) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on equity securities | (2060) | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deferred loan fees | 446 | (1278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and fees receivable, net | (79) | (563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 310 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from borrowers, net | (2251) | (1666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (960) | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances from borrowers | 1764 | (3942) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments and operating changes | 1836 | 16946 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 5624 | 13510 |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investment securities |  | (7767) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of investment securities | 2148 | 43964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of interests in limited liability companies | (5742) | (11082) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments in limited liability companies | 18517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of real estate owned | 3282 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of and improvements to real estate owned | (235) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (55) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in developmental real estate | (2762) | (2482) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal disbursements for loans | (125609) | (115670) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal collections on loans | 112045 | 135265 |
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 1589 | 44262 |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from lines of credit | 58840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on lines of credit | (66100) | (26292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repurchase agreements | 11693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of repurchase agreements | (37576) | (2979) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of mortgage payable | (63) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of notes payable | (56845) | (23647) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on common shares | (7114) | (14159) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on Series A Preferred Stock | (3352) | (3187) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Senior Secured Notes | 90000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (3590) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares |  | (1373) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares, net of expenses |  | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Series A Preferred Stock, net of expenses |  | 5157 |
| NET CASH USED IN FINANCING ACTIVITIES | (14107) | (64489) |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (6894) | (6717) |
| CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD | 18066 | 12598 |
| CASH AND CASH EQUIVALENTS – END OF PERIOD | $11172 | $5881 |

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## Exhibit 99.2

![](sachemcapitalcorp_earnin001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;COPYRIGHT© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved spglobal.com/marketintelligence 1 Sachem Capital Corp. NYSEAM:SACH FQ3 2025 Earnings Call Transcripts Wednesday, November 5, 2025 1:00 PM GMT S&P Global Market Intelligence Estimates -FQ2 2025- -FQ3 2025- -FY 2025- -FY 2026- CONSENSUS ACTUAL SURPRISE CONSENSUS CONSENSUS CONSENSUS EPS (GAAP) 0.01 NA NA 0.01 0.03 NA NA 0.07 Revenue (mm) 11.30 NA NA 10.87 45.01 NA NA 44.27 Currency: USD Consensus as of Nov-05-2025 5:01 PM GMT - EPS (GAAP) - CONSENSUS ACTUAL SURPRISE FQ3 2024 0.10 (0.13) NM FQ4 2024 (0.47) (0.79) NM FQ1 2025 (0.06) 0.00 NM FQ2 2025 0.01 0.02 100.00 % EXHIBIT 99.2

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![](sachemcapitalcorp_earnin002.jpg)

Contents COPYRIGHT© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved spglobal.com/marketintelligence 2 **Table of Contents** Call Participants .................................................................................. 3 Presentation .................................................................................. 4 Question and Answer .................................................................................. 8

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![](sachemcapitalcorp_earnin003.jpg)

SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 3 Call Participants EXECUTIVES Jeffery C. Walraven Executive VP & CFO John L. Villano Founder, Chairman, President & CEO Unknown Executive ANALYSTS Christopher Whitbread Patrick Nolan Ladenburg Thalmann & Co. Inc., Research Division Gaurav Mehta Alliance Global Partners, Research Division Unknown Analyst

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SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 4 Presentation Operator Greetings, and welcome to the Sachem Capital Corp. Third Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Armen Kassabian, Investor Relations. Thank you, sir. You may begin. Unknown Executive Good morning, and thank you for joining Sachem Capital Corp.'s Third Quarter 2025 Earnings Conference Call. On the call from Sachem Capital today is Chief Executive Officer, John Villano, CPA; and Executive Vice President and Chief Financial Officer, Jeff Walraven. This morning, the company announced its operating and financial results for the quarter ended September 30, 2025. The press release is posted on the company's website, www.sachemcapitalcorp.com. In addition, the company filed its Form 10-Q today, which can be accessed on the company's website as well as the SEC's website at www.sec.gov. As a reminder, remarks made on today's conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. These include the risks detailed in our annual Form 10-K and this Form 10-Q, such as those related to nonperforming loans, credit losses and market conditions. We do not undertake any obligation to update our forward-looking statements in light of new information or future events. For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our most recent SEC filings. During this call, the company will be discussing certain non-GAAP financial measures. More information about these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are contained in our SEC filings. With that, I'll now turn the call over to John. John L. Villano Founder, Chairman, President & CEO Thank you, and thanks to everyone for joining us today. I will begin by reviewing our operating and portfolio activities for the third quarter and provide an update on our strategic progress. I will then turn the call over to Jeff to discuss our financial results and balance sheet. Then we will open the call to questions from our analysts. During the quarter, we continued working towards growing our lending platform while taking further steps to strengthen our financial position. Our efforts over the past year to protect our balance sheet have had a meaningful impact on stabilizing our portfolio while avoiding potentially dilutive financings. We are now well positioned for growth as opportunities arise. Building on the progress made in the first half of the year, in the third quarter, we remained focused on strengthening Sachem's balance sheet and improving liquidity. During the quarter, we fully repaid and delisted our SCCC 7.75% unsecured unsubordinated notes due September 30, 2025, utilizing proceeds from our recent senior secured private placement, availability on our revolving credit facility and loan repayments. The timely repayment of these notes reflect the strength of our balance sheet and underlying portfolio and enhance our financial flexibility. During the third quarter, our portfolio continued to perform in line with expectations. We still have approximately $104.1 million gross unpaid principal balance of nonperforming loans included in loans held for investment or $93 million net, down $15.5 million gross, $9 million net from the $119.6 million gross and $102 million net as of June 30, 2025. Our REO net increased nominally by $300,000 or 1.5% over the June 30 quarter. The quarter-over-quarter activity included our Urbane operations intentionally converting 2 land assets totaling $4.3 million into investment in developmental real estate entitled for multifamily development to be contributed to a significant development partner for an equity stake in the project. This was offset by $4.7 million of additions to REO, representing the culmination of lengthy foreclosure processes where we can now position the assets for sale. Resolving our NPLs and REO can be a difficult and lengthy process.

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SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 5 Our team's focus continues to make meaningful progress working through these legacy assets, which we believe is a critical step to facilitating further capital sourcing and ultimately, future portfolio and dividend growth. Interest charges and late fees collected on NPLs during our workout process totaled $2.35 million, consisting of $1.95 million of interest income and $396,000 of borrower charges and late fees. Our REO balance will continue to ebb and flow as NPLs are added and properties are sold. Subsequent to quarter end, reductions in REO are comprised of 2 building lots sold at par plus accrued interest totaling $226,000, a building lot under contract for $115,000, representing par plus accrued interest and a commercial office building under contract for $3.72 million with an expected closing in December of 2025. As of September 30, 2025, our book value was $2.47 per share, representing just a 2.8% decrease from June 30, 2025. Turning to Naples. We continue to actively manage our significant single borrower exposure in Southwest Florida. These are 2 cross- collateralized loans totaling approximately $50.4 million as of September 30, 2025, representing 13.4% of our outstanding mortgage loan portfolio. For reference, this compares to $55 million or 14% at year-end 2024. These loans remain in our nonperforming loan portfolio and on nonaccrual, which continues to weigh on monthly earnings by roughly $450,000, consistent with prior disclosures. As we've discussed on prior calls, this legacy 2021 investment has been challenged by permitting delays, the impact of 2 separate hurricanes, contractor and borrower performance issues and legal disputes involving the city of Naples and former capital partners. The mediation event that we indicated on last quarter's conference call with the former capital partner holding the second lien position, a claim set aside multiple times in bankruptcy court, but kept alive through repeated appeals was postponed and is now scheduled for Friday, November 7. A constructive outcome at mediation would clear the path to resolution. First, the sale of the remaining completed condominium units; second, the completion of an additional 4-unit condominium building on site; and third, the development or sale of the other site. Based on our current assessment, we continue to believe the consolidated cross-collateralized value of the assets exceeds our carrying value on these loans. We can't control the weather or the court and mediation calendar, but we can control our discipline. Our priorities remain the same: protect principal first, then monetize value. We will keep you apprised as we reach milestones and following the November 7 mediation, we'll evaluate the fastest, most economical path to resolution. As previously disclosed, we have 4 development initiatives managed by Urbane, our in-house construction and development platform, our Westport, Connecticut office asset with an approved residential component and 3 single-family residences in Coconut Grove, Florida. Execution remained on plan this quarter. In Westport, we continue to advance leasing discussions to increase occupancy. On a GAAP basis, the office assets are generating approximately $1.3 million of annual rental income. The residential component, 10 homes, including 2 affordable units remains fully entitled and is progressing through the development planning phase. In Coconut Grove, construction is proceeding as scheduled. One residence is expected to reach substantial completion in the mid- fourth quarter 2025, with remaining 2 scheduled for completion in the first half of 2026. In addition to these developments, Urbane is actively working across our REO portfolio to identify and convert selected assets into higher-value development opportunities, including pursuing incremental entitlements and where appropriate, continuing or initiating construction to enhance value. Additionally, at quarter end, we had invested an aggregate of $33.7 million in projects managed by Shem Creek Capital through 6 investment funds, excluding our $5 million in the Shem Creek Capital Manager. As a reminder, Shem Creek Capitalis a commercial real estate finance platform that provides debt capital solutions to multifamily properties and allows us to participate in multifamily finance with strong borrower sponsorship. During the 9 months ended September 30, 2025, these funds and manager investments generated approximately $4.1 million in revenue, of which $1.1 million was for the current quarter ended September 30, representing an attractive low-risk double-digit yield. Turning to the macro environment. Our industry continues to navigate a mix of cautious sentiment and persistent challenges. The Federal Reserve has recently implemented its second rate cut this year, lowering the target range to 3.75% to 4% and market expectations incorporate another 0.25 point cut before year-end. While this provides some relief to borrowing costs, medium- and longer-term rates remain elevated, keeping affordability stretched and existing home sales well below historical averages. Renting

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SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 6 continues to offer a meaningful cost advantage over homeownership as new construction continues to face headwinds from higher costs, tighter credit conditions and ongoing permitting hurdles. While these conditions have weighed on origination activity and contributed to ongoing elevated NPLs and REO, they also continue to create opportunities for experienced lenders like Sachem to provide flexible capital solutions in areas where traditional financing remains limited. Our pipeline of new opportunities remain strong, and we are well positioned to capitalize on them as the market adjusts to this evolving environment. We remain committed to our disciplined approach in evaluating new loans, maintaining our focus on single-family and multifamily residential assets in markets with strong underlying fundamentals. Our underwriting standards continue to emphasize highly experienced and creditworthy sponsors. Our post-COVID era loan originations continue to perform exceptionally well. As we move into the end of 2025, we remain confident in our strategic direction and our ability to capitalize on the opportunities ahead. We will continue to focus on working through our legacy REO and NPL assets while pursuing accretive growth opportunities that align with our risk management principles. We are very excited about the opportunities ahead. And with that, I will now turn the call over to Jeff. Jeffery C. Walraven Executive VP & CFO Thank you, John. I'll now walk you through Sachem Capital's financial highlights for the quarter and year-to-date. I'll start with 3 takeaways upfront. First, sequential quarterly revenue improved. Second, credit costs moderated as reserves stepped down. And third, we efficiently repaid the September bond maturity while extending duration and keeping liquidity intact. As to our results and revenue mix, total revenue for the quarter was $12 million versus $14.8 million in the third quarter of '24 and up 11.4% from $10.8 million in the second quarter of '25. The revenue mix this quarter was $8.3 million of interest income on loans, $2 million of loan fees, $1.1 million from LLC investments, $0.1 million from other investment income and $0.5 million of other income. The year-over-year decline reflects a smaller performing loan portfolio and a higher nonaccrual mix. The sequential quarter lift alternatively reflects modest growth in average loan performing balances and steady fee generation. Lastly, gains on equity securities of $1.36 million sit below operating income. Two quick pieces of color on the above. Our loan yield on average performing loan balance of roughly $268 million for the quarter, our effective interest rate was approximately 12.4%, which is consistent with the performing loan return profile in this rate environment. Inside the $2 million of loan fees, we recognized $0.84 million of origination modification fees, $0.19 million of extensions and $0.48 million of late and other fees. Now speaking to expenses and the bottom line. Quarterly operating expenses were $12.4 million, down from $19.6 million a year ago. The big swing factor was the provision for credit losses, which fell to $0.8 million from $8.1 million as last year's reserve build gave way to a steadier credit cadence. Interest expense was $6.6 million. Compensation and benefits were $2.3 million, reflecting team rebuild costs and onetime bonuses of about $0.4 million noted in the filing. We delivered GAAP net income of $1 million. But after the $1.1 million of Series A preferred dividends, net loss to common shares was $0.12 million or $0.00 per share, a sharp improvement from the $0.13 loss per share in the prior year quarter. Sequentially versus the second quarter, revenue rose 11.4%. Interest expense increased as we shifted the funding mix around the September maturity. Compensation and benefit impacts are the same as previously noted. G&A was up due to increased spend on the cost of maintaining REO properties and all other expenses normalized after adjusting for the second quarter benefit in the loans held- for-sale valuation line. On a net-net basis, it was a noisier expense quarter, but a cleaner revenue base. Now taking a look at credit portfolio mix and other activity. We ended the quarter with 119 first lien loans, $375.2 million gross principal and $361.7 million, net after $11.1 million of allowance and net of deferred fees. The weighted average contractual rate, including the default rate was 13.21%, and the weighted average remaining term is 6 months. Our property mix was 54% residential, 30% commercial, 12% mixed-use and 4% land. Geography remains diversified with the concentrations in Connecticut and Florida of 31% and 26%, respectively, of outstanding principal. Principal on our nonaccrual loans was $104.1 million, down from $119.6 million at June 30 as cash resolutions and migrations to REO outpaced additions.

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SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 7 Our allowance for credit losses on loans ended at $11.1 million or approximately 3% of unpaid principal, down from the $17.6 million at second quarter, chiefly due to charge-offs on assets moving into REO and reserve rightsizing as individual loan files progressed. REO totaled $18.9 million across 19 properties. Loans held for sale were $8.8 million net. That ebb and flow is intentional as we utilize every traditional strategy to protect principal and monetize value. In third quarter, we disbursed $44.7 million, collected $40.7 million and converted $10.9 million of principal to REO through foreclosure, blocking and tackling as we work these legacy files while underwriting and funding new disciplined business. Additionally, during third quarter, we extended terms, a weighted average of 10 months on $29 million of loans, generally to bridge permit, lease-up and construction timing. These extensions were done to safeguard collateral when repayment visibility is intact. Our Shem Creek LLC funds and manager investments contributed $1.1 million of income in the quarter on carrying value of $38.6 million at quarter end. These positions continue to generate attractive double-digit returns for Sachem. Looking at our balance sheet, capital funding and liquidity. Our balance sheet is straightforward with total assets at $484.4 million, liabilities at $308.8 million, resulting in asset to liability coverage of approximately 1.57x. Cash at quarter end was $11.2 million. In September, we retired in full the 7.75% FCCC notes at stated maturity of $56.3 million and opportunistically repurchased $0.6 million of other unsecured notes during the quarter, recording a small gain on the extinguishment. To fund the FCCC notes AC maturity without stressing originations, we drew an additional $40 million on our 9.875% senior secured notes due 2030. $10 million remains undrawn and available through May 15, 2026. As a result, quarter-over-quarter, unsecured notes decreased by $56.5 million, senior secured notes increased by $40 million, repurchase agreements fell $6.6 million and the Needham line rose $6.5 million. Further on our credit facilities and related covenants, our Needham revolver -- on our Needham revolver, we have $32.7 million outstanding at prime minus 25 basis points, 7.0% at 9/30, secured by pledged and assigned assets of $90.6 million, with customary covenants, including 150% average asset coverage test. On our senior secured notes due 2030, we have $90 million outstanding at 9.875% fixed, secured by pledged and assigned assets of $183.4 million gross value or $153.2 million net after note agreement required valuation limits and haircuts with standard leverage liquidity covenants and a 1% commitment fee on the undrawn $10 million. On our Churchill repo, we had a $7.8 million outstanding balance at an effective rate of 8.33%, secured by pledged and assigned assets of $30.7 million gross value. Subsequent to the quarter end, we have fully paid off our Churchill repo line and the pledged and assigned assets are being released. On all of our facilities, we were in compliance with covenants as of and for the 3 and 9 months ended September 30, 2025. Discussing our capital, our book value per common share was $2.47 at quarter end, down from $2.54 at June 30. The driver was simple. Preferred and common share aggregate dividends of approximately $3.5 million exceeded the quarter's GAAP breakeven net income. These dividends were declared by the Board and paid in September and were $0.05 per common share and $0.484375 per share on the 7.75% Series A preferred. For a reminder, the company's Board will address the fourth quarter dividend declaration and payment consideration in the first week of December 2025. This is consistent with the company's prior communication that the intended normal dividend cadence for both preferred and common will be addressed in March, June, September and December each year. Wrapping up this quarter's commentary, our management team remains focused on 3 levers: First, reduce our nonperforming loans and monetize REO; two, fund sound high-return loans against strong collateral; and third, manage our liquidity, leverage and debt maturities. This is how our business model works and how we intend to continue to restore faith in our book value and support the dividend framework going forward. I'll now turn the call back to John for closing comments. John L. Villano Founder, Chairman, President & CEO Thanks, Jeff. We continue to believe Sachem is well positioned as a leader in small balance real estate finance. Our key priorities are resolving our remaining REO and NPLs, further enhancing liquidity with the goal of capitalizing on our robust pipeline of opportunities to originate new loans that meet our underwriting standards. As markets normalize over time, we believe our disciplined approach will drive book value stability, support our dividend and deliver long-term value for our shareholders. Thank you, and we will now open the call to questions from our analysts.

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SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 8 Question and Answer Operator [Operator Instructions] Our first question comes from Christopher Nolan with Ladenburg Thalmann. Christopher Whitbread Patrick Nolan Ladenburg Thalmann & Co. Inc., Research Division On the Naples property, what amount of the nonaccruals does that account for? And if the mediation on Friday is favorable, could that impact the allowance? John L. Villano Founder, Chairman, President & CEO Chris, the Naples project is -- obviously, it's $50 million. It's approximately 14% of total loans and a very significant portion of our NPLs come just under half. But with respect to the mediation, our goal with the mediation is to secure the asset, right? We've done our best to protect asset value. Our borrower has kind of fallen off track. There is still some ongoing issues with second mortgage, which is comprised of former capital partners of our borrower. This mediation -- it's this Friday. It could be very significant to having Sachem take control of the asset and perhaps use the Urbane personnel to effectively manage and work through the sales process enables. We are considering if mediation goes well, a construction of what we call the South building, which we feel has strong marketability. It is a demand. Its price points are in line with the area, somewhat below what's going on in the area nowadays. But again, a lot depends on what happens on Friday. But I want to be clear. When we come out of that meeting on Friday, we will have a hard and fast route to resolving this issue. Christopher Whitbread Patrick Nolan Ladenburg Thalmann & Co. Inc., Research Division And then as a follow-up question for Jeff. Jeff, in your comments, did you mention that the net charge-offs in the quarter was due to loans heading into real estate owned? Jeffery C. Walraven Executive VP & CFO Yes, there was movement down into real estate owned. There's a schedule that is in the footnotes to -- it's in footnote 6 in REO in the [indiscernible]. And you can see there -- well, from a year-to-date perspective, charge-offs that went into REO was $8.3 million for specifically the, I guess, the quarter... Christopher Whitbread Patrick Nolan Ladenburg Thalmann & Co. Inc., Research Division I think it's... Jeffery C. Walraven Executive VP & CFO How much -- a good portion of that was in the quarter as there was a group of real estate that had moved into their plus, which monetizes or crystallizes actually the charge-offs that were previously in the CECL allowance. Operator [operator instructions] Our next question comes from Gaurav Mehta with Alliance Global Partners. Gaurav Mehta Alliance Global Partners, Research Division

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SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 9 I wanted to ask you on the loan disbursement. In the prepared remarks, you gave a number for the loan disbursed during the quarter. I wanted to get some details on that number. Was that for unfunded loan commitments? Or were there any new loan originations this quarter? Jeffery C. Walraven Executive VP & CFO There would be both. Gaurav Mehta Alliance Global Partners, Research Division Okay. And as far as the remaining unfunded commitment in your portfolio of around $47 million, what's the timing of that? Jeffery C. Walraven Executive VP & CFO It would stretch out legitimately on that. I mean the number of unfunded commitments ranging between, call it, mid-$45 million and -- $55 million is kind of consistent quarter-over-quarter as we continue to turn over the portfolio. So that $47 million is legitimately spread over the next 12 to 18 months. Gaurav Mehta Alliance Global Partners, Research Division Okay. And then lastly, on the new loan originations, can you provide some detail on where the yields are for the loans that you're looking at in the market? John L. Villano Founder, Chairman, President & CEO Our yields are -- our pricing of debt right now, we have not dropped yields with other market competitors. We are still able to earn our 12 and 2, perhaps maybe a little bit more. We don't feel the need that we need to discount. So our pricing is firm, and we'll need to stay firm, right? Our cost of debt has increased a bit, and we're not in a position where we can sit and discount our financing costs. Operator Our next question comes from Craig Kucera with Lucid Capital Markets. Unknown Analyst Jeff, I think you mentioned that some of your G&A items increased this quarter because you had to take on some additional expenses related to REO and managing that. Is it fair to assume that, that will be recurring? Jeffery C. Walraven Executive VP & CFO It really depends on the nature of the asset that has gone into REO. But yes, to the extent while REO balance stays where it is, but we're actively continuing to resolve that. We have a number of resolutions that are coming to a near end. But when it's in REO, we're -- we've got property taxes. We may have other preservation maintenance depending on where the property sits, how far along it was developed to make sure that there is no degradation of value. John L. Villano Founder, Chairman, President & CEO I'd like to add one thing to Jeff's comment. Craig, excuse me, I'd like to add one thing to Jeff's comment. While the movement to REO increased, we company-wide looked that as positive. This is the culmination of a long-term battle with our borrowers to get control of our assets. And while the markets look at REO as being absolutely terrible, right, it really is the light at the end of the tunnel for us because we can now work on those projects. We're situated in a great place with our Urbane unit to work through these. And we touched on a few of them during the call. And it's the only way and the quickest way of unlocking our capital is really to dump it into the REO. So we're quite excited that we have now clarity on a large chunk of those NPLs. Unknown Analyst

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SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 10 Got it. And sort of excluding what could possibly happen with the Naples properties and the mediation event here this Friday. What are your expectations for kind of working out some NPLs here over the next, call it, 3 to 6 months? John L. Villano Founder, Chairman, President & CEO Well, the process is ongoing. In a perfect sense, these things are resolved on the courthouse steps, right? And they don't come back. The NPL shows up, there's a cash infusion, whether there's a gain or a loss on the final tally, that's our best -- we'd like to see that first. The next best outcome is to gain control, like I mentioned. It is ongoing. There's a lot of activity in the pipeline. We will continue to see great improvement in the reduction of the NPLs. And I just want to be very clear, our post-COVID originations are not adding to the totals. So this is a finite number of issues that are going away, and there's really no new additions to the overall total. Operator We have reached the end of our question-and-answer session, which now concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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SACHEM CAPITAL CORP. FQ3 2025 EARNINGS CALL NOV 05, 2025 Copyright© 2025 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. spglobal.com/marketintelligence 11 Copyright© 2025 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved. These materials have been prepared solely for information purposes based upon information generally available to the public and from sources believed to be reliable. No content (including index data, ratings, credit-related analyses and data, research, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be used for any unlawful or unauthorized purposes. S&P Global and any third-party providers, (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON "AS IS" BASIS. S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. S&P Global Market Intelligence's opinions, quotes and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Global Market Intelligence may provide index data. Direct investment in an index is not possible. Exposure to an asset class represented by an index is available through investable instruments based on that index. S&P Global Market Intelligence assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P Global Market Intelligence does not act as a fiduciary or an investment advisor except where registered as such. S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&P Global may have information that is not available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P Global may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the right to disseminate its opinions and analyses. S&P Global's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P Global publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.© 2025 S&P Global Market Intelligence.

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