Sachem Capital Corp. functions as a real estate investment trust (REIT) primarily engaged in property financing. The company specializes in the end-to-end ...
Sachem Capital Corp. is a self-managed real estate investment trust headquartered in Branford, Connecticut. The company operates as a specialized real estate finance provider rather than as a conventional property owner or developer. Its core business is the origination, underwriting, funding, servicing, and management of short-term, secured real estate loans. ...Sachem Capital Corp. is a self-managed real estate investment trust headquartered in Branford, Connecticut. The company operates as a specialized real estate finance provider rather than as a conventional property owner or developer. Its core business is the origination, underwriting, funding, servicing, and management of short-term, secured real estate loans. These loans are generally secured by first mortgages on residential and commercial properties and are designed for real estate investors who need capital to acquire, renovate, rehabilitate, develop, or otherwise reposition properties.
The company’s lending model is focused on speed, collateral protection, and investor-oriented transactions. Borrowers may include property investors, builders, developers, and other real estate entrepreneurs whose projects may not fit traditional bank lending criteria. Sachem evaluates the underlying property, the borrower, the proposed business plan, and the expected repayment or exit strategy before funding a loan. Interest income, loan fees, and related financing income are the principal economic drivers of the business. Because the loans are secured by real estate, collateral value and the ability to manage workouts or foreclosures are important to credit performance.
Sachem Capital was established in 2010 and later completed an initial public offering in 2017. Jeffrey C. Villano and John L. Villano are identified as co-founders, with John L. Villano serving as chief executive officer. The company has a relatively small corporate workforce, reported at approximately 26 full-time employees, consistent with a focused specialty-finance platform that relies on underwriting, asset management, servicing, legal, finance, and capital-markets functions rather than a large operational staff.
SCCD is not common equity; it is the company’s 6.00% notes due 2026. Holders of the notes are creditors of the issuer and generally receive contractual interest payments subject to the terms of the security, rather than participating directly in the company’s residual equity value. The notes therefore carry risks related to Sachem’s liquidity, leverage, asset quality, refinancing capacity, interest-rate conditions, borrower defaults, and the recoverability of real-estate collateral. Public market data identifies SCCD as trading on the NYSE American under the real estate sector and REIT-related industry classifications. Reported trailing metrics show a high dividend or coupon-oriented yield characteristic, but also weak recent profitability and cash-flow measures, indicating that investors should distinguish the fixed-income characteristics of SCCD from the performance of Sachem’s common stock and broader lending platform.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$47.1M
-18.2%
-16.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$6.3M
+115.9%
+11.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+97.8%
+59.9%
+0.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+58.8%
+388.7%
+206.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+13.4%
+119.5%
-5.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$2.5M
-80.5%
-1017.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+5.3%
-76.2%
-1193.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
158.8%
+7.6%
+7.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.84x
+56.5%
+3.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings. Welcome to Sachem Capital Corp. and Industrial Realty Group Transaction Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to Steve Swett, Investor Relations. Thank you. You may begin.
Stephen Swett: Thank you, operator, and thank you all for joining us today on such short notice. Earlier today, Sachem issued a press release announcing that the company has entered into a definitive contribution agreement with Industrial Realty Group, or IRG, to create a scaled industrial lease-driven public equity REIT with a real estate capital solutions platform. Post closing, Sachem will publicly rebrand as IRG Realty Trust, Inc., or IRGT. Joining us today are John Villano, CPA, Chief Executive Officer of Sachem and Stuart Lichter, Founder and Chairman of IRG. Before we begin, I'll read the customary cautionary language. During today's call, we may make forward-looking statements within the meaning of the federal securities laws, including statements about the proposed transaction, anticipated timing, expected benefits, pro forma expectations, leverage and financing and other nonhistorical matters. Actual results may differ materially due to risks and uncertainties. All forward-looking statements speak only as of today, May 18, 2026, and we assume no obligation to update, revise or supplement such forward-looking statements that become untrue because of subsequent events. In connection with the proposed transaction, Sachem intends to file relevant materials with the SEC, including a proxy statement. Investors and security holders are urged to read those materials when they become available and they will contain important information. All relevant materials will be posted in the Investors section of our website at www.sachemcapitalcorp.com. Given the announcement we made this morning, this call will focus on the contribution agreement with IRG. With that, I'll turn the call over to John.
John Villano: Thank you, Steve, and thank you all for joining. Today marks an important milestone for Sachem. This morning, we announced that we have entered into a definitive contribution agreement with Industrial Realty Group that, when completed, will create IRG Realty Trust, Inc. or IRGT a $3.4 billion enterprise value publicly listed industrial REIT with a real estate capital solutions platform. Let me start with the compelling reasons this contribution transaction is so exciting. This transaction is designed to deliver a strategic reset for Sachem shareholders by repositioning the company into an industrial platform with meaningful scale, recurring lease-driven cash flows and potential future growth opportunities while preserving and enhancing the strength of Sachem's established real estate capital solutions business. In other words, we're combining key assets from IRG's industrial real estate portfolio, including their well-established operating capabilities, along with Sachem's …