GlobeNewswire·May 20, 2026, 7:00 AM ET

Sachem Capital Reports First Quarter 2026 Results

SACH

Sachem Capital Corp. reported a net loss of $7.2 million ($0.15 per share) for the quarter ended March 31, 2026, compared to a net loss of $0.2 million ($0.00 per share) in the same period in 2025.
The company announced a definitive contribution agreement with Industrial Realty Group to combine assets, creating a new entity named IRG Realty Trust, Inc. with an implied enterprise value of approximately $3.4 billion.
Upon closing, the combined entity will own 98 industrial properties valued at $2.9 billion plus Sachem's $470 million in assets, positioning it as a top-10 publicly listed industrial REIT.
Net interest income decreased to $3.6 million from $3.7 million in the prior year quarter due to a $0.9 million increase in loan interest income offset by a $1.1 million reduction in limited liability investment income.
Provision for credit losses increased to $5.4 million from $1.1 million in the prior year, driven by a $3.9 million non-cash charge related to a loan restructuring in Naples, Florida.
Total operating expenses rose to $5.7 million from $3.3 million in the prior year quarter, primarily due to one-time transaction expenses of $1.6 million associated with the IRG combination.
Compensation & benefits increased to $2.1 million from $1.8 million, reflecting strategic staffing additions & stock-based compensation.
Total assets reached $473.3 million at quarter-end, while total liabilities increased to $307.7 million, with total indebtedness standing at $298.3 million.
Book value per common share declined to $2.25 from $2.46 at year-end, impacted by a $7.2 million net loss & $3.5 million in dividends paid.
The company paid dividends of $0.05 per common share & $0.484375 per Series A Preferred share on March 30, 2026.
Sachem continues to operate as a REIT & intends to distribute at least 90% of taxable income to shareholders.