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Sachem Capital Reports Second Quarter 2026 Results

SACH
  • Sachem Capital Corp. reported a net loss of $6.5 million ($0.14 per share) for the quarter ended June 30, 2026, compared to a net income of $0.8 million ($0.02 per share) in the same period last year.
  • The company announced an update on its pending contribution transaction with Industrial Realty Group (IRG), where IRG will contribute 98 industrial assets to Sachem to form IRG Realty Trust, Inc. (IRGT).
  • Upon closing, the combined entity IRGT is expected to own 98 industrial properties valued at $2.9 billion plus Sachem's $473 million in assets, resulting in an implied enterprise value of approximately $3.4 billion.
  • IRG signed 9.3 million square feet of new & renewal leases in Q2 2026 through July 31, 2026, representing $44.9 million in Annual Base Rent, including 4.3 million square feet of new leases worth $23.1 million.
  • Sachem's net interest income for the quarter was $1.7 million, down from $2.2 million in Q2 2025, primarily due to lower average performing loan balances.
  • The provision for credit losses totaled $2.6 million, concentrated in three specific loans, contributing significantly to the quarter's net loss.
  • Transaction expenses related to the IRG deal were $2.6 million for the quarter, with additional costs expected until the transaction closes.
  • Total assets at quarter-end were $472.9 million, while total shareholders' equity decreased to $158.8 million, resulting in a book value per common share of $2.11.
  • In portfolio updates, a loan secured by a Coconut Grove, Florida residence was fully repaid following a $7.5 million sale, while construction on the Vela Cove Naples project is scheduled to commence in early Q4 2026.
  • Sachem paid a dividend of $0.01 per common share on June 30, 2026, and continues to operate as a REIT.