The balance sheet shows a contracting asset base and high leverage, with total assets eroding 24% from a peak of $626.5 million to $472.9 million and a debt-to-equity ratio of 1.80 in 2026Q1, though the negligible net PPE of $3.0 million confirms its identity as a mortgage REIT where debt likely finances the majority of its financial assets.
Sachem Capital Corp. 7.125% Not (SCCF) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Total Assets | 472.9M | 460.05M | 491.98M | 620.89M | 565.66M | 417.96M | 226.67M | 141.21M | 86.01M | 67.49M | 38.37M | 30.8M | 21.46M |
| Asset Growth % | -28.72% | -6.49% | -20.76% | 9.76% | 35.34% | 84.39% | 60.52% | 64.17% | 27.44% | 75.91% | 24.59% | 43.53% | - |
| Real Estate & Other Assets | 0 | -65.77M | -54.37M | -85.27M | -60.05M | -68.86M | 7.54M | 88.28K | 3.51M | 1.32M | 260.04K | 28.96M | 15.58M |
| PP&E (Net) | 3.04M | 3.16M | 3.22M | 3.37M | 4.12M | 2.17M | 2.83M | 1.91M | 1.18M | 501.82K | 397.45K | 0 | 0 |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 0 | 0 |
| Total Current Assets | 33.6M | 15.98M | 23.35M | 33.44M | 65.02M | 110.21M | 179.01M | 123.27M | 81.32M | 65.67M | 36.06M | 1.83M | 5.87M |
| Cash & Equivalents | 28.82M | 10.92M | 18.07M | 12.6M | 23.71M | 41.94M | 19.41M | 18.84M | 99.31K | 954.22K | 1.56M | 1.83M | 5.87M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 743.68K | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | -33.61M | -63.81M | -110.21M | 3.98M | 10.08M | 78.98M | 63.39M | 33.75M | 0 | 0 |
| Intangible Assets | 0 | 521K | 698K | 698K | 130.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 314.11M | 285.11M | 310.32M | 390.82M | 347.95M | 237.88M | 145.75M | 58.65M | 33.21M | 12.93M | 9.88M | 6.57M | 13.28K |
| Total Debt | 0 | 277.84M | 268.19M | 345.89M | 284.39M | 194.46M | 138.78M | 56.34M | 27.51M | 10.14M | 8.42M | 6M | 0 |
| Net Debt | -28.82M | 266.92M | 250.13M | 333.29M | 260.68M | 152.52M | 119.37M | 37.49M | 27.41M | 9.19M | 6.86M | 4.17M | -5.87M |
| Long-Term Debt | 0 | 258.84M | 227.53M | 283.43M | 280.81M | 161.28M | 110.72M | 56.34M | 290.98K | 301.1K | 310K | 6M | 0 |
| Short-Term Borrowings | 0 | 19M | 40M | 61.79M | 3.59M | 33.18M | 28.06M | 0 | 27.22M | 9.84M | 8.11M | 0 | 0 |
| Capital Lease Obligations | 628K | 0 | 665K | 665K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 19M | 43.45M | 99.86M | 57.26M | 61.53M | 31.09M | 253.29K | 1.06M | 10.27M | 8.4M | 37.83K | 13.28K |
| Accounts Payable | 0 | 2.59M | 3.45M | 1.81M | 1.43M | 697.4K | 372.66K | 249.88K | 316.41K | 431.35K | 196.09K | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 4.65M | 4.36M | 4.64M | 0 | 0 | 1.06M | 1.11M | 290.46K | 190.02K | 0 |
| Other Liabilities | 0 | 7.27M | 4.97M | -284.1M | -280.81M | -161.28M | 3.94M | 2.06M | 28.6M | 2.35M | 1.17M | 565.97K | 0 |
| Total Equity | 158.79M | 174.94M | 181.65M | 230.08M | 217.71M | 180.08M | 80.92M | 82.56M | 52.8M | 54.57M | 28.49M | 24.23M | 16.1M |
| Equity Growth % | -42.49% | -3.7% | -21.05% | 5.68% | 20.89% | 122.55% | -1.99% | 56.36% | -3.23% | 91.56% | 17.57% | 50.46% | - |
| Shareholders Equity | 158.79M | 174.94M | 181.65M | 230.08M | 217.71M | 180.08M | 80.92M | 82.56M | 52.8M | 54.57M | 28.49M | 24.23M | 16.1M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 48K | 48K | 47K | 47K | 41.09K | 32.73K | 22.13K | 22.12K | 15.44K | 15.42K | 28.49M | 24.23M | 16.1M |
| Additional Paid-in Capital | 0 | 257.9M | 256.96M | 249.83M | 226.22M | 185.52M | 83.81M | 83.86M | 53.19M | 53.32M | 0 | 0 | 0 |
| Retained Earnings | 0 | 41.83M | -75.35M | 75.09M | -8M | -4.99M | -2.89M | -1.27M | -405.48K | 1.24M | 0 | 0 | 0 |
| Preferred Stock | 2K | 2K | 2K | 2K | 1.9K | 1.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -1.92% | 1.33% | -7.11% | 2.68% | 4.25% | 4.13% | 4.89% | 5.45% | 10.13% | 9.18% | 8.82% | 8.83% | 6.85% |
| Return on Equity (ROE) | -5.37% | 3.54% | -19.22% | 7.1% | 10.51% | 10.21% | 11% | 9.15% | 14.48% | 11.71% | 11.57% | 11.44% | 9.13% |
| Debt / Assets | 0% | 60.39% | 54.51% | 55.71% | 50.28% | 46.53% | 61.22% | 39.89% | 31.98% | 15.03% | 21.95% | 19.48% | - |
| Debt / Equity | 0.00x | 1.59x | 1.48x | 1.50x | 1.31x | 1.08x | 1.71x | 0.68x | 0.52x | 0.19x | 0.30x | 0.25x | - |
| Net Debt / EBITDA | -3.42x | 9.46x | - | 21.78x | 11.68x | 10.36x | 11.79x | 4.88x | 3.48x | 1.88x | 2.21x | 1.80x | -4.00x |
| Book Value per Share | 3.36 | 3.73 | 3.83 | 5.20 | 5.77 | 6.84 | 3.66 | 4.25 | 3.42 | 4.56 | 2.57 | 2.10 | 1.40 |
Quick answers to the most common questions about buying SCCF stock.
As of 2025, Sachem Capital Corp. 7.125% Not (SCCF) had total assets of $460.0M including $16.0M in current assets.
Sachem Capital Corp. 7.125% Not (SCCF) carries total debt of $277.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sachem Capital Corp. 7.125% Not (SCCF) has total shareholders' equity (book value) of $174.9M ($3.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sachem Capital Corp. 7.125% Not (SCCF) reported a current ratio of 0.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Dividend funded by balance sheet drawdown
Metrics are mathematically derived from official filings.
Asset Base Erodes as Equity Shrinks
The company's total assets have contracted by approximately 24% from their peak of $626.5 million in 2024Q1 to $472.9 million in 2026Q2, while shareholder equity has declined by 33% over the same period.
This sustained reduction in the asset base suggests a deliberate, if forced, deleveraging strategy, possibly through loan paydowns or asset dispositions. However, the simultaneous erosion of equity indicates this is not a value-creating process but rather a response to operational pressures, shrinking the platform's earnings capacity.
Core Portfolio is Minimal and Non-Diversified
Net property, plant, and equipment represents a negligible fraction of total assets, standing at just $3.0 million as of 2026Q2, which confirms Sachem's identity as a mortgage REIT rather than an owner of income-producing real estate.
The minimal PPE balance indicates the company's 'portfolio' is primarily a loan book, not physical properties. This fundamentally shifts the key risk from property-level operational issues to credit risk on the underlying mortgage loans. The quality of the portfolio is therefore defined by the creditworthiness of borrowers and the value of the collateral, not by occupancy or tenant metrics.
Leverage is High but Secured by Financial Assets
The reported debt-to-equity ratio of 1.80 in 2026Q1 appears artificially low because the company's $298.3 million debt total excludes the vast majority of its financial assets, which are likely funded by the very debt on its balance sheet.
As a mortgage REIT, the company's leverage is better understood as the difference between its total assets and its equity. The high asset-to-equity ratio implies significant financial leverage deployed to generate interest income. The risk is not the maturity ladder per se, but the spread between the cost of its debt and the yields on its loan portfolio, especially if loan values decline.
Cash Position Insufficient to Cover Dividend Stream
Cash reserves of $29.6 million in 2026Q2 represent only a fractional coverage of the cumulative negative FFO and AFFO losses reported over the past several quarters, raising questions about the sustainability of funding sources.
The modest cash balance, when viewed alongside persistent negative operating cash flows and FFO, suggests liquidity is not being generated from core operations. This forces reliance on external financing or the liquidation of assets to meet obligations, including dividends. Investors should monitor the company's borrowing capacity and asset sales as primary liquidity levers.
No Visible Earnings Engine for Recovery
The absence of reported Net Operating Income (NOI) in 2024Q4 and 2026Q2, coupled with volatile FFO that swings between positive and negative, suggests there is no predictable stream of income to project forward.
For a mortgage REIT, forward visibility depends on the interest rate environment, the performance of the loan book, and the ability to refinance maturing liabilities. The erratic FFO pattern, including a swing from a -$36.0 million loss to positive $2.7 million, makes it exceptionally difficult to model future distributable cash flow or assess the cover for the dividend.
Hidden Risk in Loan Valuation and Realized Losses
The single largest non-obvious risk is the potential for mark-to-market losses or credit deterioration within the mortgage loan portfolio, which could force realized impairments that directly impair equity far more rapidly than PPE depreciation.
Unlike a traditional REIT where asset values are relatively stable, the company's assets are financial instruments whose values are sensitive to credit spreads and underlying property markets. The large negative FFO in 2024Q4 ($36.0 million loss) may have been driven by such a write-down, indicating that balance sheet stability is critically dependent on the accuracy of loan loss reserves and the health of the underlying real estate collateral.