BRANFORD, Conn., July 15, 2021 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announced today that its board of directors authorized and declared a quarterly dividend of $0.12 per share to be paid to shareholders of record as of the close of trading on the NYSE American on July 26, 2021. The dividend will be payable on July 30, 2021.
John Villano, CPA, Chief Executive Officer of Sachem Capital Corp., stated, “We are pleased to declare the issuance of this dividend, which follows a solid first half 2021, despite the pandemic. In addition, we recently completed a public offering of shares of our 7.75% Series A Cumulative Redeemable Preferred Stock for aggregate net proceeds of $45.4 million, which we believe provides us enhanced flexibility to continue to execute on our growth strategy. Importantly, we believe this latest dividend reflects the growth and stability of our loan portfolio, as well as increasing demand for our loan products within both our traditional markets, as well as new markets where we see significant growth opportunities ahead.”
About Sachem Capital Corp.
Sachem Capital Corp. specializes in originating, underwriting, funding, servicing, and managing a portfolio of first mortgage loans. It offers short-term (i.e., three years or less) secured, nonbanking loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, development, rehabilitation or improvement of real estate assets. Each loan is secured by a first mortgage lien on real estate. The company believes that it qualifies as a real estate investment trust (REIT) for federal income tax purposes and has elected to be taxed as a REIT beginning with its 2017 tax year. Additional information about the company is available at: https://www.sachemcapitalcorp.com/.
Forward Looking Statements
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Released July 15, 2021