Sachem Capital Corp., a Connecticut-based real estate finance REIT specializing in short-term, first-lien mortgage loans to real estate investors, endured a challenging 2024 marked by an $39.6 million net loss driven by loan sales losses, credit impairments, and reduced revenue. In 2025, improved capital access and lower credit costs helped the company return to profitability with $6.3 million net income on steady revenues. The firm's near-term growth depends heavily on sourcing additional capital amid competitive lending markets and managing elevated nonperforming loans that weighed on past results. Capital structure maturities clustered in late 2026 and 2027 also pose refinancing risks and pressure on dividend payouts. Operationally, the company prioritizes underwriting discipline and leveraging relationships along the U.S. eastern seaboard to grow its loan portfolio with attractive risk-adjusted returns.