Sachem Capital Corp | 7.75% Series A Cumulative Preferred Stock (SACH.PRA)
Prospectus excerpt: We are offering to the public 1,700,000 shares of our 7.75% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share, which we refer to in this Prospectus Supplement as the Series A Preferred Stock. This is the initial issuance of the Series A Preferred Stock. We will pay quarterly cumulative cash dividends on the Series A Preferred Stock, in arrears, on the 30th day of March, June, September and December of each year (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day) from and including the date of original issuance at 7.75% of the $25.00 per share liquidation preference per annum (equivalent to $1.9375 per annum per share). Dividends will be payable, when, as and if authorized by our board of directors and declared by us, to holders of record as they appear in our stock records for the Series A Preferred Stock at the close of business on the applicable record date, which shall be the fifteenth day of the calendar month, whether or not a business day, in which the applicable dividend payment date falls. The first dividend on the Series A Preferred Stock sold in this offering will be payable on September 30, 2021 and will be in the amount of $0.4898 per share.
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Sachem Capital is a real estate investment trust. Co. is a real estate finance company that engages in originating, underwriting, funding, servicing and managing a portfolio of short-term (i.e., three years or less) loans secured by first mortgage liens on real property located primarily in the Northeastern and Southeastern U.S. and may also be secured with additional collateral, such as other real estate owned by the borrower or its principals, a pledge of the ownership interests in the borrower by the principals thereof, and/or personal guarantees by the principals of the borrower. The mortgaged property may or may not be income producing. Co. does not lend to owner-occupants. Preferred: SACH.PRA Open the SACH Information Page » |
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