Sachem Capital (SACH) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 08, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37997
Entity Registrant Name	Sachem Capital Corp.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	81-3467779
Entity Address, Address Line One	698 Main Street,
Entity Address, City or Town	Branford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06405
City Area Code	203
Local Phone Number	433-4736
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,795,709
Entity Central Index Key	0001682220
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document and Entity Information
Title of 12(b) Security	Common Shares, par value $.001 per share
Trading Symbol	SACH
Security Exchange Name	NYSE
Notes 7.125 Percent Due 2024
Document and Entity Information
Title of 12(b) Security	7.125% Notes due 2024
Trading Symbol	SCCB
Security Exchange Name	NYSE
Notes 6.875 Percent Due 2024
Document and Entity Information
Title of 12(b) Security	6.875% Notes due 2024
Trading Symbol	SACC
Security Exchange Name	NYSE
Notes 7.75 Percent Due 2025
Document and Entity Information
Title of 12(b) Security	7.75% Notes due 2025
Trading Symbol	SCCC
Security Exchange Name	NYSE
Notes 6.00 Percent Due 2026
Document and Entity Information
Title of 12(b) Security	6.00% Notes due 2026
Trading Symbol	SCCD
Security Exchange Name	NYSE
Notes 6.00 Percent Due 2027
Document and Entity Information
Title of 12(b) Security	6.00% Notes due 2027
Trading Symbol	SCCE
Security Exchange Name	NYSE
Notes 7.125 Percent Due 2027
Document and Entity Information
Title of 12(b) Security	7.125% Notes due 2027
Trading Symbol	SCCF
Security Exchange Name	NYSE
Notes 8.00 Percent Due 2027
Document and Entity Information
Title of 12(b) Security	8.00% Notes due 2027
Trading Symbol	SCCG
Security Exchange Name	NYSE
Series A Preferred Stock
Document and Entity Information
Title of 12(b) Security	7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share
Trading Symbol	SACHPRA
Security Exchange Name	NYSE

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 35,464,257	$ 41,938,897
Investment securities	34,351,374	60,633,661
Mortgages receivable	448,524,665	292,301,209
Interest and fees receivable	5,746,907	3,693,645
Due from borrowers	5,055,146	3,671,016
Real estate owned	5,615,940	6,559,010
Investments in partnerships	22,542,941	6,055,838
Property and equipment, net	3,397,812	2,172,185
Other assets	1,122,342	936,290
Total assets	561,821,384	417,961,751
Liabilities:
Notes payable (net of deferred financing costs of $8,844,137 and $5,747,387)	279,557,613	160,529,363
Repurchase facility	43,100,146	19,087,189
Mortgage payable	750,000	750,000
Line of credit	3,542,853	33,178,031
Accrued dividends payable		3,927,600
Accounts payable and accrued liabilities	1,162,170	697,403
Advances from borrowers	9,936,828	15,066,114
Deferred revenue	4,471,800	4,643,490
Total liabilities	342,521,410	237,879,190
Commitments and Contingencies
Shareholders' equity:
Preferred shares - $.001 par value; 5,000,000 shares authorized; 1,903,000 shares of Series A Preferred Stock issued and outstanding	1,903	1,903
Common shares - $.001 par value; 200,000,000 shares authorized; 40,080,672 and 32,730,004 issued and outstanding	40,081	32,730
Paid-in capital	222,520,783	185,516,394
Accumulated other comprehensive loss	(557,541)	(476,016)
Accumulated deficit	(2,705,252)	(4,992,450)
Total shareholders' equity	219,299,974	180,082,561
Total liabilities and shareholders' equity	$ 561,821,384	$ 417,961,751

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
BALANCE SHEETS
Deferred financing costs	$ 8,844,137	$ 5,747,387
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	1,903,000	1,903,000
Preferred stock, shares outstanding	1,903,000	1,903,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	40,080,672	32,730,004
Common shares, shares outstanding	40,080,672	32,730,004

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Interest income from loans	$ 11,545,748	$ 6,094,165	$ 30,490,694	$ 15,307,692
Investment gains, net	238,225	532,163	586,166	911,005
Income from partnership investments	523,067	35,983	1,112,560	90,225
Origination and modification fees, net	1,669,034	1,268,624	5,759,650	2,788,498
Fee and other income	641,749	591,441	2,048,921	1,851,031
Unrealized losses on investment securities	(1,076,836)		(3,607,498)
Total revenue	13,540,987	8,522,376	36,390,493	20,948,451
Operating costs and expenses:
Interest and amortization of deferred financing costs	5,974,975	2,589,847	15,083,228	7,541,536
Compensation, fees and taxes	1,509,518	771,373	3,691,421	2,175,603
Other expenses	90,899	137,607	320,231	248,581
General and administrative expenses	715,994	478,484	1,993,812	1,369,328
Loss (Gain) on sale of real estate	962	94,450	(121,381)	111,545
Impairment loss	195,000	150,000	790,500	469,000
Total operating costs and expenses	8,487,348	4,221,761	21,757,811	11,915,593
Net income	5,053,639	4,300,615	14,632,682	9,032,858
Preferred stock dividend	(921,766)	(913,791)	(2,765,297)	(932,089)
Net income attributable to common shareholders	4,131,873	3,386,824	11,867,385	8,100,769
Other comprehensive loss
Unrealized gain (loss) on investment securities	(131,569)	(500,188)	(81,525)	(611,998)
Comprehensive income	$ 4,000,304	$ 2,886,636	$ 11,785,860	$ 7,488,771
Basic and diluted net income per common share outstanding:
Basic	$ 0.11	$ 0.12	$ 0.32	$ 0.32
Diluted	$ 0.11	$ 0.12	$ 0.32	$ 0.32
Weighted average number of common shares outstanding:
Basic	38,829,610	27,973,249	36,723,305	24,968,885
Diluted	38,829,852	27,977,095	36,729,184	24,972,837

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Series A Preferred Stock Preferred Stock	Series A Preferred Stock Additional Paid in Capital	Series A Preferred Stock	Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balance balance at Dec. 31, 2020					$ 22,125	$ 83,814,376	$ (25,992)	$ (2,890,969)	$ 80,919,540
Beginning balance (in shares) at Dec. 31, 2020					22,124,801
Issuance of Series A Preferred Stock, net of expenses	$ 1,903	$ 45,460,723	$ 45,462,626
Issuance of Series A Preferred Stock, net of expenses (in shares)	1,903,000
Issuance of common shares, net of expenses					$ 6,097	30,877,831			30,883,928
Issuance of common shares, net of expenses (in shares)					6,096,448
Stock based compensation					$ 94	126,538			126,632
Stock based compensation (in shares)					94,681
Unrealized loss on marketable securities							(611,998)		(611,998)
Dividends paid on Series A Preferred Stock								(932,089)	(932,089)
Dividends paid on common shares								(6,123,415)	(6,123,415)
Net income								9,032,858	9,032,858
Balance at Sep. 30, 2021				$ 1,903	$ 28,316	160,279,468	(637,990)	(913,615)	158,758,082
Balance (in shares) at Sep. 30, 2021				1,903,000	28,315,930
Balance balance at Jun. 30, 2021				$ 1,700	$ 26,733	147,362,456	(137,802)	(963,683)	146,289,404
Beginning balance (in shares) at Jun. 30, 2021				1,700,000	26,733,213
Issuance of Series A Preferred Stock, net of expenses	$ 203	$ 4,849,297	$ 4,849,500
Issuance of Series A Preferred Stock, net of expenses (in shares)	203,000
Issuance of common shares, net of expenses					$ 1,583	8,003,496			8,005,079
Issuance of common shares, net of expenses (in shares)					1,582,717
Stock based compensation						64,219			64,219
Unrealized loss on marketable securities							(500,188)		(500,188)
Dividends paid on Series A Preferred Stock								(913,791)	(913,791)
Dividends paid on common shares								(3,336,756)	(3,336,756)
Net income								4,300,615	4,300,615
Balance at Sep. 30, 2021				$ 1,903	$ 28,316	160,279,468	(637,990)	(913,615)	158,758,082
Balance (in shares) at Sep. 30, 2021				1,903,000	28,315,930
Balance balance at Dec. 31, 2021				$ 1,903	$ 32,730	185,516,394	(476,016)	(4,992,450)	180,082,561
Beginning balance (in shares) at Dec. 31, 2021				1,903,000	32,730,004
Issuance of common shares, net of expenses					$ 7,177	36,647,242			36,654,419
Issuance of common shares, net of expenses (in shares)					7,177,043
Exercise of warrants					$ 20	(20)
Exercise of warrants (in shares)					19,658
Stock based compensation					$ 154	357,167			357,321
Stock based compensation (in shares)					153,967
Unrealized loss on marketable securities							(81,525)		(81,525)
Dividends paid on Series A Preferred Stock								(2,765,297)	(2,765,297)
Dividends paid on common shares								(9,580,187)	(9,580,187)
Net income								14,632,682	14,632,682
Balance at Sep. 30, 2022				$ 1,903	$ 40,081	222,520,783	(557,541)	(2,705,252)	219,299,974
Balance (in shares) at Sep. 30, 2022				1,903,000	40,080,672
Balance balance at Jun. 30, 2022				$ 1,903	$ 36,756	206,973,510	(425,972)	(1,583,202)	205,002,995
Beginning balance (in shares) at Jun. 30, 2022				1,903,000	36,755,786
Issuance of common shares, net of expenses					$ 3,310	15,420,273			15,423,583
Issuance of common shares, net of expenses (in shares)					3,309,886
Stock based compensation					$ 15	127,000			127,015
Stock based compensation (in shares)					15,000
Unrealized loss on marketable securities							(131,569)		(131,569)
Dividends paid on Series A Preferred Stock								(921,766)	(921,766)
Dividends paid on common shares								(5,253,923)	(5,253,923)
Net income								5,053,639	5,053,639
Balance at Sep. 30, 2022				$ 1,903	$ 40,081	$ 222,520,783	$ (557,541)	$ (2,705,252)	$ 219,299,974
Balance (in shares) at Sep. 30, 2022				1,903,000	40,080,672

STATEMENTS OF CASH FLOW

STATEMENTS OF CASH FLOW - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 14,632,682	$ 9,032,858
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and bond discount	1,664,822	839,418
Write-off of deferred financing costs		72,806
Depreciation expense	66,533	61,286
Stock based compensation	357,321	126,632
Impairment loss	790,500	469,000
(Gain) Loss on sale of real estate	(121,381)	111,545
Unrealized loss on investment securities	3,607,498	(212,449)
Loss on sale of investment securities	148,565
Debt Forgiveness		(257,845)
(Increase) decrease in:
Interest and fees receivable	(2,154,704)	(885,380)
Other assets - other receivables	(418,176)	(361,084)
Due from borrowers	(1,505,785)	(1,405,352)
Other assets - prepaid expenses	153,842	(14,500)
(Decrease) increase in:
Accounts payable and accrued liabilities - accrued interest	431,110	(3,344)
Accounts payable and accrued liabilities - accounts payable and accrued expenses	53,818	(179,992)
Deferred revenue	(171,690)	1,779,960
Advances from borrowers	(5,129,286)	8,201,117
Total adjustments	(2,227,013)	8,341,818
NET CASH PROVIDED BY OPERATING ACTIVITIES	12,405,669	17,374,676
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities	(39,715,900)	(160,896,229)
Proceeds from the sale of investment securities	62,160,599	141,709,658
Purchase of interests in investment partnerships, net	(16,487,103)	(1,804,217)
Proceeds from sale of real estate owned	1,571,467	1,839,977
Acquisitions of and improvements to real estate owned, net	(101,168)	(333,435)
Purchase of property and equipment	(1,292,160)	(817,785)
Security deposits held		(11,416)
Principal disbursements for mortgages receivable	(252,370,675)	(154,810,007)
Principal collections on mortgages receivable	95,173,969	90,463,016
Other assets - costs in connection with SPAC offering	(166,360)	(281,191)
NET CASH USED FOR INVESTING ACTIVITIES	(151,227,331)	(84,941,629)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from (repayment of) line of credit	(29,635,178)	2,000,511
Net proceeds from repurchase facility	24,012,957
Repayment of mortgage payable		(767,508)
Accounts payable and accrued liabilities - principal payments on other notes	(20,161)	(17,184)
Dividends paid on common shares	(13,507,787)	(8,778,392)
Dividends paid on Series A Preferred Stock	(2,765,297)	(932,089)
Financings costs incurred		(450,651)
Proceeds from issuance of common shares, net of expenses	36,654,419	30,883,928
Proceeds from issuance of Series A Preferred Stock, net of expenses		45,462,626
Gross proceeds from issuance of fixed rate notes	122,125,000
Financings costs incurred in connection with fixed rate notes	(4,516,931)
NET CASH PROVIDED BY FINANCING ACTIVITIES	132,347,022	67,401,241
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(6,474,640)	(165,712)
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR	41,938,897	19,408,028
CASH AND CASH EQUIVALENTS - END OF PERIOD	35,464,257	19,242,316
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Interest paid	$ 13,012,805	$ 6,745,109

STATEMENTS OF CASH FLOW (Parent

STATEMENTS OF CASH FLOW (Parenthetical)	Sep. 30, 2022 USD ($)
STATEMENTS OF CASH FLOW
Real estate acquired in connection with the foreclosure of certain mortgages, inclusive of interest and other fees receivable	$ 1,091,348

The Company

The Company	9 Months Ended
	Sep. 30, 2022
The Company
The Company	1. The Company Sachem Capital Corp. (the “Company”), a New York corporation, specializes in originating, underwriting, funding, servicing and managing a portfolio of first mortgage loans. The Company offers short term ( i.e. one

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies Unaudited Financial Statements The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021 and the notes thereto included in the Company’s Annual Report on Form 10-K. Results of operations for the interim periods are not necessarily indicative of the operating results to be attained in the entire fiscal year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on (a) various assumptions that consider its experience, (b) the Company’s projections regarding future operations and (c) general financial market and local and general economic conditions. Actual amounts could materially differ from those estimates. Cash and Cash Equivalents The Company considers all demand deposits, cashier’s checks, money market accounts and certificates of deposit with an original maturity of three months or less to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. The Company does not believe that the risk is significant. Allowance for Loan Loss The Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest, the borrower’s likelihood of executing the original exit strategy, as well as the loan-to-value (LTV) ratio. Based on the analysis, management determines if any provisions for impairment of loans should be made and whether any loan loss reserves are required. Fair Value Measurements The framework for measuring fair value provides a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820 are described as follows: Level 1 Level 2 ● ● ● ● If the asset or liability has a specified (i.e., Level 3 Property and Equipment Land and building acquired in December 2016 to serve as the Company’s office facilities is stated at cost. The building is being depreciated using the straight-line method over its estimated useful life of 40 years. Expenditures for repairs and maintenance are charged to expense as incurred. The Company relocated its entire operations to this property in March 2019. Land and building acquired in 2021 to serve as the Company’s future corporate headquarters is stated at cost. The building is not currently being depreciated as it is undergoing renovations. Real Estate Owned Real estate owned by the Company is stated at cost and is tested for impairment quarterly. Consolidations The consolidated financial statements of the Company include the accounts of all subsidiaries in which the Company has control over significant operating, financial and investing decisions of the entity. All intercompany accounts and transactions have been eliminated. Impairment of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows.If the undiscounted cash flows are less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair market value of the assets. Deferred Financing Costs Costs incurred in connection with the Company’s revolving credit facilities, described in Note 7-Line of Credit, Mortgage Payable and Churchill Facility are, amortized over the term of the applicable facility using the straight-line method. Costs incurred by the Company in connection with the public offering of its unsecured, unsubordinated notes, described in Note 9 - Notes Payable, are being amortized over the term of the respective Notes. Revenue Recognition Interest income from the Company’s loan portfolio is earned over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company’s loans provide for interest to be paid monthly in arrears. The Company, generally, does not accrue interest income on mortgages receivable that are more than 90 days past due or interest charged at default rates. However, interest income not accrued at September 30, 2022 but collected prior to the issuance of this report is included in income for the period ended September 30, 2022. Origination and modification fee revenue, generally 1% – 3% of either the original loan principal or the modified loan balance, is collected at loan funding and is recognized ratably over the contractual life of the loan in accordance with ASC 310. Income Taxes The Company believes it qualifies as a real estate investment trust (“REIT”) for federal income tax purposes and operates accordingly. It made the election to be taxed as a REIT on its 2017 Federal income tax return. The Company’s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distribution requirements applicable to REITs and the diversity of ownership of its outstanding capital stock. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification. FASB ASC Topic 740-10 “Accounting for Uncertainty in Income Taxes ” “ ” Earnings Per Share Basic and diluted earnings per share are calculated in accordance with ASC 260 “ ” Investment Transactions and Related Income. Investment transactions are accounted for on a trade-date basis. Dividends are recorded on the ex-dividend date and interest is recognized on the accrual basis. Investment securities are marked-to-market. Unrealized gains and losses on investment securities with a stated maturity date are included in other comprehensive income (loss). All other unrealized gains and losses on investment securities are included in net income (loss). Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the Company’s financial statements. Reclassifications Certain amounts included in the September 30, 2021 and December 31, 2021 financial statements have been reclassified to conform to the September 30, 2022 presentation. ​

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2022
Fair Value Measurement
Fair Value Measurement	3. Fair Value Measurement The fair value measurement level within the fair value hierarchy of an asset or liability is based on the lowest level of any input that is significant to the fair market value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETFs ​ $ 9,135,577 ​ ​ — ​ ​ — ​ $ 9,135,577 Mutual funds ​ ​ 25,215,797 ​ ​ — ​ ​ — ​ ​ 25,215,797 Total liquid investments ​ $ 34,351,374 ​ ​ — ​ ​ — ​ $ 34,351,374 Real estate owned ​ ​ — ​ ​ — ​ $ 5,615,940 ​ $ 5,615,940 ​ Following is a description of the methodologies used for assets measured at fair value: Stocks and ETFs: Mutual funds: Real estate owned ​ Impact of Fair Value of AFS Securities on OCI The following table presents the impact of the Company's Available-For-Sale (AFS) securities on its Other Comprehensive Income (OCI) for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 OCI from AFS securities: ​ ​ ​ ​ Unrealized (losses) on AFS securities at beginning of period ​ $ (425,972) ​ $ (137,802) ​ $ (476,016) ​ $ (25,992) Unrealized (losses) on securities available-for-sale ​ (131,569) ​ (500,188) ​ (81,525) ​ (611,998) Change in OCI from AFS securities ​ (131,569) ​ (500,188) ​ (81,525) ​ (611,998) Balance at end of period ​ $ (557,541) ​ $ (637,990) ​ $ (557,541) ​ $ (637,990) ​

Mortgages Receivable

Mortgages Receivable	9 Months Ended
	Sep. 30, 2022
Mortgages Receivable
Mortgages Receivable	4. Mortgages Receivable The Company offers secured, non-bank loans to real estate owners and investors (also known as “hard money” loans) to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut, New York and Florida. The loans are secured by first mortgage liens on one or more properties owned by the borrower or related parties. The loans are generally for a term of one to three years . The loans are initially recorded and carried thereafter, in the financial statements, at cost. Most of the loans provide for monthly payments of interest only (in arrears) during the term of the loan and a “balloon” payment of the principal on the maturity date. For the nine months ended September 30 , 2022 and 2021, the aggregate amounts of loans funded by the Company were $252,370,675 and $154,810,007 , respectively, offset by principal repayments of $95,173,969 and $90,463,016 , respectively. As of September 30, 2022, the Company’s mortgage loan portfolio includes loans ranging in size up to $26,117,118 with stated interest rates ranging from 5.0% to 14.2% . The default interest rate is generally 18% . As of September 30, 2022 and 2021, the Company’s mortgage loan portfolio had an impairment loss of $105,000 and $0, respectively. At September 30, 2022, no single borrower or group of related borrowers had loans outstanding representing more than 10% of the total balance of the loans outstanding. At September 30, 2021, we had one borrower whose outstanding loans represented 10.2% of the total balance of loans outstanding. The Company may agree to extend the term of a loan if, at the time of the extension, the loan and the borrower meet all the Company’s then underwriting requirements. The Company treats a loan extension as a new loan. Credit Risk Credit risk profile based on loan activity as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Residential Commercial Land Mixed Use Mortgages December 31, 2021 ​ $ 157,841,896 ​ $ 95,319,795 ​ $ 20,755,891 ​ $ 18,383,627 ​ $ 292,301,209 September 30, 2022 ​ $ 234,747,362 ​ $ 143,898,654 ​ $ 39,513,545 ​ $ 30,365,104 ​ $ 448,524,665 ​ The following is the maturities of mortgages receivable as of September 30: ​ ​ ​ ​ ​ 2022 and prior $ 90,968,755 2023 ​ 286,239,279 2024 ​ 68,108,899 2025 ​ 1,049,500 Thereafter ​ ​ 2,158,232 Total ​ $ 448,524,665 ​ At September 30, 2022 there were 92 loans having an aggregate unpaid principal balance of approximately $45.0 million that were past maturity and either in foreclosure or in the process of being extended. Of the 477 mortgage loans in the Company’s portfolio, 44 were the subject of foreclosure proceedings. The aggregate outstanding principal balance of these loans and the accrued but unpaid interest and borrower charges as of September 30, 2022 was approximately $21.4 million. In the case of each of these loans, the Company believes the value of the collateral exceeds the outstanding balance on the loan plus accrued interest and borrower charges. ​

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2022
Real Estate Owned
Real Estate Owned	5. Real Estate Owned Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned. As of September 30, 2022 and 2021, real estate owned totaled $5,615,940 and $6,774,522, respectively, with no valuation allowance. For the nine months ended September 30, 2022, the Company recorded an impairment loss of $685,500 compared to an impairment loss of $469,000 for the same period in 2021. For the three-months ended September 30, 2022 and 2021, the impairment loss was $195,000 and $150,000, respectively. ​ As of September 30, 2022, real estate owned included $800,053 of real estate held for rental and $4,815,887 of real estate held for sale. As of September 30, 2021, real estate owned included $916,325 of real estate held for rental and $5,858,197 of real estate held for sale. ​ Properties Held for Sale During the three and nine months ended September 30, 2022, the Company sold two properties held for sale and recognized an aggregate loss of $962 and five properties for an aggregate gain of $121,381, respectively. During the three and nine months ended September 30, 2021, the Company sold four properties held for sale, and recognized an aggregate loss of $94,450 and six properties for an aggregate loss of $111,545, respectively. Properties Held for Rental As of September 30, 2022, one property, a commercial building, was held for rental. The tenant signed a five-year lease that commenced on August 1, 2021. Rental payments due from real estate held for rental are as follows: ​ ​ ​ ​ ​ Year ending December 31, 2022 $ 53,200 Year ending December 31, 2023 ​ 53,200 Year ending December 31, 2024 ​ 53,200 Year ending December 31, 2025 ​ ​ 53,200 Total ​ $ 212,800 ​

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2022
Other Assets.
Other Assets	6. Other Assets As of September 30, 2022 and December 31, 2021, other assets consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Prepaid expenses ​ $ 117,449 ​ $ 271,291 Other receivables ​ 512,284 ​ 94,108 Other assets ​ 472,800 ​ 306,440 Deferred financing costs, net ​ 19,809 ​ 264,451 Total ​ $ 1,122,342 ​ $ 936,290 ​

Line of Credit, Mortgage Payabl

Line of Credit, Mortgage Payable, and Churchill Facility	9 Months Ended
	Sep. 30, 2022
Line of Credit, Mortgage Payable, and Churchill Facility
Line of Credit, Mortgage Payable, and Churchill Facility	7. Line of Credit, Mortgage Payable, and Churchill Facility Wells Fargo Margin Line of Credit During the year ended December 31, 2020, the Company established a margin loan account at Wells Fargo Advisors that is secured by the Company’s portfolio of short-term securities. The credit line bears interest at a rate equal to 1.75% below the prime rate. At September 30, 2022 the rate on the Wells Fargo credit line was 4.50%. As of September 30, 2022 the total outstanding balance on the Wells Fargo credit line was $3,542,853. Mortgage Payable In 2021, the Company obtained a new adjustable-rate mortgage loan from New Haven Bank (“NHB”) for up to a maximum principal amount of Churchill MRA Funding I LLC Repurchase Financing Facility On July 21, 2021, the Company consummated a $200 million master repurchase financing facility (“Facility”) with Churchill MRA Funding I LLC (“Churchill”), a subsidiary of Churchill Real Estate, a vertically integrated real estate finance company based in New York, New York. Under the terms of the Facility, the Company has the right, but not the obligation, to sell mortgage loans to Churchill, and Churchill has the right, but not the obligation, to purchase those loans. In addition, the Company has the right and, in some instances the obligation, to repurchase those loans from Churchill. The amount that Churchill will pay for each mortgage loan it purchases will vary based on the attributes of the loan and various other circumstances. The repurchase price is calculated by applying an interest factor, as defined, to the purchase price of the mortgage loan. The Company has also pledged the mortgage loans sold to Churchill to secure its repurchase obligation. The cost of capital under the Facility is equal to the sum of (a) the greater of (i) 0.25% and (ii) the 30-day LIBOR plus (b) 3% - 4%, depending on the aggregate principal amount of the mortgage loans held by Churchill at that time. As of September 30, 2022 the effective rate charged under the Facility was 6.99%. The Facility is subject to other terms and conditions, including representations and warranties, covenants and agreements typically found in these types of financing arrangements. Under one such covenant, the Company (A) is prohibited from (i) paying any dividends or making distributions in excess of 90% of its taxable income, (ii) incurring any indebtedness or (iii) purchasing any of its capital stock, unless, it has an asset coverage ratio of at least 150%; and (B) must maintain unencumbered cash and cash equivalents in an amount equal to or greater than 2.50% of the amount of its repurchase obligations. Churchill has the right to terminate the Facility at any time upon 180 days prior notice to the Company. The Company then has an additional 180 days after termination to repurchase all the mortgage loans held by Churchill. The Company uses the proceeds from the Facility to finance the continued expansion of its lending business and for general corporate purposes. At September 30, 2022, the total amount outstanding under the Facility was $43,100,146 and the Company estimates that it had approximately $2.1 million of additional availability under the Facility. The collateral pledged to Churchill at September 30, 2022, was 32 mortgage loans that in the aggregate had unpaid principal balance of approximately $80.4 million. ​ Each of the NHB Mortgage and the Churchill Facility contain cross-default provisions.

Financing Transactions

Financing Transactions	9 Months Ended
	Sep. 30, 2022
Financing Transactions
Financing Transactions	8. Financing Transactions During the nine month period ended September 30, 2022, the Company generated approximately $159.7 million of gross proceeds from the sale of its securities as follows: (i) $51,875,000 from the sale of its 6.0% unsecured, unsubordinated notes due March 30, 2027; (ii) $30,000,000 from the sale of its 7.125% unsecured, unsubordinated notes due June 30, 2027; (iii) $40,250,000 from the sale of its 8.00% unsecured, unsubordinated notes due September 30, 2027; and (iv) $37,602,871 from the sale of 7,177,043 common shares in an “at-the-market” offering. The net proceeds from the sale of these securities, approximately $154,300,000, were used primarily to fund new mortgage loans, for working capital and general corporate purposes. During the nine month period ended September 30, 2022, the Company sold an aggregate of 7,177,043 common shares in an at-the-market offering. Net proceeds to the Company from the sale of these shares were $36,654,419.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2022
Notes Payable
Notes Payable	9. Notes Payable At September 30, 2022, the Company had an aggregate of $279,557,613 of unsecured, unsubordinated notes payable outstanding, net of $8,844,137 of deferred financing costs (collectively, the “Notes”). Currently, the Company has seven series of Notes outstanding: (i) Notes having an aggregate principal amount of $23,663,000 bearing interest at 7.125% per annum and maturing June 30, 2024 (“the June 2024 Notes”); (ii) Notes having an aggregate principal amount of $34,500,000 bearing interest at 6.875% per annum and maturing December 30, 2024 (the “December 2024 Notes”); (iii) Notes having an aggregate principal amount of $56,363,750 bearing interest at 7.75% per annum and maturing September 30, 2025 (the “September 2025 Notes”); (iv) Notes having an aggregate principal amount of $51,750,000 bearing interest at 6.0% per annum and maturing December 30, 2026 (the “December 2026 Notes”); (v) Notes having an aggregate principal amount of $51,875,000 bearing interest at 6.0% per annum and maturing March 30, 2027 (the “March 2027 Notes”); (vi) Notes having an aggregate principal amount of $30,000,000 bearing interest at 7.125% per annum and maturing June 30, 2027 (the "June 2027 Notes"); and (vii) Notes having an aggregate principal amount of $40,250,000 bearing interest at 8.00% per annum and maturing September 30, 2027 (the “September 2027 Notes”). The Notes were sold in underwritten public offerings, were issued in denomination of  $25.00 each and are listed on the NYSE American and trade under the symbols “SCCB,” “SACC,” “SCCC,” “SCCD,” “SCCE,” “SCCF” and “SCCG,” respectively. All the Notes were issued at par except for the last tranche of the September 2025 notes, in the original principal amount of $28 million, which were issued at $24.75 each. Interest on the Notes is payable quarterly on each March 30, June 30, September 30 and December 30 that they are outstanding. So long as the Notes are outstanding, the Company is prohibited from making distributions in excess of

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2022
Accounts Payable and Accrued Liabilities.
Accounts Payable and Accrued Liabilities	10. Accounts Payable and Accrued Liabilities As of September 30, 2022 and December 31, 2021, accounts payable and accrued liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Accounts payable and Accrued expenses ​ 555,571 ​ 501,753 Other notes ​ 10,760 ​ 30,921 Accrued interest ​ 595,839 ​ 164,729 Total ​ $ 1,162,170 ​ $ 697,403 ​

Fee And Other Income

Fee And Other Income	9 Months Ended
	Sep. 30, 2022
Fee And Other Income
Fee And Other Income	11. Fee and Other Income For the three and nine-month periods ended September 30, 2022 and 2021, fee and other income consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ended September 30, ​ ended September 30, ​ 2022 2021 2022 2021 Late and other fees ​ $ 92,098 ​ $ 202,572 ​ $ 338,638 ​ $ 300,471 Processing fees ​ 37,480 ​ 50,230 ​ 165,950 ​ 129,615 Rental income, net ​ 8,867 ​ 28,320 ​ 37,067 ​ 23,105 Extension fees ​ 212,608 ​ 86,671 ​ 415,128 ​ 232,886 Other fees ​ ​ 124,292 ​ ​ 55,025 ​ ​ 259,542 ​ ​ 150,094 Legal fees ​ ​ 91,115 ​ ​ 69,800 ​ ​ 253,055 ​ ​ 181,600 Other income ​ ​ 75,289 ​ ​ 98,823 ​ ​ 579,541 ​ ​ 833,260 Total ​ $ 641,749 ​ $ 591,441 ​ $ 2,048,921 ​ $ 1,851,031 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies Origination and Modification Fees Loan origination and modification fees generally range from 1% - 3% each of the original loan principal or the modified loan balance and, generally, are payable at the time the loan is funded or modified. The unamortized portion is recorded as deferred revenue on the balance sheet. At September 30, 2022, deferred revenue was $4,471,800, which will be recorded as income as follows: ​ ​ ​ ​ ​ Year ending December 31, 2022 $ 1,583,313 Year ending December 31, 2023 ​ ​ 2,687,114 Year ending December 31, 2024 ​ ​ 201,373 Total ​ $ 4,471,800 ​ In instances in which mortgages are repaid before their maturity date, the balance of any unamortized deferred revenue is recognized in full at the time of repayment. Employment Agreements In February 2017, the Company entered into an employment agreement with John Villano, the material terms of which are as follows: (i) the employment term is five years with extensions for successive one-year periods unless either party provides written notice at least 180 days prior to the next anniversary date of its intention to not renew the agreement; (ii) a base salary of $260,000, which was increased in April 2018, April 2021 and April 2022 to $360,000, $500,000 and $750,000, respectively; (iii) incentive compensation in such amount as determined by the Compensation Committee of the Company’s Board of Directors; (iv) participation in the Company’s employee benefit plans; (v) full indemnification to the extent permitted by law; (vi) a two-year non-competition period following the termination of employment without cause; and (vii) payments upon termination of employment or a change in control. In April 2022, the Company granted 98,425 restricted common shares (having a market value of approximately $500,000) to Mr. Villano. One-third one-third 2025 In July 2022, the Company entered into an employment agreement with John E. Warch, the material terms of which are as follows: (i) the employment term commenced on August 1, 2022 and will continue until terminated by either party; (ii) a base salary of $325,000; (iii) incentive compensation in such amount as determined by the Compensation Committee of the Company’s Board of Directors; (iv) participation in the Company’s employee benefit plans; (v) full indemnification to the extent permitted by law; and (vi) payments upon termination of employment or a change in control. Unfunded Commitments At September 30, 2022, the Company had future funding obligations totaling $118,103,785, which can be drawn by the borrowers when the conditions relating thereto have been satisfied. Other In the normal course of its business, the Company is named as a party-defendant in connection with tax foreclosure proceedings against properties on which it holds a first mortgage lien. The Company actively monitors these actions and, in all cases, believes there remains sufficient value in the subject property to assure that no loan impairment exists. At September 30, 2022, there were four such proceedings. The unpaid principal balances on the properties that are the subject of these proceedings was approximately $236,000.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions
Related Party Transactions	13. Related Party Transactions In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans adheres to prevailing Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of September 30, 2022, and 2021, loans to known shareholders totaled $20,932,994 and $13,200,972, respectively. Interest income earned on these loans for the nine months ended September 30, 2022 and 2021 totaled $1,248,826 and $573,446, respectively, and for the three months ended September 30, 2022 and 2021 totaled $416,275 and $252,050, respectively. The wife of the Company’s chief executive officer was employed by the Company as its director of finance until the third quarter of 2022 when she retired. For the nine month periods ended September 30, 2022 and 2021, she was paid $62,865 and $85,634, respectively, as compensation from the Company. For the three months ended September 30, 2022 and 2021, the corresponding amounts were $2,115 and $29,250, respectively. In December 2021, the Company hired the daughter of the Company’s chief executive officer to perform certain internal audit and compliance services. For the three and nine month periods ended September 30, 2022, she received compensation of $35,727 and $106,327, respectively. In January 2022, the Company hired the step-daughter of the Company’s chief executive officer to perform executive assistant and administrative services. For the three and nine month periods ended September 30, 2022, she received compensation of $8,313 and $43,929, respectively.

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2022
Concentration of Credit Risk
Concentration of Credit Risk	14. Concentration of Credit Risk Currently, all of the Company’s investment securities, which include common stocks, preferred stock, corporate bonds and mutual funds, are held at Wells Fargo Advisors. Wells Fargo Advisors is a member of the Securities Investor Protection Corporation (SIPC). SIPC protects clients against the custodial risk of a member investment firm becoming insolvent by replacing missing securities and cash up to $500,000, including up to $250,000 in cash, per client in accordance with SIPC rules. The Company makes loans that are secured by first mortgage liens on real property located primarily in Connecticut (approximately 43.0%), Florida (approximately 21.7%) and New York (approximately 14.2%). This concentration of credit risk may be affected by changes in economic or other conditions of the particular geographic area. Credit risks associated with the Company’s mortgage loan portfolio and related interest receivable are described in Note 4 - Mortgages Receivable.

Outstanding Warrants

Outstanding Warrants	9 Months Ended
	Sep. 30, 2022
Outstanding Warrants
Outstanding Warrants	15. Outstanding Warrants In 2017, the Company consummated two public offerings – an initial public offering (“IPO”) in February and a follow-on offering in October-November. In connection with the IPO, the Company issued to the underwriters warrants to purchase an aggregate of 130,000 common shares at an exercise price of $6.25 per common share (“IPO Warrants”). The IPO Warrants expired unexercised on February 9, 2022. In connection with a public offering that was consummated in October 2017, the Company issued to the underwriters warrants to purchase an aggregate of 187,500 common shares at an exercise price of $5.00 per share. In January 2022, warrants to purchase 93,750 of the Company’s common shares were exercised. The holders of those warrants elected to use the cashless exercise option available to them under the terms of the warrants. As such, they received 19,658 common shares. At September 30, 2022, 49,219 warrants were outstanding. All the unexercised warrants expired on October 24, 2022.

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefits	9 Months Ended
	Sep. 30, 2022
Stock-Based Compensation and Employee Benefits
Stock-Based Compensation and Employee Benefits	16. Stock-Based Compensation and Employee Benefits Stock-Based Compensation On October 27, 2016, the Company adopted the 2016 Equity Compensation Plan (the “Plan”), the purpose of which is to align the interests of the Company’s officers, other employees, advisors and consultants or any subsidiary, if any, with those of the Company’s shareholders and to afford an incentive to such officers, employees, consultants and advisors to continue as such, to increase their efforts on the Company’s behalf and to promote the success of the Company’s business. The Plan is administered by the Compensation Committee. The maximum number of common shares reserved for the grant of awards under the Plan is 1,500,000, subject to adjustment as provided in Section 5 of the Plan. The number of securities remaining available for future issuance under the Plan as of September 30, 2022 was 1,198,468. During the nine months ended September 30, 2022 and 2021, the Company granted an aggregate of 153,967 and 94,681 restricted common shares under the Plan, respectively. During the three months ended September 30, 2022 and 2021, the Company granted an aggregate of 15,000 and -0- restricted common shares under the Plan, respectively. With respect to the restricted common shares granted in 2022, (i) 17,264 shares vested immediately on the date of grant, an additional 17,264 shares will vest on each of the first and second January Stock based compensation for the three months ended September 30, 2022 and 2021 was $127,000 and $64,219, respectively. Stock based compensation for the nine months ended September 30, 2022 and 2021 was $357,167 and $126,538, respectively. As of September 30, 2022, there was unrecorded stock-based compensation expense of $842,604. ​ Employee Benefits On April 16, 2018, the Company’s Board of Directors approved the adoption of the Sachem Capital Corp. 401(k) Profit Sharing Plan (the “401(k) Plan”). All employees, who meet the participation criteria, are eligible to participate in the 401(k) Plan. Under the terms of the 401(k) Plan, the Company is obligated to contribute 3% of a participant’s compensation to the 401(k) Plan on behalf of an employee-participant. For the nine months ended September 30, 2022 and 2021, the 401(k) Plan expense was $71,925 and $46,276, respectively. For the three months ended September 30, 2022 and 2021, the 401(k) Plan expenses were $21,924 and $13,814, respectively.

Equity Offerings

Equity Offerings	9 Months Ended
	Sep. 30, 2022
Equity Offerings
Equity Offerings	17. Equity Offerings On December 6, 2021, the Company filed a prospectus supplement to its Form S-3 Registration Statement covering the sale of up to $44,925,000 of its common shares in an “at-the market” offering, which is ongoing. During the nine months ended September 30, 2022, the Company sold an aggregate of 7,177,043 common shares under this prospectus and realized net proceeds of $36,654,419 in connection therewith. On August 24, 2022, the Company filed a prospectus supplement to its Form S-3 Registration Statement covering the sale of up to $75,000,000 of its common shares and its Series A Preferred Stock (as defined in Note 20 below) with an aggregate liquidation preference of up to $25,000,000 in an “at-the market” offering, which is ongoing. During the nine months ended September 30, 2022, the Company did not sell any shares of Series A Preferred Stock nor any shares under this prospectus. At September 30, 2022, approximately $75 million of common shares and $25,000,000 of Series A Preferred Stock were available for future sale under the ongoing “at-the market” offering.

Partnership Investments

Partnership Investments	9 Months Ended
	Sep. 30, 2022
Partnership Investments
Partnership Investments	18. Partnership Investments As of September 30, 2022, the Company had invested an aggregate of approximately $22.5 million in four limited liability companies managed by a commercial real estate finance company that provides debt capital solutions to local and regional commercial real estate owners in the Northeastern United States. The Company’s ownership interest in the four limited liability companies ranges up to 49%. The Company accounts for these investments at cost because the Company does not control or have significant influence over the investments. The Company’s withdrawal from each limited liability company may only be granted by the manager of such entity. Each limited liability company has elected to be treated as a partnership for income tax purposes. For the three and nine months ended September 30, 2022, the partnerships generated $523,067 and $1,112,560 of income for the Company. ​ At September 30, 2022, the Company had unfunded partnership commitments totaling approximately $3.6 million.

Special Purpose Acquisition Cor

Special Purpose Acquisition Corporation	9 Months Ended
	Sep. 30, 2022
Special Purpose Acquisition Corporation
Special Purpose Acquisition Corporation	19. Special Purpose Acquisition Corporation ​ On March 24, 2021, the Company loaned $25,000 to its wholly-owned subsidiary, Sachem Sponsor LLC. Sachem Sponsor LLC used those funds to purchase 1,437,500 shares of Class B common stock of Sachem Acquisition Corp., a newly organized blank check company formed under the laws of Maryland in February 2021, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. As of September 30, 2022, the Company had incurred approximately $472,800 of costs related to the preparation and filing of the registration statement, including legal fees, accounting fees and filing fees as well organizational costs and an expense advance to the underwriter. On July 14, 2021, Sachem Acquisition Corp. filed a registration statement on Form S-1 registering the sale of 5,750,000 units at $10.00 per unit, or $57,500,000 in the aggregate. Each unit consists of one share of Class A common stock and one

Series A Preferred Stock

Series A Preferred Stock	9 Months Ended
	Sep. 30, 2022
Series A Preferred Stock.
Series A Preferred Stock	20. Series A Preferred Stock On June 25, 2021, the Company filed a Certificate of Amendment with the Department of State of the State of New York to designate 1,955,000 shares of the Company’s authorized preferred shares, par value $0.001 per share, as shares of Series A Preferred Stock with the powers, designations, preferences and other rights as set forth therein (the “Certificate of Amendment”). The Certificate of Amendment provides that the Company will pay quarterly cumulative dividends on the Series A Preferred Stock, in arrears, on the 30th day of each of September, December, March and June from, and including, the date of original issuance of the Series A Preferred Stock at 7.75% of the $25.00 per share liquidation preference per annum (equivalent to $1.9375 per annum per share). The Series A Preferred Stock will not be redeemable before June 29, 2026, except upon the occurrence of a Change of Control (as defined in the Certificate of Amendment). On or after June 29, 2026, the Company may, at its option, redeem any or all of the shares of the Series A Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. Upon the occurrence of a Change of Control, the Company may, at its option, redeem any or all of the shares of Series A Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into common shares in connection with a Change of Control by the holders of the Series A Preferred Stock. Upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right (subject to the Company’s election to redeem the Series A Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date as defined in the Certificate of Amendment) to convert some or all of the Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number of the common shares determined by formula, in each case, on the terms and subject to the conditions described in the Certificate of Amendment, including provisions for the receipt, under specified circumstances, of alternative consideration as described in the Certificate of Amendment. Except under limited circumstances, holders of the Series A Preferred Stock generally do not have any voting rights.

Charter Amendment

Charter Amendment	9 Months Ended
	Sep. 30, 2022
Charter Amendment
Charter Amendment	21. Charter Amendments On July 19, 2022, after shareholders approved an amendment to the Company’s charter at its 2022 Annual Meeting of Shareholders held on July 19, 2022, the Company filed a Certificate of Amendment of the Certificate of Incorporation to increase the number of authorized common shares available for issuance from 100,000,000 to 200,000,000. On August 23, 2022, in connection with the ongoing “at-the market” offering, the Company filed a Certificate of Amendment with the Department of State of the State of New York to increase the number of authorized shares of Series A Preferred Stock from 1,955,000 to 2,903,000 and to fix the number of common shares to be reserved upon conversion of the Series A Preferred Stock at 72,575,000.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events
Subsequent Events	22. Subsequent Events From October 1, 2022 through November 9, 2022, the Company sold an aggregate of 405,037 common shares under its at-the-market offering facility realizing gross proceeds of approximately $1.6 million. On October 6, 2022, the Company acquired substantially all the business assets of Urbane New Haven, LLC (“Urbane”), a real estate firm specializing in all phases of real estate development and construction, including architecture, design, contracting and marketing. The purchase price for the assets was 300,000 common shares, or approximately $1.1 million based on the closing price of $3.68 per share on October 5, 2022. The issuance of the shares to Urbane was exempt from the registration requirements of the Securities Act of 1933, as amended (the "Act"), pursuant to Sections 4(a)(2) and/or 4(a)(5) thereunder. A legend restricting resale, transfer, or other disposition of these shares other than in compliance with the Act was placed on such shares. In connection with the acquisition, Eric O’Brien, one of the owners of Urbane, has been hired by the Company as its new Senior Vice President, Asset Management. Mr. O’Brien’s primary responsibilities include construction management oversight and real estate development. The Company is currently in the process of determining it’s potential contingent liability, if any, for the purchase, as well as its allocation of the purchase price amongst the assets purchased, intangible assets, goodwill and liabilities assumed. Accordingly, these amounts are not included. Effective on October 7, 2022, the Company’s Board of Directors adopted a stock repurchase plan pursuant to which the Company may repurchase up to an aggregate of $7.5 million of its outstanding common shares in the open market at prevailing market prices or in negotiated transactions off the market, in accordance with all applicable securities laws and regulations, including Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan is expected to continue through September 30, 2023, unless extended or shortened by the Company’s Board of Directors. Ladenburg Thalmann & Co. Inc. will act as the Company’s exclusive purchasing agent under the Plan. On October 24, 2022, all of the remaining outstanding underwriters’ warrants expired without being exercised. (See Note 15, above.) On October 26, 2022, the Company issued 10,000 restricted common shares to an employee, of which 3,334 shares vest immediately upon issuance and 3,333 shares On October 27, 2022, the Company’s Board of Directors declared a dividend of $0.13 per share payable to shareholders of record as of November 7, 2022. The dividend is payable November 14, 2022. Management has evaluated subsequent events through November 10, 2022 the date on which the financial statements were available to be issued. Based on the evaluation, no adjustments were required in the accompanying financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Significant Accounting Policies
Unaudited Financial Statements	Unaudited Financial Statements The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021 and the notes thereto included in the Company’s Annual Report on Form 10-K. Results of operations for the interim periods are not necessarily indicative of the operating results to be attained in the entire fiscal year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on (a) various assumptions that consider its experience, (b) the Company’s projections regarding future operations and (c) general financial market and local and general economic conditions. Actual amounts could materially differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, cashier’s checks, money market accounts and certificates of deposit with an original maturity of three months or less to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. The Company does not believe that the risk is significant.
Allowance for Loan Loss	Allowance for Loan Loss The Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest, the borrower’s likelihood of executing the original exit strategy, as well as the loan-to-value (LTV) ratio. Based on the analysis, management determines if any provisions for impairment of loans should be made and whether any loan loss reserves are required.
Fair Value Measurements	Fair Value Measurements The framework for measuring fair value provides a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820 are described as follows: Level 1 Level 2 ● ● ● ● If the asset or liability has a specified (i.e., Level 3
Property and Equipment	Property and Equipment Land and building acquired in December 2016 to serve as the Company’s office facilities is stated at cost. The building is being depreciated using the straight-line method over its estimated useful life of 40 years. Expenditures for repairs and maintenance are charged to expense as incurred. The Company relocated its entire operations to this property in March 2019. Land and building acquired in 2021 to serve as the Company’s future corporate headquarters is stated at cost. The building is not currently being depreciated as it is undergoing renovations.
Real Estate Owned	Real Estate Owned Real estate owned by the Company is stated at cost and is tested for impairment quarterly.
Consolidations	Consolidations The consolidated financial statements of the Company include the accounts of all subsidiaries in which the Company has control over significant operating, financial and investing decisions of the entity. All intercompany accounts and transactions have been eliminated.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows.If the undiscounted cash flows are less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair market value of the assets.
Deferred Financing Costs	Deferred Financing Costs Costs incurred in connection with the Company’s revolving credit facilities, described in Note 7-Line of Credit, Mortgage Payable and Churchill Facility are, amortized over the term of the applicable facility using the straight-line method. Costs incurred by the Company in connection with the public offering of its unsecured, unsubordinated notes, described in Note 9 - Notes Payable, are being amortized over the term of the respective Notes.
Revenue Recognition	Revenue Recognition Interest income from the Company’s loan portfolio is earned over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company’s loans provide for interest to be paid monthly in arrears. The Company, generally, does not accrue interest income on mortgages receivable that are more than 90 days past due or interest charged at default rates. However, interest income not accrued at September 30, 2022 but collected prior to the issuance of this report is included in income for the period ended September 30, 2022. Origination and modification fee revenue, generally 1% – 3% of either the original loan principal or the modified loan balance, is collected at loan funding and is recognized ratably over the contractual life of the loan in accordance with ASC 310.
Income Taxes	Income Taxes The Company believes it qualifies as a real estate investment trust (“REIT”) for federal income tax purposes and operates accordingly. It made the election to be taxed as a REIT on its 2017 Federal income tax return. The Company’s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distribution requirements applicable to REITs and the diversity of ownership of its outstanding capital stock. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification. FASB ASC Topic 740-10 “Accounting for Uncertainty in Income Taxes ” “ ”
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are calculated in accordance with ASC 260 “ ”
Investment Transactions and Related Income.	Investment Transactions and Related Income. Investment transactions are accounted for on a trade-date basis. Dividends are recorded on the ex-dividend date and interest is recognized on the accrual basis. Investment securities are marked-to-market. Unrealized gains and losses on investment securities with a stated maturity date are included in other comprehensive income (loss). All other unrealized gains and losses on investment securities are included in net income (loss).
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the Company’s financial statements.
Reclassifications	Reclassifications Certain amounts included in the September 30, 2021 and December 31, 2021 financial statements have been reclassified to conform to the September 30, 2022 presentation.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Measurement
Schedule of company's assets at fair value	The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETFs ​ $ 9,135,577 ​ ​ — ​ ​ — ​ $ 9,135,577 Mutual funds ​ ​ 25,215,797 ​ ​ — ​ ​ — ​ ​ 25,215,797 Total liquid investments ​ $ 34,351,374 ​ ​ — ​ ​ — ​ $ 34,351,374 Real estate owned ​ ​ — ​ ​ — ​ $ 5,615,940 ​ $ 5,615,940 ​
Schedule of company's available-for-sale (AFS) securities and other comprehensive income (OCI)	The following table presents the impact of the Company's Available-For-Sale (AFS) securities on its Other Comprehensive Income (OCI) for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 OCI from AFS securities: ​ ​ ​ ​ Unrealized (losses) on AFS securities at beginning of period ​ $ (425,972) ​ $ (137,802) ​ $ (476,016) ​ $ (25,992) Unrealized (losses) on securities available-for-sale ​ (131,569) ​ (500,188) ​ (81,525) ​ (611,998) Change in OCI from AFS securities ​ (131,569) ​ (500,188) ​ (81,525) ​ (611,998) Balance at end of period ​ $ (557,541) ​ $ (637,990) ​ $ (557,541) ​ $ (637,990)

Mortgages Receivable (Tables)

Mortgages Receivable (Tables)	9 Months Ended
	Sep. 30, 2022
Mortgages Receivable
Schedule of credit risk profile	Credit risk profile based on loan activity as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Residential Commercial Land Mixed Use Mortgages December 31, 2021 ​ $ 157,841,896 ​ $ 95,319,795 ​ $ 20,755,891 ​ $ 18,383,627 ​ $ 292,301,209 September 30, 2022 ​ $ 234,747,362 ​ $ 143,898,654 ​ $ 39,513,545 ​ $ 30,365,104 ​ $ 448,524,665
Schedule of maturities of mortgage receivable	The following is the maturities of mortgages receivable as of September 30: ​ ​ ​ ​ ​ 2022 and prior $ 90,968,755 2023 ​ 286,239,279 2024 ​ 68,108,899 2025 ​ 1,049,500 Thereafter ​ ​ 2,158,232 Total ​ $ 448,524,665

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate Owned
Schedule of rental payments due from real estate held for rental	​ ​ ​ ​ ​ Year ending December 31, 2022 $ 53,200 Year ending December 31, 2023 ​ 53,200 Year ending December 31, 2024 ​ 53,200 Year ending December 31, 2025 ​ ​ 53,200 Total ​ $ 212,800

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Other Assets.
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Prepaid expenses ​ $ 117,449 ​ $ 271,291 Other receivables ​ 512,284 ​ 94,108 Other assets ​ 472,800 ​ 306,440 Deferred financing costs, net ​ 19,809 ​ 264,451 Total ​ $ 1,122,342 ​ $ 936,290

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Accounts Payable and Accrued Liabilities.
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Accounts payable and Accrued expenses ​ 555,571 ​ 501,753 Other notes ​ 10,760 ​ 30,921 Accrued interest ​ 595,839 ​ 164,729 Total ​ $ 1,162,170 ​ $ 697,403

Fee And Other Income (Tables)

Fee And Other Income (Tables)	9 Months Ended
	Sep. 30, 2022
Fee And Other Income
Schedule of fees and other income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ended September 30, ​ ended September 30, ​ 2022 2021 2022 2021 Late and other fees ​ $ 92,098 ​ $ 202,572 ​ $ 338,638 ​ $ 300,471 Processing fees ​ 37,480 ​ 50,230 ​ 165,950 ​ 129,615 Rental income, net ​ 8,867 ​ 28,320 ​ 37,067 ​ 23,105 Extension fees ​ 212,608 ​ 86,671 ​ 415,128 ​ 232,886 Other fees ​ ​ 124,292 ​ ​ 55,025 ​ ​ 259,542 ​ ​ 150,094 Legal fees ​ ​ 91,115 ​ ​ 69,800 ​ ​ 253,055 ​ ​ 181,600 Other income ​ ​ 75,289 ​ ​ 98,823 ​ ​ 579,541 ​ ​ 833,260 Total ​ $ 641,749 ​ $ 591,441 ​ $ 2,048,921 ​ $ 1,851,031

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Schedule of original maturities of deferred revenue	​ ​ ​ ​ ​ Year ending December 31, 2022 $ 1,583,313 Year ending December 31, 2023 ​ ​ 2,687,114 Year ending December 31, 2024 ​ ​ 201,373 Total ​ $ 4,471,800

The Company (Details)

The Company (Details)	9 Months Ended
	Sep. 30, 2022
Minimum
The Company
Term of debt	1 year
Maximum
The Company
Term of debt	3 years

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Significant Accounting Policies
Uncertain tax positions	$ 0	$ 0
Land and building
Significant Accounting Policies
Property plant and equipment, useful life	40 years
Minimum
Significant Accounting Policies
Origination and modification fee revenue as a percentage of original loan principal amount	1%
Maximum
Significant Accounting Policies
Origination and modification fee revenue as a percentage of original loan principal amount	3%

Fair Value Measurement (Details

Fair Value Measurement (Details)	Sep. 30, 2022 USD ($)
Fair Value Measurement
Stocks and ETFs	$ 9,135,577
Mutual funds	25,215,797
Total liquid investments	34,351,374
Real estate owned	5,615,940
Level 1
Fair Value Measurement
Stocks and ETFs	9,135,577
Mutual funds	25,215,797
Total liquid investments	34,351,374
Real estate owned	0
Level 2
Fair Value Measurement
Stocks and ETFs	0
Mutual funds	0
Total liquid investments	0
Real estate owned	0
Level 3
Fair Value Measurement
Stocks and ETFs	0
Mutual funds	0
Total liquid investments	0
Real estate owned	$ 5,615,940

Fair Value Measurement - Compan

Fair Value Measurement - Company's available-for-sale (AFS) securities and other comprehensive income (OCI) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
OCI from AFS securities:
Unrealized (losses) on AFS securities	$ (425,972)	$ (137,802)	$ (476,016)	$ (25,992)
Unrealized (losses) on securities available-for-sale	(131,569)	(500,188)	(81,525)	(611,998)
Change in OCI from AFS securities	(131,569)	(500,188)	(81,525)	(611,998)
Balance at end of period	$ (557,541)	$ (637,990)	$ (557,541)	$ (637,990)

Mortgages Receivable (Details)

Mortgages Receivable (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Mortgages Receivable
Mortgage loans on real estate commercial and consumer, net	$ 448,524,665	$ 292,301,209
Residential
Mortgages Receivable
Mortgage loans on real estate commercial and consumer, net	234,747,362	157,841,896
Commercial
Mortgages Receivable
Mortgage loans on real estate commercial and consumer, net	143,898,654	95,319,795
Mixed Use
Mortgages Receivable
Mortgage loans on real estate commercial and consumer, net	30,365,104	18,383,627
Land
Mortgages Receivable
Mortgage loans on real estate commercial and consumer, net	$ 39,513,545	$ 20,755,891

Mortgages Receivable - Maturiti

Mortgages Receivable - Maturities of mortgage receivable (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Mortgages Receivable
2022 and prior	$ 90,968,755
2023	286,239,279
2024	68,108,899
2025	1,049,500
Thereafter	2,158,232
Total	$ 448,524,665	$ 292,301,209

Mortgages Receivable - Addition

Mortgages Receivable - Additional information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($)
Mortgages Receivable
Aggregate amounts of loans funded	$ 252,370,675	$ 154,810,007
Principal collections on mortgages receivable	95,173,969	90,463,016
Face amount of mortgages	$ 26,117,118
Default interest rate on mortgage loans.	18%
Impairment loss on mortgage loan portfolio	$ 105,000	$ 0
Number of loans with past maturity due | loan	92
Mortgage receivable with past maturity	$ 45,000,000
Mortgage loan portfolio number of loans | loan	477
Mortgage loan portfolio number of loans in process of foreclosure | loan	44
Accrued interest and borrower charges	$ 21,400,000
Mortgage Concentration Risk | Revenue Benchmark | No borrower
Mortgages Receivable
Loans outstanding (in percent)	10%
Mortgage Concentration Risk | Revenue Benchmark | One borrower
Mortgages Receivable
Loans outstanding (in percent)		10.20%
Minimum
Mortgages Receivable
Term of debt	1 year
Interest rate (as a percent)	5%
Maximum
Mortgages Receivable
Term of debt	3 years
Interest rate (as a percent)	14.20%

Real Estate Owned (Details)

Real Estate Owned (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($) property
Real Estate Owned
Real estate owned	$ 5,615,940	$ 6,774,522	$ 5,615,940	$ 6,774,522
Valuation allowance	0		0
Impairment loss on real estate owned	195,000	150,000	685,500	469,000
Real estate on owned	800,053	916,325	800,053	916,325
Real estate held-for-sale	$ 4,815,887	$ 5,858,197	$ 4,815,887	$ 5,858,197
Number of properties held for sale | property	2	4	5	6
Gain or Loss on sale of real estate	$ 962	$ 94,450	$ (121,381)	$ 111,545
Number of properties held for rental | property	1		1
Lease term of rental property held for rental			5 years

Real Estate Owned - Rental paym

Real Estate Owned - Rental payments due from real estate (Details)	Sep. 30, 2022 USD ($)
Real Estate Owned
Year ending December 31, 2022	$ 53,200
Year ending December 31, 2023	53,200
Year ending December 31, 2024	53,200
Year ending December 31, 2025	53,200
Total	$ 212,800

Other Assets (Details)

Other Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Other Assets.
Prepaid expenses	$ 117,449	$ 271,291
Other receivables	512,284	94,108
Other assets	472,800	306,440
Deferred financing costs, net	19,809	264,451
Total	$ 1,122,342	$ 936,290

Line of Credit, Mortgage Paya_2

Line of Credit, Mortgage Payable, and Churchill Facility (Details)		9 Months Ended	12 Months Ended
	Jul. 21, 2021 USD ($)	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020
Line of Credit, Mortgage Payable, and Churchill Facility
Outstanding balance		$ 3,542,853	$ 33,178,031
Threshold asset coverage ratio		150%
Number of first line mortgage loans | loan		32
Wells Fargo Credit line
Line of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate		4.50%		1.75%
Outstanding balance		$ 3,542,853
New Haven Bank Mortgage
Line of Credit, Mortgage Payable, and Churchill Facility
Maximum principal amount			$ 1,400,000
Amount outstanding		750,000
Interest rate			3.75%
Interest accrued period			72 months
Period for which only interest is payable			12 months
Amortization period			20 years
Term of Federal Home Loan Bank of Boston Classic Advance Rate			5 years
Unpaid principal balance			$ 750,000
Value of East Main Street Property			$ 1,400,000
New Haven Bank Mortgage | Federal Home Loan Bank of Boston Classic Advance Rate
Line of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate			2.60%
Master Repurchase Agreement
Line of Credit, Mortgage Payable, and Churchill Facility
Outstanding balance		$ 43,100,146
Interest rate	0.25%	6.99%
Unpaid principal balance		$ 80,400,000
Repurchase face amount	$ 200,000,000
Notes callable period	30 days
Threshold asset coverage ratio		150%
Percentage amount of repurchase obligation of unencumbered cash and cash equivalents		2.50%
Term of debt		180 days
Additional availability		$ 2,100,000
Minimum
Line of Credit, Mortgage Payable, and Churchill Facility
Term of debt		1 year
Minimum | Master Repurchase Agreement
Line of Credit, Mortgage Payable, and Churchill Facility
Interest rate		3%
Maximum
Line of Credit, Mortgage Payable, and Churchill Facility
Term of debt		3 years
Maximum | Master Repurchase Agreement
Line of Credit, Mortgage Payable, and Churchill Facility
Interest rate		4%

Financing Transactions (Details

Financing Transactions (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Financing Transactions
Gross proceeds from sale of securities	$ 159,700,000
Net proceeds from sale of securities	154,300,000
Net proceeds from the sale of common shares	36,654,419	$ 30,883,928
ATM
Financing Transactions
Gross proceeds from warrants	$ 37,602,871
Warrants to purchase common shares	7,177,043
Number of shares issued during the period	7,177,043
Net proceeds from the sale of common shares	$ 36,654,419
March 2027 Notes
Financing Transactions
Gross proceeds from sale of securities	$ 51,875,000
Interest rate	6%
June 2027 Notes
Financing Transactions
Proceeds from sale of common stock	$ 30,000,000
Interest rate	7.125%
September 2027 Notes
Financing Transactions
Proceeds from sale of common stock	$ 40,250,000
Interest rate	8%

Notes Payable (Details)

Notes Payable (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) series $ / shares	Dec. 31, 2021 USD ($)
Notes Payable
Deferred financing costs	$ 8,844,137	$ 5,747,387
Number of unsecured unsubordinated notes | series	7
Notes issued denomination | $ / shares	$ 25
Threshold percentage of taxable income to prohibit distribution	90%
Threshold asset coverage ratio	150%
Period of written notice to redeem notes without premium or penalty	30 days
Notes
Notes Payable
Aggregate amount outstanding	$ 279,557,613
Deferred financing costs	8,844,137
June 2024 Notes
Notes Payable
Aggregate amount outstanding	$ 23,663,000
Interest rate	7.125%
December 2024 Notes
Notes Payable
Aggregate amount outstanding	$ 34,500,000
Interest rate	6.875%
September 2025 Notes
Notes Payable
Aggregate amount outstanding	$ 56,363,750
Interest rate	7.75%
Maximum principal amount	$ 28,000,000
Notes issued denomination | $ / shares	$ 24.75
December 2026 Notes
Notes Payable
Aggregate amount outstanding	$ 51,750,000
Interest rate	6%
March 2027 Notes
Notes Payable
Aggregate amount outstanding	$ 51,875,000
Interest rate	6%
June 2027 Notes
Notes Payable
Aggregate amount outstanding	$ 30,000,000
Interest rate	7.125%
September 2027 Notes
Notes Payable
Aggregate amount outstanding	$ 40,250,000
Interest rate	8%

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities.
Accounts payable and Accrued expenses	$ 555,571	$ 501,753
Other notes	10,760	30,921
Accrued interest	595,839	164,729
Total	$ 1,162,170	$ 697,403

Fee And Other Income (Details)

Fee And Other Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fee And Other Income
Late and other fees	$ 92,098	$ 202,572	$ 338,638	$ 300,471
Processing fees	37,480	50,230	165,950	129,615
Rental income, net	8,867	28,320	37,067	23,105
Extension fees	212,608	86,671	415,128	232,886
Other Fees	124,292	55,025	259,542	150,094
Legal fees	91,115	69,800	253,055	181,600
Other income	75,289	98,823	579,541	833,260
Total	$ 641,749	$ 591,441	$ 2,048,921	$ 1,851,031

Commitments and Contingencies -

Commitments and Contingencies - Original maturities of deferred revenue (Details) - Deferred revenue	Sep. 30, 2022 USD ($)
Commitments and Contingencies
Year ending December 31, 2022	$ 1,583,313
Year ending December 31, 2023	2,687,114
Year ending December 31, 2024	201,373
Total	$ 4,471,800

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)	1 Months Ended		9 Months Ended
	Jul. 31, 2022 USD ($)	Apr. 30, 2022 USD ($) shares	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Commitments and Contingencies
Deferred revenue			$ 4,471,800	$ 4,643,490
Employment agreements description			(i) the employment term is five years with extensions for successive one-year periods unless either party provides written notice at least 180 days prior to the next anniversary date of its intention to not renew the agreement; (ii) a base salary of $260,000, which was increased in April 2018, April 2021 and April 2022 to $360,000, $500,000 and $750,000, respectively; (iii) incentive compensation in such amount as determined by the Compensation Committee of the Company’s Board of Directors; (iv) participation in the Company’s employee benefit plans; (v) full indemnification to the extent permitted by law; (vi) a two-year non-competition period following the termination of employment without cause; and (vii) payments upon termination of employment or a change in control. In April 2022, the Company granted 98,425 restricted common shares (having a market value of approximately $500,000) to Mr. Villano. One-third of such shares will vest on January 1, 2023, and an additional one-third will vest on each of January 1, 2024 and 2025.
Number of mortgage properties | property			4
Mortgages receivable			$ 236,000
Base salary	$ 325,000
Unfunded Commitments
Commitments and Contingencies
Other commitments			$ 118,103,785
Minimum
Commitments and Contingencies
Loan origination and modification fees range as percentage of the original loan principal			1%
Maximum
Commitments and Contingencies
Loan origination and modification fees range as percentage of the original loan principal			3%
John Villano
Commitments and Contingencies
Restricted common shares issued | shares		98,425
Market value of shares granted		$ 500,000
John Villano | Tranche one
Commitments and Contingencies
Vesting percentage			0.33%
John Villano | Tranche two
Commitments and Contingencies
Vesting percentage			0.33%
John Villano | Tranche three
Commitments and Contingencies
Vesting percentage			0.33%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Shareholders
Related Party Transactions
Shareholders totaled	$ 20,932,994	$ 13,200,972	$ 20,932,994	$ 13,200,972
Interest income earned	416,275	252,050	1,248,826	573,446
Wife of Executive Officer | Accounting and Financial Services
Related Party Transactions
Compensation expenses	2,115	$ 29,250	62,865	$ 85,634
Daughter of chief executive officer
Related Party Transactions
Compensation received	35,727		106,327
Step-daughter of chief executive officer | Executive assistant and administrative services
Related Party Transactions
Compensation received	$ 8,313		$ 43,929

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) - Credit Concentration Risk	9 Months Ended
	Sep. 30, 2022
Concentration of Credit Risk
Concentration risk, description	SIPC protects clients against the custodial risk of a member investment firm becoming insolvent by replacing missing securities and cash up to $500,000, including up to $250,000 in cash, per client in accordance with SIPC rules.
First Mortgage Liens On Real Property
Concentration of Credit Risk
Concentration of risk threshold percentage	43%
Florida | First Mortgage Liens On Real Property
Concentration of Credit Risk
Concentration of risk threshold percentage	21.70%
New York | First Mortgage Liens On Real Property
Concentration of Credit Risk
Concentration of risk threshold percentage	14.20%

Outstanding Warrants (Details)

Outstanding Warrants (Details)	1 Months Ended
	Jan. 31, 2022 shares	Sep. 30, 2022 shares	Oct. 31, 2017 $ / shares shares	Feb. 28, 2017 item $ / shares shares
Outstanding Warrants
Number of Public Offerings | item				2
IPO
Outstanding Warrants
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				130,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares				$ 6.25
Follow-on public offering
Outstanding Warrants
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	93,750	49,219	187,500
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares			$ 5
Common stock shares issued upon exercise of warrants	19,658

Stock-Based Compensation and _2

Stock-Based Compensation and Employee Benefits (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 16, 2018	Jan. 31, 2024	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 27, 2016
Stock-Based Compensation and Employee Benefits:
Percentage of employer contribution	3%
401(k) Plan expenses			$ 21,924	$ 13,814	$ 71,925	$ 46,276
2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Maximum number of common shares reserved for the grant of awards							1,500,000
Aggregate shares available for grants in period			1,198,468		1,198,468
Stock based compensation			$ 127,000	$ 64,219	$ 357,167	$ 126,538
Unrecorded stock based compensation expense			$ 842,604		$ 842,604
Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares granted			15,000	0	153,967	94,681
Vested immediately on the grant date | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares vested					17,264
Vested on first anniversary | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Stock grants in period, gross					17,264
Vested on second anniversary | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Stock grants in period, gross					17,264
Vested on fourth anniversary | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares vested					3,750
Vested on January 1, 2022 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares vested						29,976
Vested on January 1, 2023 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares vested						29,976
Stock grants in period, gross					32,808
Vested on January 1, 2024 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Stock grants in period, gross					32,808	29,976
Vested on January 1, 2025 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Stock grants in period, gross					32,809
Vested when waived the restrictions | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares vested		4,753

Equity Offerings (Details)

Equity Offerings (Details) - USD ($)			9 Months Ended
	Aug. 24, 2022	Dec. 06, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity Offerings:
Proceeds from issuance of common shares, net of expenses			$ 36,654,419	$ 30,883,928
ATM
Equity Offerings:
Number of shares issued during the period			7,177,043
Proceeds from issuance of common shares, net of expenses			$ 36,654,419
Common stock issued under prospectus supplement dated December 6, 2021
Equity Offerings:
Number of shares issued during the period			7,177,043
Proceeds from issuance of common shares, net of expenses			$ 36,654,419
Common stock issued under prospectus supplement dated December 6, 2021 | ATM
Equity Offerings:
Authorized amount to be issued		$ 44,925,000
Common shares under prospectus supplement Dated August 24, 2022
Equity Offerings:
Authorized amount to be issued	$ 75,000,000
Common shares available for future sale			75,000,000
Common shares under prospectus supplement Dated August 24, 2022 | ATM | Series A Preferred Stock
Equity Offerings:
Preferred stock liquidation preference value	$ 25,000,000
Preferred stock available for future sale			$ 25,000,000

Partnership Investments (Detail

Partnership Investments (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 STD (Db)
Partnership Investments
Partnership investment, total	$ 22,500,000	$ 22,500,000	Db 4
Income from partnership investment	523,067	1,112,560
Unfunded partnership commitments	$ 3,600,000	$ 3,600,000
Maximum
Partnership Investments
Participation interest in mortgage loans	49	49	49

Special Purpose Acquisition C_2

Special Purpose Acquisition Corporation (Details) - USD ($)			9 Months Ended
	Jul. 14, 2021	Mar. 24, 2021	Sep. 30, 2022
Special Purpose Acquisition Corporation
Registration and legal fees			$ 472,800
Sachem Acquisition Corp
Special Purpose Acquisition Corporation
Sale of units	5,750,000
Price per unit	$ 10
Aggregate sale price	$ 57,500,000
Sachem Sponsor LLC
Special Purpose Acquisition Corporation
Loan to related party		$ 25,000
Common Class A
Special Purpose Acquisition Corporation
Number of shares in a unit	1
Number of warrants in a unit	0.5
Number of shares issuable for warrant	1
Common Class B | Sachem Sponsor LLC
Special Purpose Acquisition Corporation
Number of shares issued during the period		1,437,500

Series A Preferred Stock (Detai

Series A Preferred Stock (Details) - $ / shares	Jun. 25, 2021	Sep. 30, 2022	Dec. 31, 2021
Series A Preferred Stock
Preferred stock, shares authorized		5,000,000	5,000,000
Preferred stock, par value (in dollars per share)		$ 0.001	$ 0.001
Series A Preferred Stock
Series A Preferred Stock
Preferred stock, shares authorized	1,955,000
Preferred stock, par value (in dollars per share)	$ 0.001
Dividend rate	7.75%
Share price	$ 25
Liquidation preference per annum	1.9375
Preferred stock, redemption price per share	$ 25
Redemption period for preference stock	120 days

Charter Amendment (Details)

Charter Amendment (Details) - shares	Sep. 30, 2022	Aug. 23, 2022	Jul. 19, 2022	Dec. 31, 2021
Charter Amendment
Common shares, shares authorized	200,000,000			200,000,000
Maximum
Charter Amendment
Common shares, shares authorized			200,000,000
Minimum
Charter Amendment
Common shares, shares authorized			100,000,000
At-the Market Offering | Series A Preferred Stock
Charter Amendment
Number of common shares to be reserved upon conversion		72,575,000
At-the Market Offering | Series A Preferred Stock | Maximum
Charter Amendment
Common shares, shares authorized		2,903,000
At-the Market Offering | Series A Preferred Stock | Minimum
Charter Amendment
Common shares, shares authorized		1,955,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events - USD ($) $ / shares in Units, $ in Millions				1 Months Ended
	Oct. 26, 2024	Oct. 26, 2023	Oct. 26, 2022	Nov. 09, 2022	Oct. 27, 2022	Oct. 07, 2022	Oct. 05, 2022
Subsequent Events
Shares repurchased						$ 7.5
At The Market Offering
Subsequent Events
Shares granted				405,037
Gross proceeds from sale of shares				$ 1.6
Restricted Stock
Subsequent Events
Dividend payable per common share					$ 0.13
Restricted Stock | Employee
Subsequent Events
Shares granted			10,000
Share price			$ 3.83
Restricted Stock | Employee | Tranche one
Subsequent Events
Shares vested			3,334
Restricted Stock | Employee | Tranche two
Subsequent Events
Shares vested		3,333
Restricted Stock | Employee | Tranche three
Subsequent Events
Shares vested	3,333
Urbane New Haven, LLC
Subsequent Events
Purchase price of assets (in shares)							300,000
Purchase price of assets							$ 1.1
Share price							$ 3.68