<SEC-DOCUMENT>0001104659-20-124390.txt : 20201112
<SEC-HEADER>0001104659-20-124390.hdr.sgml : 20201112
<ACCEPTANCE-DATETIME>20201112160458
ACCESSION NUMBER:		0001104659-20-124390
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20201109
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201112
DATE AS OF CHANGE:		20201112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sachem Capital Corp.
		CENTRAL INDEX KEY:			0001682220
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				813467779
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37997
		FILM NUMBER:		201306572

	BUSINESS ADDRESS:	
		STREET 1:		698 MAIN STREET
		CITY:			BRANFORD
		STATE:			CT
		ZIP:			06405
		BUSINESS PHONE:		2034334736

	MAIL ADDRESS:	
		STREET 1:		698 MAIN STREET
		CITY:			BRANFORD
		STATE:			CT
		ZIP:			06405
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2035766d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31" xmlns:us-roles="http://fasb.org/us-roles/2020-01-31" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:country="http://xbrl.sec.gov/country/2020-01-31" xmlns:srt="http://fasb.org/srt/2020-01-31" xmlns:sach="http://sachemcapital.com/20201109">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html" />
</head>
<!-- Field: Set; Name: xdx; ID: xdx_029_US%2DGAAP%2D2020 -->
<!-- Field: Set; Name: xdx; ID: xdx_03F_sach_sachemcapital.com_20201109 -->
<!-- Field: Set; Name: xdx; ID: xdx_040_20201109_20201109 -->
<!-- Field: Set; Name: xdx; ID: xdx_054_edei%2D%2DEntityCentralIndexKey_0001682220 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_072_SO_T%2D%2D\DeptFiles%2DiXBRL 8%2DK Covers Templates\+++%2DROOT%2DElement%2D+++\DocumentInformationLineItems.xdxs -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
  <ix:hidden>
    <ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:EntityCentralIndexKey">0001682220</ix:nonNumeric>
    <ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt:booleanfalse" name="dei:AmendmentFlag">false</ix:nonNumeric>
    </ix:hidden>
  <ix:references>
    <link:schemaRef xlink:href="sach-20201109.xsd" xlink:type="simple" />
    </ix:references>
  <ix:resources>
    <xbrli:context id="From2020-11-09to2020-11-09">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-11-09</xbrli:startDate>
        <xbrli:endDate>2020-11-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-11-092020-11-09_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-11-09</xbrli:startDate>
        <xbrli:endDate>2020-11-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-11-092020-11-09_custom_Notes7.125PercentDue2024Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">sach:Notes7.125PercentDue2024Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-11-09</xbrli:startDate>
        <xbrli:endDate>2020-11-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-11-092020-11-09_custom_Notes6.875PercentDue2024Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">sach:Notes6.875PercentDue2024Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-11-09</xbrli:startDate>
        <xbrli:endDate>2020-11-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-11-092020-11-09_custom_Notes7.75percentDue2025Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001682220</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">sach:Notes7.75percentDue2025Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-11-09</xbrli:startDate>
        <xbrli:endDate>2020-11-09</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    </ix:resources>
  </ix:header>
</div>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b>&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Washington</b></span><b>,
D.C. 20549</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<span id="xdx_90F_edei--DocumentType_c20201109__20201109_zzRSxTgOpOv1"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PURSUANT TO SECTION&#160;13 OR 15(d)&#160;OF
THE</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
reported): <span style="text-decoration: underline"><span id="xdx_904_edei--DocumentPeriodEndDate_c20201109__20201109_z50cNwTMlpWl"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">November 9, 2020</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><span style="text-decoration: underline"><span id="xdx_90E_edei--EntityRegistrantName_c20201109__20201109_zC6m21p0r7U7"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:EntityRegistrantName">SACHEM CAPITAL CORP.</ix:nonNumeric></span></span></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_edei--EntityIncorporationStateCountryCode_c20201109__20201109_zAb6zxdNfbih"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">New York</ix:nonNumeric></span></span></td>
    <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_edei--EntityFileNumber_c20201109__20201109_z40Jw4d0O76k"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:EntityFileNumber">001-37997</ix:nonNumeric></span></span></td>
    <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_edei--EntityTaxIdentificationNumber_c20201109__20201109_zHuZZmOvAte"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:EntityTaxIdentificationNumber">81-3467779</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction<br />
 of incorporation)</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(Commission<br />
 File Number)</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(IRS Employer <br />
Identification No.) </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_edei--EntityAddressAddressLine1_c20201109__20201109_zG4dFyw1ezib"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:EntityAddressAddressLine1">698 Main Street</ix:nonNumeric></span>, <span id="xdx_90F_edei--EntityAddressCityOrTown_c20201109__20201109_zk2wXU71Bk46"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:EntityAddressCityOrTown">Branford</ix:nonNumeric></span>, <span id="xdx_907_edei--EntityAddressStateOrProvince_c20201109__20201109_zw64hTMuFodc"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">Connecticut</ix:nonNumeric></span></span></td>
    <td style="vertical-align: bottom; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_edei--EntityAddressPostalZipCode_c20201109__20201109_zSw71A41OVmg"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:EntityAddressPostalZipCode">06405</ix:nonNumeric></span></span></td></tr>
<tr>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(Address of Principal Executive Office)</span></td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(Zip Code)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Registrant's
telephone number, including area code </span><span style="text-decoration: underline">(<span id="xdx_905_edei--CityAreaCode_c20201109__20201109_z4j07E07fCYe"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:CityAreaCode">203</ix:nonNumeric></span>) <span id="xdx_90F_edei--LocalPhoneNumber_c20201109__20201109_zKPHleYSckK"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" name="dei:LocalPhoneNumber">433-4736</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 100%"><span style="font: 10pt Times New Roman, Times, Serif">(Former
    Name or Former Address, if Changed Since Last Report)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form&#160;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_90E_edei--WrittenCommunications_c20201109__20201109_z3YkyuVu0QK2"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span></td><td style="text-align: justify">Written communications pursuant to Rule&#160;425 under
the Securities Act (17 CFR 230.425)</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_90C_edei--SolicitingMaterial_c20201109__20201109_zRqtzaZ2OFhb"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></td><td style="text-align: justify">Soliciting material pursuant to Rule&#160;14a-12 under
the Exchange Act (17 CFR 240.14a-12)</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_900_edei--PreCommencementTenderOffer_c20201109__20201109_zaCanYXQ9QAe"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under
the Exchange Act (17 CFR 240.14d-2(b))</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_900_edei--PreCommencementIssuerTenderOffer_c20201109__20201109_zpQ9NWwt4gHk"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under
the Exchange Act (17 CFR 240.13e-4(c))</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</span></p>



<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; width: 37%"><span style="font: 10pt Times New Roman, Times, Serif">Title of each class</span></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center; width: 23%"><span style="font: 10pt Times New Roman, Times, Serif">Ticker symbol(s)</span></td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center; width: 40%"><span style="font: 10pt Times New Roman, Times, Serif">Name of each exchange on which registered</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_edei--Security12bTitle_c20201109__20201109__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z8NtodqNjWl9"><ix:nonNumeric contextRef="From2020-11-092020-11-09_us-gaap_CommonStockMember" name="dei:Security12bTitle">Common Shares, par value $.001 per share</ix:nonNumeric></span></span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_900_edei--TradingSymbol_c20201109__20201109__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zVGdoUYkgGM5"><ix:nonNumeric contextRef="From2020-11-092020-11-09_us-gaap_CommonStockMember" name="dei:TradingSymbol">SACH</ix:nonNumeric></span></span></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_edei--SecurityExchangeName_c20201109__20201109__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zsxKcDowA5e4"><ix:nonNumeric contextRef="From2020-11-092020-11-09_us-gaap_CommonStockMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_edei--Security12bTitle_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes7.125PercentDue2024Member_z5blqslEKzf"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes7.125PercentDue2024Member" name="dei:Security12bTitle">7.125% Notes due 2024</ix:nonNumeric></span></span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_900_edei--TradingSymbol_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes7.125PercentDue2024Member_zu9TUQWdgZWk"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes7.125PercentDue2024Member" name="dei:TradingSymbol">SCCB</ix:nonNumeric></span></span></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_edei--SecurityExchangeName_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes7.125PercentDue2024Member_zWEjwhq2hqwj"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes7.125PercentDue2024Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_edei--Security12bTitle_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes6.875PercentDue2024Member_zAQxoSRLykYc"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes6.875PercentDue2024Member" name="dei:Security12bTitle">6.875%
    Notes due 2024</ix:nonNumeric></span></span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_edei--TradingSymbol_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes6.875PercentDue2024Member_zj9aeopJwXcl"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes6.875PercentDue2024Member" name="dei:TradingSymbol">SACC</ix:nonNumeric></span></span></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_edei--SecurityExchangeName_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes6.875PercentDue2024Member_zWbWBkkLNEv4"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes6.875PercentDue2024Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt"><span id="xdx_906_edei--Security12bTitle_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes7.75percentDue2025Member_zIN0bUUPahE1"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes7.75percentDue2025Member" name="dei:Security12bTitle">7.75% Notes due 2025</ix:nonNumeric></span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center"><span id="xdx_909_edei--TradingSymbol_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes7.75percentDue2025Member_z1adRBnAB7ma"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes7.75percentDue2025Member" name="dei:TradingSymbol">SCCC</ix:nonNumeric></span></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 1.5pt; text-align: center"><span id="xdx_90C_edei--SecurityExchangeName_c20201109__20201109__us-gaap--StatementClassOfStockAxis__custom--Notes7.75percentDue2025Member_zZWlMuit78z7"><ix:nonNumeric contextRef="From2020-11-092020-11-09_custom_Notes7.75percentDue2025Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2
of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 1.75in">Emerging growth company&#160;&#160;&#160;&#160;
<span style="font-family: Wingdings"><span style="font-family: Wingdings"><span id="xdx_902_edei--EntityEmergingGrowthCompany_c20201109__20201109_zsL7pdanR8kb"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#120;</ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;&#160;&#160;&#160;&#160;<span style="font-family: Wingdings"><span id="xdx_90D_edei--EntityExTransitionPeriod_c20201109__20201109_ztG7FPVakWok"><ix:nonNumeric contextRef="From2020-11-09to2020-11-09" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 2.02.</b></td><td><b>Results of Operations and Financial Condition.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 9, 2020, Sachem Capital Corp.
(the &#8220;<span style="text-decoration: underline">Company</span>&#8221;) issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated
herein by reference, announcing its financial results for the three and nine month periods ended September 30, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 7.01.</b></td><td><b>Regulation FD Disclosure.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 10, 2020, the Company hosted
a conference call for investors to discuss its financial condition and operating results for the three and nine months ended September
30, 2020 as well as other relevant matters. A transcript of the call is attached hereto as Exhibit 99.2.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information furnished pursuant to this
Item&#160;7.01 shall not be deemed to constitute an admission that such information is required to be furnished pursuant to Regulation&#160;FD
or that such information or exhibits contain material information that is not otherwise publicly available. In addition, the Company
does not assume any obligation to update such information in the future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 9.01.</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.2pt">(d) Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; padding-top: 0; width: 10%; padding-right: 0; padding-left: 0; text-indent: 0">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Exhibit</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>No.</b></p></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding: 0 0 1pt; width: 88%; text-indent: 0">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Description</b></p></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="tm2035766d1_ex99-1.htm" style="-sec-extract: exhibit">99.1</a></span></td>
    <td>&#160;</td>
    <td style="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2035766d1_ex99-1.htm" style="-sec-extract: exhibit">Press release, dated November 9, 2020, announcing financial results for the three and nine months ended September 30, 2020.</a></p></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center; text-indent: 0">&#160;</td>
    <td>&#160;</td>
    <td style="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="tm2035766d1_ex99-2.htm" style="-sec-extract: exhibit">99.2</a></span></td>
    <td>&#160;</td>
    <td style="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2035766d1_ex99-2.htm" style="-sec-extract: exhibit">Transcript of investor conference call held on November 10, 2020.</a></p></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center; text-indent: 0">&#160;</td>
    <td>&#160;</td>
    <td style="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&#160;</td></tr>
<tr>
    <td style="padding-top: 0; vertical-align: top; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">104</span></td>
    <td>&#160;</td>
    <td style="padding-top: 0; vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Cover Page Interactive Data File (embedded within the Inline XBRL document).</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with General Instruction B.2
of Form 8-K, the information in this Current Report on Form 8-K, furnished pursuant to Items 2.02 and 7.01, including Exhibits
99.1 and 99.2, respectively, shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liability of that section, and shall not
be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended,
or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: center; text-indent: -4.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> SIGNATURES</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: center; text-indent: -2in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0">&#160;</td>
    <td colspan="2" style="padding: 0; text-indent: 0"><span style="font-size: 10pt">Sachem Capital Corp.</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0; width: 50%">&#160;</td>
    <td style="padding: 0; text-indent: 0; width: 5%">&#160;</td>
    <td style="padding: 0; text-indent: 0; width: 45%">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">Dated:&#160;November 12, 2020</span></td>
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><span style="font-size: 10pt">/s/John L. Villano</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt">John L. Villano, CPA</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: left; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: left; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-size: 10pt">Chief Executive Officer and </span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: left; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: left; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<!-- Field: Page; Sequence: 3 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Exhibit Index</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; width: 10%; text-indent: 0">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Exhibit</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>No.</b></p></td>
    <td style="padding-bottom: 1pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding: 0 0 1pt; width: 88%; text-indent: 0">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Description</b></p></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="tm2035766d1_ex99-1.htm" style="-sec-extract: exhibit">99.1</a></span></td>
    <td>&#160;</td>
    <td style="padding: 0; text-indent: 0">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2035766d1_ex99-1.htm" style="-sec-extract: exhibit">Press release, dated November 9, 2020, announcing financial results for the three and nine months ended September 30, 2020.</a></p></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: center; text-indent: 0">&#160;</td>
    <td>&#160;</td>
    <td style="padding: 0; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><a href="tm2035766d1_ex99-2.htm" style="-sec-extract: exhibit">99.2</a></span></td>
    <td>&#160;</td>
    <td style="padding: 0; text-indent: 0">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2035766d1_ex99-2.htm" style="-sec-extract: exhibit">Transcript of investor conference call held on November 10, 2020.</a></p></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: center; text-indent: 0">&#160;</td>
    <td>&#160;</td>
    <td style="padding: 0; text-indent: 0">&#160;</td></tr>
<tr>
    <td style="padding: 0; vertical-align: top; text-align: center; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">104</span></td>
    <td>&#160;</td>
    <td style="padding: 0; vertical-align: bottom; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Cover Page Interactive Data File (embedded within the Inline XBRL document).</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

</body>
</html>
<!-- Field: Set; Name: xdx; ID: xdx_08B_extensions -->
<!-- eJyNj91KwzAYhq+g9/BR8Gx0SVzt7Jl2c4jdGGWIIB7E9psE26Qk6XSX5F2apYo/22AhkOTN8+Zpw3AQztSNqFHDw3WRwwqbtuYWocA1apQlOiK7vUvBrQW+CGM1l9Yfv4uZch10nTgacZd7ciMMVimQyyElQ0aAspSO4WoeBrv7TMm1qFBawWvgsoKlVq0WaLne9i+s+LuSqtl60z1qI5RMgUakv/4ARiiDhdrwN6VfDeR5FgYDP4JwplXX7jSdsaqBaY2Nc5m++jP9p5SeSRfKokkiyuIl6tLRkw4ZYaM5Ns+oHUcIOyc0nrqtx87AV6DqEHbg/3zylcNj/8TTMelFNE5OkHrsgPRPfrI0iZK4/e2MD//onjI+Eu8ZPwHQeKfw -->
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2035766d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"><FONT STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 53px; width: 393px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sachem Capital Reports Revenue Increase
of 26% for Q3 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Conference Call and Webcast to be held
at 8:00 AM ET on Tuesday, November 10, 2020 </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Branford, Connecticut, November 9, 2020</B>
-- Sachem Capital Corp. (NYSE American: SACH) announces its financial results for the third quarter ended September 30, 2020. The
company will host a conference call on Tuesday, November 10<SUP>th</SUP>, 2020 at 8:00 a.m. Eastern Standard Time to discuss in
greater detail its financial condition and operating results for the third quarter of 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Villano, CPA, the company&rsquo;s
Chief Executive and Chief Financial Officer stated: &ldquo;We continue to achieve strong financial performance despite the COVID-19
pandemic, as evidenced by a 26% increase in third quarter 2020 revenue versus the same period last year. Importantly, the fix-and-flip
market has continued to improve in our traditional markets, as evidenced by an increase in the number of loan pay-offs and new
loans. As a result, we have relaxed some of the precautionary measures we put in place due to COVID-19, increasing our loan-to-value
ratio back to 70% while still maintaining a cautionary approach. Moreover, we are aggressively expanding our mortgage loan portfolio
in new markets such as Florida.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Looking ahead, our loan pipeline
is more robust than ever. For this reason, we recently completed a public offering for gross proceeds of $14 million to fund new
real estate loans. Nevertheless, we remain focused on prudently deploying this capital as well as maintaining disciplined underwriting
and a conservative loan-to-value ratio. As a result, we remain highly encouraged by the outlook for the rest of this year and our
prospects for 2021.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Results of operations &ndash; three
months ended September 30, 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenue for the three months ended
September 30, 2020, was approximately $4.3 million compared to approximately $3.4 million for the three months ended September
30, 2019, an increase of approximately 26%. For the third quarter of 2020, interest income and net origination fees were approximately
$3.5 million and $393,000, respectively. In comparison, for the three months ended September 30, 2019, interest income and net
origination fees were approximately $2.4 million and $497,000, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total operating costs and expenses for
the three months ended September 30, 2020, were approximately $2.1 million compared to $1.3 million for the three months ended
September 30, 2019. Compared to the 2019 period, in the 2020 period interest expense and amortization of deferred financing costs
increased approximately $724,000 due to the increase in the company&rsquo;s overall indebtedness, which was $85.6 million at September
30, 2020, compared to $24.5 million at September 30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income for the three months ended September
30, 2020 was approximately $2.1 million, or $0.10 per share, compared to $2.1 million, or $0.10 per share for the three months
ended September 30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Results of operations &ndash; nine months
ended September 30, 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenue for the nine months ended
September 30, 2020 was approximately $12.9 million compared to approximately $9.8 million for the nine months ended September 30,
2019, an increase of approximately 32%. For the nine months ended September 30, 2020, interest income was approximately $9.6 million
and net origination fees were approximately $1.6 million, respectively. In comparison, for the nine months ended September 30,
2019, interest income and net origination fees were approximately $7.5 million and $1.2 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total operating costs and expenses for
the nine months ended September 30, 2020, were approximately $6.3 million compared to $4.5 million for the nine months ended September
30, 2019. The increase in operating costs and expenses is primarily attributable to the increase in the company&rsquo;s lending
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income for the nine months ended September
30, 2020 was approximately $6.7 million, or $0.30 per share, compared to approximately $5.3 million, or $0.30 per share for the
nine months ended September 30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Financial Condition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Overall, total assets increased by approximately
$28.4 million as of September 30, 2020, compared to December 31, 2019, and total liabilities increased approximately $27.1 million
during the same period. In addition, shareholders&rsquo; equity increased by approximately $1.3 million compared to December 31,
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the third quarter of 2020, the Company
sold $14.36 million aggregate principal amount of its 7.75% unsecured, unsubordinated notes due 2025. The net proceeds of the offering
were approximately $13.62 million after payment of underwriting discounts and commissions and estimated offering expenses. In October
2020, the Company subsequently sold an additional $14 million aggregate principal amount of its 7.75% unsecured, unsubordinated
notes due 2025. The net proceeds of the offering were approximately $13.4 million after payment of underwriting discounts and commissions
and estimated offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 16, 2020, the Company&rsquo;s
board of directors authorized and declared a quarterly dividend of $0.12 per share to be paid to shareholders of record as of the
close of trading on the NYSE American on October 26, 2020. The dividend was paid on November 4, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investor Conference Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company will host a conference call
on Tuesday, November 10<SUP>th</SUP>, 2020 at 8:00 a.m., Eastern Standard Time, to discuss in greater detail its financial results
for the third quarter ending September 30, 2020, as well as its outlook for the balance of 2020. Interested parties can access
the conference call by calling 844-407-9500 for U.S. callers, or 862-298-0850 for international callers. The call will be available
on the company&rsquo;s website via webcast at <U>https://www.sachemcapitalcorp.com</U>. John Villano, the company&rsquo;s Chief
Executive and Chief Financial Officer will lead the conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The webcast will also be archived on the
company&rsquo;s website and a telephone replay of the call will be available approximately one hour following the call, through
Tuesday, November 24, 2020, and can be accessed by calling: 877-481-4010 for U.S. callers or 919-882-2331 for international callers
and entering conference ID: 38542.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Sachem Capital Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sachem Capital Corp. specializes in originating,
underwriting, funding, servicing, and managing a portfolio of first mortgage loans. It offers short term (<I>i.e.,</I> three years
or less) secured, nonbanking loans (sometimes referred to as &ldquo;hard money&rdquo; loans) to real estate investors to fund their
acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The company
does not lend to owner occupants. The company&rsquo;s primary underwriting criteria is a conservative loan to value ratio. The
properties securing the company&rsquo;s loans are generally classified as residential or commercial real estate and, typically,
are held for resale or investment. Each loan is secured by a first mortgage lien on real estate. Each loan is also personally guaranteed
by the principal(s) of the borrower, which guaranty may be collaterally secured by a pledge of the guarantor&rsquo;s interest in
the borrower. The company also makes opportunistic real estate purchases apart from its lending activities. The company believes
that it qualifies as a real estate investment trust (REIT) for federal income tax purposes and has elected to be taxed as a REIT
beginning with its 2017 tax year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release may contain forward-looking
statements. All statements other than statements of historical facts contained in this press release, including statements regarding
our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking
statements. The words &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;project,&rdquo; &ldquo;plan,&rdquo;
 &ldquo;seek,&rdquo; &ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
 &ldquo;could,&rdquo; &ldquo;likely,&rdquo; &ldquo;continue,&rdquo; &ldquo;design,&rdquo; and the negative of such terms and other
words and terms of similar expressions are intended to identify forward- looking statements.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have based these forward-looking
statements largely on our current expectations and projections about future events and trends that we believe may affect our financial
condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These
forward-looking statements are subject to several risks, uncertainties and assumptions as described in our Annual Report on Form
10-K for 2019 filed with the U.S. Securities and Exchange Commission on March 30, 2020. Because of these risks, uncertainties and
assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could
differ materially and adversely from those anticipated or implied in the forward-looking statements.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not rely upon forward-looking
statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee future results, level of activity, performance or achievements. In addition, neither we nor
any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We disclaim
any duty to update any of these forward-looking statements.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All forward-looking statements attributable
to us are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You
should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investor &amp; Media Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Crescendo Communications, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: <U>sach@crescendo-ir.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: (212) 671-1021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,&nbsp;2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">December&nbsp;31,&nbsp;2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Unaudited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Audited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 62%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Cash and cash equivalents</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,384,073</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">18,841,937</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt">Investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27,688,794</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,949,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Mortgages receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">124,131,879</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">94,348,689</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Interest and fees receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,551,333</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,370,998</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Other receivables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">87,307</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">141,397</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Due from borrowers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,501,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">840,930</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Prepaid expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">106,816</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24,734</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Property and equipment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,418,442</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,346,396</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Deposits on property and equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">172,210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">71,680</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Real estate owned</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,523,584</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,258,082</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Deferred financing costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">66,086</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 12pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 12pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">169,631,994</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">141,211,245</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Liabilities and Shareholders' Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Notes payable (net of deferred financing costs of $3,074,115 and $2,687,190)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">69,452,636</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,475,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Mortgage payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">771,785</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">784,081</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt">Line of credit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,080,569</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Accounts payable and accrued expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">522,453</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">249,879</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Other loans</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">257,845</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Security deposits held</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13,416</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Advances from borrowers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,413,974</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">848,268</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Deferred revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,114,721</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,205,740</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Notes payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">60,130</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">75,433</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Accrued interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">80,672</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,416</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">85,768,201</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">58,650,427</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Commitments and Contingencies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Shareholders&rsquo; equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock - $.001 par value; 100,000,000 shares authorized; 22,117,301 issued and outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22,117</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22,117</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">83,810,276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">83,856,308</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accumulated other comprehensive loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(37,596</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(50,878</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Retained earnings (accumulated deficit)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">68,996</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,266,729</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Total shareholders' equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">83,863,793</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">82,560,818</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 12pt">Total liabilities and shareholders' equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">169,631,994</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">141,211,245</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STATEMENTS OF COMPREHENSIVE INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three Months Ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Ended September&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Revenue:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Interest income from loans</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,473,304</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,442,750</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,640,387</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">7,509,155</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Interest income on investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">32,483</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">28,148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">163,161</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">28,148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Gain/(loss)on sale of investment securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(21,858</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">415,301</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Origination fees, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">393,097</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">497,237</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,551,652</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,202,777</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Late and other fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,955</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,149</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,835</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">205,182</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Processing fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,445</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">44,870</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">123,568</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">121,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Rental income, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,593</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,446</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49,777</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">82,350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Other income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">336,789</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">325,523</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">904,071</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">622,054</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Net gain on sale of real estate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,927</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20,076</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Total revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,271,808</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,379,050</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,894,752</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9,791,212</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Operating costs and expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Interest and amortization of deferred financing costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,262,278</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">537,878</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,564,533</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,611,332</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Compensation, fees and taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">496,058</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">476,404</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,220,412</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,325,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Stock based compensation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,107</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,107</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,321</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,327</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Professional fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">158,206</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">105,053</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">400,868</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">259,275</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Other expenses and taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">26,247</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">39,355</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61,484</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">70,683</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Exchange fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22,713</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,343</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29,986</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">32,850</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Expense in connection with termination of LOC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">779,641</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt">Impairment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">495,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Net loss on sale of real estate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,816</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 6pt">Depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,348</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,618</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,318</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">44,286</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">General and administrative expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">145,251</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">131,206</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">412,677</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">400,561</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 12pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Total operating costs and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,133,024</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,323,964</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,250,875</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,536,777</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.25in">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Net income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,138,784</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,055,086</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,643,877</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,254,435</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Other comprehensive income (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Unrealized gain (loss) on investment securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(72,785</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,282</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Comprehensive income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,065,999</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,055,086</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,657,159</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,254,435</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Basic and diluted net income per common share outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.25in">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.10</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.10</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.30</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.30</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.25in">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.10</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.10</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.30</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.30</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average number of common shares outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.25in">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,117,301</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,336,870</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,117,301</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">17,662,480</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 0.25in">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,117,301</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">21,336,870</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,117,301</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">17,622,480</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STATEMENTS OF CASH FLOW </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Ended September&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,643,877</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,254,435</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Amortization of deferred financing costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">357,497</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">159,872</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Depreciation expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,318</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">44,286</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Stock based compensation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,321</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,327</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Impairment loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">495,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Loss (gain) on sale of real estate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(20,076</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Abandonment of office furniture</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Costs in connection with termination of line of credit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">439,446</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Realized gain on investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(415,301</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Changes in operating assets and liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">(Increase) decrease in:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">&nbsp;&nbsp;&nbsp;Escrow deposits</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,813</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Interest and fees receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(180,335</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(454,487</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Other receivables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">54,090</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(67,237</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Due from borrowers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(273,202</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,122,939</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Prepaid expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(82,082</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(22,305</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Deposits on property and equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(100,530</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(37,881</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">(Decrease) increase in:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Due to note purchaser</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(176,619</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Accrued interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">77,256</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,323</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Accounts payable and accrued expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">272,574</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(159,512</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 24pt">Deferred revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(91,019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,261</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 24pt">Advances from borrowers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">565,706</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">180,889</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Total adjustments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">745,569</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,059,039</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">NET CASH PROVIDED BY OPERATING ACTIVITIES</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,389,446</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,313,474</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Purchase of investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(37,216,177</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Proceeds from the sale of investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,905,769</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Proceeds from sale of real estate owned</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,816,522</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">362,136</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Acquisitions of and improvements to real estate owned</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,584,300</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(443,217</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Purchase of property and equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(118,364</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(196,603</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Security deposits held</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,616</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Principal disbursements for mortgages receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(68,029,798</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(42,163,704</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Principal collections on mortgages receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37,859,270</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27,917,331</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">NET CASH USED FOR INVESTING ACTIVITIES</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(41,361,462</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,524,057</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Proceeds from line of credit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,080,569</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42,720,829</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 12pt">Repayment of line of credit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(69,939,952</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Proceeds from notes sold to shareholder</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,017,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Repayment of notes sold to shareholder</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,217,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Principal payments on mortgage payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,296</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Principal payments on notes payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(15,303</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Dividends paid</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,308,152</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,027,746</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Financing costs incurred</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(108,353</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,836</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Proceeds from other loans</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">257,845</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Proceeds from mortgage payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">795,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Repayment of mortgage payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(297,837</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Proceeds from notes payable, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">68,634</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Proceeds from issuance of common stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30,736,148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Costs associated with the issuance of common stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(147,002</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12pt">Gross proceeds from issuance of fixed rate notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,363,750</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23,663,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 12pt">Financing costs incurred in connection with fixed rate notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(743,908</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,307,571</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">NET CASH PROVIDED BY FINANCING ACTIVITIES</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20,514,152</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">18,056,667</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,457,864</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,846,084</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">18,841,937</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">158,859</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">CASH AND CASH EQUIVALENTS - END OF PERIOD</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,384,073</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">11,004,943</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SACHEM CAPITAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STATEMENTS OF CASH FLOW (Continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nine Months&nbsp;Ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">September 30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Taxes paid</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 6pt">Interest paid</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,093,080</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">472,329</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SUPPLEMENTAL INFORMATION-NON-CASH</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 6pt">Dividends declared and payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING
ACTIVITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Real estate acquired in connection with the foreclosure of certain
mortgages, inclusive of interest and other fees receivable, during the period ended September 30, 2019 amounted to $2,265,927.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the nine months ended September 30, 2019, the Company
purchased equipment for $13,005 subject to a capital lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the nine months ended September 30, 2019, Mortgages receivable,
affiliate in the amount of $879,457 were reduced to $0 as the underlying loans were transferred to the Company and are included
in Mortgages receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Real estate acquired in connection with the foreclosure of certain
mortgages, inclusive of interest and other fees receivable, during the period ended September 30, 2020 amounted to $170,383.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"># # #</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2035766d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Transcript of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Sachem Capital Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Third Quarter 2020 Conference Call</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Participants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">David Waldman - Investor Relations, Crescendo
Communications, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Analysts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Christopher Nolan - Ladenburg Thalmann
 &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rommel Dionisio - Aegis Capital Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Operator</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good day ladies and gentlemen and welcome
to the Sachem Capital Third Quarter 2020 Conference Call. All lines have been placed on a listen-only mode and the floor will be
open for your questions and comments following the presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At this time it is my pleasure to turn
the floor over to your host for today, Mr. David Waldman of Crescendo Communications, LLC. Sir, the floor is yours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>David Waldman - Investor Relations,
Crescendo Communications, LLC</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good morning and thank you for joining
Sachem Capital Corp&rsquo;s third quarter 2020 conference call. On the call with us today is John Villano, CPA, Chief Executive
Officer and Chief Financial Officer of Sachem Capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 9, the company announced its
operating results for the quarter ended September 30, 2020 and its financial condition as of that date. The press release is posted
on the company&rsquo;s website, <I><U>www.sachemcapitalcorp.com</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the company filed its Form
10-Q with the U.S. Securities and Exchange Commission on November 6, which can also be accessed on the company&rsquo;s website
as well as the SEC&rsquo;s website at <I><U>www.sec.gov</U>.</I> If you have any questions after the call or would like any additional
information about the company, please contact Crescendo Communications at 212-671-1021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before Mr. Villano reviews the company&rsquo;s
operating results for the third quarter of 2020 and the company&rsquo;s financial condition at September 30, 2020, we would like
to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical
facts contained in this conference call, including statements regarding our future results of operations and financial position,
strategy and plans, and our expectations for future operations are forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The words anticipate, estimate, expect,
project, plan, seek, intend, believe, may, might, will, should, could, likely, continue, design, and the negative of such terms
and other words in terms of similar expressions are intended to identify forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These forward-looking statements are based
largely on the company&rsquo;s current expectations and projections about future events and trends that it believes may affect
its financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial
needs. These forward-looking statements are subject to several risks, uncertainties and assumptions, as described in the company&rsquo;s
quarterly report on Form 10-Q for the third quarter of 2020 filed with the U.S. Securities and Exchange Commission on November
6, 2020 as well as its annual report on Form 10-K filed on March 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of these risks, uncertainties and
assumptions, the forward-looking events and circumstances discussed in this conference call may not occur, and actual results could
differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking
statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking
statements are reasonable, it cannot guarantee future results, level of activity, performance or achievements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, neither the company nor any
other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims
any duty to update any of these forward-looking statements. All forward-looking statements attributable to the company are expressly
qualified in their entirety by these cautionary statements as well as others made in this conference call. You should evaluate
all forward-looking statements made by the company in the context of these risks and uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With that, I will now turn the call over
to John Villano. Please go ahead, John.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you and thanks to everyone for joining
us today. I am pleased to report your company achieved strong financial results for the third quarter, despite the lingering effects
of the COVID-19 pandemic. Our quarterly revenue increased 26% to $4.3 million, compared to $3.4 million for the same period in
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We attribute this improvement to the fact
that fix-and-flip market has continued to improve in our traditional markets, as builders and developers scramble to satisfy the
demand for move-in inventory. This is further illustrated by the increase in our loans in process and the increasing number of
loan payoffs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed on our last quarter call,
once COVID-19 took hold, we implemented stricter underwriting guidelines to reduce our lending risk by focusing on preservation
of capital and careful maintenance of our existing portfolio. Due to improving conditions, effective July 1, 2020, we relaxed some
of these measures by increasing our loan-to-value ratio back to 70%. However, we are still maintaining a cautionary approach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We saw a robust demand for our loan products
in the third quarter of 2020. We believe this demand was driven by several factors. First, was the overall improvement in our economy,
specifically the Northeast, due in part to the easing of government-imposed pandemic restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Second, we believe we are well-positioned
from a competitive standpoint. Banks and other traditional lenders have a limited desire to lend and cannot move quickly to handle
the borrowers&rsquo; desire to close quickly. Let&rsquo;s not forget the fix-and-flip arena is highly competitive, and a quick
close often gets the contract for sale. Further, many non-traditional lenders remain undercapitalized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Third, the residential real estate market
in Connecticut, our primary market, has stabilized and has proven quite resilient. The suburban areas we serve in Connecticut have
benefited from the migration of New York City residents. We believe the move from urban areas contributed to the increase in the
number of loan payoffs that we witnessed in the third quarter. Further, housing inventory is low as developers scramble for saleable
product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And, finally, we initiated a growth strategy
focused on Florida. Our strategy will focus on quality MSAs, or metropolitan statistical areas, where residents enjoy robust real
estate, employment growth, progressive government, low taxes, and finally, quality of life. We believe this strategy is easily
expandable. As of June 30, 2020, we had less than $1 million of Florida loans in our portfolio. As of September 30, 2020, that
number had grown to $9.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to successfully pivot our business
model and quickly adapt to changes in the marketplace is a key competitive advantage for Sachem. We plan to continue expanding
our geographic footprint beyond Connecticut to new markets such as Florida, which I mentioned, as well as Texas. Our goal is a
diversified portfolio of high yielding notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we pursue opportunistic expansion, we
are diversifying our mortgage loan portfolio into additional asset classes, such as larger multifamily and higher-end fix-and-flip
properties. Here, we believe we can effectively deploy larger amounts of capital with potentially higher returns, better sponsorship,
and lower risk. We believe the migration to higher-quality transactions will offset any rate compression and help us maintain a
low foreclosure rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Looking ahead, I am pleased to report our
loan pipeline is significant and expanding. Further, we are well-capitalized with a solid balance sheet to take advantage of market
opportunities. As a result, we remain highly encouraged by the outlook for the rest of the year, and our prospects for 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I would now like to touch on some key financial
highlights then talk more about our strategy going forward. If you need any additional insight into the financial details, please
review our recently filed 10-Q and press release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First, total revenue for the third quarter
of 2020 increased 26% to approximately $4.3 million, compared to approximately $3.4 million for the same period last year. Interest
income, net origination fees and interest on investment securities increased during the period. Late fees decreased during the
quarter, reflecting tighter lending standards and rapid loan payoffs, rental income decreased as well as rental properties were
sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total operating costs and expenses for
the quarter ended September 30, 2020, were approximately $2.1 million compared to $1.3 million for the same period last year. The
increase in operating costs and expenses was primarily attributable to an increase in interest and amortization of deferred financing
costs of approximately $724,000 due to the increase in our overall indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In comparison, our indebtedness was $85.6
million at September 30, 2020, compared to $24.5 million for the year-ago period. Net income for both the three months ended September
30, 2020 and September 30, 2019 was approximately $2.1 million or $0.10 per share, representing stable performance year-over-year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the nine months ended September 30,
2020, revenue increased 32% to approximately $12.9 million. The revenue increase represents the steady growth of our loan portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income for the nine months ended September
30, 2020 was approximately $6.7 million or $0.30 per share, compared to approximately $5.3 million or $0.30 per share for the year-ago
period. Comparing the two nine-month period, net income increased approximately 26% period-over-period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Overall, we believe our financial results
are evidence of our strong competitive position in the market and the sustainability of our business model over time. Even though
our outlook for the rest of the year remains positive, we recognize there are still ongoing market risks to consider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As you know, we can quickly adapt our strategy
as market conditions change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In terms of Sachem&rsquo;s financial condition
as of September 30, 2020, compared to December 31, 2019, total assets increased by $28.4 million to $170 million, and total liabilities
increased approximately $27 million to $85.8 million. In addition, shareholders&rsquo; equity increased by approximately $1.3 million
to $83.9 million due to a corresponding increase in retained earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September
30, 2020, our loan portfolio increased by approximately $30 million, and our balance sheet remained solid with approximately $170
million of assets, backing $69.4 million in unsecured notes. As a mortgage REIT, our debt levels are extraordinarily low versus
our peers, thereby providing stability during difficult times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2020, of the 480 mortgage
loans in our portfolio, just 10, or approximately 2.1%, were in the process of foreclosure or actively managed with the goal of
unlocking our invested capital in a timely manner. In the case of each of these loans, we believe the value of the collateral exceeds
the total amount due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the gradual opening of the state court
starting on October 2020, we saw progress in foreclosure and eviction proceedings, as courts have begun to work through the large
backlog. The court process in Connecticut will require some time and patience to truly get back on track due to COVID.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Of the 480 mortgage loans in our portfolio
as of September 30, 2020, 18 were COVID-19 forbearance loans having an aggregate principal balance of $5.1 million and $146,000
of deferred interest. At June 30, 2020, we had 23 COVID-19 forbearance loans, having an aggregate principal balance of $6.5 million
and $200,000 of deferred interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2020, real estate owned
decreased to $7.5 million compared to $8.3 million at year end 2019. As of September 30, 2020, real estate owned included $1.5
million of real estate held for rental, and $6 million of real estate held for sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by operating activities
for the nine months ended September 30, 2020 was approximately $7.4 million, compared to approximately $7.3 million for the same
period last year. In terms of our dividend, on October 16, 2020, we authorized and declared a quarterly dividend of $0.12 a share,
which was paid on November 4, 2020. As you are aware, Sachem Capital operates as a REIT and is required to distribute a minimum
of 90% of the company&rsquo;s taxable income to shareholders in the form of dividends. We intend to satisfy this requirement for
the balance of 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Let me take a moment now to discuss liquidity
and capital resources as of September 30. We ended the third quarter with approximately $33.1 million of cash, cash equivalents
and short-term investment securities. This includes net proceeds of $13.6 million from the sale of our 7.75% unsecured, unsubordinated
notes due 2025 in the third quarter. In the third quarter, we also established a line of credit tied to our investment securities.
This line of credit is approximately $12.1 million at September 30, 2020, with an interest cost of 1.75%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash and securities at September 30,
20 was approximately $21 million. Our strategy is to continue to grow our business and increase the size of our loan portfolio,
which requires that we raise additional capital either by selling common shares or by incurring additional indebtedness. For this
reason, we recently completed another public offering of 7.75% unsecured, unsubordinated notes due 2025 for gross proceeds of $14
million during the fourth quarter, with net proceeds to the company of approximately $13.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we have in the past, we plan to use
the net proceeds from these offerings, primarily to fund new real estate loans secured by first mortgage liens. Given the current
market conditions, we believe, there is a strong demand to effectively deploy this capital. We are very careful about the debt
we take on, it will not over lever our portfolio to garner higher leveraged returns. We are currently searching for additional
low risk capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moving forward, we will continue to monitor
COVID-19, the markets we fund and the ever-changing economic conditions. As a non-bank lender with a strong balance sheet and less
than 1% of our assets secured by creditors. We believe, we are well-positioned to expand our lending area, capitalizing on cash
starved lenders and banks continued unwillingness to lend. The fact that we are able to lend off our own balance sheet is a major
competitive advantage for Sachem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, to summarize, given the current market
conditions, we believe we are well-positioned as the go to non-bank real estate lender, while our competitors tighten their lending
criteria or flee this segment of the market. The demand for our products and services remains robust, which is reflected in our
third quarter financial results. We are still maintaining a cautionary approach to the market and look forward to further deploying
our capital as we identify attractive opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are diversifying our portfolio to include
more projects such as larger multifamily, where we can effectively deploy capital with creditworthy borrowers that have a strong
operating history. We have built a highly scalable business model to drive revenue and cash flow, and thus grow profitability and
dividends in the years ahead for our shareholders. I am pleased with our operating results for the quarter, the performance of
our team members, and our growing presence in the lending marketplace. Your company is strong, growing and well-positioned for
the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I would like to thank you all for joining
our call today. At this point, I would like to open up the call for questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Operator</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, ladies and gentlemen. [Operator
Instructions] We&rsquo;ll go first to Christopher Nolan from Ladenburg Thalmann.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>Hey, John, what is the target
leverage ratio going forward, please?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chris, to be perfectly honest, our leverage
grows in small chunks, right? So, we did $14 million in September, we did $14 million in October. We are looking to a 1-to-1 leverage
initially. At that point, we&rsquo;re going to evaluate, we&rsquo;re going to see how the company performs with the debt level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">But let me add, in terms of our competitors,
our debt, our indebtedness is unbelievably low for companies in our space. Their debt-to-equity is in multiples. We haven&rsquo;t
even gotten to 1-to-1 yet. So, in terms of our debt appetite, it is strong. We are not rampant debt pig so to speak, that the debt
has to be right and it has to be well timed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>Got you. Well, for the $14 million
raised in October, does that include the underwriter&rsquo;s option, because I thought I read where&hellip;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I believe it was $13 million plus the issue
totaling approximately $14 million. I do have access to this if you need more detail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>No, no, I thought it was $16
million. Let&rsquo;s go back and just check. Okay, Florida, what is the &ndash; how large you expect to grow this as part of the
portfolio?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, let me step back and say we have individuals
in Florida. We are building relationships with loan originators. We are moving slowly in this space. We are trying to target Southern
Florida, from Fort Myers across to Fort Lauderdale and down.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have legal representation, we have appraisal
services. And most importantly, we have some individuals that are acting as underwriters. And hopefully, in the near future, if
things go according to plan, they could be part of us. So, it&rsquo;s slow and steady. And, Chris, it&rsquo;s all about capital,
right? We can go into any market and lend buckets of money. I just have to make sure that we have it and we have continued sources
for it. So&hellip;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>Capital [we&rsquo;re discussing]
[ph], right? Okay, I&rsquo;ll get back in to queue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Operator</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Operator Instructions] We&rsquo;ll go
next to Rommel Dionisio from Aegis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>Yeah, good morning, John. So,
thanks for the color on Florida. I wonder if you could just give us a little color on Texas. Certainly, your thoughts there in
terms of maybe timing, particular regions you&rsquo;re looking at, how you plan to attack that market, just as you did on &ndash;
just as you gave some nice color on Florida? Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. So, back before the real onset of
COVID, and I&rsquo;m talking January and February of 2020, we were building a relationship with a small, let&rsquo;s call it, Sachem
like lender, in Austin, Texas. And we had started doing a few loans, they are well managed. They are funded with partner capital.
Many of their partners I am familiar with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, we started an arrangement where we
were lending together and relatively small. I don&rsquo;t think we did $2 million of loans. And then, once COVID took hold, we
backed away. And we kept our distance, we worked our way through. They worked their way through a little bit. And we have now begun
discussions with them once again.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>Okay. Great, thanks very much.
Congrats on the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Operator</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will return to Christopher Nolan at
Ladenburg Thalmann</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>John, funding strategies, given
that the stock is currently below book, what are you thinking about raising capital in 2021 assuming that you don&rsquo;t get a
share price bump [and trade bump up] [ph]?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, selling shares is difficult for us.
Right, we&rsquo;re still working through the shares that we sold a year ago in July, right? So, we have an increased share count.
We would rather not sell shares in the near future, especially at this price. So, we think we have room to pack on a little bit
more debt. And, once we do that, we&rsquo;re going to see how the company feels, right? We&rsquo;re going to see how cash flow
is affected and things like that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And then, we&rsquo;ll decide &ndash; and
my guess is we&rsquo;ll decide probably towards the end of the first quarter. Again, depending on share price, we never want to
sell shares cheaply. And we also understand that the sale of shares by us makes it tough on our shareholders as well, if there&rsquo;s
any kind of decline in price, so debt first, equity maybe sometime next year, say the end of the first quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">But again, it all depends on how this world
continues to evolve and the performance of our notes as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>Final question, given the raise
in October, are you using that to pay down the outstanding balance on the credit facility?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No. So, what we are doing is we have an
account that has, as of today, $41 million in it. We are borrowing off of it. It is just a step above bombproof. And we pull from
it. So, we don&rsquo;t have an operating line of credit, where we can pay down excess cash. So, what we&rsquo;ll do is we&rsquo;ll
park our bond funds there, and then we start ripping through that money as the loans come to be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are expecting a fairly strong push for
the quarter. And like I said, in our call, our pipeline is strong. And it&rsquo;s quite large, as a matter of fact, and we&rsquo;re
probably going to be dipping into those funds significantly over the next month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>Got you, and on the balance sheet,
the short-term investments of those bonds?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The short term, it&rsquo;s, I would say,
a very few stocks, mutual funds, preferred stocks of large quality &ndash; good quality companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Q: </B>Got it. Okay. Great. Thank you
for the detail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, bye.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Operator</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And with no other questions holding, Mr.
Villano, I&rsquo;ll turn the conference back to you for any additional or closing comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>John Villano - Chief Executive Officer,
Chief Financial Officer, President and Treasurer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Thank you all for joining us today.
Stay tuned. We&rsquo;re still writing our book here. So be patient and talk to you in another three or four months. Take care.
Bye now.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Operator</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and gentlemen, that will conclude
today&rsquo;s presentation. We thank you for your participation. You may disconnect at this time and have a great day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>4
<FILENAME>sach-20201109.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.5b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +K85w7xRiXgen8uNbXAsWaKNybPtzp5xuekhuWh1bckKPyYjQZTdbCVfdt3GodIB -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31" xmlns:srt="http://fasb.org/srt/2020-01-31" xmlns:srt-types="http://fasb.org/srt-types/2020-01-31" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:sach="http://sachemcapital.com/20201109" elementFormDefault="qualified" targetNamespace="http://sachemcapital.com/20201109">
    <annotation>
      <appinfo>
	<link:roleType roleURI="http://sachemcapital.com/role/Cover" id="Cover">
	  <link:definition>00000001 - Document - Cover</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="sach-20201109_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="sach-20201109_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="sach-20201109_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2020-01-31" schemaLocation="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2020-01-31" schemaLocation="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd" />
    <element id="sach_Notes7.125PercentDue2024Member" name="Notes7.125PercentDue2024Member" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="sach_Notes6.875PercentDue2024Member" name="Notes6.875PercentDue2024Member" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="sach_Notes7.75percentDue2025Member" name="Notes7.75percentDue2025Member" abstract="true" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>5
<FILENAME>sach-20201109_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.5b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://sachemcapital.com/role/Cover" xlink:href="sach-20201109.xsd#Cover" xlink:type="simple" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
    <link:definitionLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapCommonStockMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes7.125PercentDue2024Member" xlink:label="loc_sachNotes7.125PercentDue2024Member_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_sachNotes7.125PercentDue2024Member_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes6.875PercentDue2024Member" xlink:label="loc_sachNotes6.875PercentDue2024Member_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_sachNotes6.875PercentDue2024Member_30" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes7.75percentDue2025Member" xlink:label="loc_sachNotes7.75percentDue2025Member_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_sachNotes7.75percentDue2025Member_40" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentType_60" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentFlag_60" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentDescription_60" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentRegistrationStatement_60" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAnnualReport_60" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentQuarterlyReport_60" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentTransitionReport_60" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyReport_60" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyEventDate_60" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodStartDate_60" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodEndDate_60" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalPeriodFocus_60" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalYearFocus_60" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCurrentFiscalYearEndDate_60" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFileNumber_60" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityRegistrantName_60" xlink:type="arc" order="15" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCentralIndexKey_60" xlink:type="arc" order="16" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPrimarySicNumber_60" xlink:type="arc" order="17" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityTaxIdentificationNumber_60" xlink:type="arc" order="18" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityIncorporationStateCountryCode_60" xlink:type="arc" order="19" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine1_60" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine2_60" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine3_60" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCityOrTown_60" xlink:type="arc" order="23" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressStateOrProvince_60" xlink:type="arc" order="24" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCountry_60" xlink:type="arc" order="25" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressPostalZipCode_60" xlink:type="arc" order="26" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCountryRegion_60" xlink:type="arc" order="27" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCityAreaCode_60" xlink:type="arc" order="28" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiLocalPhoneNumber_60" xlink:type="arc" order="29" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="loc_deiExtension_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiExtension_60" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiWrittenCommunications_60" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSolicitingMaterial_60" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementTenderOffer_60" xlink:type="arc" order="33" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementIssuerTenderOffer_60" xlink:type="arc" order="34" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12bTitle_60" xlink:type="arc" order="35" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiNoTradingSymbolFlag_60" xlink:type="arc" order="36" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiTradingSymbol_60" xlink:type="arc" order="37" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityExchangeName_60" xlink:type="arc" order="38" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12gTitle_60" xlink:type="arc" order="39" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityReportingObligation_60" xlink:type="arc" order="40" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAnnualInformationForm_60" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAuditedAnnualFinancialStatements_60" xlink:type="arc" order="42" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityWellKnownSeasonedIssuer_60" xlink:type="arc" order="43" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityVoluntaryFilers_60" xlink:type="arc" order="44" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCurrentReportingStatus_60" xlink:type="arc" order="45" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityInteractiveDataCurrent_60" xlink:type="arc" order="46" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFilerCategory_60" xlink:type="arc" order="47" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntitySmallBusiness_60" xlink:type="arc" order="48" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityEmergingGrowthCompany_60" xlink:type="arc" order="49" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityExTransitionPeriod_60" xlink:type="arc" order="50" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAccountingStandard_60" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiOtherReportingStandardItemNumber_60" xlink:type="arc" order="52" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityShellCompany_60" xlink:type="arc" order="53" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPublicFloat_60" xlink:type="arc" order="54" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent_60" xlink:type="arc" order="55" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCommonStockSharesOutstanding_60" xlink:type="arc" order="56" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock_60" xlink:type="arc" order="57" />
    </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>sach-20201109_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.5b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes7.125PercentDue2024Member" xlink:label="sach_Notes7.125PercentDue2024Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sach_Notes7.125PercentDue2024Member" xlink:to="sach_Notes7.125PercentDue2024Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sach_Notes7.125PercentDue2024Member_lbl" xml:lang="en-US">7.125% Notes Due 2024 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes6.875PercentDue2024Member" xlink:label="sach_Notes6.875PercentDue2024Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sach_Notes6.875PercentDue2024Member" xlink:to="sach_Notes6.875PercentDue2024Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sach_Notes6.875PercentDue2024Member_lbl" xml:lang="en-US">6.875% Notes Due 2024 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes7.75percentDue2025Member" xlink:label="sach_Notes7.75percentDue2025Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sach_Notes7.75percentDue2025Member" xlink:to="sach_Notes7.75percentDue2025Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="sach_Notes7.75percentDue2025Member_lbl" xml:lang="en-US">7.75% Notes due 2025 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentInformationLineItems_lbl" xml:lang="en-US">Document Information [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sach_Notes7.125PercentDue2024Member" xlink:to="sach_Notes7.125PercentDue2024Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sach_Notes7.125PercentDue2024Member_doc" xml:lang="en-US">7.125% Notes due 2024</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sach_Notes6.875PercentDue2024Member" xlink:to="sach_Notes6.875PercentDue2024Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sach_Notes6.875PercentDue2024Member_doc" xml:lang="en-US">6.875% Notes due 2024</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="sach_Notes7.75percentDue2025Member" xlink:to="sach_Notes7.75percentDue2025Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="sach_Notes7.75percentDue2025Member_doc" xml:lang="en-US">7.75% Notes due 2025</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>sach-20201109_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.5b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://sachemcapital.com/role/Cover" xlink:href="sach-20201109.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://sachemcapital.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_deiDocumentInformationLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_us-gaapCommonStockMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes7.125PercentDue2024Member" xlink:label="loc_sachNotes7.125PercentDue2024Member" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_sachNotes7.125PercentDue2024Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes6.875PercentDue2024Member" xlink:label="loc_sachNotes6.875PercentDue2024Member" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_sachNotes6.875PercentDue2024Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="sach-20201109.xsd#sach_Notes7.75percentDue2025Member" xlink:label="loc_sachNotes7.75percentDue2025Member" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_sachNotes7.75percentDue2025Member" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAmendmentDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentQuarterlyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentShellCompanyEventDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodStartDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFileNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPrimarySicNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityTaxIdentificationNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityIncorporationStateCountryCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine2" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressAddressLine3" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCityOrTown" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressStateOrProvince" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressCountry" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityAddressPostalZipCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCountryRegion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiCityAreaCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiLocalPhoneNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="loc_deiExtension" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiExtension" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiWrittenCommunications" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSolicitingMaterial" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiPreCommencementIssuerTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12bTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiNoTradingSymbolFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiTradingSymbol" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityExchangeName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurity12gTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiSecurityReportingObligation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAnnualInformationForm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiAuditedAnnualFinancialStatements" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="470" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntitySmallBusiness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityExTransitionPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentAccountingStandard" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiOtherReportingStandardItemNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="530" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat" />
      <link:presentationArc order="540" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityPublicFloat" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent" />
      <link:presentationArc order="550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock" />
      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiDocumentInformationLineItems" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  U 8D# 2(  A$! Q$!_\0
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M"S,0H"@L[%W8@ #<[LSL>K,Q8DDDU+DVK-+U-(TU%WC)VMM>Z?9Z?UV8ZO\
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M'PTT[Q)X U75=%ANK76+'6=2UG6?%.A>(-4T+7M-E'T=2*7YZA1110,****
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M \45PMU-+\4/#_PMT?PGX@^(\$<C-+/I'PVTC2-5\9I=303:?<:]%X4T"_\
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M_P 5:>RQ_>CCEU^3Q603@22)*0,JQ92MRJVJ77[T.FW[65U9M.Z\]&?R,?\
M!T!\6=3^*7_!9_\ :CLKR65],^%&F_"3X3^'(9'9Q:Z9H7PL\*>(-3AB5O\
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M#6-"UG1KFXL8?%O@/Q$]CI\NN>&IM1TNZ%WI]CJ6BZSI%]!++<_PD_%__@T
M_P""K?@3Q#?V/PUN?V>?CEX;2<_V5X@\-_%$^"[^ZLSS')JF@?$;1O#8TN^
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M#>B>*_&W@O6?#6CZKK%UH]EJ>J6MG876II<O=6.G7]Q;M$LR6=R4\E_XK_\
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MLYN<G>6JBX_V+51U2\;3],U&_5!*UC8W=XL;,561K:WDF"%@"5#E-I8 D Y
M/2BBO3>S]'^1^KR=HR:W49->J3?Z'^?!\$/VFOVM/V:]?^*NO_!#X\'P'??&
M;Q5'XN^(;P_#CP1XADUW6+>[UJ\MI7NO%UCX@NK=+:;Q#K#11VTT2,U[(\RR
MR!6']$/_  E_[;__ $?!XN_\,U\'/_F>HHKQ,)*5IKGG96LE.:2NY-V2:6KU
M?F?@7"%3$3AC:#QF8*C0=%T:,,PQM.E2=:IBJM5PIT\1",74J2E.;2]Z<I2>
$K;?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  Q ,@# 2(  A$! Q$!_\0
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MCW%S*3M2-&9L@41LY13O9VU5D^K6K322ML^K(G)J+:M??9N^SZ:^ENW4]/\
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MXO\ &7C\^)?%5_H?PZ3XY:;XZL_!,/A73HKOQ->^%;;P5KFBZF?&-Y<W5X-
MF\0Z':S36FFZ78W4CZ;+9KJH@EG$G!OX?^)>F>#?"NM>*-:^/6HZ=XD^)GC:
M?XIVGAK5=6N_&FC>&[#4_'=M\/[/PYI6EHNK:1X/=I=#EUC_ (1B-M>O+8:)
M+<3S:='>;#V</LSUTYD[N[DN;39:)/377EBG=MI*<KMN/\UFM+)22UWWT=]-
M+MK37[Y_Q';N/Y]O_K]*Q+?Q#H]WIE]K%M>I/ING2:O!>W2QS*EO+H5Q=6NJ
MH4>-96-I<V=Q"YC1UD:(F(R+M)^+K#3OC\=+\!Z3=S_$1X/BMI(\'^(]7U&]
MMH_$WPPTOPKX\O\ 6]!\4:V^ER_8=)\7>-OA#K&J^'/%-_IJA[?QKH'A%E<7
M=Q>R)@^,?^%JW%M#%XKC^/$OAF[OOVCHK.'X:1WTNMS>(YOB (OA=:>(EM ^
MH'PE)X+EO(O"43%?"Y'G+XD(MUTBCV2<E>4'J]5:]E*SZK5VT3U5N;56NW4T
M?NR]&K;J^KL]+-;7[/7;[TT/6M,\1Z+H_B+1KI;[1]=TK3M:TF\2.2-;O3=5
MLX;ZPN0DJI(BW-M/#,D<L<<J[PKJK?*(+[Q)HFG:]H7AF]O4AUOQ+;ZS=Z+8
MF*9I+Z#P_'92ZM(DB1M%&+--2LV99I$:3[0!$'(<#X#\):-\=;'QY\&]-O/$
M/B_P9X:T/PK\%;"PT*V^'/C'Q)X:U#2+'P9H\7C_ $/7-<T#QYI?A/PWJ<^M
M0ZQI=S<>-O!VJ:AHRIHVHZ-J$\#/96_0?"?3/'U[\8? &K^,]/\ C!<>*-&T
MGXN)\2;_ ,86T_\ PKK2];U:\T.'1(/A].@30X]&O[.PG711X?9DET6VMFUX
MKK3,73IJS?,FE!STZ_'R)MNS3<4FTG=NVC:8<]VERN_,HN][.R3;V;[VO;17
MUU1]M:%XGT/Q*=;&C7R7I\.Z[?>&-9"QS1BSUS3([>6^L&\Z.,2- EW 3+#Y
MD3^8 CL00.@XS[G]<<X_F<?7WK\_-!T'QS8_&'Q-;Z38?&73+_7/CYK>J:D<
M:C8_""_^$NHZ1:6^M:D]SE--_M:Z>&1-*NK":+Q5%X@BL)K9X=)6YD/K_P"S
MY=_$+7]0\1W?C36M0O[/X:6\?P4TV:2]22W\;:_X1U"X;QA\4=1BM6:WGU+Q
M%$/#&EQQ2A9=$U71O%D4"01ZO-;1.5/E3:DFDE*VE_>Y5T;3NV[-;I;=W&;E
M9.-FW)>7NW[I-.R6FN]KNY]244"BLS0**** "BBB@#+UC6=+\/:1J6OZU>V^
MFZ-H]A=ZKJNI7<@CM;#3;"V>[O+N>3!VPV\$3R2$ G"G )P#\(2_\%,OV7HY
M)$34?'<Z([(D\/@?4_)F4<K+%YLD4OER#YD\R.-R/O(I&*],_;I^)OPU^#O[
M(WQU^)_QBL?%6K?#3P5X)FUOQ?HG@E;;_A*O$&GPZAI\4/AW1);RYLK2UN]=
MU":TTDWUS>6MO90W<UW-<V\<1E3X-_X)QZ#^RM^W]^RUX6_:4D_98TGX1_\
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MVUO-9-A?L;_L\?\ !0'X5?LB_M!_L&_M ^#=(\=^'_A=83^$OV2/VA=$\9^
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)10 4444 ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>tm2035766d1_8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:sach="http://sachemcapital.com/20201109"
  xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="sach-20201109.xsd" xlink:type="simple"/>
    <context id="From2020-11-09to2020-11-09">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001682220</identifier>
        </entity>
        <period>
            <startDate>2020-11-09</startDate>
            <endDate>2020-11-09</endDate>
        </period>
    </context>
    <context id="From2020-11-092020-11-09_us-gaap_CommonStockMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001682220</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-11-09</startDate>
            <endDate>2020-11-09</endDate>
        </period>
    </context>
    <context id="From2020-11-092020-11-09_custom_Notes7.125PercentDue2024Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001682220</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">sach:Notes7.125PercentDue2024Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-11-09</startDate>
            <endDate>2020-11-09</endDate>
        </period>
    </context>
    <context id="From2020-11-092020-11-09_custom_Notes6.875PercentDue2024Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001682220</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">sach:Notes6.875PercentDue2024Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-11-09</startDate>
            <endDate>2020-11-09</endDate>
        </period>
    </context>
    <context id="From2020-11-092020-11-09_custom_Notes7.75percentDue2025Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001682220</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">sach:Notes7.75percentDue2025Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2020-11-09</startDate>
            <endDate>2020-11-09</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <dei:EntityCentralIndexKey contextRef="From2020-11-09to2020-11-09">0001682220</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag contextRef="From2020-11-09to2020-11-09">false</dei:AmendmentFlag>
    <dei:DocumentType contextRef="From2020-11-09to2020-11-09">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="From2020-11-09to2020-11-09">2020-11-09</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="From2020-11-09to2020-11-09">SACHEM CAPITAL CORP.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="From2020-11-09to2020-11-09">NY</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="From2020-11-09to2020-11-09">001-37997</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="From2020-11-09to2020-11-09">81-3467779</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="From2020-11-09to2020-11-09">698 Main Street</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="From2020-11-09to2020-11-09">Branford</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="From2020-11-09to2020-11-09">CT</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="From2020-11-09to2020-11-09">06405</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="From2020-11-09to2020-11-09">203</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="From2020-11-09to2020-11-09">433-4736</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="From2020-11-09to2020-11-09">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="From2020-11-09to2020-11-09">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="From2020-11-09to2020-11-09">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="From2020-11-09to2020-11-09">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="From2020-11-092020-11-09_us-gaap_CommonStockMember">Common Shares, par value $.001 per share</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2020-11-092020-11-09_us-gaap_CommonStockMember">SACH</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2020-11-092020-11-09_us-gaap_CommonStockMember">NYSEAMER</dei:SecurityExchangeName>
    <dei:Security12bTitle contextRef="From2020-11-092020-11-09_custom_Notes7.125PercentDue2024Member">7.125% Notes due 2024</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2020-11-092020-11-09_custom_Notes7.125PercentDue2024Member">SCCB</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2020-11-092020-11-09_custom_Notes7.125PercentDue2024Member">NYSEAMER</dei:SecurityExchangeName>
    <dei:Security12bTitle contextRef="From2020-11-092020-11-09_custom_Notes6.875PercentDue2024Member">6.875%     Notes due 2024</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2020-11-092020-11-09_custom_Notes6.875PercentDue2024Member">SACC</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2020-11-092020-11-09_custom_Notes6.875PercentDue2024Member">NYSEAMER</dei:SecurityExchangeName>
    <dei:Security12bTitle contextRef="From2020-11-092020-11-09_custom_Notes7.75percentDue2025Member">7.75% Notes due 2025</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2020-11-092020-11-09_custom_Notes7.75percentDue2025Member">SCCC</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2020-11-092020-11-09_custom_Notes7.75percentDue2025Member">NYSEAMER</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="From2020-11-09to2020-11-09">true</dei:EntityEmergingGrowthCompany>
    <dei:EntityExTransitionPeriod contextRef="From2020-11-09to2020-11-09">false</dei:EntityExTransitionPeriod>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140391438247096">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 09, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov.  09,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-37997<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">SACHEM CAPITAL CORP.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001682220<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">81-3467779<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">698 Main Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Branford<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">06405<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">203<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">433-4736<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Elected Not To Use the Extended Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Shares, par value $.001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">SACH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEAMER<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=sach_Notes7.125PercentDue2024Member', window );">7.125% Notes Due 2024 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.125% Notes due 2024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">SCCB<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEAMER<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=sach_Notes6.875PercentDue2024Member', window );">6.875% Notes Due 2024 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.875%
    Notes due 2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">SACC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEAMER<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=sach_Notes7.75percentDue2025Member', window );">7.75% Notes due 2025 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.75% Notes due 2025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">SCCC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEAMER<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=sach_Notes7.125PercentDue2024Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=sach_Notes7.125PercentDue2024Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=sach_Notes6.875PercentDue2024Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=sach_Notes6.875PercentDue2024Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=sach_Notes7.75percentDue2025Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=sach_Notes7.75percentDue2025Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>12
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M 0  (@(   \   !X;"]W;W)K8F]O:RYX;6R-4=%NPC ,_)4J'[ 6M"$-45Y
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MX_T,:3?D@6)8YL_X>\87_QO.\1'"[K\_L;S63AI_YHOA/UY_ 5!+ 0(4 Q0
M   ( )R ;%$'04UB@0   +$    0              "  0    !D;V-0<F]P
M<R]A<' N>&UL4$L! A0#%     @ G(!L49(ACL?N    *P(  !$
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M;',O+G)E;'-02P$"% ,4    " "<@&Q1JL0B%C,!   B @  #P
M    @ %S$   >&PO=V]R:V)O;VLN>&UL4$L! A0#%     @ G(!L420>FZ*M
M    ^ $  !H              ( !TQ$  'AL+U]R96QS+W=O<FMB;V]K+GAM
M;"YR96QS4$L! A0#%     @ G(!L4660>9(9 0  SP,  !,
M ( !N!(  %M#;VYT96YT7U1Y<&5S72YX;6Q02P4&      D "0 ^ @   A0
#

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.20.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>5</ContextCount>
  <ElementCount>95</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>4</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm2035766d1_8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://sachemcapital.com/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="tm2035766d1_8k.htm">tm2035766d1_8k.htm</File>
    <File>sach-20201109.xsd</File>
    <File>sach-20201109_def.xml</File>
    <File>sach-20201109_lab.xml</File>
    <File>sach-20201109_pre.xml</File>
    <File>tm2035766d1_ex99-1.htm</File>
    <File>tm2035766d1_ex99-2.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://fasb.org/us-gaap/2020-01-31</BaseTaxonomy>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2020-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>17
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "tm2035766d1_8k.htm": {
   "axisCustom": 0,
   "axisStandard": 1,
   "contextCount": 5,
   "dts": {
    "definitionLink": {
     "local": [
      "sach-20201109_def.xml"
     ],
     "remote": [
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-eedm-def-2020-01-31.xml",
      "http://xbrl.fasb.org/srt/2020/elts/srt-eedm1-def-2020-01-31.xml"
     ]
    },
    "inline": {
     "local": [
      "tm2035766d1_8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "sach-20201109_lab.xml"
     ],
     "remote": [
      "https://xbrl.sec.gov/dei/2020/dei-doc-2020-01-31.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "sach-20201109_pre.xml"
     ]
    },
    "referenceLink": {
     "remote": [
      "https://xbrl.sec.gov/dei/2020/dei-ref-2020-01-31.xml"
     ]
    },
    "schema": {
     "local": [
      "sach-20201109.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd",
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-roles-2020-01-31.xsd",
      "http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd",
      "http://xbrl.fasb.org/srt/2020/elts/srt-roles-2020-01-31.xsd",
      "https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd",
      "http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd"
     ]
    }
   },
   "elementCount": 67,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2020-01-31": 2,
    "total": 2
   },
   "keyCustom": 0,
   "keyStandard": 95,
   "memberCustom": 3,
   "memberStandard": 1,
   "nsprefix": "sach",
   "nsuri": "http://sachemcapital.com/20201109",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "baseRef": "tm2035766d1_8k.htm",
      "contextRef": "From2020-11-09to2020-11-09",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "00000001 - Document - Cover",
     "role": "http://sachemcapital.com/role/Cover",
     "shortName": "Cover",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "baseRef": "tm2035766d1_8k.htm",
      "contextRef": "From2020-11-09to2020-11-09",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 4,
   "tag": {
    "dei_AmendmentDescription": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Description of changes contained within amended document.",
        "label": "Amendment Description"
       }
      }
     },
     "localname": "AmendmentDescription",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AnnualInformationForm": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.",
        "label": "Annual Information Form"
       }
      }
     },
     "localname": "AnnualInformationForm",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AuditedAnnualFinancialStatements": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.",
        "label": "Audited Annual Financial Statements"
       }
      }
     },
     "localname": "AuditedAnnualFinancialStatements",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CountryRegion": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Region code of country",
        "label": "Country Region"
       }
      }
     },
     "localname": "CountryRegion",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CoverAbstract": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Cover page."
       }
      }
     },
     "localname": "CoverAbstract",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "xbrltype": "stringItemType"
    },
    "dei_CurrentFiscalYearEndDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "End date of current fiscal year in the format --MM-DD.",
        "label": "Current Fiscal Year End Date"
       }
      }
     },
     "localname": "CurrentFiscalYearEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "gMonthDayItemType"
    },
    "dei_DocumentAccountingStandard": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.",
        "label": "Document Accounting Standard"
       }
      }
     },
     "localname": "DocumentAccountingStandard",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "accountingStandardItemType"
    },
    "dei_DocumentAnnualReport": {
     "auth_ref": [
      "r9",
      "r11",
      "r12"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an annual report.",
        "label": "Document Annual Report"
       }
      }
     },
     "localname": "DocumentAnnualReport",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentFiscalPeriodFocus": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.",
        "label": "Document Fiscal Period Focus"
       }
      }
     },
     "localname": "DocumentFiscalPeriodFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "fiscalPeriodItemType"
    },
    "dei_DocumentFiscalYearFocus": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.",
        "label": "Document Fiscal Year Focus"
       }
      }
     },
     "localname": "DocumentFiscalYearFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "gYearItemType"
    },
    "dei_DocumentInformationLineItems": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.",
        "label": "Document Information [Line Items]"
       }
      }
     },
     "localname": "DocumentInformationLineItems",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.",
        "label": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentPeriodStartDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format.",
        "label": "Document Period Start Date"
       }
      }
     },
     "localname": "DocumentPeriodStartDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentQuarterlyReport": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an quarterly report.",
        "label": "Document Quarterly Report"
       }
      }
     },
     "localname": "DocumentQuarterlyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentRegistrationStatement": {
     "auth_ref": [
      "r18"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a registration statement.",
        "label": "Document Registration Statement"
       }
      }
     },
     "localname": "DocumentRegistrationStatement",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentShellCompanyEventDate": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Date of event requiring a shell company report.",
        "label": "Document Shell Company Event Date"
       }
      }
     },
     "localname": "DocumentShellCompanyEventDate",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentShellCompanyReport": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.",
        "label": "Document Shell Company Report"
       }
      }
     },
     "localname": "DocumentShellCompanyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentTransitionReport": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a transition report.",
        "label": "Document Transition Report"
       }
      }
     },
     "localname": "DocumentTransitionReport",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_DocumentsIncorporatedByReferenceTextBlock": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Documents incorporated by reference.",
        "label": "Documents Incorporated by Reference [Text Block]"
       }
      }
     },
     "localname": "DocumentsIncorporatedByReferenceTextBlock",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "textBlockItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine2": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 2 such as Street or Suite number",
        "label": "Entity Address, Address Line Two"
       }
      }
     },
     "localname": "EntityAddressAddressLine2",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine3": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 3 such as an Office Park",
        "label": "Entity Address, Address Line Three"
       }
      }
     },
     "localname": "EntityAddressAddressLine3",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCountry": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "ISO 3166-1 alpha-2 country code.",
        "label": "Entity Address, Country"
       }
      }
     },
     "localname": "EntityAddressCountry",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "countryCodeItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityBankruptcyProceedingsReportingCurrent": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not.  Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.",
        "label": "Entity Bankruptcy Proceedings, Reporting Current"
       }
      }
     },
     "localname": "EntityBankruptcyProceedingsReportingCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.",
        "label": "Entity Common Stock, Shares Outstanding"
       }
      }
     },
     "localname": "EntityCommonStockSharesOutstanding",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "sharesItemType"
    },
    "dei_EntityCurrentReportingStatus": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Current Reporting Status"
       }
      }
     },
     "localname": "EntityCurrentReportingStatus",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityExTransitionPeriod": {
     "auth_ref": [
      "r17"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.",
        "label": "Elected Not To Use the Extended Transition Period"
       }
      }
     },
     "localname": "EntityExTransitionPeriod",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityFilerCategory": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Filer Category"
       }
      }
     },
     "localname": "EntityFilerCategory",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "filerCategoryItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityInteractiveDataCurrent": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).",
        "label": "Entity Interactive Data Current"
       }
      }
     },
     "localname": "EntityInteractiveDataCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityPrimarySicNumber": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.",
        "label": "Entity Primary SIC Number"
       }
      }
     },
     "localname": "EntityPrimarySicNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "sicNumberItemType"
    },
    "dei_EntityPublicFloat": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.",
        "label": "Entity Public Float"
       }
      }
     },
     "localname": "EntityPublicFloat",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "monetaryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityShellCompany": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.",
        "label": "Entity Shell Company"
       }
      }
     },
     "localname": "EntityShellCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntitySmallBusiness": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).",
        "label": "Entity Small Business"
       }
      }
     },
     "localname": "EntitySmallBusiness",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_EntityVoluntaryFilers": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.",
        "label": "Entity Voluntary Filers"
       }
      }
     },
     "localname": "EntityVoluntaryFilers",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.",
        "label": "Entity Well-known Seasoned Issuer"
       }
      }
     },
     "localname": "EntityWellKnownSeasonedIssuer",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_Extension": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Extension number for local phone number.",
        "label": "Extension"
       }
      }
     },
     "localname": "Extension",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_NoTradingSymbolFlag": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a security having no trading symbol.",
        "label": "No Trading Symbol Flag"
       }
      }
     },
     "localname": "NoTradingSymbolFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_OtherReportingStandardItemNumber": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.",
        "label": "Other Reporting Standard Item Number"
       }
      }
     },
     "localname": "OtherReportingStandardItemNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "otherReportingStandardItemNumberItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre-commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre-commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_Security12gTitle": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Title of a 12(g) registered security.",
        "label": "Title of 12(g) Security"
       }
      }
     },
     "localname": "Security12gTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SecurityReportingObligation": {
     "auth_ref": [
      "r7"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.",
        "label": "Security Reporting Obligation"
       }
      }
     },
     "localname": "SecurityReportingObligation",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "securityReportingObligationItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r8"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r16"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "sach_Notes6.875PercentDue2024Member": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "6.875% Notes due 2024",
        "label": "6.875% Notes Due 2024 [Member]"
       }
      }
     },
     "localname": "Notes6.875PercentDue2024Member",
     "nsuri": "http://sachemcapital.com/20201109",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "domainItemType"
    },
    "sach_Notes7.125PercentDue2024Member": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "7.125% Notes due 2024",
        "label": "7.125% Notes Due 2024 [Member]"
       }
      }
     },
     "localname": "Notes7.125PercentDue2024Member",
     "nsuri": "http://sachemcapital.com/20201109",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "domainItemType"
    },
    "sach_Notes7.75percentDue2025Member": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "7.75% Notes due 2025",
        "label": "7.75% Notes due 2025 [Member]"
       }
      }
     },
     "localname": "Notes7.75percentDue2025Member",
     "nsuri": "http://sachemcapital.com/20201109",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_ClassOfStockDomain": {
     "auth_ref": [],
     "localname": "ClassOfStockDomain",
     "nsuri": "http://fasb.org/us-gaap/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_CommonStockMember": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "label": "Common Stock [Member]"
       }
      }
     },
     "localname": "CommonStockMember",
     "nsuri": "http://fasb.org/us-gaap/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "domainItemType"
    },
    "us-gaap_StatementClassOfStockAxis": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "label": "Class of Stock [Axis]"
       }
      }
     },
     "localname": "StatementClassOfStockAxis",
     "nsuri": "http://fasb.org/us-gaap/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "stringItemType"
    },
    "us-gaap_StatementTable": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "label": "Statement [Table]"
       }
      }
     },
     "localname": "StatementTable",
     "nsuri": "http://fasb.org/us-gaap/2020-01-31",
     "presentation": [
      "http://sachemcapital.com/role/Cover"
     ],
     "xbrltype": "stringItemType"
    }
   },
   "unitCount": 3
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-23"
  },
  "r10": {
   "Name": "Form 10-Q",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "308",
   "Subsection": "a"
  },
  "r11": {
   "Name": "Form 20-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220",
   "Subsection": "f"
  },
  "r12": {
   "Name": "Form 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "240",
   "Subsection": "f"
  },
  "r13": {
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-1"
  },
  "r14": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r15": {
   "Name": "Regulation S-T",
   "Number": "232",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r16": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  },
  "r17": {
   "Name": "Securities Act",
   "Number": "7A",
   "Publisher": "SEC",
   "Section": "B",
   "Subsection": "2"
  },
  "r18": {
   "Name": "Securities Act",
   "Number": "Section",
   "Publisher": "SEC",
   "Section": "12"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "g"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12, 13, 15d"
  },
  "r5": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r6": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r7": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d"
  },
  "r8": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r9": {
   "Name": "Form 10-K",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "310"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>18
<FILENAME>0001104659-20-124390-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-20-124390-xbrl.zip
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M'B\0I9]BJ:LAG7U4R=";X&^K!H/?PLKMRP46,]UA_B[XDYIGV[5=$*P.WL"
MU8-06EBA?;EZ?L5$ND?5263+VA\<=ND0B^-6MD6?AZ%9A)/.*EB$!$ #MO>
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M&P%5.824NHB;%Y&ON'G,-.+,>2L[CX**'4)N;./H9S W>URE=>38^!J\\#$
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M'^?04!Y^1>4B_7+'"=F[Z\9?0O$LGZ_!!T$/1:/+MDZ<WI$AWLV,\\X;YPK
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M_1@%&#UR3,OG(!$/DH,@!2L"-L%4P997B2Q .8M:%H ?HN9"KDO7%:(\HI[
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MMKNS1]:^__S[4!"FUK5%1TQ=2VA\<1VTYK]^00I)'I61".LO.3]MPO(O6O@
MD8.L!CW%Q9*2B']@VP0=&8'_@&%Q%HE=WE5:BHVRV1A/YX:>)O/NP,'R[@ZI
M"RX#6![CMQP!<$T# X!P+R(WUHU- ZC#)IV8%&20=M?$F +68!"(WM'HFAU@
MJ5![I('!UJ=42W",;+%W<KSL@TIC)L;Q(=+8<51VZ.^TB(J*):DZN5G^#Q,\
MGO,DCW"?*S*HJUN4EXE,:"X3(Z"X2OE4T1ZQ9>NF10Q6&2CC@!P%V5KR]!1E
M99VI,V#^9=A]AL]W=SQ&)Q(X -XCG^Q>*B*^C\1V!N,1/& KAO+,8)=,Q; ]
M5YVB_JQ "YN4HZ/)=;P;O TW?$*;,$1E\@I!U'9,3;&Z4ZX%B13L[A".9X@1
MMB=Y>$ :XOJT,)(QN%3T4"S,'[A:MF.3R4&B[%YS!3!$,' <HAY]_2E$C3XX
MBLD: Z1P#"8RQ3 X+>[N4$8( PH%F,V-19T(<F'/^.B6OR)M#BB005"F&(#[
M!?VV5$521TA\%!65R&@,E<E0&%\&^'UW1]8Q R#"ZM#'[#SOY-@O<0L-<F=N
MR-@U=NK7L9ER^%3$ZROB;)@BGA@_XV MLXI<R;4^LD;FTS%JC._)7\;CV59?
M0B;DKOJ/?!!BKNOEW=/@><AC;&;O2^*F;W684;&3U^4 #EN[4MV=_,EBL?TN
M*WK,Z^Z9VTE?=HO5>%N'@W^\[V3)X>%?;T/LZ85Y^ST6,3-(%.\5(\9F+@7U
M.'P)KO:';[AY9SVF9V/=' @1L9?#VGV!2Z0RZ;3,W^%A-AOE8UV[/U8H9"LK
M"EV:H@20W>4^<DR<JZ.X&+X5N=35ERO098L,^&)"U((N*K% Y!"GV>==KN99
M+G0IQ8_#IF$LL6T^\8%_[^39N!0+2TJQ\*=+\5*$: ;\4<][GG&MNUB5D1[B
MFW_*XEJR^'Q/RUR ^-9"R'/)EPO0DC<O+C_6EX^K %QNTKT6<,N!8" RY-[*
MHFB+[!+M/2($,EF=R :KZV:7-1+;1;].ZA=(=M]2\R7V,?-7IH(X)#@A26!+
MBT0CT$WE,ZP!8508M66;#MT81B<QEB]"[C9#A]%S%LB8B4@H%BHXIDDN,'!?
M:40"F>,VX?$9XH1;='."V@DD0.2_[=%S4'=WQM%OHN,/B*EA8#I_ZNA@7DBI
M-8[@MV%Z93<>3\T3P,'0+4RW/MP-<,0?AN39>-O?NSN^M)@#$L83^\R2\>\4
M^#?+O?#_P?A*>QHELIS6/73(PF,8J8K84E3%=B]S(V$IALX!'>UX9+L[+1P(
M^P?"_>1Z.9V&D+Q, SHBRPM?3&[5]U@849*X=\G-SRWRC_3 #9T%<P(.R.EJ
M,.;HBW(HMBV2R4"W.LCE=M@F! ?6 GS=%^E( <19@(M=?+>Y:!;]F^3FGS$/
M"$0TR=)J7^6.U/]#[K^/D!ZP>*-:^-RHWN)&-?L;F[E\9[F;+ULZ&'=;?0DE
M:I3/*OGF=9V\ C;L-I27C%L('_6TX ID(7N5U;(6V-C WOX#BP[/+!R[.V'Y
ME =AV6"R WI2$AV2P4674?;&/W<%LV#PF%KI9%NBA4'%MHDN)8"H]G8KD/TE
MAZP"%)SHV%W=!!M*?I4-@O<7R5WHD3QGT4_:06_$T/L6$2++P)C[1C\J+V&9
M!AM\7T\(1I/7"G#/A%27@?%R$,DI&)L?\;HH;J3=-H:SF*7(:S+E'$-AXL4+
MWMLR%YRK6+_/DU'N1<=IUN\Y;L5_Z%T-7<303P74@*9O17R"N;\OY)17!;:8
M?%.T.T"%6GZ;!"0>_68&O&U(B^E6Z"JX/?.F"Y,Z:)_T6Y9^DUUUEWX+8R@;
M,B7?\E482R3Z)C[]IRWZ3^]A\K>]?8_*((7#;61\O?_7V6T]BV.)8+4_T>,S
MBR.X%S!6"KX,C,_4CG>;VC&SUO]A*1J?N1>ODWNQ-!^MNV_[:F[XGYGD\)F]
M\$&Y>3&(9U\ \([2!!:F"'QN][_.*=/D5U2E1H258R]Q>S>^Z.L=_8RW='E$
M9Q/TDGH<)%@#PVC(A28Y-)2'7U&Y2+_<<8<G=_2L/GW3&D..ML,_1I7[+'\^
M>,K?=A_V.]GX2?WP;,@U?C[9F1^J("7OY;.SFW+Y)%/*&E9)2%_UTK\:OU*G
M@FC<ZG%!R'=[U6;E</^W,4CDKY[L1N7A]'MQD+BI#P8/+=NYO=&E/"\:5VI5
M.<\\7C^>F%<W^X6S2U[-WK8?D\YOJ<MS6K,C2K_EC*1<7OY4^E>C44F]XL2\
M932JR1L=GYB/F>9EGW\X/1$'-X\=2S]7?SYP-^*%AK/*OK5_X30>;#7-/?$/
MY53]LG,M]A[CR7Q=48I=V1Q4TC_;15Q/G79NB[7DCX&A_OJ5N6_(EOAP(MX*
M%2G5W]^_KV6-5 ,WZNUSO==31DY93=L7]=X@^?M6O$Q5K'W]^[54KHXD3C,?
M[.%A)O\S77PH?6]UXHFGD2I5[N.'S>8E5D\KI52U]]VT.K5ZK6V6.>7W>3*.
MA<MB/*YK]^7]DG/XNS;X?H7/VP,V'?\/4$L#!!0    ( )R ;%&D60\L82X
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MZ\%I:TE8>[3]%(0;I064LNW\P+=,Z1?RU/%\)"Q*>]?V I"Y %\&H1],;_<
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M# $51T<&VUIHCBG>$-H*^(I" ,.@Z<F,%<@$Q-I@XKF;U6;<ZJ"F'QY_=P=
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M++_T->4#90J8V\3EL_ERLW'-)+0:4X*43\/^QPQT'D0E/(D\XC*]N@8/4Q,
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M/\/$[D[<1\4!:8#7/?A.0M"145::._QKF\ 4H%?1K)"VC66C^>C,S>O:7T#
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M=M'"DK'B[$<UA 8,CR13S1S;O1)R,YO2T<#LJ"O#WD:9G9N(\2X(14N+2C"
M+!G4D@TA/HOE831JJBO+P93?ZMQD)S^S<E%,>^>'70.65(+^8'IDBVK:RK)(
M6X\_53/ <5N9_MDH W3&^/FO.+N/89)D58,I3(4JLO#H%L.>*5/#*J-#MR:3
M=#MTS!S[(+C5H#K5%97JEM@/6C . A5O4<FJ\';02%'B1.LT^1J&Q3$V>V%G
M/O3KI9BKJ"-8S8PYTQD&<-R8Z_-*D>C'B$O5R20;U)#F*8\NK9D=*<4:%?'L
M\$8EJLRV=F&;8V.4 WT:"]X/]:I>GL[B$RZ@M?A[Q W3EL^67/FULOGZ:JM.
M#56F]?$BH2GD*).1J2+!-!GB7OA/T]=,L-6;FXIHX*U=6(D.B$P"]6+HF@%,
MF-T-]<[^GZ3)+P;8<@IM[<(^]$#)$&.)4R4;NK#RN\5#698K?N-#SW[FW:'W
M^=5:TZ_ Y+<(J%0R-2K+>G:GED(-RZ1R79IR0/ C,W=C/M7[\B=UJNFP7+42
MV]?+Q9VN4\W4J;6Z?9;R;Q445>^%N)6/YJO8*3!E:EIC$<8V2LPJL(=GV2RY
MA#*S5%,U05@N\%XX,#<.]E&KR$:T K26J&Z(LR&+(?#7+K_;MH32LB8+TW#R
MZ[0*AR[K!^E$*:M8G:&N*."LB?,AB]89UE=Y1*TL9F>.TR'\+HEJT%XWJ36>
M$A:2(TS0+.*2]U)^)FY178@WI52"]K)*-5':OG!%F35>]% "L5F_P6FXCUGO
M[TJ>K]) BNJFJ"M<L*Y0 RXURGBL=UWG$HO,=82MUM-JY-AD*LL:-965Y8FV
M'G^*I%-3$_9G;$NH$O0W)"JO[E#JEB//U*FVND8<);4X;Q6O-_*<6W%5XO(*
MU:I6#6U)U##'CDF(HO62D6EBZ%O6FO6//^$R7'OL#VI^!/\MK"; ?S. FM*8
M#RQ41<E(I5O4T"6J*6/M<\JJ+Y;O2>P=\[OEDF[_VC>\J0?6S@)GBA[8H@JY
MK5W8ZFV2J''?FH653"$-U[#G5[WS1A#)LZA$WM"%E<-%YIVN\JQLC$P6DQKY
M="!),KA"$<&;_MA7HE-)DO"_XAD[33IA!&L%?R,(BU^].$XKTF-AQ5O) GM;
MYDV&>+U\"([Z!.F2,]F:)E^*0F49^X'*N8#E=[\G> TQNN258)D,"T+>2HB\
M<EBR25#>V)Y;\P+BV#V\.;82M+94/,A!%5,4NRR.0-T ?5N-G7J^'Y)V4S^[
M4IX75.)EWQ!OL"#V'AGQP[@:!2[[JDGUY?8?+.&YNU4@3I>H92Y57CZ7V[9,
MR13?,KS"'.OY[2B O\9DWQZ2+I>U/<=+%F8*D9\V+%H?EU"QC5 R,NW+5#$,
M:BKS7'O[48KB@VH1AK<9XY$>%6QJCPK!?;-Z<(9*S?I8Y8M0%&4CE4)U YP'
M><QY*.M^8]FZH_DOVMVL5I54L167Z)VV803[Z-YIA_>-DXLF?(+/-_.3L&M'
M#QZ,CX]*^91>X#)\7SI0="_8@ZEN5CI^L:IL%ICG/[4:^>8QW_U";NP'(-$=
MJ!86..P+T4BM5G#5V?F?!4#9-+4D[&4*JYBXCWP#?WO=NL!";T;'XV /PW=T
M"'-.F+X'4-9:$;-_U%JL'48 J.T_V<]Q'PX.F3$!L$R]SC?S$'X.$4$93I9
MH)>T6!;%<R9V&%;!PFI/CN\:I]^;E^2T<7-^W[@@I]>W-P='AR=+Y[4),]\W
M[IN7S:O[.W+]#2:^O+EM?F]>W9W_V23G5_"]N1XX]M/ 3EV(!MS/:YCP!5VY
MTB"GS8N+F\;9V?G5[[_M27O\^]U-X[3X/JI#P2?Q[5X,O%U\^DJ**YXE::X+
MKV=PA]Y7]C)S4[\IUNKT&A%Q]=N>L;?0L).)<-^)&".7,% G)DW0@E/VKQ>!
M?2,0<(6]7++U+W'E,SK8:^*H>>*L56#Y;3-WQWH)Z[98E,&D2G2.>&B=O%E^
M5'(A)NM'Z!:PO+)..BF2,D\C_=(S^9J1)\^36A7($YRW09SW/E4ZQZ2WV4'T
M!8MHIQ!@*>6C[ZN"%9"5&;+59I_S^$\UY@C_9CQ]?IZ?F"5>X(3=_)+IB=VW
M<B"4N4+0UY*4153[KD5-2$86X\X#Z;1#EJ9*56DL2;PDR"?S6?7PK. 5J]34
MQRRXP/-2\5RGAB91U1HK&Q5X7BJ>3:I+=2KK8WL5*\!S28LD7K$P80"?'N$'
M?ABS$L5T*F@X2S1'7= Z6%365E:XN^7(DPV5RH9H5%5&UBM_Q<J0%O_=]H+#
M?:P;_XP'GVR?=XL?*'(29XU(W]%58Z-88U^1J:6OHCYZRQ$GCEF^!WN:K..Q
M08&],O)>^7WQ:T"$%]B)!SJ\S?#M@%7CL@^UKE*I+DZ;+JAVZB;X&@)["SKA
M5-=E:NAC;?4$_F;$GR(IU#0K=]QY\DU-=I)=-),=[$0U7@TND&A]/*4F1&@V
MY&$D*^ZY6M#Z&=12!><MF$.1="I;*S-]Y?>Y;Z+087&,E[I61E>K)M7$G4:+
MJAN-6J9HC[Z@H5-4JJ_N1HZMQYY,M=7QWD;YV;<LP,.8V:YE=1(E=:J/'[(6
MXC,C[C1-]&A:-,6TR@A_RY%G*50=+Y\J@=I>5UZ;IT(R55T)@JNJ04U+!/2+
MUN/H5%>$E5O0RH$;)IEB#W(Q[!F*0B5]91<NEM_%?NLNIRN6D ?;"\A0G4G$
MP!-G<6(G"ZMWT9AGRNZW:*!4,CK)"JVO^;(6028A3MM*)T4";V5C[DHK0>?"
M=U[E*S@.7"A3IM9XMVFA&TI&*96J9AW<\7G.C@M*?9!39-4U:HX740E2E8Q4
M=6K6L5W?>BDE[H(;]4[G?W..*<7"Q,+6N["5N=0+=5;)X+ONL<C&6T2)$\;Y
MO:+L9X\%,8O%)7YB86)A95<-ZZ\JZ9^&1V5A=T. ]+\V/X\3MO$RD>S>QK87
MV('3URR5V!C!^R44B)Q%[=9B^--5<]DW]E0(>U@UJ%%=%9O"BTJO(<M452M<
MZ'T:=M'WX]J<\EIOKN03^V=%JKZUND&EY9Z)KY $::9!M?%>8P)[LWH/BD2U
M\:23P-^,^,.B*$LIH_Y>OY=^QR]V;MDQ^.+.D%JO!"MH5)9$(:[ W?H/GX .
M$F6%[T!>&0_(K^^491M/68:![5?GG*6L@T64Q)&3!;$GZ1"OB(A_05,G2=02
M)RT7K4K3ZU0Q5W9$>J.\[>ST3K%S5K&DB6)011,NXX)9VSI514^8!9%GR%2S
M1+YI,>29$C56U]*Y_/YV\Z?3L8,'5AU?6U&H*0MG<4%76Z:J)I"W(.?5:=T2
M0=Z"+H)"K5(>C5^_G]W,/&SB!<0)@X YO.[DR4LZ\'[4+1K#AFUR<7U:">80
MS:@%]@3V-A%[IHFW&:ULM^!#'?!)98/=GNU%>-%"):@K9$-@[^.JF'0J2:+_
M8BEY;Z/\;>QD@C?F++F3R4;Q T1?L@A=2RE+6XX]DRKC;1\$[LK >67SKL]8
M+V*.9U>FQ ]OD1)W*BZ*/(L:LD#>@MZU056!O$61!][KZC8"RN];O]4Z\'<6
ML C\:WZVTNUZ@1<G>$+[D?6K2Q9'7M7;>LB:#K0=R[B)]BMEHY,J3ZH)%70J
M&9TT6:'&>,=S0:>RT4F2J#Y^A799FQF]%B"--%68N2O@= 9Z:[SW\\E"G2?>
M-?"KG2FF$GTY'3($"@4*!0HW!84;'2\--WP-7^EC)?R&Q7<^9%6EDC)682T\
MO))1"L^^J[1N"$J5G5(&:$N)6N/GI@2E2D8I[*5D3+K1:VOBILR.2@>*[@4S
M^E9O)YO+W6E/+$PLK"0+*[_S/>QG8R50A6ZG0]?7HJ8X7+@P_B1=IY(X\[.P
MFVAH*KB)XECU8OC#C3Z-:FH9VQ/,Z*=5Q R*A8F%E61AZ_#(WM.LGS<9P69^
M$>NP(,:BD,PE(_M8I/UYR\DC%B865I*%E;2[Q5O597\$>'@#5NEF]]-F:@,/
M=WC!(XL3/)U'8N:DD9=X8N=D<?=SWU0@>%Q]CG>BRA<D>L<! 9&&+QF=9)4J
MEK@RK^QD^@AQ$A?F"9=-+&QK%U9R)ULYT(L[4U[&X\LS(_DD<QL2_AYQP[3E
ML_<IW$\SF9%ES#?8.C!T6J_7W[(E?,YR6?UJDFOR3H\@5QG)95!#-ZFL"^G:
M"')-W<=:,;F$:RT<-;&PK5U8J5SKO>,3._8<7K3O>GZ:,)<$_7(CTLLVO;K8
M@JAC1XR$:1(G\#"H/W%'M5B86%C95<92RQ6G.#Z3:YJY8A$.Z#L<4.E 'FLD
M*$(%02E!J?=02A64$I0JH6L^EW$]RWQUP6!":0M*"4J5B%+"O I*B<2VR'F(
MA55M81_H/>\=_\5P)<PE-LQJ/S 2I-T6B[!I_G ".Q89;+$PL;!-T@TB@[TT
M)W..VN1E5BDI5)9-JDIO=L$4D4%YB"93536H98IP;H.()B1M\X@&!#,,A6K6
M!H7C(MN]F;PF%,0F$DV8X@TDFI"TS2,:FF+E TWQX7WCY*()G_!_1S?S$[)K
M1P\>S("/2H,I;HHA_U.KD6\>\]TOY,9^ '3=L7]3%C@0Q>ND5BO(?';^9S%W
M-F(M"7M?>#>Z8HX^)@S\[?7CK7O'@[4,03@,W]$AS#EA^AY 66M%S/Y1:[%V
M& &@MO]D/\=].#ADQ@3 LMYY\\T\A)]#1%"&DQ70XMT#CG*4PX*$1;#:D^.[
MQNGWYB4Y;=R<WS<NR.GU[<W!T>')\1IFOF_<-R^;5_=WY/H; '#WG7R[N/Z+
MK&?V_32P4Q?<4O?S4B?D@Q?$&QJ7BRHY;5Y<W#3.SLZO?O]M3]KCW^]N&J?%
M]U'%!=ZS;_=B8.+BTU?RY+E)!^&2?IE=G^S-XKB_;X]LYG9)4^S$Z34BXNJW
M/6-OH6$G$_K*"QBYA'$Z4SJD+ +TK)'0FA Z3T.#56#Y;77>#%SFP@"]A.$F
M2P:9*M&WK.90!X*JTDE9)YT427G3DWDO3;88>?*;!S77Q-!K[T.\=]PWWW?D
MV^WU);F^:=XV[L&LD<;I_?F?Y_?GS;LMW[/:VH6M(/&7>S&&-8<3,TNC!_GU
M_M?YM,I<L\[=+JAPT7YY2VDLN02LF%=9V<1O=3P>6OF:NCX)BBZ%HE//KJ^+
MHF6U;!-[,S;<?]*L V-,DI!$S D#Q_/9\%%8^!V_.7;<(;TH?/30!6X]#UU_
M93N)]\B;-XK"H@U=6*G.9D^^#*+1#0&D_P++A0%6M[FLS:((>+'M!39P;7$/
MVZ+9X+=)^%%9Z@E$5W63:G71J'_!=+=>!Z,_UM^Q:B8@DZLSU@.][V5RE=]?
M6 DNT RJRI80H<60!SRZNHM6-L <W24AN*TM.P8+A.WQ06RX"%6"^K)"565L
M@U>(SNS(6YGIWBSC<][MV5[$6\!C6_A*T%^KZU22QO+30GIFPMZ4GL\E$)]5
M-*FZ *$@^WAO K\Q(;8A-H?8!V]4("Q.[*0:KII)%5/<ZK88[D"E4VFYV/N\
MB::FT;(#-PRXK0$1"MMMSV&DG4:!EZ11->1HQ<ISR[$'CML*[7:I+,]D$3K%
M_!KQ @AX@H Y/&/PY"4=>#WJ>D$_->=CL0H>0(V8ZR5;GCK=<J;7U#K5M#)&
M^A]@0VY';K(:N<*J&K'+OB;KDVJ[E^!-;#GFJA2W3+$>'3MX8-Q^#.T=QC$#
MFX)M>'W/;GF^V$?<Y(5MBCHO#MCMGP?@I-@Q^TQ<EGT"_A3LMZ$+*[46+'@N
M WCX_S=C)PJ?@ -[8>Q5Q),0H>@[0U%+5DOH3*Q5BRL:WT/ LF;PPKD3T68P
M8,0<YCW:+;\:69U]V9*H.E[R)ISRM\,9+!:TEKH9]_[DZ.I-428XV=WN V&I
MAN$!BDMUL?NVH, 8)JCVDLG+!]B<LY21=A1VL9@97#<654-V]A53I8JTU,JY
M:E@:A<J*0NOJV,FJ$OALZ[(W-Q'KV9Y;%!E61&0LA4KC=XD+B7E;URA4E5;A
MU&Z8J<FS KC=T(LP<YH\\U"'_9MZ/=QZJ 8[R))$]?'6W4*0WL2<:E++6L66
M3:EM3C_%>\:*%*\7B!3OIB]LPY1WFAV@"Q-&>FGD=(#[HDIH'9'??9^U,PUJ
MC/=AV':EG4E-PW&BE+F@IK/,;B5(;IJ@E$21ZV+(4ZFJB.V00G@  H@7>O8S
M9G5YK&#G$E6IT%LQ%:J;FA"I!4V07J>ZO(K,Q0:8H+/B='G$'EF05F0CL2[3
M"<V?1(C]%N+J5#%6=ARR_.9GI)'*1)OD/MJ! X,O9\]D@<8WJ^QV,YFA5MOF
MQM"I*8UYBVOJ523H-'.=CB51RYJGG=[6[@2]HB2R^N#[,+%]8@]:$@FV6SB6
MU'2J&^ME.T&G!2(4*H&3+8WO"I=50:S?H=@[OFK>9TVU;VZO_SP_:YZ1D[]G
M;LLI^' F?4%5:^(Q+Z$QRD<I6:7:>%:CK!KC-9="W%J\-0LKJTT9;^A\?O5G
M\TXT=-Z*A97B)K?A&.8FW^/%T^^5.QNLFE21#2J/MU,6&<2WD%?>X\$?<,S^
M)@H=QMP\79AT6+_Q4=5D2M%I7=*I.1[+BUVL#9>K=1V['Q6F"1W$2/@4+'['
MZ$9Q@TPM,%"ZLK+6OUN./]50J*R*9C!90S'GW]2+/6QZ%*-(89V%U\46^6RH
MHWX5Q6Q?IKJE476YS;*JX0CN:YH*;G3)CMBMS5@-Q4^5/NP@6U0UEEJZ5!'Q
MD>L&-:2EU@)NV+&AO#\Y<]+( ^DINHJ0#O.K87YT:LBBD%;$2XO&2U[@>#WP
MVUPO;J51G'MS[3 B> 7-@XU-S*K68L2PJ*34J5E?ZH49%;%)&D1-ADI-:14&
MO?QFZ<W*GX'(X?7066-9?MYUF?(F]H[Q'*A>IXHYS]VX8IO_0PJ#3%J73:JJ
M8U7%F[C/OYIRH#_NFF?DV_7MS#NZ@O5FLU8RA)XRU8RQ+.G2>6]A^R_(M"]K
M5%<T*NECJ:)5D6GUGH8H"-J:A97*E(Q7 7T[OVI<G8HJH&U86/DCH.G[L6]?
ME;%UX3 8+LF2)IU/$#FZF1"H*=14)&HIV]E,;O+%&SW[N;BZJ8(RL\^O'EKV
M]4,52;\9=6R\2.MZR<ZR?[CQP;9$,48C+M8JQ!T[8AWX(CH4"2/TMA6GDFQ6
M_#ZT$:LDA$D(TSO,N[)\:=I0"U7L!>6R-;(15#0UJ@97R, 6]57<W+KEB!-%
M#).E*#-1U1(AO*YP%=5@6XZX\HK0!]BD,^_1<UG@HNQXU:BAVT>YL:B\DIAY
MVW$'GIQB4G.YM^9N3A'W-R^PP?H$#\3)+XQV4NRE5PWBRR VJBY,S@)Y.FHM
M]VS1A@9 PRFZD-_1Y8=V4)4#KR:UM*7>^E&A/$)YO;:/.>U:R;2!2,6]!WMF
M72]I5OL#;-%(@EL(4QF@W"CL[2MU,.=ENR_R8VS12/*-DH!5HW)!"-![L&=8
MU%!7=H/!9AFC47'RXCC%GN*\$"CL=L. Q$GH_*@$6PBA>@_V5(F:JD%E;:EG
M&3<L4#KEJ3D[CD/'LQ/FDB<OZ?!>6T*RA&0MG/S4L(I!U-G]'H5QC!U,IEBL
MMO<3[Y;!MD#<+ZP$=\@:5?$8M+ZRZ'K+$:BHU  $EC,]\:%W1TS;<H(/\$L0
M9&?*,QNW+-D39Q#W34VE=6G,C1+G1$M$(YFJDDEU<_4GR3?&4K]]O<2LQP,%
M#\YDMR2J@_&?4$PB&D^4C%2R127= #=C]:?*U^!WB//D6[.PLEJ5S(#LGS5/
M;YN-N^9G<GZ5?8(/F5UI7)UE'YK_]X_S/QL7S:O[A6W)1H4K^WA3#=9SB$:6
M"RABB5J:026KC-E_H7,KL;"RZMPI;MI4;5LC)\W?SZ^NT)^__D;^;C9NA8?X
M#@_1TF1:']_5%\Y\V4BE6]CQ3WCRFZA\MW9AFV-5E /]5;M":J0)/X-)N6G>
MGE^?+4]3Y3//K:OX>\0-TY;/WB?3GV;25,N8K]^U6[4T*IEC)R<FXJ9<AJ6"
MY))E*H$DUK5UTRM7'X?WC9.+)GR"SS?S4[!K1P\>C(^/2H,);OB ,.1_:C7R
MS6.^^X7<V ^ K#OV;\H"!W2<06JU@KYGYW\6<V<CUI*PEVU*%7/T\6#@;Z_;
M^[WCP5J&(!R&[^@0YIPP?0^@K+4B9O^HM5@[C !0VW^RG^,^'!PR8P)@V1;:
M?#,/X><0$93A9 6T>/> H_SDL"!A$:SVY/BN<?J]>0E*_>;\OG%!3J]O;PZ.
M#D^.US#S?>.^><DM"-B.?FM"LG\*$WE!RMS/ZP%D/PWLU 6O:UT3%K0=FHO+
M,3EM7ES<-,[.($3[;4_:X]_O;AJGQ?=1K89MPNU>##Q>?/I*GCPWZ2"LTB^S
M*YN]63R1][FD.(KO+IZ>.KU&1%S]MF?L+33L9%I<80^U2QBG$V>S-@-WV@G-
M1>"?U<M;$V[GB057@?"W%?\=ZR6LVV(1424Z1\165>(HZR2.(BGS],Q?B"9;
MC#QYGA3$*AGZ W:'[OZXN;G@QAY\C+/SN].+Z[L_;INCEO^.G%]]N[Z];-R?
M7U]M>?B_M0LK:>U<5B9G('[O[9^LK#U,Q@)84<:]A8A;K9[.0P##FB,"F%%T
MSM'6L3B9*#WYO,I<@<=K_%#$,N]:QP36*,:=!]+)%5U4JJO8QGO:#.^$?+*P
M50_/FJE0=;S/]PJP+/9MA'^SF?LV+WSL(4^Z=@7_H9.]Y939VH65U*5^L;,Q
MP5T8= QTF>/;>!(%;[%^9^<,L?$TW4,5NX2"6&O<(ES"@*]EAL!P\>30T-6&
M5V>#4RF[.\/'4I8&T=*7>,MLGT#4A&?M;.??U)MR) ^/G>.>I>.'<1IE)\]!
MT]M>L+O3OP.6XJD^/XV]1_Z 5T1DJ%BS-GEMQH9OBJ7$32,\$XC#]P# T"4,
MMSG(2+*=8(*2V%VP'G@./@G))X4JAD[KBGE09NR>#587X'9.EV_G3%TBY4^>
MAMV>'3SO[O32R.G8,3S*@# ]WN4)[[C^).,)4YW$:>L?H!'BPR:.W?,2H*7/
MX(WM0LKEA#N&Z>Z.W6Y[/G9&0'[%T3(&0<[[9)EU+&PG3\" \):;.CG?2,2.
M^</@B+#(?T9(>._&[-$D@H]MQ@^FPN-#Y.!,#&Y"QN( ZNX.3#L)M%(C?U/D
M79%&Y5TV):I:ZC)QN^*]]+442?P/ O_;AH7TAW^EK,?\2JY[_.;Q+^3"!CXK
M397/RFIM9J+(X<GUV=_<G?I^?WEQ_/\!4$L#!!0    ( )R ;%&#3$I>;"0
M %*W   6    =&TR,#,U-S8V9#%?97@Y.2TR+FAT;>U=:Y/;-K+]KBK]!]Z4
MDT\:>31V_(B]WAH_DDRN'6?CV76E4ENW(!*2D*$(+4%:5G[][=,-@*!&,YZM
M6W9NN,Z'>&9$D2#0Z#Y]^H''WY^_>OED/'K\_8O3Y_1OAO\>GY^=OWSQY/%M
M^9<^O>T_?OST]?-?LC?GO[Q\\9<O%K9JOLEFQYLF.S=K[;(?]3;[V:Y5-9$_
M3+(WNC:++^B+]-6?PO?6JEZ:ZIOL^(LG7U5SMWGT^/9/>Y<T^GUSI$JSI,MJ
MLUPUC[+D6X^?/GGQ?F7FILD>/IR>/+[]],GE6]S@*3=]@>3A=.GQHRP=7JZK
M1M=?/#FO5>7RVM 5=O&1G_5&Y2N]SIZIC6E4F3VS]6;ZL5]O9>HB^UNK:OHU
M.SD^.:;'5@M=ZRK7-)*R_,@#^-&^T^LY/7MV/.'G?Z3G_=:ZQBQV'UEJXE-(
MEG^B.36YV:BJ<8=E^<_X8L_5.U-D;U59T VRH^RL>J==8^OL9UVJQMB*;O>L
MUH[6M[#CT3.[7K>5R<-'+U\^^]@C_,&NJNP?IBQ596F SU9&+[(7[W7>-N:=
MSEXO%B;7]83&QI]\:RI5Y8;V6_@D^XG&;PH2T$Q5179>:^7:6M?#6$"2S--*
ME3LW)*E\MJH-2>%F18KD1UNR9+Y4M(3SMEYFYRM5THTKLH-?J?7F$:FXCZ57
MXXCHBVM=9L])[(TS$,13O33NDRCW/T#7T8ZA_<*[?#A212_V^.]/7F]TK4C#
M/;[]]R>?XMV^L[;("K7+2E48NAETT)(FM]1K7?%O6UWF=JW'H\9FS4IG>[CA
MPS9]FIV695::BFZ_4J04YYINO2E5KHO,TD/H,]?HZLA6Y2Y;VT+S<_&L16E)
MV6])O=*7QB.[H2\NZ"\[V];9OUJR!5#T?'F.+4#&CSXO2[LUU9+OL$ED92 [
MX+2A-Z/-W= W,X*O].-Z1_,IAB/#,K4UJ9]N @GUU/@[3]O*NH8GL;&T[I/L
M53W-^G;6+CJCFAVPJ=/LC2'#U=V?1H!;NX%,L.S$&V /LNK7S=,GW<-K6U<0
M>MDZJKK DO Z_V8-/AF/#B#^KVKWK]8^<I HVL;_2K=QWFWCG+?QZXK7'+_0
MGFQ66>M$B"  *1 B4/;3Z60?#(U''O/P&*_ 0Q"^_C@'(E0T>='[>"B;AU06
MX?4=34=EVPK:T#2.M1R9 *PE"5=;LDJK^0MA>4C@Z.(W>M/(_>YX;X8GUN +
M<5II$0L#D<R4P]R2:#2D[QL])<TMZM'1<Z \-)9Q0]I!%S2(*AUB%).MGCO3
MZ$GV^ Q[9+O=3AVO5BZ+E0-HT)=$],^>#&3QSFCZ"IG'_M(M3"G+EGUKZ_5X
M-#L^^IOL#5SU]^D;TI4D_C5]U1O7%^]SVIU+S0K#.(>EL8ELW)MDVY7)5[3-
MZ*&ELV3Y,I7GM$YB+J]9EO%(X6?:GLJ)K7[Q;/^:C-8_63R=3Y?V'99KBO7*
MSA:L-]A.XP43([N Z$4% +MLV[(@XWTAEX894N5X9"J2V;42P9O;MDF'/1%C
MA=_),N?-E=8&8SV9G1S=NS\[FAV?S 8B34\U38YFPQL\QUJ_,WKK#BWN=0JA
MK[5I>T<M<$A*#FJ%YH >(1'4R>HR]*OUVM!]-4&)G:VT*!+&(7MV@J9@)RMK
M&*QM55T<$4RXP LX0F*:<9J@PN[WS#8KEB\2^_2OBVP%9ZLFF2"Y6I"XN'!W
M[+SJX!@F]$%>MD7_D?0.2QH,_@@@M&@;X*4PI_0D/]$!4G;S15I1-O]XY!JZ
M1"]W? 6!6-AZ_(@[ZO<;G3?^#E@C_XCTOO3K-9/RT:'-(#90O/]_'1T1A-!E
M\4WVDUKJ1W034E@D!?2L[.C(<]&/GY_]H\_H'I'W3I><;"(G?#2W36/7WV3W
M\+>YK0M=Q[\])5_E(IO1B)PM34$#.$@R"\L8[\C/.#[P"/H;W>+LU7?9FY^?
M_>4+LZ:A_\_Q\<GTM\WRB^STY?E?ODAG\O%M&O^!5]G0UX[FM5871W/6*-^0
MO=BJG>N/X-Z!$>#-T[=()OW*)R=S?1N3+?/[9Q<E@* MK39VO!"H0#>P>6OY
MB;<T[?M-;7_#3[SG)YG3^@):AOS68D(FNC2D&2?0??0_!!LF[+;2A2OHT0EI
M*/X'^K3<35B%F:JEKQ3:T9 F46M7I*28.R2%Y%H" B13:[("K&181\IXH?KP
M"5]GUJ94K(  Z**FD?&1GB0%SAPCO?,?J7X^V9JZZ[0L3\V<  CA7)JU)2W(
M5<"*H%L-:K:GV5GSBSC([PQPO*XG,>!'8#7IJX432TE^NA<2QP92+1;T=0)*
MA]'ZY+!9(G'RYH<%JVZ.( +\L-)62_EMWCIP+6[?G-DYC_B=WK-NXU&E=>'8
M(?CPO+F6;P.)<@ #-.K:N L:&ER8&G8Y8EWE7+O>^)$3)"51SVLS#W;[ -3Q
M4(86I-8;>C^L"Y!UQL#Z>M@C6/S_ K['HWO!D>IPM.'5K%J\Z*4Q_;=_*OWI
ME:IILP8(-9"M]%3GJG5:/$=(QU5K#=<C66SFAO8$*=D9N:GS=DV21;<AL3 N
M;]F]N0+.\8ZI+,U\3LLIJI* H"R);!-6K^-186A?U1ET=TVB70I,4P4)JL,V
M7]1V38^P3B?ZOH S8]8;VIY1,J\#KK^0@R1JG0=5X\;MQEY"NP"+W=YQ<+8+
MXW4&36A/80 .T[C:Y:KG7T:=X>&V[FNB6B]*^NW*8?='P&!7.?+0YB49'E))
M.:B')EO23J+IT'H/$Y.YHH>7&*R"YC -?#==LV^'Q:%Y(^\?(QR2_>AY^Y4V
MWC'I5J7">U<[\LSX(YH1QP0+;0"-17$D#,[,34D3%I66@NRJ?!?8:O*!R3BS
MGEZP_QSWV'6R=YX, _NF5$;  ?W:TM-(+;<;\#LWOR7\L.N4?M.0SFX;"$WF
M8P"1N:IUP!SECK5W:1;=+C*@JAI3:QK8?.>'0@J%68)ZE_6W1U"X/*FPDH6^
M2B'T]J!^I\I6,?MQ_9OP'64<\0VB(:H@"GMZCI>JI^H&(N%OQ4@J0JEG$EZI
M[);#!@G!\PX&D18\97:GV4]"W2QMIE9:$:+%QP.9%B'^/V)(_]/$ SX5R@Y!
MAAAR0#B@8XAZL8<0*IB2P*FU)P#9+_&@BF-34:^(42D =PG7)@CY6@:,G:D-
M2$Y\5-*#Z76 /!AL@TGC[9T]>_V/L^='LX<9/:S0:Y-/L]<<4.S )QGE%NHG
MKV6@)_>^Q&!OW9W>(?^N+-DV\'!K>8U;=Z9WPR=Q=$ZM-<R#L5")X]')\>SA
M0/;*6QTM@Q8=30BJMH($@IT 78= )&&7A7E_1+-]M"C-!@^XT$VV4BXZPN*C
MRBV@E2$.Y.L$2ME_1?R(>6O* C8"DE< HL#5<1EY%VKMS90CB.06K.P)%NHU
MNSRT+&NZ_Q'=WU3 7;;>P:9B]"13;<WVG!:Q%3^K".8B"$(866E5Q2XXC1?4
M?/3>_860NJIE4M4NR,NDRTG8=G:Q&(H).4UQN_6SHEP3W3+F81%(RI,-UY!5
MSE863,A6,^9F>9&=3MB8OM?2EJRW<-IH#I<MZ5%)'6!54;1 G7@4N=;,B).=
MQB(M;-[RK-M*8O[U.\;(O.=]<$J0%VW810MY8G)$8.S"T[?&\5.AD!:6=O(T
M>][J3C#Q6731:;I$K\ H_-"2UI@E[#DY!>H]7HM3)R*L6(LI<!AR(BI!I(X:
M>P0T0]_'Z+,Y>$=Z_/WC+Z?9]W8+W<JW9T^\,:5_#V4D]IN"*[6A(9,B'8B\
MW83S/?G,^7[F?&]DNIS:TFZI[9S^EB76(6Q$Z'72-< ,WD,XR#E-L[<Z^.AB
M!/V]MF"[:M(,%79Z(,I@#FU-+M>WIG9@B'V8UO+'9<^">D.C2=_8]0Z!)_+[
MR;G*F=7 MWZT,%<*-RH8JY"%J:/I#9IE05"=;E_AID?T  M]'7 /X!3K7>BS
M@2B*-Y@RL2]A9;S"A(-Y%$)Y('^9#5(,XW1C6)&#DRHVA%J;:?:4(6W'NZ=P
M!/8'D$,"Y80UUP96#&2^Y&#A F]PF&,![B#Q,?E%R5XZX>6BU)*E1:JG)N5>
M.T^$)K?)2W!5_GO3[*5N(C>-NY+,+K400SV 1:];*6":E5FNREWZBIX^DWN.
M1_( NR!;F-&M7'2':T3FL2><*C6)K( CA#B8 2%-<V Z:@U[)#;<6UWSNRX&
M(EJ<ZRCD9O#PQ">A_VDF&CQ,9:WQS%85X 'YC1/>RYN:U#Y99KEFPO"7O@6>
MB.:(EV7%-*&%WJ#U:>0Y),001U _KIVW]1R9(8 .$&P@'=[\R>-8*L>CN:[T
M@L72TYX:H2D)"4 Q8"Y^L?5%]@P\57@CMZ?4M(@NWR)]-LL(P_\BZ)P4)3/N
MCA X2Q&PD)E(,3!-I3OB=T_))C*WL@+N(FB':)=V*T&%R_@_B"TX*P[=09</
M1 A/H=S@$)>((P)%5[0+V5E1V9+T2+.*42)2<<#%@M"_+6UM"B6^;DQC8/:'
MK\(US."1,+QZ<TJC@KNDR0/?$ )J?%X&('(.+(V51JZ2KKO=X#)=_69WP;!B
M8XQ'LC,(+1/:MSLV;C+,"41]R0'+=SHQ4Q->VH;PL\^MB&\;A@>!,@M]V?S&
MUZ*?80'!2NKW,'<0A6EVRFSK#VVE^\DN*U60#G-.\D]NS:(G3U?[>>M\/M[+
MG8L@]SR410,YCYL C\![5\P6/)S>#\\8B%Q"JI3GO.%_MYRS1JX6F9^->8?H
M#5T1@I/C$1*]Q24+5E$5:L/X18)T+F@%T9><,(YU5=F%[EDTQ'<4.4%+V?B2
M/LJR@5@]W]"3#)G( C-2&,U2D_RIS8J0T,+:AA1TA3CMSB)!-=&G=(N*YL9S
M$!*6)]7C)2-D[)UED%[&%I.4T#[7[Y63;;>TM'7P#@A5(2@E='F4)LEW6JZR
M'5 WLPBV&0SM?,H6:]/6KD52%-ZZK5BAR,(X9M6V8/))J80)V@4/>4W7+['*
M8DSBG-&BV23[$($8PD1YB7\1,O>KQ:%^NDM;TF@4;3X)Q6"ZR>_3K&<Z",5F
M@ZP*L_[9]Z3E]B$E$C0C T W*S3T6WB,6MO6)[ %^H%#TQM:3X8-] UY-*E)
M,.\.:20-G L.'Y&?L#*;B>1]E$"'S'5<-L[1H@-4RKL$-=F@G%3YB",K>IA?
MW7!L"(J2=Y'/&)')T.4&:=V!58"@0AG#U012Y. @LH>'(9 O?9#(AS*NH*9)
M]@*%9S;,1F$+(VN'_3%/\T?5DN"6U/%(X+!(@A)F(9NKDEDHM]):W#=UD>HT
MDJ" *N.>$:D\A3(41MR33HR^/>;754XCISM$%M.V#<)BD9Z&]^=#7ME.J[K+
M9"39A[_IB?:3X>3>GOF\5L2[.',9\VVA(6@'@*QCXY+DQO!D(J&+/2/:9:J\
M@";2/NW'IF!J:2%-/@0Y#<G42*_9RY FG>5P4]%=XKZ%$$>A:>>5+F1)CT>2
M',Q/HEV(XJR0>,Y9,9*.E.3Q#V2I/$G2V(9]+(G('(S[,,'*>3N7 C;,@K[G
M9#Z:M:O#-WO7?2B8PTPWM@PM,@A VDCP^5 HAY0!$HO:T N*8EYHGWYD_*60
M-</E1(R&79>DU(V_:.M8P\;/).<?&IMO5NC+E\7DJ4E("^$/(&6ZX\N9WU"2
M[UB0*M^8HN>;X<M5PP**ETF>E  :?TEG(.F3F@9 ^FPHKOY-Z.8[G^GFSW3S
M#5@C5F!=$4=NG4^#0RY711@5*D:8P ]5>$UXI^UKJY-IY[#V8M*S3MU]2(V=
M0X/TPIS7#7C+/!7H+(;1>RE"JNI105'M,?$(%&]^CR14H1>ZQGB] 81K)@]$
M6E3_/>^?W)T<'Q\SW7V <H*!C%0Z3>"\T05\S8&HI+.PN,;!>N%MT[?D-;GU
MX.OI/?*M_9I?4=W3DY&3N].O+PD)9.)(+6VT/3_J)I@$7$.[?.7M<*W!$%;-
MRNU+[7C4*TS<'\GL(0_Y&EFF!]TZGLZ.,0J"QPH^&&%R*>GVU@PBEZ8D\L@A
M!4<LU\-8^F_]LE3P/0Y/-B85"298W\OI*W=.#J&AV<GT862AF%_>_V8WW1(8
M< TY2KM ,_JX>=\='\B4[PG\!V8_$?4#,GVO(_N\3-_IR?0U0/3K1(-?_NJE
M_3H>A0W[3%2%AY#-UO+PCWCX?E<+4O4OV<E*?P3 T7*Y["I__V$L\FNQ%CUF
MATL#]_/-A)$B/ZS02<*(STY+J<@07NQSES$]R-&3R44//*F_3ZS8$$Y4VC70
MRTRS%X@$25ZX,)8?<N$]!^#\0-YI3PSD=EF9WYDRJM/T$1H_^ZQ^G)+V*HPI
M*/VA*-!3[E"179#;/PG<79]V3OUXKJ/V,]+E^WA:>B S<I:4CPEC?EV=,,_(
M%5&.5'L]U[G_>"8F/OCOS,FF_NT<MOY!XF8S7KU_W+GGO&?XRZ61#4.>9H=1
M]Q75K9/[O7L1$GK0&;=>3C_K3F2A)2%WC7CKKC_ ?7/9Z6).C+[UX$YG/P,H
M13I!+24 A80L.X!::U^V3!L5"5M#0:;/.Z[B1C9R<@ V7#OS=_;$@I5FCS85
MM<<)=^!4A6#=6[[[QQTRAG/!(CGA)#L,_]:]AXDX<A8#,S.Z\$$8X5MC%.+G
M%V?G\B8 X5(JXWQ)!"D2BTIS\8_ H".6T3I1XAM-OTQ$%]/+<FIA8&>\9?"\
M#NJ93$X6B.W!4.3EZHBIMV1W'QS'>1;J_7+@=<+WR]#)$>4X?= RG7WI765O
MAT.>+NJNDE@&%S#Y^ V]#)/EL8*0@W5(WVVKTHJ,B-,%YDX7,:Z#, FOC]RD
MTLP*^DH**9[3*E]UQ27\0CW0@6LE\=//0&[+$D5LR"QYGZ,^4P@"KTTYN 25
M,Q")>!OGO%9%*W1)Y?/7Q.^0:%5;-US35C<^U_=UWMBY[UC$,XK,OI!6D$D'
MBKC:3&&\DW0WD0B-;2=)Y7SSV*%LV;(5V2(]AGS<6)C'T;WQ"#JCM,M0CT7?
MC!*VEXK#8;<:U@68"T@;DB*DO2*+!A4&+J-&!C%RN3CG%S:LQ@_>JG "]4#6
M^B;4ZMW/U.IG:O4&_MME<W%%FLYU ';V0$Q%K%*@Y9AKE,3FX7:D%:2Y6J:6
M2[21:6!2"+*8#2FK $7H_N2P=_P5-OFMV=U[("TY1A7)SD")$J9HKDA'.KES
MS8 F_\:([G7\GF03W#HY/F8>]>"(AJ%DKH88:;:FW7(><!?D JJ_G_"A/:;T
M0<+%*.'-@7'9S[DN#>S2$WUW(@WIF'[= Z7IM2O:KNSH2[Q-H.^M>]F'+N>$
MW6$L(U@XPE KCY'%.>@B$[XJG?W"&[!TV74DW?T._%_+R-V_(J82J+=^;+AS
MLME1,,P@%9,4NLSN)3M?M<W*UC$?F"2SY'&HI#HQW(5W]_%T=H)4$F82QR/)
M1./PC#)%K[/<7=^9(O-D"#P5M64"<J\SI$RPYJILQ7Z.A*]= #(\+X5QH?Z/
MO")3F76[9BWW\/C+#L;V^ZDTZCTS]IYT1)Y@XHLG70S6K)S\BTI*LC2SZ=?V
M=4/B2'J,HR7Z;T#=.%[2;L"L<7X0R3B_,U=NVU",EY6&IJ,@%U)T??!12+63
M .:RIGMZBF?7]PFZ5.ERR).^<V?:RY#%#IW(/L5BD".#@($,(&E3<S#E(91?
MBD9T3$E[:,X#O36[,^U47DQDAXX+N^K^]/[77W;>.KJ3N'8N_C<WLV3WG:$T
M"</75R2;GQWXJVQ)-&'4'&HR;L5[D7/ \.+HZ '?7'9$YQWNO^1XQ&^Y]SUS
M20G-TO#75;WY>$62L"K"I;CK#/,P$%&/BI]E*.GBLS<G"'D=#"/..NZOE^]N
M KTM"<'T,X)9?1I><G4\;\?2!NK\8+0KJEROAKKBAEH9=)GI4K["5O0-1;@N
MK"PEP+Y>(_T,JM"!DY#JT+9F#JB7-99$M3.)"AJ'##'E)'6VRQ ++49@2'R?
MDI8D.$<.J)3%TPM]8.MD>SL']HZFR[F]+7JWPS!)WM("?O$JV4L0W-[^WFLG
M<CGB/TL2L08BV9($S31#X*:XAF_;I:NWSA>&]28KZ#YFE&0)D208LS#HBXN6
M)!>9ZBDN% \F4)FHE49B7>(P&5V1-'UG)-:D0],S6M/]$$C*67G^4C+R?23,
M5S^B"\3EQ&AIY.*;.L/D ("@642LR>XZQ4+,:6=Y6P?1-DUH5-)(@ Q\:]UW
M\G@WJ[I"M86D5O-%S.KY).OX8/^2)78A.G?YQ,U>%UOPMEQ@G@^J%?4KJ63W
M::K2[!53FRI%TD>F 9H*/N@D"6>R!+.LA;@FIOF(XV/<;X.+5DG5=)+CR7/4
M#<[1-T0*!F,BM(A/G]+GQ'<N%>&BG-F700/[6%(BT6)/N;3V;2*@A^L^63PY
M6;O720 %39,L9FE[?A$V2!A'M",)98[X[IRK0[OV%6V%2:2OL0GQ%:!"$*+N
M-]H%AMT^4:H4%"^OA=*@_@SPUEJKW[ .'ZQW&89LWH0<_/HS.?B9'+Q!(;B=
M2"':&@;R=]('RWT3%PLK#INXJQ2(+]M?LL&)*JUG<UE1<&%8*2DE8?^2DO))
MV:%%FE= - C"N&A;" 2X*'4H:=1+]B:\1RTC%KVRU[@@]"SPF+E^9W+M8D*(
MU&2&6C6SUSR0:USZGM^E))AH.V_8>23 NR0')N2NP/ (8)&6.P(18EU>;-C"
MEB9VKD6>J83KLGXES#!TGY_=2W5O/7SC'6743]8ZM*%UUQ2YA1K=JRO6>O5I
M8DJWZ"VQZQH3B/7RS0[$6J=]Z:5%^XX%1 )HK2EIQ4,IDLO)KL'F[64Z@;=
MEXR8=RB4!;E]BQ*9.@(O6B<^&KWLPL0(.3<=C0Q1P-+@W9S4<\5]D5),>_W'
M^)79^'[HT(U)*,7HFE\N1%@;33=<LT>:](+'B+F7$*=/YA'L![B1%+5R-\.N
M^9F4,=,,3^)-_#E,/244N2[IV3F0/7"6GBK!^B-VF9/FCEU+.5$491D:RX5S
MD;A[!S<V[-V)#X]J-UV#0]PL'F\QD.G[8PX1BZT )P>/$9MFOX81C4=G%0EW
M*S6I_R1]X:EA6@\RI^*9(MY]Z8@]]GXOG[(WG'7[VS<9UNI[O9.>FM#;BGT
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M6DL$T!&2+'?QD T/'_TU3;WS^%U\3\* +;A: B%1T[%3_BUZ)+W:<5PLY^0
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M+3(P,C Q,3 Y+GAS9%!+ 0(4 Q0    ( )R ;%% N33;'0D  "5N   5
M          "  18$  !S86-H+3(P,C Q,3 Y7V1E9BYX;6Q02P$"% ,4
M" "<@&Q1[Q*\CH$,   TF@  %0              @ %F#0  <V%C:"TR,#(P
M,3$P.5]L86(N>&UL4$L! A0#%     @ G(!L40FPEGIF"   N&@  !4
M         ( !&AH  '-A8V@M,C R,#$Q,#E?<')E+GAM;%!+ 0(4 Q0    (
M )R ;%$9VS)I11@   JK   2              "  ;,B  !T;3(P,S4W-C9D
M,5\X:RYH=&U02P$"% ,4    " "<@&Q1I%D/+&$N  !.OP( %@
M    @ $H.P  =&TR,#,U-S8V9#%?97@Y.2TQ+FAT;5!+ 0(4 Q0    ( )R
M;%&#3$I>;"0  %*W   6              "  ;UI  !T;3(P,S4W-C9D,5]E
?>#DY+3(N:'1M4$L%!@     '  < T $  %V.      $!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
