Sachem Capital Corp. (SACH) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Shareholders of Sachem Capital Corp. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to John Villano, President, Chief Executive Officer, Chief Financial Officer and Chairman of the Board of Sachem Capital Corp. Mr. Villano, the floor is yours.

Good morning, ladies and gentlemen. I am John Villano, President, Chief Executive Officer, Chief Financial Officer and Chairman of the Board of Sachem Capital Corp. I welcome you to our 2022 Annual Meeting of Shareholders. With me is William Haydon, Chief Credit and Investment Officer and Director of Investor Relations of Sachem Capital Corp. Today's virtual-only meeting is a live audio webcast. We believe that holding a virtual meeting will enable more of our shareholders to attend and participate in the meeting since our shareholders can participate from any location around the world with Internet access. Additionally, given the continuing concerns around COVID-19, we believe that holding a virtual meeting is in the best interest of the health and safety of our shareholders. I call your attention to the Documents tab on the right side of the meeting center screen. Once you click the Documents tab, you'll find a tab entitled rules of conduct. You should quickly review the rules of conduct set forth in this meeting. If you need a copy of the annual report or the proxy statement, you can access them by clicking on the Documents tab on the right side of the meeting center screen and choosing Proxy Materials. Also present is Joel Goldschmidt from the law firm of Kurzman Eisenberg Corbin & Lever LLP, the company's corporate and securities counsel; Brian Levenstein of the independent accounting firm of Hoberman & Lesser LLP, the company's independent auditors; Maura Stanley of Computershare, the company's transfer agent; and David Waldman of Crescendo Communications, Investor Relations for the company, who will help moderate the Q&A. Mr. Goldschmidt has been appointed secretary of this meeting and Ms. Stanley has been appointed the Inspector of Elections for this meeting. The following directors are also present: Leslie Bernhard, Arthur Goldberg and Brian Prinz. I will now address the meeting agenda and present the affidavit of John Sanders, an employee of the transfer agent, to the effect that notice of this meeting was mailed on June 15, 2022, to all shareholders of record of Sachem Capital Corp. as of June 2, 2022, the record date for this meeting. Unless specifically requested, we will dispense with the reading of such notice. A certified list of the shareholders entitled to vote at the meeting is available and may be inspected by any shareholder by clicking the link on the left side of the screen. It shows that at the close of business on June 2, 2022, there were 36,634,912 eligible votes. I direct that the affidavit be filed with the minutes of this meeting. I present the oath of office subscribed by the inspector and direct that the oath also be filed with the minutes. The inspector has advised that she has tallied the number of votes present at this meeting and that in excess of 50% of the eligible votes are present in person or by proxy. A quorum is therefore present and the meeting can now proceed to consider all matters coming before it. The first item of business is the reelection of John Villano, Leslie Bernhard, Arthur Goldberg and Brian Prinz to the company's Board to serve until the 2023 Annual Meeting of Shareholders until their respective successors have been elected and qualified. The Board recommends a vote for each candidate. I move for approval of the reelection of each nominee to the company's Board to serve until the 2023 Annual Meeting of Shareholders or until their respective successors have been elected and qualified.

I, William Haydon, second the motion.

The second item of business is the approval of an amendment to the company's certificate of incorporation to increase the number of authorized common shares of the company from 100 million to 200 million. The Board recommends a vote for the proposal. I move for approval of the amendment to the company's charter.

I, William Haydon, second the motion.

The third item and final item of business is the advisory approval of the appointment of Hoberman & Lesser LLP, the company's independent auditors for fiscal year ended December 31, 2022. The Board recommends a vote for the proposal. I move for the advisory approval of the appointment of Hoberman & Lesser LLP as the company's independent auditors for the 2022 fiscal year.

I, William Haydon, second the motion.

We will now open the floor to questions. [Operator Instructions] At this time, we will only take questions germane to the specific proposals being voted on. You'll have an opportunity for general questions at the conclusion of the meeting. We'll now pause for a moment to see if there are any questions on the proposals. There are no questions at this time. Please go ahead, John.

I will now call for a vote. If you have not voted or wish to change your vote, you may do so now by clicking on the link provided online. Any shareholder who has already voted and does not want to change their vote need not take any further action. We will now pause for a few moments to give shareholders an opportunity to vote if they have not done so or wish to change their vote. [Voting]

The voting is now closed. I ask that the inspector commence or tally of the votes and announce the voting results. After announcement of the voting results, there will be an opportunity for shareholders to ask questions.

Ladies and gentlemen, I hereby announce that each of the nominees has been duly reelected as a Director of Sachem Capital Corp. The amendment to the company's certificate of incorporation to increase the number of authorized common shares of the company has been approved, and the advisory approval of the appointment of Hoberman & Lesser LLP as the company's independent auditors for the fiscal year ending December 31, 2022, has been approved.

Thank you, Ms. Stanley. I congratulate my fellow Directors on their reelection. I will move the meeting to be adjourned.

I, William Haydon, second the motion.

The meeting will now be adjourned as to those items. We will now entertain general questions from shareholders.

Once again, we'll open the floor to questions. [Operator Instructions] We'll now pause for a moment to see if there are any other questions from investors. There are no questions at this time. Please go ahead, John.

Thank you all for your attendance at the meeting. I hope everyone stays safe.

This concludes the meeting. You may now disconnect.