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

Hello, and welcome to Sachem Capital Corp.'s Annual Meeting of Shareholders. Please note that today's meeting is being recorded. During the meeting, shareholders can submit questions on the proposals by clicking on the Q&A icon. It is now my pleasure to turn today's meeting over to John Villano, President, Chief Executive Officer, Interim 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, Interim Chief Financial Officer and Chairman of the Board of Sachem Capital Corp. I welcome you to our 2023 Annual Meeting of Shareholders. With me is Nick Marcello, Vice President of Finance and Operations. Today's virtual-only meeting is a live audio webcast. We believe that holding a virtual meeting makes it easier for our shareholders to attend the meeting, resulting in greater shareholder participation as well as significant cost savings for the company and 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 will find a tab entitled rules of conduct. It is recommended that you review the rules of conduct set forth for this meeting. A copy of the annual report or the proxy statement can be accessed 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 firm -- 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; Andrew Waford of Computershare, the company's transfer agent; and Kevin Reed of ICR, Investor Relations for the company, who will help moderate the Q&A. Mr. Goldschmidt has been appointed secretary of this meeting, and Mr. Waford 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 William Valentin, an employee of Computershare Communication Services, to the effect that notice of this meeting was mailed on August 4, 2023, to all shareholders of record of Sachem Capital Corp. as of July 24, 2023, record date for this meeting. Unless specifically requested, we will dispense with the reading of such notice. A certified list of all shareholders entitled to vote at the meeting is available upon request. It shows that at the close of business on July 24, 2023, there were 43,822,050 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 he has tallied the number of votes present at the 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 of Directors, to serve until the 2024 Annual Meeting of Shareholders or 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 2024 Annual Meeting of Shareholders or until their respective successors have been elected and qualified.

I second the motion.

The second and final item of business is the advisory approval of the appointment of Hoberman & Lesser CPAs LLP as the company's independent auditors for the fiscal year ending December 31, 2023. The Board recommends a vote for the proposal. I move for the advisory approval of the appointment of Hoberman & Lesser CPAs LLP as the company's independent auditors for the 2023 fiscal year.

I second the motion.

We will now open the floor to questions. To ask a question, click on the Q&A icon on the right side of the meeting center screen and type in your question. At this time, we will only take questions relevant to the specific proposals being voted on. 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 his or her vote, there is no need for 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 his tally of the votes and announce the voting results. Following 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. and the advisory approval of the appointment of Hoberman & Lesser CPAs LLP as the company's independent auditors for the fiscal year ending December 31, 2023, has been approved.

Thank you, Mr. Waford. I congratulate my fellow directors on their reelection. I now move for the meeting to be adjourned.

I second the motion.

The meeting will now be adjourned as to those items. Thank you all for your attendance at the meeting.

This concludes the meeting. You may now disconnect.