Sachem Capital to Merge with IRG Global Assets; Q2 Net Loss $5.38M
Sachem Capital Corp. reported a net loss of $5.38 million for the second quarter of 2026 and $11.45 million for the first half of 2026, a significant decline from the net income reported in the prior year periods. Concurrently, the company announced a transformative Contribution Agreement with Industrial Realty Group Global, LLC, under which IRG Global will contribute a portfolio of industrial real estate assets valued at approximately $2.9 billion gross to a new operating partnership. As part of this transaction, Sachem Capital will undergo a redomestication, a 20-to-1 reverse stock split, and change its name to "IRG Realty Trust, Inc.", with IRG Global expected to hold a substantial majority of the operating partnership units.
Key Highlights
- Net loss for Q2 2026 was $5.38 million, compared to net income of $1.89 million in Q2 2025.
- Net loss for H1 2026 was $11.45 million, compared to net income of $2.79 million in H1 2025.
- Basic and diluted loss per common share was $0.14 for Q2 2026.
- Total assets increased to $472.9 million as of June 30, 2026, from $460.05 million at December 31, 2025.
- Total liabilities increased to $314.11 million as of June 30, 2026, from $285.11 million at December 31, 2025.
- Loans held for investment, net, decreased to $322.31 million as of June 30, 2026, from $363.68 million.
- IRG Global to contribute assets with an implied gross value of $2.9 billion and net asset value of $1.5 billion.
- IRG Global is expected to hold approximately 94.1% of the outstanding OP Units post-closing.
- Company will redomesticate, effect a 20-to-1 reverse stock split, and change its name to "IRG Realty Trust, Inc."
Price Impact
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