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Financial Data and Key Metrics Changes - For Q2 2024, the company recorded revenue of approximately $15.1 million, a decrease from $16.3 million in the same quarter of the prior year [7] - Total operating costs and expenses for Q2 2024 were approximately $18.5 million, compared to approximately $10.3 million in the prior-year quarter [7] - The net loss attributable to common shareholders for Q2 2024 was approximately $4.1 million, compared to net income of approximately $4.8 million in the prior-year period [9] Business Line Data and Key Metrics Changes - Revenue from fee income related to loans was $2.1 million, reflecting a notable change from the comparable period in 2023 due to reduced origination volume [5] - The company modified or extended a total of 26 loans during the quarter, resulting in gross fee income of approximately $1 million [11] Market Data and Key Metrics Changes - The company added an additional CECL provision for credit losses of approximately $8.5 million, reflecting ongoing challenges in the commercial real estate market [8] - The allowance for credit losses for mortgages receivable stood at $14.4 million, approximately 3% of the unpaid principal balance [8] Company Strategy and Development Direction - The company is maintaining a prudent approach towards balance sheet management and lending activities, postponing earnings growth to protect capital [4] - The focus remains on single-family and multifamily residential assets in growing markets, with a selective approach to new loan originations [11] - The company aims to uphold liquidity management and be highly selective in underwriting until market conditions improve [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current environment, citing the need for patience until markets stabilize and capital availability improves [4] - The company anticipates that 2025 may present better opportunities for growth as current market conditions are challenging [22] Other Important Information - As of June 30, 2024, the company had total assets of $586.3 million, including $10.6 million in cash and cash equivalents [13] - The Board declared a quarterly dividend of $0.08 per share for shareholders of record as of July 29, 2024, reflecting a cautious approach to dividend distribution [10] Q&A Session Summary Question: Plans for refinancing the $34.5 million loan due in December - Management indicated they have approximately $30 million in cash on hand to address the loan maturity, which positions them well [15] Question: Interest rates for potential new debt issuance - Management noted that recent debt offerings were not accretive to the business model, leading to a cautious approach towards raising new debt [17] Question: Details on credit loss reserves - The increase in reserves was attributed to ongoing market conditions and asset valuation declines, with specific reserves against non-performing loans [18] Question: Dividend policy moving forward - Management stated that the dividend has been scaled down due to liquidity constraints, with hopes to return to a stronger dividend in the future [25] Question: Expectations for non-accrual loans and foreclosures - Management acknowledged a slight increase in non-accrual loans and foreclosures, but emphasized a cautious approach to managing these assets [21] Question: Future capital structure considerations - Management is considering a more deleveraged balance sheet and is focused on maintaining liquidity while being selective in new lending [32]

Sachem Capital Corp. (SACH) came out with a quarterly loss of $0.09 per share versus the Zacks Consensus Estimate of $0.11. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -181.82%. A quarter ago, it was expected that this company would post earnings of $0.09 per share when it actually produced earnings of $0.08, delivering a surprise of -11.11%. Over the last four quarters, the company has s ...

Introduction Yield to Maturity 11.88% 11.68% 11.75% 11.57% 8.23% 8.04% 6.07% 5.26% Sachem Capital Financial Results CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME PM Images Sachem Capital (NYSE:SACH) is a real estate investment trust that specializes in short-term mortgage loans to real estate investors. Recently, the company's shares experienced some volatility, related in part to the 27% reduction in its dividend. With common shares yielding just over 11%, income investors should consider one of many bab ...

Core Viewpoint - Sachem Capital Corp. has declared a quarterly dividend of $0.08 per share, payable on August 6, 2024, to shareholders of record as of July 29, 2024 [1] Company Overview - Sachem Capital Corp. operates as a mortgage REIT, focusing on originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property [3] - The company provides short-term secured, nonbanking loans to real estate investors for property acquisition, renovation, development, rehabilitation, or improvement, with a primary underwriting criterion of a conservative loan-to-value ratio [3] - Loans are secured by first mortgage liens on real estate and are personally guaranteed by the principal(s) of the borrower, with properties typically classified as residential or commercial real estate [3] - In addition to lending activities, the company also engages in opportunistic real estate purchases [3]

Core Viewpoint - Sachem Capital Corp. has declared a quarterly dividend of $0.08 per share, payable on August 6, 2024, to shareholders of record as of July 29, 2024 [1] Company Overview - Sachem Capital Corp. is a mortgage REIT that focuses on originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property [2] - The company provides short-term secured, nonbanking loans to real estate investors for property acquisition, renovation, development, rehabilitation, or improvement, with a primary underwriting criterion of a conservative loan-to-value ratio [2] - The loans are secured by first mortgage liens on real estate, typically classified as residential or commercial, and are personally guaranteed by the principal(s) of the borrower [2] - In addition to lending activities, the company also engages in opportunistic real estate purchases [2]

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of the Notes or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. BRANFORD, Conn., June 27, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (N ...

Company Overview - Sachem Capital Corp. is a mortgage REIT that focuses on originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property [2] - The company provides short-term secured, nonbanking loans to real estate investors for property acquisition, renovation, development, rehabilitation, or improvement [2] - The primary underwriting criterion is a conservative loan-to-value ratio, with loans secured by first mortgage liens on residential or commercial real estate [2] Recent Developments - Sachem Capital Corp. has announced the withdrawal of its previously planned debt offering, which was intended to be USD-denominated unsecured, unsubordinated notes due in five years [5] - The decision to withdraw the offering was based on the conclusion that current market conditions regarding pricing were excessive and restrictive, not aligning with the company's long-term interests [5] - CEO John Villano emphasized that the company has ample liquidity through existing credit facilities and a liquid mortgage portfolio, allowing it to continue business operations as per past practices [3]

Sachem expects the last trading day for the Notes will be June 28, 2024. Sachem does not intend to arrange for listing and/or registration of the Notes on another national securities exchange or for quotation on another quotation medium. The final payment with respect to the Notes, including principal and accrued interest, will be made on July 1, 2024 due to a non-trading day on June 30, 2024 as described in the prospectus supplement. No action is required by note holders, and they will be notified directly ...

BRANFORD, Conn., June 24, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announced today that the company intends to delist its 7.125% unsecured, unsubordinated Notes due June 30, 2024 ("Notes"), ticker symbol "SCCB", from the NYSE American and to deregister the Notes under the Exchange Act of 1934, as amended. The company will redeem the Notes at par value plus accrued and unpaid interest up to, but not including, the maturity date. Sachem expects the last trading day for the Notes wil ...