Sachem Capital(SACH) - 2025 Q1 - Quarterly Report

Loan Portfolio - As of March 31, 2025, the company disbursed loans totaling $41.308 million and repaid loans amounting to $47.742 million[109] - The gross principal amount of loans held for investment was $367.860 million, with a weighted average contractual interest rate of 12.88%[109] - The loan portfolio included 143 loans, with 68 loans (47.6%) amounting to $27.410 million classified as $1,000,000 or less[112] - The primary markets for the company's loans were Connecticut (51.0%), Florida (13.3%), and New York (14.7%) as of March 31, 2025[112] - The company’s loan portfolio included loans ranging in size from $35,000 to $42.8 million[112] - Residential properties accounted for 52.4% of the aggregate gross principal amount of loans held for investment as of March 31, 2025[113] - The allowance for credit losses as of March 31, 2025, was $18.122 million, representing 4.9% of the aggregate gross principal amount[115] - The company recorded a non-performing loan reserve of $6.106 million for loans in foreclosure, representing 25.6% of the respective principal amount[115] Financial Performance - Total revenue for Q1 2025 was $11.4 million, a decrease of $5.4 million or 31.9% compared to $16.8 million in Q1 2024[119] - Total operating expenses for Q1 2025 were $10.4 million, down $2.1 million or 16.9% from $12.5 million in Q1 2024[120] - Net loss attributable to common shareholders for Q1 2025 was $0.2 million, or $0.00 per share, compared to net income of $3.6 million, or $0.08 per share, in Q1 2024[122] Balance Sheet - Total assets at March 31, 2025 were $491.4 million, a slight decrease of $0.6 million or 0.1% from $492.0 million at December 31, 2024[125] - Total liabilities increased to $312.1 million as of March 31, 2025, up $1.8 million or 0.6% from $310.3 million at December 31, 2024[126] - Total shareholders' equity decreased to $179.3 million as of March 31, 2025, down $2.3 million or 1.3% from $181.7 million at December 31, 2024[127] - Book value per common share decreased to $2.57 as of March 31, 2025, down $0.07 from $2.64 at December 31, 2024[124] Cash Flow and Financing - Cash and cash equivalents increased to $24.4 million as of March 31, 2025, up $6.0 million or 30.3% from $18.4 million at the end of Q1 2024[129] - SN Holdings borrowed $36.1 million under the new Credit Agreement as of March 31, 2025, with a principal payment of $9.9 million made on April 1, 2025[132] - The company anticipates sufficient cash flows from operations to fund its operations for the next 12 months[130] Real Estate Activities - The company may engage in opportunistic real estate purchases and investments apart from its lending activities[104] - The company owned 20 properties as of March 31, 2025, with a total carrying value of $18.865 million[116]