Sachem Capital Reports Full Year 2024 Results

Core Viewpoint - Sachem Capital Corp. reported a significant decline in financial performance for the year ended December 31, 2024, primarily due to reduced loan originations and increased credit loss provisions, while expressing confidence in future growth through disciplined capital allocation and strong industry relationships [2][3][5]. Financial Performance - Total revenue for 2024 was $57.5 million, down from $64.7 million in 2023, attributed to fewer loan originations and lower interest and fee income [3]. - Interest income decreased to $43.2 million in 2024 from $49.3 million in 2023, while income from partnership investments rose by approximately 48.8% year-over-year [3]. - Total operating costs and expenses increased to $75.3 million in 2024 from $49.7 million in 2023, mainly due to a $21.3 million rise in provisions for credit losses [4]. - The net loss attributable to common shareholders for 2024 was $43.9 million, or $0.93 per share, compared to a net income of $12.1 million, or $0.27 per share, in 2023 [5]. Balance Sheet Overview - Total assets as of December 31, 2024, were $492.0 million, down from $620.9 million in 2023, primarily due to a $130.5 million reduction in loans held for investment [6]. - Total liabilities decreased to $310.3 million in 2024 from $390.8 million in 2023, largely due to the repayment of $58.3 million in unsecured notes and a $21.8 million reduction in lines of credit [6]. - Total shareholders' equity at year-end 2024 was $181.7 million, down from $230.1 million at year-end 2023, mainly due to the operational net loss and dividends paid [8]. Dividends and Shareholder Returns - In 2024, the company paid a total of $4.3 million in dividends to Series A Preferred Stockholders and $11.4 million to common shareholders [9]. - A dividend of $0.484375 per share on Series A Preferred Stock was declared on February 24, 2025, payable on March 31, 2025 [10]. - A quarterly dividend of $0.05 per common share was also declared on March 6, 2025, expected to be paid on March 31, 2025 [10]. Company Profile - Sachem Capital Corp. operates as a mortgage REIT, focusing on originating, underwriting, funding, servicing, and managing loans secured by first mortgages on real property [15]. - The company provides short-term, secured, nonbanking loans to real estate investors for property acquisition and improvement, maintaining a conservative loan-to-value ratio [15].