Sachem Capital Q2 2024 Earnings Report
Key Takeaways
Sachem Capital reported a net loss of $4.1 million, or $0.09 per share, for the second quarter of 2024, compared to a net income of $4.8 million, or $0.11 per share, for the same quarter in 2023. The decrease was primarily due to an $8.5 million provision for credit losses. Total revenue was $15.1 million, compared to $16.3 million for the quarter ended June 30, 2023.
Total revenue for the quarter was $15.1 million, a decrease from $16.3 million in the same quarter of 2023.
Net loss attributable to common shareholders was $4.1 million, or $0.09 per share.
Total indebtedness was reduced by $33.8 million during the quarter.
Cash and cash equivalents were $10.6 million as of June 30, 2024.
Sachem Capital
Sachem Capital
Sachem Capital Revenue by Segment
Forward Guidance
Sachem Capital intends to repay $34.5 million of unsecured unsubordinated notes due in December 2024 either by refinancing them or with a combination of drawdowns on its existing credit facilities, current cash on hand and principal repayments of its mortgage loans. The company will continue to build its platform and strengthen its balance sheet for the remainder of 2024 with a view towards growth in 2025 as accretive capital becomes available.