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Sep 30, 2024
Sachem Capital Q3 2024 Earnings Report
Sachem Capital's Q3 2024 financial results were announced, revealing a decrease in revenue and a net loss, driven by lower loan originations and a significant provision for credit losses.
Key Takeaways
Sachem Capital reported a decrease in revenue to $14.8 million and a net loss of $6.1 million, or $0.13 per share, for the third quarter ended September 30, 2024. This downturn was primarily due to reduced loan origination activity, leading to lower interest and fee income, and a substantial increase in the provision for credit losses. The company is focusing on strategic initiatives to strengthen its balance sheet and position itself for future growth.
Total revenue decreased to $14.8 million, compared to $17.8 million in the same quarter of the previous year.
Net loss attributable to common shares was $6.1 million, or $0.13 per share, a significant shift from the net income of $5.2 million, or $0.12 per share, in Q3 2023.
Total assets decreased to $555.5 million, down from $625.5 million at the end of 2023.
The company declared a quarterly dividend of $0.05 per share, payable on November 26, 2024.
Forward Guidance
The Company plans to repay the $34.5 million of unsecured unsubordinated notes due and payable by December 30, 2024 with a combination of current cash on hand, principal repayments from mortgage loans, its lines of credit, and the sale of mortgage loans.
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