Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 7

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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Item 1.    FINANCIAL STATEMENTS

SACHEM CAPITAL CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share data)

September 30, 2025December 31, 2024(unaudited)(audited)AssetsCash and cash equivalents$11,172 $18,066 Investment securities (at fair value)1,429 1,517 Loans held for investment (net of deferred loan fees of $2,397 and $1,950)372,823 375,041 Allowance for credit losses(11,083)(18,470)Loans held for investment, net 361,740 356,571 Loans held for sale (net of valuation allowance of $574 and $4,880)8,797 10,970 Interest and fees receivable (net of allowance of $2,915 and $3,133)4,065 3,768 Due from borrowers (net of allowance of $906 and $1,135)5,794 5,150 Real estate owned (net of impairment of $185 and $492)18,912 18,574 Investments in limited liability companies41,167 53,942 Investments in developmental real estate, net22,612 14,032 Property and equipment, net3,053 3,222 Other assets5,656 6,164 Total assets$484,397 $491,976 Liabilities and Shareholders’ EquityLiabilities:Notes payable (net of deferred financing costs of $2,241 and $3,713)$171,013 $226,526 Senior secured notes payable (net of deferred financing costs of $3,554 and $0)86,446 — Repurchase agreements7,825 33,708 Mortgage payable939 1,002 Lines of credit32,740 40,000 Accounts payable and accrued liabilities3,377 4,377 Advances from borrowers5,811 4,047 Below market lease intangible628 665 Total liabilities308,779 310,325 Commitments and Contingencies - Note 14Shareholders’ equity:Preferred shares - $0.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,306,748 shares