Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 87

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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475 (161.6)%0.5 %(0.6)%Other expenses1,287 1,205 82 6.8 %3.8 %2.6 %Total operating expenses32,489 50,400 (17,911)(35.5)%94.9 %107.8 %Operating (loss) income 1,728 (3,665)5,393 147.1 %5.1 %(7.8)%Other income, netGain (loss) on equity securities2,060 229 1,831 799.6 %6.0 %0.5 %Total other income, net2,060 229 1,831 799.6 %6.0 %0.5 %Net income (loss)3,788 (3,436)7,224 210.2 %11.1 %(7.4)%Preferred stock dividends(3,352)(3,187)(165)5.2 %(9.8)%(6.8)%Net (loss) income attributable to common shareholders$436 $(6,623)$7,059 106.6 %1.3 %(14.2)%Basic and diluted (loss) earnings per common share$0.01 $(0.14)$0.15 $1.07 

Total revenues

The change in revenue was primarily due to the cumulative effect of materially lower net new origination over the last twelve months, resulting in a reduction in the unpaid principal balance of loans held for investment, in addition to a currently elevated amount of nonperforming loans and real estate owned. Utilizing the average performing loans held for investment balance for the nine months ended September 30, 2025 of $271.6 million, the effective interest rate on loans held for investment rate was 11.6% for the nine months ended September 30, 2025. Comparatively, utilizing the average performing loans held for investment balance for the nine months ended September 30, 2024 of $385.8 million, the effective interest rate on loans held for investment was 12.4% for the nine months ended September 30, 2024.

36

Operating expenses

Interest and amortization of deferred financing costs decreased as we paid off $34.5 million of notes payable in December 2024 with proceeds from loans sold, but increased