Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 55

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

Company modified the interest rate on thirteen loans with an outstanding principal balance of $30.4 million. The change in the rate was due to taking the loan off default rate.The following table presents the performance of loans that have been modified in the last 12 months to borrowers experiencing financial difficulty. Of the loans that were modified in the last 12 months to borrowers experiencing financial difficulty, one loan defaulted during the period.As of September 30, 2025(in thousands)Current90-119 days past due120+ days past dueTotalPrincipal modification, with no term extension$15,130 $— $— $15,130 Term extension$70,767 $4,502 $— $75,269 Deferred loan feesAs of September 30, 2025 and December 31, 2024, the Company had $2.4 million and $2.0 million, respectively, of deferred loan fee revenue relating to loans held for investment. There were no such deferred fees for loans held for sale as of September 30, 2025 and December 31, 2024.Allowance for credit lossesThe following table presents the financial statement line items that are impacted by the allowance for credit losses for the three months ended September 30, 2025:Balance as of June 30, 2025Provision for (recovery of) creditlosses related to loansReclassification of loans held for sale to loans held for investmentCharge-offsBalance as of September 30, 2025(in thousands)Loans held for investment$17,645 $(3,923)$— $(2,639)$11,083 Interest and fees receivable3,074 (159)— — 2,915 Due from borrower1,676 674 — (1,444)906 Unfunded commitments1,029 (146)— — 883 Real estate owned— 4,366 — (4,366)— Total allowance for credit losses$23,424 $812 $— $(8,449)$15,787 The following table presents the financial statement line items that are impacted by the allowance for credit losses for the nine months ended September 30, 2025:Balance as of December 31, 2024Provision for (recovery of) creditlosses related to loansReclassification