Company: SACH
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001682220-25-000044
Chunk: 28

Company: Sachem Capital Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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,559)Loans origination from sale of real estate owned(840)Gain on sale of real estate owned131 Balance at end of period$18,626 As of June 30, 2025, REO included $0.8 million of real estate held for rental and $17.8 million of real estate held for sale. As of December 31, 2024, REO included $0.8 million of real estate held for rental and $17.8 million of real estate held for sale.Properties Held for SaleDuring the six months ended June 30, 2025, the Company sold six properties held for sale and recognized a gain on sale of $0.1 million. During the six months ended June 30, 2024, the Company sold eleven property held for sale and recognized a gain on sale of $0.3 million. Such sales are included in gain on sale of real estate owned and property and equipment, net on the Company’s Condensed Consolidated Statements of Operations.

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Table of ContentsSACHEM CAPITAL CORP.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

Properties Held for RentalAs of June 30, 2025 and December 31, 2024, one property, a commercial building, was held for rental. The tenant signed a five-year lease that commenced on August 1, 2021.As of June 30, 2025, future minimum rents under this lease were as follows:Years Ending December 31,Amount(in thousands)2025 (remaining six months)$27 202631 Total$58 

7.   Property and Equipment, net

The following tables represent the Company’s property and equipment, net as of June 30, 2025 and December 31, 2024:June 30, 2025CostAccumulated DepreciationProperty and Equipment, Net(in thousands)Building$2,594 $(175)$2,419 Land255 — 255 Furniture and fixtures308 (151)157 Computer hardware and software300 (260)40 Vehicles435 (180)255 Total property and equipment, net$3,892 $(766)$3,126 December 31, 2024CostAccumulated DepreciationProperty and Equipment, Net(in thousands)Building$2