Company: SACH
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001682220-25-000044
Chunk: 7

Company: Sachem Capital Corp.
Filing Date: 2025-08-05
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)

June 30, 2025December 31, 2024(unaudited)(audited)AssetsCash and cash equivalents$22,474 $18,066 Investment securities (at fair value)1,039 1,517 Loans held for investment (net of deferred loan fees of $2,631 and $1,950)382,108 375,041 Allowance for credit losses(17,645)(18,470)Loans held for investment, net 364,463 356,571 Loans held for sale (net of valuation allowance of $541 and $4,880)8,830 10,970 Interest and fees receivable (net of allowance of $3,074 and $3,133)4,289 3,768 Due from borrowers (net of allowance of $1,676 and $1,135)6,493 5,150 Real estate owned (net of impairment of $0 and $492)18,626 18,574 Investments in limited liability companies48,710 53,942 Investments in developmental real estate, net16,664 14,032 Property and equipment, net3,126 3,222 Other assets7,049 6,164 Total assets$501,763 $491,976 Liabilities and Shareholders’ EquityLiabilities:Notes payable (net of deferred financing costs of $2,741 and $3,713)$227,498 $226,526 Senior secured notes payable (net of deferred financing costs of $3,556 and $0)46,444 — Repurchase agreements14,442 33,708 Mortgage payable960 1,002 Lines of credit26,238 40,000 Accounts payable and accrued liabilities3,486 4,377 Advances from borrowers4,146 4,047 Below market lease intangible642 665 Total liabilities323,856 310,325 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,