Company: SACH
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001682220-25-000044
Chunk: 66

Company: Sachem Capital Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 66
---
 indebtedness, asset sales, and distributions under certain conditions, and•Maintenance of REIT status by the Company.The Agreement includes customary events for similar secured debt instruments. Payment of the amounts due on the Senior Secured Notes is fully and unconditionally guaranteed by the Company and Sachem Capital Corporation Intermediate, LLC, a wholly-owned subsidiary of the Company.

23

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

12.   Accounts Payable and Accrued Liabilities

As of June 30, 2025 and December 31, 2024, accounts payable and accrued liabilities include the following:June 30, 2025December 31, 2024(in thousands)Accounts payable and accrued expenses$1,832 $2,928 Allowance for credit losses on unfunded commitments1,029 924 Accrued interest625 525 Total$3,486 $4,377 

13.   Fee Income from Loans

For the three and six months ended June 30, 2025 and 2024, fee income from loans consisted of the following:Three Months EndedSix Months EndedJune 30,June 30,2025202420252024(in thousands)(in thousands)Origination and modification fees $761 $1,194 $1541 $2,656 Extension fees184 271 462 385 Late and other fees 147 226 226 509 Processing fees30 36 51 71 Construction servicing fees104 70 241 249 Legal fees71 75 134 157 Other fees474 211 541 672 Total$1,771 $2,083 $3,196 $4,699 

14.   Commitments and Contingencies

Unfunded CommitmentsAt June 30, 2025, the Company had future funding obligations on loans held for investment totaling $54.6 million and obligations relating to investments in limited liability companies totaling $2.4 million, which can be drawn by the borrowers when the conditions relating thereto have been satisfied. The unfunded commitments will be funded from loan payoffs and additional drawdowns under existing and future credit facilities and proceeds from sale of debt and equity securities. The Company’s unfunded commitments are subject