Company: SACH
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001682220-25-000044
Chunk: 80

Company: Sachem Capital Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 during the three and six months ended June 30, 2025, respectively.

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The following table details the carrying value of each of our real estate owned properties reflected on our Condensed Consolidated Balance Sheets as of June 30, 2025:

Property TypeLocationMonth ofAcquisitionCarryingValue(in thousands)Commercial - RestaurantBristol, CTMarch 2019$750 LandBristol, CTDecember 20191,406 LandSturbridge, MANovember 2022110 Residential - Single FamilyBellingham, MADecember 2023293 LandStamford, CTMay 2024115 LandStamford, CTMay 2024115 LandCape Coral, FLOctober 2024900 LandCape Coral, FLOctober 2024350 LandCape Coral, FLOctober 2024350 Residential - Multi FamilyFlagler Beach, FLOctober 20243,382 Residential - Single FamilyGainsville, FLNovember 2024435 Mixed UseNew London, CTNovember 20241,750 Commerical - OfficeWindsor, CTDecember 20241,600 Commerical - OfficeWindsor, CTDecember 20242,250 LandNew London, CTNovember 20242,500 LandMarathon, FLJanuary 2025410 Residential - Single FamilyOld Lyme, CTMay 20251,310 Residential - Single FamilyOld Lyme, CTMay 2025285 Residential - Single FamilyOld Lyme, CTMay 2025315 Total$18,626 

For further information, see Note 6 – Real Estate Owned (REO) — to our condensed consolidated financial statements.

Results of Operations

Three months ended June 30, 2025 compared to three months ended June 30, 2024

Total revenue

Total revenue for the three months ended June 30, 2025 was $10.8 million compared to $15.1 million for the three months ended June 30, 2024, a decrease of $4.3 million, or 28.9%. 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. As