Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 82

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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.9 %5,396 (96)1.8 %Non-performing – Direct reserves54,199 (2,372)4.4 %57,808 (7,265)12.6 %Non-performing in Foreclosure – Direct reserves28,897 (3,103)10.7 %23,877 (6,058)25.4 %Non-performing subtotal$104,066 $(5,878)5.6 %$87,081 $(13,419)15.4 %Total$375,220 $(11,083)3.0 %$376,991 $(18,470)4.9 %

For further information, see Note 4 – Loans and Allowance for Credit Losses — to our condensed consolidated financial statements.

Real Estate Owned

As of September 30, 2025, we owned 19 properties, each of which previously served as collateral for first mortgage loans. Six and ten properties were acquired during the three and nine months ended September 30, 2025, respectively, in connection with foreclosure actions. Four and ten properties were sold during the three and nine months ended September 30, 2025, respectively. Two properties were transferred from real estate owned to investment in developmental real estate during the three and nine months ended September 30, 2025.

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The following table presents the carrying value of each of our real estate owned properties reflected on our Condensed Consolidated Balance Sheets as of September 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 Residential - Multi FamilyFlagler Beach, FLOctober 20243,382 Residential - Single FamilyGainsville, FLNovember 2024250 Commercial - OfficeWindsor, CTDecember 20241,600 Commercial - OfficeWindsor, CTDecember 20242,250 LandMarathon, FLJanuary 2025410 Residential - Single FamilyOld Lyme, CTMay 20251,310 Res