Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 51

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 saleThe Company offers mortgage notes receivable to be sold in real estate capital markets. The Company does not originate loans with the intent to designate them as loans held for sale. Nevertheless, as of September 30, 2025, the Company had designated seven loans as held for sale. These seven loans had a gross outstanding principal balance of $9.4 million and an aggregate valuation allowance of $0.6 million based on the lower of cost or market value. As of December 31, 2024, the Company had designated 11 loans as held for sale. These loans had a gross outstanding principal balance of $15.9 million and an aggregate valuation allowance of $4.9 million based on the lower of cost or market value. As of both September 30, 2025 and December 31, 2024, such loans were on non-accrual status and pending foreclosure. The following table presents relevant data relating to the Company's loans held for sale as of September 30, 2025:Balance as of December 31, 2024Transfers inChange in valuation allowanceTransfers out, netBalance as of September 30, 2025(in thousands)Loans held for sale, net$10,970 $— $1,014 $(3,187)$8,797 Total loans held for sale, net$10,970 $— $1,014 $(3,187)$8,797 Loan portfolioAs of September 30, 2025 and December 31, 2024, loans held for investment on non-accrual status had an outstanding principal balance of $104.1 million and $87.1 million, respectively. The non-accrual loans are inclusive of loans pending foreclosure. The following table summarizes the Company’s loan portfolio by past due status:Loans held for investment(in thousands)Current30-59 days past due60-89 days past dueGreater than 90 daysTotalAs of September 30, 2025$261,595 $9,559 $— $104,066 $375,220 As of June 30, 2025$257,780 $6,065 $1,295 $119,599 $384,739 As of March 31, 2025$220,538 $37,617 $2,114 $107,591 $367,860 As of December