Company: SACH
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001682220-25-000044
Chunk: 54

Company: Sachem Capital Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 54
---
 had commitments to lend additional amounts totaling approximately $7.7 million to borrowers experiencing financial difficulty. During the six months ended June 30, 2025, the Company modified the interest rate on five loans with an outstanding principal balance of $18.9 million. The change in the rate was due to taking the loan off default rate.

14

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

The table below presents the performance of loans that have been modified in the last 12 months to borrowers experiencing financial difficulty. Of the loans that were modified in the last 12 months to borrowers experiencing financial difficulty, none have defaulted during the period.As of June 30, 2025(in thousands)Current90-119 days past due120+ days past dueTotalPrincipal modification, with no term extension$15,268 $— $— $15,268 Term extension61,692 12,895 — 74,587 Deferred loan feesAs of June 30, 2025 and December 31, 2024, the Company had $2.6 million and $2.0 million. respectively, of deferred loan fee revenue relating to loans held for investment. There were no such deferred fees for loans held for sale as of June 30, 2025 and December 31, 2024.Allowance for credit lossesThe below table represents the financial statement line items that are impacted by the allowance for credit losses for the three months ended June 30, 2025:Balance as of March 31, 2025Provision for (recovery of) creditlosses related to loansReclassification of loans held for sale to loans held for investmentCharge-offsBalance as of June 30, 2025(in thousands)Loans held for investment$18,122 $(3,256)$3,292 $(513)$17,645 Interest and fees receivable2,981 93 — — 3,074 Due from borrower1,956 (55)— (225)1,676 Unfunded commitments864 165 — — 1,029 Real estate owned— 3,978 — (3,978)— Total allowance for credit losses$23,923 $925 $3,292 $(4,716)$