Company: SACH
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001410578-25-001059
Chunk: 15

Company: Sachem Capital Corp.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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Item 1.    FINANCIAL STATEMENTS

SACHEM CAPITAL CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share data)

​

​​​​​​​​    March 31, 2025    December 31, 2024​​(unaudited)​(audited)Assets ​   ​  Cash and cash equivalents​$ 24,414​$ 18,066Investment securities (at fair value)​​ 1,392​​ 1,517Loans held for investment (net of deferred loan fees of $2,225 and $1,950)​​ 365,635​​ 375,041Allowance for credit losses​​ (18,122)​​ (18,470)Loans held for investment, net ​​ 347,513​​ 356,571Loans held for sale (net of valuation allowance of $4,876 and $4,880)​  10,974​  10,970Interest and fees receivable (net of allowance of $2,981 and $3,133)​  4,281​  3,768Due from borrowers (net of allowance of $1,956 and $1,135)​  4,413​  5,150Real estate owned, net​  18,865​  18,574Investments in limited liability companies​​ 53,935​​ 53,942Investments in developmental real estate, net​  16,432​  14,032Property and equipment, net​​ 3,209​​ 3,222Other assets​​ 5,967​​ 6,164Total assets​$ 491,395​$ 491,976​​​​​​​Liabilities and Shareholders’ Equity​   ​   Liabilities:​   ​   Notes payable (net of deferred financing costs of $3,232 and $3,713)​$ 227,007​$ 226,526Repurchase agreements​​ 41,519​​ 33,708Mortgage payable​  981​  1,002Lines of credit​​ 36,100​​ 40,000Accounts payable and accrued liabilities​​ 2,705​​ 4,377Advances from borrowers​​ 3,079​​ 4,047Below market lease intangible​​ 665​​ 665Total liabilities​​