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Sachem Capital Corp. 7.75% Notes due 2025 (SCCC+0.22%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total revenue to $57.5 million from $64.7 million in the previous year, primarily due to a reduction in loan originations and a decline in net loans held for investment.
Interest income decreased to $43.2 million from $49.3 million, while fee income from loans decreased to $8.6 million from $10.7 million. Income from limited liability company investments increased to $5.2 million from $3.5 million.
Total operating expenses increased to $75.3 million from $49.7 million, driven by a $21.3 million increase in provision for credit losses related to loans and a $1.9 million increase in general and administrative expenses.
The company reported a net loss attributable to common shareholders of $43.9 million compared to a net income of $12.1 million the previous year, resulting in a loss per common share of $0.93.
Sachem Capital Corp. recorded a $22.0 million loss on sale of loans and a $4.9 million valuation allowance for loans held for sale.
The company's total assets decreased to $492.0 million from $620.9 million, while total liabilities decreased to $310.3 million from $390.8 million.
Total shareholders’ equity decreased to $181.7 million from $230.1 million, primarily due to the loss on the sale of loans and provisions related to loans.
The company declared and paid total dividends of $11.4 million to common shareholders in 2024.
Sachem Capital Corp. continues to focus on managing its loan portfolio and maintaining its REIT status, which requires distributing at least 90% of its taxable income to shareholders annually.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sachem Capital Corp. 7.75% Notes due 2025 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.