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Sachem Capital Corp. (SACC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Total revenue for the quarter was $14.8 million, a decrease from $17.8 million in the same quarter of the previous year. The decline is attributed to decreased lending operations due to challenging capital market conditions.
Interest income for the quarter was $11.4 million, down from $14.3 million in the same quarter of the previous year. This decrease is in line with the decline in the mortgage loan portfolio and an increase in nonaccrual loans.
Fee income from loans decreased to $1.8 million from $2.4 million in the previous year, primarily due to a decrease in loan originations.
Income from partnership investments increased to $1.5 million from $0.8 million in the previous year.
Operating expenses for the quarter were $19.6 million, up from $11.3 million in the previous year, mainly due to an increase in the provision for credit losses related to loans.
The company reported a net loss of $6.1 million for the quarter, compared to a net income of $5.2 million in the previous year. The loss is primarily due to increased provisions for credit losses.
Total assets as of September 30, 2024, were $555.5 million, down from $625.5 million at the end of 2023. This decrease was mainly due to reductions in cash, investment securities, and net mortgages receivable.
Total liabilities were $334.9 million, down from $395.5 million at the end of 2023, primarily due to repayments of notes payable and lines of credit.
Total shareholders’ equity was $220.6 million, down from $230.1 million at the end of 2023, due to dividends paid and net losses.
Net cash provided by operating activities for the nine months ended September 30, 2024, was $13.5 million, compared to $18.9 million in the previous year.
Net cash provided by investing activities was $44.3 million, compared to net cash used of $67.6 million in the previous year, mainly due to proceeds from the sale of investment securities.
Net cash used in financing activities was $64.5 million, compared to net cash provided of $50.7 million in the previous year, primarily due to repayments of lines of credit and notes payable.
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. 6.875% Notes due 2024 quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.