Sachem Capital reports FY2023 revenue up 26% to $65.6M but net income falls 29% to $12.1M; declares $0.11 dividend

Sachem Capital Corp.

2024-Q1 EPS reported $0.08 revenue$17,200,956

Total revenue $65.6M (+25.5% YoY); interest income $49.3M vs $42.6M.
Net income attributable to common shareholders $12.1M ($0.27 EPS) vs $17.2M ($0.46 EPS), down 29.4% and 40.1%.
Provision for credit losses $6.4M (non-cash), over 70% from commercial real estate collateral decline.
Quarterly dividend of $0.11 per share declared, payable April 16, 2024 to holders of record April 9.
Total assets $625.5M (+11% YoY); notes payable $23.7M due June 2024; expects sufficient working capital.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Sachem Capital Corp. reported year ended December 31, 2023 results: revenue $65.6 million, net income approximately $12.1 million, or $0.27 per share, EPS $0.27 per share.

Period: year ended December 31, 2023
Revenue: $65.6 million
Net income: approximately $12.1 million, or $0.27 per share
EPS: $0.27 per share
Result: reported results

Exact text from the filing

and will continue our efforts to protect our capital and increase shareholder value.” Results of operations for year ended December 31, 2023 Total revenue increased 25.5% to $65.6 million, compared to $52.3 million for the year ended December 31, 2022. Revenue growth was due primarily to the growth in size of the company’s mortgage portfolio and increases in rates

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Source: SEC EDGAR

accession 0001104659-24-042619

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