Sachem Capital Q1 revenue up 17% to $17.2M; net income falls to $3.6M on higher credit loss provision

Sachem Capital Corp.

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

Revenue $17.2M (+17% YoY); interest income $12.6M vs $11.0M.
Net income attributable to common $3.6M ($0.08/sh) vs $4.2M ($0.10/sh) in Q1 2023.
Non-cash provision for credit losses increased $1.2M due to collateral value reductions.
Operating costs rose to $12.5M from $9.6M, driven by higher interest expense and G&A.
Notes due in 2024: $23.7M (June) and $34.5M (Dec); intends to repay via refinancing or cash/credit.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Sachem Capital Corp. reported first quarter ended March 31, 2024 results: revenue $17.2 million, net income $3.6 million, EPS $0.08 per share.

Period: first quarter ended March 31, 2024
Revenue: $17.2 million
Net income: $3.6 million
EPS: $0.08 per share
Result: reported results

Exact text from the filing

31, 2024. --- EX-99.1 (EXHIBIT 99.1) --- EX-99.1 2 tm2414164d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 SACHEM CAPITAL REPORTS FIRST QUARTER 2024 RESULTS – REVENUES GREW 17.0% TO $17.2 MILLION - Company to Host Webcast and Conference Call - BRANFORD, Conn., May 10, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) announced its financial results for

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Source: SEC EDGAR

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