Sachem Capital Q2 net loss $0.09/share vs consensus $0.12; revenue $15.1M miss on $8.5M credit loss provision

Sachem Capital Corp.

2024-Q2 EPS reported -$0.01 revenue$31,950,000

Net loss attributable to common shares of $4.1M ($0.09 loss per share) vs net income of $4.8M ($0.11) in Q2 2023.
Total revenue $15.1M, down from $16.3M YoY; interest income $11.8M; fee income down ~37%.
Provision for credit losses surged to $8.5M from $94K in prior-year quarter, driving the net loss.
Total indebtedness reduced by $33.8M in Q2; plans to refinance/repay $34.5M notes due Dec 2024.
Quarterly dividend of $0.08/share paid Aug 6, 2024; maintained REIT distribution policy.

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