Sachem Capital Stock Earnings Reports

Sachem Capital reported Q3 2025 results with sequential revenue improvement and meaningful progress reducing nonperforming loans (NPLs) and managing REO. Total revenue was $12.0 million (up 11.4% vs Q2), GAAP net income was $1.0 million, and net loss to common was essentially breakeven after preferred dividends. NPLs declined to $104.1 million gross ($93.0 million net), down roughly $15.5 million gross QoQ; REO was $18.9 million. Book value per common was $2.47 (down 2.8% QoQ). Management fully repaid and delisted the $56.3 million 7.75% unsecured notes at maturity, funded in part by a $40 million draw on 9.875% senior secured notes and other facility usage; all covenants remained in compliance. Liquidity: $11.2 million cash at quarter-end, undrawn $10 million availability on the 2030 secured facility, and the Needham revolver outstanding $32.7 million. Key concentration: two cross-collateralized Naples loans (~$50.4M; ~13–14% of loan book) remain nonaccrual and are tied to a mediation scheduled Nov 7 that could materially affect resolution timing and allowance. Urbane (in-house development) and Shem Creek fund investments ($33.7M deployed in funds, $5M manager) generated recurring income (~$1.1M in Q3; ~$4.1M YTD) and are positioned to add low‑risk, double-digit yields. Management priorities are: (1) reduce NPLs and monetize REO, (2) originate high‑return loans to creditworthy sponsors, and (3) manage liquidity, leverage and maturities to support book value and dividends. The Board will consider the Q4 dividend in early December per normal cadence.