Sachem Capital Corp. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 04:15 pm EDT
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Sachem Capital Corp. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 16.46 million compared to USD 12.55 million a year ago. Net income was USD 5.7 million compared to USD 5.23 million a year ago. Basic earnings per share from continuing operations was USD 0.11 compared to USD 0.12 a year ago. Diluted earnings per share from continuing operations was USD 0.11 compared to USD 0.12 a year ago.
For the six months, revenue was USD 31.17 million compared to USD 22.85 million a year ago. Net income was USD 10.82 million compared to USD 9.58 million a year ago. Basic earnings per share from continuing operations was USD 0.21 compared to USD 0.22 a year ago. Diluted earnings per share from continuing operations was USD 0.21 compared to USD 0.22 a year ago.
Sachem Capital Corp. is a mortgage real estate investment trust (REIT) that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term secured, nonbanking loan to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. Its typical borrower is a real estate investor or developer who uses the proceeds of the loan to fund its acquisition, renovation, rehabilitation, development and/or improvement of residential or commercial properties and that are held for investment or sale. Its primary objective is to grow its loan portfolio while protecting and preserving capital in a manner that provides for attractive risk-adjusted returns to its shareholders over the long term through dividends. The mortgaged property may or may not be income-producing. Its loans are referred to in the real estate finance industry as hard money loans.