Sachem Capital Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 09, 2022 at 04:05 pm EST
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Sachem Capital Corp. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 13.54 million compared to USD 8.52 million a year ago. Net income was USD 5.05 million compared to USD 4.3 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 nine months, revenue was USD 36.39 million compared to USD 20.95 million a year ago. Net income was USD 14.63 million compared to USD 9.03 million a year ago. Basic earnings per share from continuing operations was USD 0.32 compared to USD 0.32 a year ago. Diluted earnings per share from continuing operations was USD 0.32 compared to USD 0.32 a year ago.
Sachem Capital Corp. is a real estate finance company. The Company is specialized in originating, underwriting, funding, servicing and managing a portfolio of short-term (three years or less) loans secured by first mortgage liens on real property located primarily in the Northeastern and Southeastern United States and may also be secured with additional collateral, such as other real estate owned by the borrower or its principals, a pledge of the ownership interests in the borrower by the principals thereof, and/or personal guarantees by the principals of the borrower. 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 that are held for investment or sale. 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.