Q2 2024 Sachem Capital Corp Earnings Call Transcript
Key Points
- Sachem Capital Corp (SACH) generated approximately $15.1 million in revenue for the second quarter of 2024.
- The company produced $2.1 million in fee income from loans, despite reduced origination volume.
- Sachem Capital Corp (SACH) efficiently managed non-performing loans, adding only $1.6 million in REO in the first half of 2024.
- The company generated a net gain of approximately $264,000 from REO sales during the period.
- Sachem Capital Corp (SACH) has a geographically diverse loan portfolio covering 16 states, with a focus on growth markets in the Southeast and stable markets in the Northeast.
- Total operating costs and expenses for the second quarter of 2024 were approximately $18.5 million, significantly higher than the $10.3 million in the prior-year quarter.
- The company recorded a net loss attributable to common shareholders of approximately $4.1 million for the second quarter of 2024, compared to a net income of $4.8 million in the prior-year period.
- Sachem Capital Corp (SACH) added an additional CECL provision for credit losses of approximately $8.5 million due to ongoing challenges in the commercial real estate market.
- Loan originations were down, and the company is holding cash on hand due to the challenging capital markets environment.
- The company has $106.9 million in loans in non-accrual status, including 50 loans in foreclosure, representing approximately $73.1 million of outstanding principal balance.
Greetings, and welcome to the Sachem Capital Corp. second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Stephen Swett with Investor Relations. Thank you, sir. You may begin.
Good morning, everyone, and thank you for joining Sachem Capital Corp.'s second-quarter 2024 earnings conference call. On the call from Sachem Capital today is Chief Executive Officer, John Villano, CPA; and Chief Financial Officer, Nick Marcello. This morning, the company announced its operating results for the quarter ended June 30, 2024 and its financial condition as of that date. The press release is posted on the company's website, www.sachemcapitalcorp.com.
As a reminder, remarks made on today's conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may
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