Quarterly ResultMay 20, 2026, 06:08 AM
Sachem Capital Q1 Net Loss $(6.08)M; EPS $(0.15)
AI Summary
Sachem Capital Corp. reported a net loss of $6.08 million for Q1 2026, a significant decline from a net income of $0.90 million in Q1 2025, resulting in a basic and diluted loss per common share of $(0.15). This was primarily driven by a substantial increase in the provision for credit losses to $5.37 million and higher operating expenses. The company also restructured a legacy Naples, Florida mortgage receivable, acquiring condominium assets valued at $35.9 million, which resulted in a $3.9 million credit loss.
Key Highlights
- Net loss of $(6.08) million in Q1 2026 vs net income of $0.90 million in Q1 2025.
- Basic and diluted loss per common share of $(0.15) in Q1 2026 vs $0.00 in Q1 2025.
- Provision for credit losses increased to $5.37 million in Q1 2026 from $1.05 million in Q1 2025.
- Total operating expenses rose to $5.66 million in Q1 2026 from $3.27 million in Q1 2025.
- Restructured Naples mortgage receivable, acquiring $35.9 million in assets and incurring a $3.9 million credit loss.
- Non-accrual loans held for investment decreased to $75.4 million from $117.6 million.
- Charge-offs on loan principal increased to $3.88 million in Q1 2026 from $0.62 million in Q1 2025.
- Total shareholders' equity decreased to $165.61 million from $174.94 million.
Price Impact
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