The following is a summary of the Sachem Capital Corp. (SACH) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Sachem Capital's revenue showed significant growth in 2023, having increased by 25.5% to $65.6 million from $52.3 million in the previous year.

• Non-cash impairments led to a cost of about $6.4 million, mainly arising from two office loans.

• Operating costs and expenses grew to $49.7 million in 2023 due to higher interest rates, compared to $31.4 million in 2022.

• A decrease in Net income was observed, falling to $12.1 million in 2023 from $17.2 million in 2022.

• Earnings per share saw a decline from $0.46 in 2022 to $0.27 in 2023.

Business Progress:

• Sachem expanded its loan originations during 2023 to approximately $205 million.

• The company secured additional revenue of approximately $4.1 million, owing to its effective strategies with loan extensions, modifications, and defaults.

• The investment in partnerships marked a $12.2 million increase from the previous year due to significant participation in the multifamily and workforce housing sectors.

• Despite a challenging economic scenario and rising interest rates, Sachem is planning to focus on capital protection, shareholder value growth, and liquidity maintenance.

• Sachem Capital has embraced stricter lending criteria and aims to reduce loan count in the coming quarters, focusing on better quality sponsors, larger down payments, and quality properties.

More details: Sachem Capital Corp IR

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