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Earnings Call Summary | Sachem Capital Corp(SACH.US) Q4 2023 Earnings Conference

Futu News ·  Apr 2 00:29  · Conference Call

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

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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