Sachem Capital Corp.(SCCG), a leading real estate fina nce company, has announced its unaudited financial results for the second quarter of 2023. The company's consolidated statements of comprehensive income reveal a net income of $10.8 million for the quarter, showcasing strong financial performance. Additionally, the company reported total revenue of $16.5 million, signifying a significant increase in revenue compared to the same period last year.
Net Income and Revenue Highlights
Sachem Capital Corp.'s financial results for the three months ended June 30, 2023, underscore its robust performance:
Net Income
The company achieved a net income of $10.8 million for the second quarter of 2023. This represents a notable increase from the net income of $9.6 million reported during the same period in the previous year. The company's effective management of operating costs and a favorable market environment contributed to this impressive growth in net income.
Revenue
Sachem Capital Corp.'s revenue for the second quarter of 2023 reached $16.5 million, demonstrating a substantial improvement from the revenue of $12.5 million reported in the second quarter of 2022. The diverse sources of revenue, including interest income from loans, investment gains, income from partnership investments, origination and modification fees, and more, contributed to this remarkable growth.
While Sachem Capital Corp. experienced strong revenue growth, the company also managed its operating costs and expenses effectively:
Operating Costs
The company's operating costs and expenses for the second quarter of 2023 totaled $10.8 million, compared to $7.3 million reported in the same period last year. These expenses include interest and amortization of deferred financing costs, compensation, fees, taxes, general and administrative expenses, and other costs. Despite the increase, the company's net income growth outpaced the rise in expenses, demonstrating its financial prudence.
Comprehensive Income and Shareholder Equity
Sachem Capital Corp.'s comprehensive income and changes in shareholder equity highlight its commitment to maximizing shareholder value:
Comprehensive Income
The company's comprehensive income for the second quarter of 2023 amounted to $4.9 million, reflecting an improvement from the $4.1 million reported in the corresponding period last year. This comprehensive income includes not only net income but also other comprehensive gains and losses, such as unrealized gains and losses on investment securities.
Shareholder Equity
Sachem Capital Corp.'s commitment to its shareholders is evident through changes in equity. The company issued preferred and common stock, engaged in stock buyback programs, and paid dividends to both preferred and common shareholders. These actions collectively contribute to shaping the company's financial structure and providing returns to its shareholders.
Sachem Capital Corp.'s financial results for the second quarter of 2023 underscore its solid performance, marked by significant growth in net income and revenue. The company's effective management of operating costs and its focus on delivering value to shareholders position it well for continued success in the real estate finance sector. As the market landscape evolves, Sachem Capital Corp. remains poised to capitalize on opportunities and drive further growth.