Sachem Capital(SACH) - 2024 Q4 - Annual Report

Financial Performance - Total revenue for 2024 was $57.5 million, a decrease of 11.2$64.7 million in 2023[208]. - Net loss attributable to common shareholders for 2024 was $43.9 million, compared to a net income of$12.1 million in 2023, resulting in a net loss per share of $0.93[211][212]. - Total operating costs and expenses increased by 51.5$75.3 million in 2024, primarily due to a $21.3 million increase in provision for credit losses[209]. Assets and Liabilities - Total assets decreased by 20.8$492.0 million at December 31, 2024, down from $620.9 million at the end of 2023[215]. - Total liabilities decreased by 20.6$310.3 million at December 31, 2024, primarily due to the repayment of $58.2 million in unsecured notes[216]. - Total shareholders' equity decreased by 21.0$181.7 million at December 31, 2024, attributed to a $22.0 million loss on the sale of loans and$26.9 million provisions related to loans[217]. - Book value per common share decreased to $2.64 in 2024, down from$3.83 in 2023, a decrease of $1.19[214]. Cash Flow and Dividends - The company declared and paid total dividends of$11.4 million in 2024[206]. - Cash and cash equivalents increased by 30.3% to $18.1 million at December 31, 2024, compared to$12.6 million at the beginning of the year[220]. - A dividend of $0.484375 per share on the 7.75$0.05 per Common Share was authorized, payable on March 31, 2025[228]. Credit Facilities and Indebtedness - The new Needham Credit Facility has a committed amount of $50 million, with a maturity date of March 2, 2026, and an option to extend for one year if covenants are met[223]. - The company repaid the entire outstanding balance of the old credit facility, amounting to$39.6 million, and drew $36.1 million on the new facility, reducing outstanding indebtedness by$3.5 million[225]. - As of March 20, 2025, the company's outstanding indebtedness is projected to be $26.2 million after a principal payment of$9.9 million due on April 1, 2025[225]. Other Obligations - The company identified an over issuance of 362,915 restricted Common Shares, which remain unvested and restricted[230]. - Total contractual obligations as of December 31, 2024, amount to $54.248 million, with$40.597 million due within one year[234].