Revenue has collapsed to zero in 2026Q2 from $11.2M the prior quarter, contributing to persistent negative FFO of -$6.0M, which signals severe operational instability in the company's core income generation.
Sachem Capital Corp. 6.00% Notes Due 2026 (SCCD) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Revenue | 33.86M | 47.06M | 57.5M | 29.97M | 30.62M | 20M | 13.06M | 10.18M | 10.05M | 6.33M | 3.54M |
| Revenue Growth % | 1254.77% | -18.16% | 91.85% | -2.12% | 53.09% | 53.21% | 28.22% | 1.34% | 58.66% | 78.87% | - |
| Property Operating Expenses | 7.87M | 1.05M | 372K | 0 | 0 | 0 | 0 | 0 | 19K | 664.13K | 87.97K |
| Net Operating Income (NOI) | 34.65M | 46.01M | 57.13M | 29.97M | 30.62M | 20M | 13.06M | 10.18M | 10.03M | 5.67M | 3.45M |
| NOI Margin % | 102.35% | 97.77% | 99.35% | 100% | 100% | 100% | 100% | 100% | 99.81% | 89.51% | 97.52% |
| Operating Expenses | 19.39M | 18.32M | 15.67M | 14.93M | 8.41M | 5.37M | 2.99M | 2.56M | 2.1M | 807.94K | 489.77K |
| G&A Expenses | 11.71M | 6.48M | 6.84M | 11.89M | 8.41M | 5.37M | 2.99M | 2.56M | 2.1M | 956.17K | 402.27K |
| EBITDA | 8.43M | 28.21M | -11.35M | 15.31M | 22.31M | 14.72M | 10.13M | 7.69M | 7.88M | 4.89M | 3.1M |
| EBITDA Margin % | 24.88% | 59.95% | -19.74% | 51.07% | 72.87% | 73.59% | 77.56% | 75.52% | 78.46% | 77.21% | 87.51% |
| Depreciation & Amortization | 380K | 525K | 372K | 266.33K | 106.41K | 83.53K | 61.87K | 63.57K | 32.53K | 28.36K | 47.68K |
| D&A / Revenue % | 1.12% | 1.12% | 0.65% | 0.89% | 0.35% | 0.42% | 0.47% | 0.62% | 0.32% | 0.45% | 1.35% |
| Operating Income | 8.04M | 27.69M | -11.72M | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 7.85M | 4.86M | 3.05M |
| Operating Margin % | 23.76% | 58.84% | -20.38% | 50.18% | 72.53% | 73.17% | 77.09% | 74.9% | 78.14% | 76.76% | 86.17% |
| Interest Expense | 2M | 25.39M | 27.8M | 29.19M | 21.55M | 10.42M | 5.55M | 2.94M | 1.67M | 664.13K | 505.13K |
| Interest Coverage | - | 1.25x | -0.42x | 0.52x | 1.03x | 1.40x | 1.81x | 2.60x | -0.02x | -0.04x | 6.21x |
| Non-Operating Income | -1.55M | -4.01M | 53K | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 7.88M | 4.89M | -87.97K |
| Pretax Income | -9.06M | 6.31M | -39.57M | 15.9M | 20.91M | 13.32M | 8.99M | 6.2M | 7.77M | 4.86M | 3.05M |
| Pretax Margin % | -26.75% | 13.4% | -68.82% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% | 77.35% | 76.76% | 86.17% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -9.06M | 6.31M | -39.57M | 15.9M | 20.91M | 13.32M | 8.99M | 6.2M | 7.77M | 4.86M | 3.05M |
| Net Margin % | -26.75% | 13.4% | -68.82% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% | 77.35% | 76.76% | 86.17% |
| Net Income Growth % | 76.41% | 115.94% | -348.89% | -23.96% | 56.99% | 48.09% | 45.16% | -20.28% | 59.89% | 59.34% | - |
| Funds From Operations (FFO) | -8.15M | 6.83M | -39.2M | 16.17M | 21.02M | 13.4M | 9.06M | 6.26M | 7.8M | 4.89M | 3.1M |
| FFO Margin % | -24.07% | 14.52% | -68.17% | 53.94% | 68.63% | 67% | 69.36% | 61.48% | 77.67% | 77.21% | 87.51% |
| FFO Growth % | -858.53% | 117.43% | -342.49% | -23.08% | 56.8% | 48% | 44.67% | -19.79% | 59.62% | 57.8% | - |
| FFO per Share | -0.17 | 0.15 | -0.83 | 0.37 | 0.56 | 0.51 | 0.41 | 0.32 | 0.51 | 0.41 | 0.28 |
| FFO Payout Ratio % | -87.99% | 139.03% | -42.11% | 135.68% | 89.51% | 91.53% | 87.93% | 154.67% | 86.97% | 118.62% | 125.21% |
| EPS (Diluted) | -0.19 | 0.04 | -0.93 | 0.27 | 0.46 | 0.44 | 0.41 | 0.32 | 0.50 | 0.38 | 0.26 |
| EPS Growth % | -930.38% | 104.22% | -444.44% | -41.3% | 4.55% | 7.32% | 28.13% | -36% | 31.58% | 46.15% | - |
| EPS (Basic) | - | 0.04 | -0.93 | 0.27 | 0.46 | 0.44 | 0.41 | 0.32 | 0.50 | 0.38 | 0.26 |
| Diluted Shares Outstanding | 47.28M | 46.89M | 47.41M | 44.24M | 37.75M | 26.32M | 22.12M | 19.42M | 15.43M | 11.96M | 11.1M |
Quick answers to the most common questions about buying SCCD stock.
For fiscal year 2025, Sachem Capital Corp. 6.00% Notes Due 2026 (SCCD) reported total revenue of $47.1M. This represents a 1229.2% increase compared to $3.5M in 2016.
Sachem Capital Corp. 6.00% Notes Due 2026 (SCCD) is profitable, generating $6.3M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
Sachem Capital Corp. 6.00% Notes Due 2026 (SCCD) reported an operating income of $27.7M, resulting in an operating profit margin of 58.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Sachem Capital Corp. 6.00% Notes Due 2026 (SCCD) generated $46.0M in gross profit for the year, representing a gross profit margin of 97.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative FFO and operational losses
Metrics are mathematically derived from official filings.
Revenue Collapse Masked by Volatile Operations
After a brief recovery in early 2025, reported revenue has collapsed again, with 2026Q2 showing no revenue versus $11.2M in 2026Q1, a pattern that suggests extreme volatility in the company's mortgage-backed investment portfolio and operational base, as noted in recent financial statements.
The trajectory is defined by severe instability. Revenue swung from negative figures in mid-2024 to a peak of $11.9M in 2025Q3, only to revert to zero in the latest quarter. This erratic pattern indicates the company's core income generation is not from stable rental streams but likely from realized gains, fee income, or mortgage interest that is highly sensitive to market conditions and asset dispositions, making forward projections highly uncertain.
FFO Negative as Losses Reemerge
Sachem's FFO has turned decisively negative again, reporting a loss of $6.0 million in both 2026Q1 and 2026Q2, a sharp deterioration from the modest profitability seen in late 2025, signaling a potential return to the loss-making profile that dominated 2024, as disclosed in its quarterly filings.
The quality of earnings is deeply concerning, as FFO per share has been negative for six of the last ten quarters. The return to negative FFO, after a brief reprieve, suggests the company is unable to consistently cover its financing costs or generate sufficient net interest income from its portfolio. This trajectory raises fundamental questions about the sustainability of any dividend and the core earning power of the business.
Margin Volatility Exposes Portfolio Risk
NOI margins have exhibited extreme volatility, swinging from 100% in 2024Q1 to 38.1% in 2025Q3 and back to 98.4% in 2026Q1, indicating that the company's cost structure and revenue composition are not stable, warranting careful scrutiny of the underlying property-level economics.
The wild swings in reported NOI margin are not indicative of typical REIT operating leverage but rather suggest a mix of one-time items, realized gains/losses, or perhaps the classification of expenses. A 98% margin is unsustainable and likely reflects a quarter where operating expenses were minimal relative to a volatile revenue figure. This instability makes it impossible to assess true property-level profitability on a normalized basis.
Sustainability of Earnings Model in Question
The strongest challenge to Sachem's earnings quality lies in its repeated quarters of negative or minimal revenue and deeply negative FFO, which fundamentally questions whether the company's hybrid model of mortgage lending and real estate ownership can generate stable, positive cash flows in the current environment.
The data shows the company is not a traditional, income-producing REIT with contractual rental streams. Its revenue and earnings are episodic, driven by market-sensitive activities. This structure means GAAP metrics are unreliable, and even FFO may not capture the full economic picture if it excludes realized losses on the portfolio. Investors should scrutinize the source of any positive quarters to determine if they represent sustainable income or non-recurring events.
Q2 2026: Full Operational Breakdown
The 2026Q2 period marks a critical negative inflection, with revenue dropping to zero, NOI unavailable, and FFO losses persisting at -$6.0 million, suggesting a potential operational freeze or significant portfolio impairment that contrasts sharply with the brief recovery seen in mid-2025.
This quarter stands out as the most alarming data point in the series. The complete absence of reported revenue, paired with continued negative FFO, suggests a severe disruption. This could indicate a pause in new originations, a lack of income-generating assets, or a significant write-down of assets that has consumed operational capacity. It represents a decisive break from the modest recovery trend of the prior year.