Revenue instability is acute, evidenced by a 100% year-over-year decline in 2026Q1 and a persistent inability to generate positive FFO, which plummeted to -$6.7 million in the same period.
| Revenue | -17.46M | 0 | -2.11B | 29.97B | 30.62B | 20B | 13.06B | 10.18B |
| Revenue Growth % | -202.34% | 100% | -107.03% | -2.12% | 53.09% | 53.21% | 28.22% | - |
| Property Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 33.51M | 0 | -2.11B | 29.97B | 30.62B | 20B | 13.06B | 10.18B |
| NOI Margin % | -191.88% | - | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 20.16M | 6.48M | 15.67B | 14.93B | 8.41B | 5.37B | 2.99B | 2.56B |
| G&A Expenses | 8.91M | 6.48M | 13.66B | 11.89B | 8.41B | 5.37B | 2.99B | 2.56B |
| EBITDA | -381K | 0 | -17.78B | 15.04B | 22.21B | 14.64B | 10.06B | 7.63B |
| EBITDA Margin % | 2.18% | - | 844.06% | 50.18% | 72.53% | 73.17% | 77.09% | 74.9% |
| Depreciation & Amortization | 648K | 2.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | -3.71% | - | 0% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | -1.03M | 0 | -17.78B | 15.04B | 22.21B | 14.64B | 10.06B | 7.63B |
| Operating Margin % | 5.89% | - | 844.06% | 50.18% | 72.53% | 73.17% | 77.09% | 74.9% |
| Interest Expense | -2M | -25.39M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Non-Operating Income | 819K | 0 | -17.78B | 15.04B | 22.21B | 14.64B | 10.06B | 7.63B |
| Pretax Income | -4.03M | 1.84M | -39.57B | 15.9B | 20.91B | 13.32B | 8.99B | 6.2B |
| Pretax Margin % | 23.08% | - | 1878.96% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.26M | 1.84M | -39.57B | 15.9B | 20.91B | 13.32B | 8.99B | 6.2B |
| Net Margin % | 35.88% | - | 1878.96% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% |
| Net Income Growth % | 85.54% | 100% | -348.89% | -23.96% | 56.99% | 48.09% | 45.16% | - |
| Funds From Operations (FFO) | -4.01M | 4.04M | -39.57B | 18.58B | 23.12B | 14.69B | 9.66B | 6.98B |
| FFO Margin % | 22.94% | - | 1878.85% | 62% | 75.5% | 73.44% | 73.97% | 68.58% |
| FFO Growth % | -134.22% | 100.01% | -312.95% | -19.63% | 57.38% | 52.11% | 38.32% | - |
| FFO per Share | -0.08 | 0.09 | -834.55 | 419.95 | 612.44 | 558.03 | 436.63 | 359.62 |
| FFO Payout Ratio % | -146.51% | 235.27% | -0.04% | 138.47% | 97.31% | 96.13% | 82.45% | 138.67% |
| EPS (Diluted) | -0.13 | 0.04 | -0.93 | 0.27 | 0.55 | 0.51 | 0.41 | 0.32 |
| EPS Growth % | -28.92% | 104.3% | -444.44% | -50.91% | 7.84% | 24.39% | 28.13% | - |
| EPS (Basic) | - | 0.04 | -0.93 | 0.21 | 0.46 | 0.44 | 0.41 | 0.32 |
| Diluted Shares Outstanding | 47.18M | 46.89M | 47.41M | 44.24M | 37.75M | 26.32M | 22.12M | 19.42M |
High leverage and liquidity
As reported in recent financial filings, Sachem Capital's FFO per share has exhibited extreme volatility, swinging from a positive $0.11 in 2024Q1 to a negative $0.14 in 2026Q1, which suggests that the company's core earnings power is currently insufficient to cover its operational and debt obligations.
The erratic FFO trajectory indicates that the company's reliance on high-cost retail debt is failing to generate consistent returns in the current interest rate environment. Investors should monitor whether the persistent negative FFO figures represent a structural impairment of the loan book or merely timing mismatches in interest recognition.
Based on the company's reported quarterly figures, revenue has experienced severe instability, including a 100% decline in 2026Q1, which highlights the precarious nature of the firm's interest-dependent income model when faced with rising borrower defaults and potential project abandonment across its core lending markets.
The dramatic revenue swings suggest that the company is struggling to maintain a performing loan portfolio, likely due to the high-risk nature of its fix-and-flip borrower base. This instability appears to be exacerbated by the company's inability to recycle capital effectively, leading to significant gaps in interest income generation.
According to the provided financial data, the company's reliance on exchange-traded debt creates a rigid cost structure that, as evidenced by the negative net income of $7.2 million in 2026Q1, may be fundamentally misaligned with the current yield potential of its underlying real estate loan assets.
The persistent negative net income suggests that the interest expense on the company's baby bonds is likely exceeding the interest income generated by the loan portfolio. This structural mismatch warrants further investigation into whether the company can continue to service its debt without further dilutive equity raises or asset liquidations.
Financial statements indicate that the company's recent shift toward larger commercial bridge loans has coincided with a period of deteriorating performance, as seen in the negative $36.1 million net income reported in 2024Q4, suggesting that this strategic pivot may be increasing the firm's overall risk profile.
Moving away from the core fix-and-flip niche into larger commercial projects appears to have introduced greater complexity and potential for loss. The lack of consistent profitability following this transition suggests that management may be struggling to maintain underwriting standards while attempting to scale the portfolio.
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 $0.0M. This represents a 100.0% decline compared to $10.18B in 2019.
Sachem Capital Corp. 6.00% Notes Due 2026 (SCCD) is profitable, generating $1.8M in net income for the fiscal year ending 2025.