Revenue trajectory remains highly unstable, highlighted by a negative $34.2 million revenue report in 2025Q4 and a sharp FFO per share decline to -$0.14 in 2026Q1.
| 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 | -4.03M | 1.84M | -39.57B | 15.9B | 20.91B | 13.32B | 8.99B | 6.2B |
| Net Margin % | 23.08% | - | 1878.96% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% |
| Net Income Growth % | 90.7% | 100% | -348.89% | -23.96% | 56.99% | 48.09% | 45.16% | - |
| Funds From Operations (FFO) | -1.77M | 4.04M | -39.57B | 18.58B | 23.12B | 14.69B | 9.66B | 6.98B |
| FFO Margin % | 10.14% | - | 1878.85% | 62% | 75.5% | 73.44% | 73.97% | 68.58% |
| FFO Growth % | -126.54% | 100.01% | -312.95% | -19.63% | 57.38% | 52.11% | 38.32% | - |
| FFO per Share | -0.04 | 0.09 | -834.55 | 419.95 | 612.44 | 558.03 | 436.63 | 359.62 |
| FFO Payout Ratio % | -331.39% | 235.27% | -0.04% | 138.47% | 97.31% | 96.13% | 82.45% | 138.67% |
| EPS (Diluted) | -0.09 | 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 |
Collateral Liquidation and Default
As reported in recent financial filings, Sachem Capital's revenue trajectory has exhibited extreme instability, highlighted by a negative $34.2 million revenue figure in 2025Q4, which suggests significant reversals in interest income recognition and potential write-downs that severely undermine the firm's ability to maintain consistent top-line growth.
The erratic revenue swings indicate that the company's reliance on transactional fee income and interest from distressed assets is highly susceptible to portfolio performance shocks. Investors should monitor whether these negative revenue prints reflect permanent impairments in the loan book rather than temporary accounting adjustments.
Based on the company's reported figures, FFO per share has fluctuated wildly from a positive $0.06 in 2025Q2 to a negative $0.14 in 2026Q1, indicating that the firm's core earnings power is currently insufficient to provide a reliable buffer for capital distributions to noteholders.
The extreme volatility in FFO suggests that the underlying loan portfolio is struggling to generate consistent cash flow, likely due to rising non-performing loans. This lack of earnings visibility makes it difficult to assess the long-term sustainability of the company's current payout structure.
According to recent SEC filings, the emergence of negative revenue and FFO figures alongside rising REO inventory suggests that the company's historical reliance on interest capitalization may be masking deeper credit deterioration within the loan portfolio that could lead to significant future principal losses for investors.
The transition from interest-bearing loans to non-earning Real Estate Owned assets implies that the company is increasingly forced to manage distressed properties. This shift likely increases operational overhead and liquidity pressure, potentially forcing the firm to rely on further debt issuance to sustain its operations.
As indicated by the sharp decline in performance metrics starting in 2024Q4, the company's attempt to scale its commercial bridge lending appears to have coincided with a period of heightened borrower defaults, resulting in a material erosion of the firm's net income and overall financial stability.
The pivot toward larger, more complex commercial loans appears to have introduced risks that the current underwriting framework may not be equipped to handle. The resulting financial strain suggests that the company's capital allocation strategy warrants significant caution until the portfolio demonstrates a return to consistent, positive cash generation.
Quick answers to the most common questions about buying SCCE stock.
For fiscal year 2025, Sachem Capital Corp. 6.00% Note (SCCE) reported total revenue of $0.0M. This represents a 100.0% decline compared to $10.18B in 2019.
Sachem Capital Corp. 6.00% Note (SCCE) is profitable, generating $1.8M in net income for the fiscal year ending 2025.