Sachem Capital's revenue has evaporated, falling from $8.0 billion in Q1 2024 to a reported -$34.2 million in Q4 2025, with recent quarters showing zero or negative top-line figures that signal severe portfolio impairment.
Sachem Capital Corp. 6.00% Note (SCCE) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Revenue | -22.22M | 0 | -2.11B | 29.97B | 30.62B | 20B | 13.06B | 10.18B |
| Revenue Growth % | 99.77% | 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) | 48M | 0 | -2.11B | 29.97B | 30.62B | 20B | 13.06B | 10.18B |
| NOI Margin % | -216.05% | - | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 17.92M | 6.48M | 15.67B | 14.93B | 8.41B | 5.37B | 2.99B | 2.56B |
| G&A Expenses | 7.24M | 6.48M | 13.66B | 11.89B | 8.41B | 5.37B | 2.99B | 2.56B |
| EBITDA | -940K | 0 | -17.77B | 17.72B | 24.42B | 16.01B | 10.73B | 8.41B |
| EBITDA Margin % | 4.23% | - | 843.95% | 59.13% | 79.75% | 80.03% | 82.17% | 82.62% |
| Depreciation & Amortization | 1.16M | 2.2M | 2.46M | 2.68B | 2.21B | 1.37B | 663.82M | 786.15M |
| D&A / Revenue % | -5.2% | - | -0.12% | 8.95% | 7.22% | 6.86% | 5.08% | 7.72% |
| Operating Income | -2.1M | 0 | -17.78B | 15.04B | 22.21B | 14.64B | 10.06B | 7.63B |
| Operating Margin % | 9.43% | - | 844.06% | 50.18% | 72.53% | 73.17% | 77.09% | 74.9% |
| Interest Expense | -3M | -25.39M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Non-Operating Income | -247K | 0 | -17.78B | 15.04B | 22.21B | 14.64B | 10.06B | 7.63B |
| Pretax Income | -12.41M | 1.84M | -39.57B | 15.9B | 20.91B | 13.32B | 8.99B | 6.2B |
| Pretax Margin % | 55.88% | - | 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 | -12.41M | 1.84M | -39.57B | 15.9B | 20.91B | 13.32B | 8.99B | 6.2B |
| Net Margin % | 55.88% | - | 1878.96% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% |
| Net Income Growth % | 99.97% | 100% | -348.89% | -23.96% | 56.99% | 48.09% | 45.16% | - |
| Funds From Operations (FFO) | -10.73M | 4.04M | -39.57B | 18.58B | 23.12B | 14.69B | 9.66B | 6.98B |
| FFO Margin % | 48.3% | - | 1878.85% | 62% | 75.5% | 73.44% | 73.97% | 68.58% |
| FFO Growth % | -661.25% | 100.01% | -312.95% | -19.63% | 57.38% | 52.11% | 38.32% | - |
| FFO per Share | -0.23 | 0.09 | -834.55 | 419.95 | 612.44 | 558.03 | 436.63 | 359.62 |
| FFO Payout Ratio % | -22.23% | 235.27% | -0.04% | 138.47% | 97.31% | 96.13% | 82.45% | 138.67% |
| EPS (Diluted) | -0.26 | 0.04 | -0.93 | 0.27 | 0.55 | 0.51 | 0.41 | 0.32 |
| EPS Growth % | -102.61% | 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 | 47.28M | 46.89M | 47.41M | 44.24M | 37.75M | 26.32M | 22.12M | 19.42M |
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.
Key Metrics
Top Statement Risk
Severe operational and financial distress
Metrics are mathematically derived from official filings.
Catastrophic Revenue Collapse
Sachem Capital's revenue has essentially evaporated, plummeting from $8.0 billion in Q1 2024 to zero or negative figures in recent quarters, with reported Q4 2024 revenue of -$9.6 billion indicating severe portfolio distress and potential asset write-downs.
The revenue trajectory indicates a complete operational breakdown rather than a cyclical downturn. The shift from $8.0 billion in Q1 2024 to negative revenue figures suggests the company is not just losing income but potentially recognizing massive losses on its loan portfolio. This pattern typically emerges when a mortgage REIT faces widespread loan defaults, forced asset sales at deep discounts, or significant impairment charges that exceed any remaining income generation.
Margin Collapse Signals Portfolio Impairment
The disappearance of positive revenue and NOI margins after Q1 2024 suggests Sachem's core lending operations have ceased generating sustainable returns, with the recent 100% NOI margins in mid-2025 quarters reflecting minimal operations rather than profitability.
While the 100% NOI margins in Q2-Q3 2025 appear strong on the surface, they must be interpreted in context of the company's overall collapse. These margins likely reflect a drastically reduced operational footprint where minimal revenue covers even smaller operating expenses, rather than efficient operations. The absence of NOI data in periods with negative revenue indicates the company cannot even calculate property-level profitability when experiencing catastrophic losses.
Negative FFO Indicates Structural Earnings Failure
Funds from operations have turned persistently negative, with Q1-Q2 2026 showing FFO of -$6.7 million and -$6.0 million respectively, while FFO per share has declined to -$0.13 to -$0.14, suggesting the company cannot cover its fixed obligations from core operations.
The negative FFO trajectory is particularly concerning because FFO excludes depreciation and adds back non-cash charges that typically distort REIT earnings. When FFO itself turns negative, it indicates the business model is fundamentally broken and cannot generate cash from its core activities. The deterioration from positive FFO in mid-2025 to negative FFO in 2026 suggests the company's problems are accelerating rather than stabilizing.
Q1 2024 Collapse Marks Operational Inflection
The dramatic reversal from Q1 2024's $8.0 billion revenue to subsequent quarterly losses represents the critical inflection point where Sachem's business model transitioned from generating substantial income to experiencing catastrophic losses.
Q1 2024 stands out as the last quarter of meaningful positive performance, after which the company experienced a complete operational reversal. The scale of the subsequent losses—measured in billions rather than millions—suggests this wasn't a gradual decline but a sudden collapse, potentially triggered by credit events, market dislocations, or realization of previously unrealized portfolio risks. Investors should examine the specific events during this quarter to understand whether this was an isolated shock or the beginning of a prolonged restructuring.
Distorted Financials Mask True Economic Reality
The extreme volatility in reported figures—from $8.0 billion revenue to negative billions—raises questions about the accuracy of recent financial reporting and whether GAAP measurements capture the true economic state of Sachem's remaining portfolio.
The financial statements show patterns that warrant skepticism: Q4 2024 reports -$9.6 billion revenue with -$36.1 billion FFO, suggesting either massive restatements, accounting anomalies, or extreme portfolio liquidations that may not reflect ongoing operations. The subsequent return to smaller positive FFO in mid-2025 followed by renewed negativity in 2026 indicates either continued instability or potential accounting irregularities that obscure the company's true financial health. These distortions make traditional REIT analysis metrics unreliable for assessing residual value.