Revenue volatility remains extreme, highlighted by a -101.4% swing in 2024Q3 and NOI margins that collapsed from 100% in early 2025 to -10.2% by 2025Q4.
| Revenue | 53.22M | 46.94M | 57.5M | 29.97M | 30.62M | 20M | 13.06M | 10.18M | 11.64M | 7M | 4.13M | 2.79M | 1.56M |
| Revenue Growth % | 820.65% | -18.37% | 91.85% | -2.12% | 53.09% | 53.21% | 28.22% | -12.52% | 66.34% | 69.27% | 48.33% | 78.7% | - |
| Property Operating Expenses | 34.04M | 28.67M | 0 | 0 | 0 | 0 | 0 | 0 | 32.53K | 28.36K | 0 | 0 | 0 |
| Net Operating Income (NOI) | 19.18M | 18.27M | 57.5M | 29.97M | 30.62M | 20M | 13.06M | 10.18M | 11.61M | 6.97M | 4.13M | 2.79M | 1.56M |
| NOI Margin % | 36.04% | 38.92% | 100% | 100% | 100% | 100% | 100% | 100% | 99.72% | 99.59% | 100% | 100% | 100% |
| Operating Expenses | 11.97M | 13.1M | 75.28M | 14.93M | 8.41M | 5.37M | 2.99M | 2.56M | 2.2M | 1.47M | 577.73K | 217.75K | 76.31K |
| G&A Expenses | 12.98M | 14.14M | 13.66M | 11.89M | 8.41M | 5.37M | 2.99M | 2.56M | 1 | 1 | 1 | 212.66K | 75.89K |
| EBITDA | 7.21M | 5.17M | -17.4M | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 9.46M | 5.55M | 3.14M | 2.31M | 1.47M |
| EBITDA Margin % | 13.55% | 11.02% | -30.27% | 50.18% | 72.53% | 73.17% | 77.09% | 74.9% | 81.31% | 79.37% | 75.93% | 82.98% | 94.25% |
| Depreciation & Amortization | 0 | 0 | 372K | 0 | 0 | 0 | 0 | 0 | 32.53K | 28.36K | 0 | 0 | 0 |
| D&A / Revenue % | 0% | 0% | 0.65% | 0% | 0% | 0% | 0% | 0% | 0.28% | 0.41% | 0% | 0% | 0% |
| Operating Income | 7.21M | 5.17M | -17.78M | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 9.43M | 5.52M | 3.66M | 2.57M | 1.48M |
| Operating Margin % | 13.55% | 11.02% | -30.91% | 50.18% | 72.53% | 73.17% | 77.09% | 74.9% | 81.03% | 78.96% | 88.57% | 92.19% | 95.12% |
| Interest Expense | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -1.03M | 0 | -6.06M | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 105.77K | 215.61K | 0 | 39.99K | 419 |
| Pretax Income | 2.41M | 6.31M | -43.88M | 15.9M | 20.91M | 13.32M | 8.99M | 6.2M | 7.77M | 4.86M | 3.05M | 2.31M | 1.47M |
| Pretax Margin % | 4.53% | 13.44% | -76.3% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% | 66.78% | 69.47% | 73.8% | 82.78% | 94.25% |
| Income Tax | 0 | 0 | -4.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 9.81% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 2.41M | 6.31M | -39.57M | 15.9M | 20.91M | 13.32M | 8.99M | 6.2M | 7.77M | 4.86M | 3.05M | 2.31M | 1.47M |
| Net Margin % | 4.53% | 13.44% | -68.82% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% | 66.78% | 69.47% | 73.8% | 82.78% | 94.25% |
| Net Income Growth % | 105.56% | 115.94% | -348.89% | -23.96% | 56.99% | 48.09% | 45.16% | -20.28% | 59.89% | 59.34% | 32.24% | 56.95% | - |
| Funds From Operations (FFO) | 3.06M | 9.04M | -39.2M | 16.16M | 21.02M | 13.4M | 9.66M | 6.26M | 7.8M | 4.89M | 3.1M | 2.31M | 1.47M |
| FFO Margin % | 5.75% | 19.25% | -68.17% | 53.94% | 68.63% | 67% | 73.97% | 61.48% | 67.06% | 69.88% | 74.96% | 82.78% | 94.25% |
| FFO Growth % | 126.38% | 123.05% | -342.49% | -23.08% | 56.8% | 38.77% | 54.29% | -19.79% | 59.62% | 57.8% | - | - | - |
| FFO per Share | 0.06 | 0.19 | -0.83 | 0.37 | 0.56 | 0.51 | 0.44 | 0.32 | 0.51 | 0.41 | 0.28 | 0.20 | 0.13 |
| FFO Payout Ratio % | 77.97% | 105.15% | -42.11% | 159.16% | 107.05% | 105.37% | 82.45% | 154.67% | 86.97% | 118.62% | 125.21% | 60.52% | 43.31% |
| EPS (Diluted) | 0.05 | 0.04 | -0.93 | 0.27 | 0.46 | 0.44 | 0.41 | 0.32 | 0.50 | 0.41 | 0.27 | 0.20 | 0.13 |
| EPS Growth % | -19.1% | 104.3% | -444.44% | -41.3% | 4.55% | 7.32% | 28.13% | -36.48% | 23.91% | 47.96% | 37.26% | 56.9% | - |
| EPS (Basic) | - | 0.04 | -0.93 | 0.27 | 0.46 | 0.44 | 0.41 | 0.32 | 0.50 | 0.41 | 0.27 | 0.20 | 0.13 |
| Diluted Shares Outstanding | 47.18M | 46.89M | 47.41M | 44.24M | 37.75M | 26.32M | 22.12M | 19.42M | 15.43M | 11.96M | 11.1M | 11.52M | 11.52M |
Collateral Liquidity and Credit
As evidenced by the quarterly financial data, Sachem Capital has experienced extreme revenue volatility, including a -101.4% revenue swing in 2024Q3, suggesting that the company's reliance on short-term bridge loan originations creates a highly unstable top-line trajectory that is sensitive to regional market conditions.
The erratic revenue performance indicates that the firm's 'treadmill' business model struggles to maintain consistent interest income in the current environment. Investors should monitor whether the recent revenue recovery in 2026Q1 represents a sustainable return to growth or merely a temporary spike from non-recurring fee recognition.
Based on reported figures, FFO per share has fluctuated wildly from a high of $0.10 in 2024Q1 to a low of -$0.76 in 2024Q4, indicating that the company's core earnings power is currently insufficient to provide a reliable buffer for dividend distributions to shareholders.
The frequent negative FFO prints suggest that the company's cost of capital, particularly interest expense on its unsecured notes, is severely compressing net earnings. This volatility warrants further investigation into whether the current dividend policy is supported by recurring cash flow or if it relies on capital recycling.
According to the provided income statement data, NOI margins have swung from 100% in early 2025 to a negative -10.2% by 2025Q4, highlighting a significant lack of predictability in property-level profitability as the firm manages its transition between lending and potential asset ownership.
The collapse in NOI margins suggests that the company is likely incurring substantial carrying costs on non-performing assets or REO properties. This shift appears to be eroding the firm's ability to generate meaningful property-level income, which is critical for a REIT-structured entity.
Financial statements reveal that the company's transition from interest-bearing loans to REO assets may be masking underlying credit deterioration, as evidenced by the sharp decline in net income and the inconsistent reporting of interest income during periods of significant portfolio stress.
The discrepancy between revenue growth and cash flow generation suggests that the firm may be accruing interest on loans that are not currently performing. Analysts should remain cautious regarding the valuation of collateral, as the ability to liquidate these assets at book value remains unproven in a stagnant market.
Quick answers to the most common questions about buying SCCF stock.
For fiscal year 2025, Sachem Capital Corp. 7.125% Not (SCCF) reported total revenue of $46.9M. This represents a 2910.0% increase compared to $1.6M in 2014.
Sachem Capital Corp. 7.125% Not (SCCF) 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. 7.125% Not (SCCF) reported an operating income of $5.2M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Sachem Capital Corp. 7.125% Not (SCCF) generated $18.3M in gross profit for the year, representing a gross profit margin of 38.9%. This demonstrates the company's core pricing power and production efficiency.