Revenue and profitability are highly volatile and deteriorating, with FFO per share collapsing from a high of $0.10 in Q1 2024 to -$0.13 in the two most recent quarters, while NOI margins display anomalous swings between 22.9% and 100%.
Sachem Capital Corp. 8.00% Note (SCCG) annual income statement — 11-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 | Dec'15 |
|---|
| Revenue | 33.86M | 47.06M | 57.5M | 29.97M | 30.62M | 20M | 13.06M | 10.18M | 10.05M | 6.33M | 3.54M | 2.79M |
| Revenue Growth % | 1254.77% | -18.16% | 91.85% | -2.12% | 53.09% | 53.21% | 28.22% | 1.34% | 58.66% | 78.87% | 27.05% | - |
| Property Operating Expenses | 7.87M | 1.05M | 372K | 0 | 0 | 0 | 0 | 0 | 19K | 664.13K | 87.97K | 0 |
| 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 | 2.79M |
| NOI Margin % | 102.35% | 97.77% | 99.35% | 100% | 100% | 100% | 100% | 100% | 99.81% | 89.51% | 97.52% | 100% |
| Operating Expenses | 19.39M | 18.32M | 15.67M | 14.93M | 8.41M | 5.37M | 2.99M | 2.56M | 2.1M | 807.94K | 489.77K | 474.35K |
| 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 | 0 |
| EBITDA | 8.43M | 28.21M | -11.35M | 15.31M | 22.31M | 14.72M | 10.13M | 7.69M | 7.88M | 4.89M | 3.1M | 2.56M |
| EBITDA Margin % | 24.88% | 59.95% | -19.74% | 51.07% | 72.87% | 73.59% | 77.56% | 75.52% | 78.46% | 77.21% | 87.51% | 91.99% |
| Depreciation & Amortization | 380K | 525K | 372K | 266.33K | 106.41K | 83.53K | 61.87K | 63.57K | 32.53K | 28.36K | 47.68K | 0 |
| 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% | 0% |
| Operating Income | 8.04M | 27.69M | -11.72M | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 7.85M | 4.86M | 3.05M | 2.31M |
| Operating Margin % | 23.76% | 58.84% | -20.38% | 50.18% | 72.53% | 73.17% | 77.09% | 74.9% | 78.14% | 76.76% | 86.17% | 82.98% |
| Interest Expense | 2M | 25.39M | 27.8M | 29.19M | 21.55M | 10.42M | 5.55M | 2.94M | 1.67M | 664.13K | 505.13K | 256.6K |
| Interest Coverage | - | 1.25x | -0.42x | 0.52x | 1.03x | 1.40x | 1.81x | 2.60x | -0.02x | -0.04x | 6.21x | 9.99x |
| Non-Operating Income | -1.55M | -4.01M | 53K | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 7.88M | 4.89M | -87.97K | -251.12K |
| Pretax Income | -9.06M | 6.31M | -39.57M | 15.9M | 20.91M | 13.32M | 8.99M | 6.2M | 7.77M | 4.86M | 3.05M | 2.31M |
| Pretax Margin % | -26.75% | 13.4% | -68.82% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% | 77.35% | 76.76% | 86.17% | 82.78% |
| Income Tax | 0 | 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% | 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 | 2.31M |
| Net Margin % | -26.75% | 13.4% | -68.82% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% | 77.35% | 76.76% | 86.17% | 82.78% |
| Net Income Growth % | 76.41% | 115.94% | -348.89% | -23.96% | 56.99% | 48.09% | 45.16% | -20.28% | 59.89% | 59.34% | 32.24% | - |
| 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 | 2.31M |
| FFO Margin % | -24.07% | 14.52% | -68.17% | 53.94% | 68.63% | 67% | 69.36% | 61.48% | 77.67% | 77.21% | 87.51% | 82.78% |
| 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 | 0.20 |
| 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% | 60.52% |
| EPS (Diluted) | -0.19 | 0.04 | -0.93 | 0.27 | 0.46 | 0.44 | 0.41 | 0.32 | 0.50 | 0.38 | 0.26 | 0.20 |
| EPS Growth % | -930.38% | 104.22% | -444.44% | -41.3% | 4.55% | 7.32% | 28.13% | -36% | 31.58% | 46.15% | 30% | - |
| EPS (Basic) | - | 0.04 | -0.93 | 0.27 | 0.46 | 0.44 | 0.41 | 0.32 | 0.50 | 0.38 | 0.26 | 0.20 |
| 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 | 11.52M |
Quick answers to the most common questions about buying SCCG stock.
For fiscal year 2025, Sachem Capital Corp. 8.00% Note (SCCG) reported total revenue of $47.1M. This represents a 1588.7% increase compared to $2.8M in 2015.
Sachem Capital Corp. 8.00% Note (SCCG) 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. 8.00% Note (SCCG) 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. 8.00% Note (SCCG) 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
Earnings volatility and capital erosion.
Metrics are mathematically derived from official filings.
Volatile Revenue Driven by Non-Recurring Items
Revenue experienced extreme volatility, swinging from negative territory in mid-2024 to a peak of $11.9M in Q3 2025, before falling to zero in Q2 2026, suggesting heavy reliance on non-recurring income or significant portfolio shifts.
The dramatic revenue swings, including three consecutive quarters of negative revenue in 2024, are atypical for a mortgage REIT and likely reflect large realized losses, write-downs, or the unwinding of positions rather than stable net interest income. The return to positive revenue in 2025 was quickly followed by another decline to zero in the latest quarter, indicating a highly unstable earnings trajectory. Investors should monitor the footnotes to understand the composition of these volatile revenue figures.
NOI Margin Anomaly and Collapse
NOI margins displayed an anomalous spike to 98-100% in Q1 2026 and Q1 2024, but this high margin on a low revenue base collapsed to 38-40% in Q2-Q3 2025, pointing to unstable operating leverage and potential non-cash adjustments.
The extreme swings in NOI margin suggest that the reported NOI figure is heavily influenced by non-operational or non-recurring items, rather than consistent property-level cash flow generation. A mortgage REIT typically does not report NOI in the traditional property-REIT sense, so this metric may be capturing net interest margin after specific losses or gains. The drastic margin compression from over 97% to below 40% within a two-quarter period in 2025 indicates severe instability in the core earnings power.
Persistent Negative FFO Signals Distress
Funds from Operations have been negative for five of the last ten quarters, including the two most recent periods, with FFO per share deteriorating to -$0.13 in Q1 and Q2 2026, indicating the core business is not covering its costs.
Negative FFO is a critical red flag for a REIT, as it suggests the entity is not generating enough cash from its core operations to cover interest expenses and maintain the portfolio. The brief return to positive FFO in late 2025 appears to have been a temporary anomaly rather than a sustained recovery. This persistent cash flow deficit raises serious questions about dividend sustainability and the company's ability to service its debt without external capital raises.
Q4 2024 Catastrophic Loss Event
Q4 2024 represented a severe inflection point, with a massive negative revenue of $23.8 million and a corresponding FFO loss of $36.0 million, which likely marks a major portfolio write-down or realization of credit losses.
This single quarter's losses appear to have fundamentally altered the company's financial trajectory, moving it from a marginal profitability position to a state of sustained losses. The scale of the loss relative to subsequent quarters suggests a cleansing event where impaired assets were marked to market or written off. The company's inability to generate positive FFO in the quarters following this event indicates the underlying portfolio or business model remains challenged.
Unsustainable Losses and Capital Erosion
The sustained pattern of negative FFO and revenue, combined with a collapsing EPS trajectory from a small positive to -$0.14, presents a strong analytical challenge to the long-term viability of the REIT's current business model.
For a mortgage REIT, consistent negative FFO implies that the interest earned on the portfolio is insufficient to cover the cost of debt and operating expenses, leading to ongoing book value erosion. The shift from a dividend yield of 0.5% to near zero further confirms that cash distributions are not supported by current earnings. Based on the reported figures, the company appears to be in a capital preservation mode, but the continued losses may necessitate dilutive equity issuances or asset sales at unfavorable terms to maintain liquidity.