BRANFORD, CT – Sachem Capital Corp . (NYSE American: NYSE:SACH), a Real Estate Investment Trust (REIT) specializing in real estate lending and currently trading at $1.48 near its 52-week low, announced today that its board of directors has declared a quarterly dividend payment for its 7.75% Series A Cumulative Redeemable Preferred Stock.
The declared dividend is $0.48 per share, corresponding to the full dividend accruing from September 30, 2024, through December 29, 2024. Shareholders of record as of December 15, 2024, will be eligible for the dividend payout scheduled for on or about December 30, 2024.
The declaration of this dividend reflects the company's commitment to delivering shareholder value and its ability to generate sufficient earnings from its real estate lending operations. Sachem Capital Corp. provides financing solutions to real estate investors, offering a range of loan products for the acquisition, renovation, and construction of properties.
Sachem Capital Corp.'s latest financial disclosure, based on a press release statement, reaffirms its operational stability and ongoing strategy to support its investment community through regular income distributions.
In other recent news, Sachem Capital reported a drop in revenue to $14.8 million, down from $17.8 million in the same period last year, due to fewer loan originations amid rising construction costs and high interest rates. The company also posted a net loss of $6.1 million, despite ongoing efforts to recover approximately 70% of the unpaid principal balance through the sale of mortgage loans. In a move to mitigate the impact of non-accrual loans and foreclosures, Sachem Capital is currently negotiating this sale.
In addition to these financial developments, Sachem Capital has made a change in its independent registered public accounting firm, terminating its relationship with Hoberman & Lesser CPA’s, LLP, and appointing Baker Tilly US, LLP as its new auditor. This decision was approved by the Audit Committee of the company's Board of Directors.
Furthermore, Sachem Capital declared a quarterly dividend of $0.05 per share for its shareholders. The company is also making strategic investments, such as acquiring a 20% stake in Shem Creek Capital for $2.5 million.
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