Sachem Capital swung to a Q2 net loss of $5.38 million, with net loss attributable to common shareholders at $6.5 million, or $0.14 a share.
Net interest income fell 24% to $1.67 million, with net interest margin narrowing 0.4 percentage points to 1.9%.
Provision for credit losses on loans held for investment more than doubled to $2.55 million; operating expenses climbed to $5.86 million on $2.57 million of transaction costs.
Loan portfolio and corporate transaction
Loan portfolio shrank to $337.56 million across 100 loans, with the weighted-average contractual rate down to 11.46% and term to maturity at 6 months.
Industrial Realty Group Global agreed to contribute IRG Master Holdings to a new operating partnership, with a planned 20-for-1 reverse split and name change to IRG Realty Trust.
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