Sachem Capital Corp . (NYSE American: NYSE:SACH), a Real Estate Investment Trust, has announced a change in its independent registered public accounting firm.
On Monday, the company terminated its relationship with Hoberman & Lesser CPA’s, LLP and appointed Baker Tilly US, LLP as its new auditor. This decision was directed and approved by the Audit Committee of the company's Board of Directors.
The reports by Hoberman for the fiscal years ending December 31, 2022, and December 31, 2023, did not contain any adverse opinion or any qualification regarding the company’s financial statements. Furthermore, there were no disagreements on accounting principles, practices, or financial statement disclosures that would have required Hoberman to mention them in their reports for those years.
The above news is based on an SEC filing.
In other recent news, Sachem Capital has experienced a drop in revenue, reporting a figure of $14.8 million in their latest earnings call. This is a decrease from the $17.8 million reported in the same period last year, a shift attributed to fewer loan originations due to rising construction costs and high interest rates. Furthermore, the company posted a net loss of $6.1 million, despite efforts to recover approximately 70% of the unpaid principal balance through the sale of mortgage loans.
In an attempt to mitigate the effects of non-accrual loans and foreclosures, Sachem Capital is currently negotiating this sale. Additionally, Sachem has 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.
InvestingPro Insights
As Sachem Capital Corp. (NYSE American: SACH) transitions to a new auditor, investors may find additional context from recent financial metrics and expert insights valuable. According to InvestingPro data, SACH's market capitalization stands at $78.04 million, with a price-to-book ratio of 0.35 as of the last twelve months ending Q3 2024. This low P/B ratio, highlighted as an InvestingPro Tip, suggests the stock might be undervalued relative to its book value.
The company's dividend yield is notably high at 12.12%, which aligns with another InvestingPro Tip indicating that SACH "pays a significant dividend to shareholders." However, investors should note that the company's revenue growth has been negative, with a -69.4% decline in the last twelve months ending Q3 2024.
These metrics provide a snapshot of SACH's financial position as it undergoes this auditor change. For a more comprehensive analysis, InvestingPro offers 11 additional tips that could provide further insights into Sachem Capital's financial health and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.