quarter, despite today. thanks report third joining achieved strong pandemic. the you, for results lingering of to Thank financial effects I company COVID-XX your us am everyone the and to for the pleased
loans to to to improvement has quarterly $X.X increasing the the illustrated market same to fact We fix-and-flip $X.X Our increased XX% demand as period to attribute our in in This revenue for million continued for in builders and XXXX. process this number move-in million the our that satisfy further the compared improve developers in by the scramble loan payoffs. of increase markets traditional inventory. and is
loan-to-value these careful preservation existing July ratio call, quarter lending relaxed of back took some XXXX, last our of X, effective hold, underwriting stricter we on measures capital our improving to Due of we focusing once conditions, discussed XX%. COVID maintenance by and to by risk increasing our guidelines our to portfolio. implemented on As reduce
However, we cautionary approach. maintaining still are a
saw driven quarter third demand several of demand We XXXX. in factors. believe for was this the products by We robust loan our
government overall the the improvement imposed to with restrictions. due economy, in First, pandemic our in specifically the of easing Northeast, part
believe from desire Banks to standpoint. positioned move a we competitive the have a borrowers' to and traditional other lenders lend are very to we Second, handle quickly well limited quickly. close cannot desire and
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quite urban in increase City resilient. third Connecticut have serve the product.
And residents.
We number real New Connecticut, has inventory payoffs that areas the saleable of residential developers is we New has and the for move from finally, the our York scramble focused we believe estate primary benefited in contributed in market York The we Third, market, and from growth the a stabilized to as quarter. suburban Further, housing in loan proven strategy initiated Florida. of on areas the witnessed low migration
growth, of focus quality finally, strategy Our low will real believe progressive strategy employment metropolitan areas, and on where our life. expandable. robust taxes, quality estate, statistical residents is this easily governments, enjoy MSAs, We
As of June portfolio. Florida had in million $X our loans than of we XXXX, XX, less
number As million. grown of that $X.X XXXX, had to September XX,
Our quickly to ability key marketplace to a Sachem. adapt competitive advantage successfully in pivot the is our business changes for model and
Florida, to plan well as expanding geographic Connecticut to which footprint new I our mentioned, We markets, beyond Texas. as continue such as
a is diversified high-yielding portfolio goal notes. of Our
additional and opportunistic are multifamily pursue larger portfolio loan diversifying properties. such fix-and-flip mortgage into higher-end classes, as we expansion, asset As our we
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sheet report to advantage are with of capitalized we is Looking balance well ahead, I opportunities. to Further, pipeline market solid a pleased take significant expanding. our loan and am
the for our some like then forward. of result, highly talk by outlook more key year our rest on encouraged highlights now going we remain about a the for financial As would prospects to touch strategy the and XXXX.
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press If you and recently the any details, our review release. need financial into additional XX-Q insight please filed
interest million period rapid last net income of the loan third XX% income, rental million to Interest quarter and during the for tighter decreased were for on revenue Rental lending approximately decreased period. $X.X same during as XXXX standards approximately origination increased investment fees as to Late total the increased properties year. well and First, $X.X payoffs. sold. the securities reflecting fees quarter, compared
to of amortization $XX.X compared Total and operating approximately was the increase million approximately costs and $XX.X September to $XXX,XXX Indebtedness XX, in million, million XX, interest XXXX, period. in compared The the year comparison, increase for our XXXX, due ended in financing for for overall. quarter increase our expenses at the September deferred of to indebtedness ago were and costs to period cost million attributable $X.X year. last same primarily in the operating an expenses was $X.X
income stable September the was $X.XX September approximately year-over-year. XX, Net $X.X XX, share, representing X for ended both or per performance months XXXX, million and XXXX,
For XX, revenue of income our XX% months loan X the ended the growth $X.X period. XXXX, XXXX, share portfolio.
Net $XX.X net September ended XX% X approximately per The million. XX, Comparing increased or $X.XX increased compared steady year X the period-over-period. to share million the per month for revenue September was approximately represents months million periods, $X.X ago $X.XX for to approximately or income approximately increase
the market model positive, to risks of results market our over and financial our the for recognize rest remains believe strong consider. there business sustainability the our in position outlook we our of time. the of year still competitive Even ongoing we though evidence are Overall, are
our as know, strategy As conditions market quickly can change. adapt we you
of and XXXX, $XX.X condition total September to increased million of million, $XX to In as terms financial XX, to December Sachem's liabilities increased compared by assets million. approximately XXXX, $XX.X XX, $XXX total million
million to equity to addition, $XX.X approximately due by increased million increase corresponding shareholders' $X.X In earnings. in retained a
in portfolio by remains notes. XXXX, the During September million approximately approximately solid increased of balance X backing loan and assets, months ended our $XXX $XX.X million, $XX our XX, million with unsecured sheet
are mortgage stability times. during peers, our levels debt difficult low extraordinarily versus our thereby REIT, As a providing
As the case the or actively due. of of loans amount September the capital In XXX of with timely XX of these in the our process or believe goal foreclosure the total just each exceeds were portfolio, the of XXXX, loans, of approximately managed collateral a our XX, of value we in unlocking invested manner. X.X% mortgage in the
state the track of require backlog. court we truly to get progress have patience process to in opening time courts some will gradual October COVID. Connecticut in starting the foreclosure due in courts proceedings, large on back With as and begun The the through work and eviction saw XXXX, to
the had from in the and quarter million we Of XXXX, XXXX. aggregate the an XXX $XXX,XXX COVID-XX XX XX, and interest requests principal at of mortgage $X.X September second $X.X down of loans million portfolio requests or our as of deferred of forbearance having balance interest, XX forbearance of end remaining in $XXX,XXX deferred principal of
million decreased of September to $X.X million XX, year-end estate real compared at owned XXXX. XXXX, to $X.X As
million real $X.X provided compared approximately activities estate of X September for same included owned sale.
Net estate real year. period months for XXXX, XX, for September XXXX, rental the million $X $X.X estate million by of held of approximately was the $X.X and held last XX, cash million for operating ended to As real
In was which November XXXX, of paid XX, XXXX. on on a terms share, October dividend of we and a authorized dividend, $X.XX our declared X, quarterly
of as Capital shareholders taxable requirement the As XX% the income of of dividends. company's distribute you required satisfy operates a to the REIT form are this intend for aware, is to a in balance Sachem of and We to XXXX. minimum
investment million our third the me liquidity of resources We approximately cash of sale as with in of moment and quarter. X.XX% notes and unsupported third net the short-term September discuss capital $XX.X of securities. unsecured This take proceeds million includes ended a now to $XX.X XXth. equivalents cash, Let quarter from the
quarter, $XX to also credit Net September of the an interest approximately $XX approximately of line securities. at In million. securities XX, investment tied we and is credit X.XX%. line of cost This established with XXXX, third XX September cash million a is our at
continue loan additional to requires business portfolio, either to which incurring Our our by and shares capital, we or strategy our of additional the raise by is selling common size that grow indebtedness. increase
quarter, reason, for million. proceeds public offering company $XX of this the of $XX.X we during completed For gross fourth million another proceeds approximately notes with net the to of unsecured recently
the new to primarily first As mortgage from these net by past, offerings liens. real loans estate fund use plan the we secured proceeds we in have to
current there is conditions, market this demand capital. deploy the a to believe strong we Given effectively
debt very will careful the about we returns. garner are portfolio higher-leveraged We to on and overlever not take our
low-risk for are searching capital. We currently additional
economic we continue monitor Moving COVID-XX, markets ever-changing will forward, fund we to and the conditions. the
less own lend. on major and for by a secured continued As that off banks' than we sheet cash-starved advantage balance we to well positioned balance X% Sachem. a lending is a area, strong with lenders unwillingness able sheet assets our are to expand our creditors, lend fact lender our believe to competitive The of we and nonbank capitalizing are
market. the conditions, our real estate criteria believe which demand their nonbank, our as go-to, services given is flee we financial the this segment while our So to of we lending current lender, the tighten reflected quarter robust, summarize, The market positioned remains results. well are competitors for and third in products or
are we approach deploying market further to still capital forward attractive opportunities. cautionary and We identify the maintaining to our look as a
We history. a strong with more diversifying larger portfolio effectively multifamily, creditworthy that deploy borrowers are have can we our projects, such include as to where capital operating
We growing pleased the with for our drive -- presence ahead have business growing years and built thus the performance and a members the flow, the shareholders. highly marketplace. grow for lending operating to in results cash team and quarter, and am revenue scalable our our the our dividends and of in model presence profitability I
point, open Your I questions. positioned to joining the future.
I thank company well for is you would our this all strong, call like for for to the today. call would up like growing At and
