today. solid our that to for achieved am I Thank again the company second quarter report thanks of pleased to joining XXXX. you, results once for us and financial everyone
on part portfolio same versus million in year. $X.X revenue $X.X compared to our the last the interest XX% increase to due which XX% period loan XXXX. increased to revenue million quarterly of income same was for quarterly large The period increase our Specifically, in in increased an
flow cash million traditional markets $X.X loan approximately of million us allow our will of guidelines, to strategy us believe unsecured property and been to returns of fuel to attribute these in our operations. Nevertheless, has the continue robust from to fact continues our outstripped which provides to our to unsubordinated At that a as we capital strict we We also grow in income for underwriting capital and preserving protecting provided has time, attractive our while portfolio growth fix-and-flip operating to net current access quite the liquidity with achieved notes. to $XXX.X adhere our the risk-adjusted million generated market our We demand date, and shareholders. to metrics positive raised $X.X manner markets same has over and the supply.
flexibility Although issuance we the we from the liquidity notes, to have higher provided from financial the by and securities. interest of expense these expect benefit resulting
in and More Funding, we XXXX. growth by rate an is We company's the real have the size York. of organization general The this a of and continued announced bears reduce MRA a expected of financing corporate addition June is finance Wells a line strength company overall subsidiary portfolio. Real and which low-cost X.XX% Churchill million to In $XXX as favorable as for interest believe Estate, with finance facility and Fargo prime the Churchill of our X.X%, below recently, which place our expansion reflect short-term credit estate the established with is of a of our XX, master of an the line at of credit portfolio cost we terms repurchase secured This of rate New facility purposes. our loan securities. lending facility based capital in business
Wells adapt Fargo facilities occur due potential that such compression may We also Churchill margin to flexibility to believe our competitive pressures. low-cost financing to ability to and us provides our secure debt as
phase and invest for of in provide organization our the to they These continue in scaling next important our as resources to business. We the support heavily future our continue us are personnel the growth. to investments operations
loan of beyond diversify to off as beginning portfolio mortgage portfolio geographic Connecticut. expanding we our strategy our the Our is peg to are footprint
collateral to value targeting susceptible financially loans also are swings developers our with loan markets. residential less in where higher We value is experienced stable
We flow money. investments deal with us are marketing turn, tracking our time minor allows and metrics. also us this In to of only platform improve which enhancing campaign enables in
a result, conspicuous is during tracking we closed a of XXXX partly improved first volume methods. As result in the market increase of half our believe the
be drivers believe Looking will growth. for there several our ahead, key we
First, resurgence economic states the continue That the the overall we impact to climate imposed Delta which economy. a having by due post-COVID, variant. infections positive overall has of easing monitor said, including restrictions to recent of improved is on the the
believe the market. in we As changes we've in we to shown any are positioned the adapt past, to well
banks still of have restrictive the traditional favorable. criteria quickly lenders us Second, are and other decisively for and the improvements landscape competitive many said, remains in borrower. non-traditional That to lending lenders needs our Notwithstanding react many the and we the economy, undercapitalized.
flexibility Our value of our the the quickly borrower close structuring make to credit with with and collateral emphasis loans of the than rather a greater or choice flow preferred developers. in ability the and funding Sachem cash on property investors
mentioned we Connecticut earlier, presence Third, growing expansion our a in states. as with beyond other continue I
as higher continue opportunities into our end to our for mortgage fix-and-flip new we multifamily basic and been classes look asset Fourth, We in portfolio underwriting such larger have markets additional meet criteria. properties. diversifying that
we by and successful. higher-quality more believe have than borrowers what funding we developed by the deem to being are are properties stable in we are that larger We past loans that secured be
will low us we any offset In believe of types the a maintain and rate. these to addition loans compression rate help foreclosure migration
Under Next, arrangements, opportunities plan local hard invest flexibility we real creating our these products. growth in on opportunities. satellite help and markets. would servicing well umbrella loan under demand to provide And lenders we offices we in capital can meet local with while the a ground specific that as lending [Technical estate money underwriting us provides Sachem partner capitalize the provide for on low and that the our funding us would us Difficulty] to loan are boots partners expertise maintaining finally, lending as
to fact, XXth XX% we debt-to-equity ratio of March year. of this reduced June In XX% as as XXst to of compared our
adapt market Our success. position conditions to drive been to ability has We value pivot a shareholder recognized to environment. marketplace will market our to believe that our adapt us and almost the changes ability in quickly any to new to in key successfully our We especially prices long-term significant to buffer, That strict city other decline. quite continue adhere a underwriting being with many property we said of to significantly, the guidelines a to even have and migrated ratio home values values us suburbs. loan-to-value have as residents provide that appreciated business if believe we
of renewal one some At portfolio other will year. to rising We the term, underwriting had term of less. the to at rates. consider of If XX, year also mitigate of one the meets loans prevailing the with default XX% loan loan end XXXX, and limiting the our we a criteria, associated mortgage by term of of our the approximately extension the an at our loans new seek in June is or not potential risks in rates or
I our Looking report am ahead, pleased robust is and expanding. loan to pipeline
As key our some Then going XXXX result, for financial highly more encouraged highlights. would touch growth on beyond. by remain strategy a in our and prospects continued like the now we to talk about I forward.
release. need our into If additional financial, insight any XX-Q review and filed you recently press the please details
$XXX,XXX. sale XX% million. XXXX increased revenue modifications, First, $XXXX increased of approximately a $XX,XXX our to the period closing growth million fees, quarter $X.X operations. loan investment XX% income, which includes last in Origination the legal we the extensions quarter for income is of of second approximately $X.X $XXX,XXX. fees, securities, income, second XXXX, increased The attributable Interest increase to the total primarily XX% XXXX compared fee and the for other gains of $X.X or in compared XX% to for from had year. by to approximately And same or approximately period. of loss revenue In in-house the million approximately increased loan or lending
of is raised to five-year period, The amortization approximately of operating and million the period. expenses interest were $X.X financing of unsecured recognized to was $X $XX compared XXXX million and unsubordinated and XX, to for in ended In XXXX, XXXX. for second Total compared million cost approximately approximately three same the June we we debt same the for the of attributable year. $X.X gain approximately approximate primarily deferred XXXX the $XXX,XXX. expenses Finally, million extinguishment $X.X months for the costs period operating million in the XXXX increase quarter of last on costs notes
as aggregate million of $XXX.X was deferred $XXX Included million XX approximately having series XX, approximately of XXXX. approximately including principal $XX.X five-year outstanding our indebtedness of financing as overall approximately of was $XXX XXXX in Our amount unsubordinated an of credit million XX, our costs. three notes, to line compared of million, and June December June indebtedness as unsecured
this period. invest increase the to our liquidity was to for $X.XX higher benefit of by long-term for income, to XX, service debt expense flexibility the $X.X we to $X.X forward. expect in of we our The bond due capital. XXXX offset loan origination offerings, share, in per going $X.XX comparable position evidence our growth share Overall, net ended ago we three increase income in financial as believe the year higher significant the Although portfolio costs. results Net by provided competitive business and growth market have months was or generally or from are June and the fee our million of financial income related debt, model prudently our prospects per strong we the unsecured interest of and these compared approximately million the representative
of of and million purchase compared mortgage with and stock was to million Branford approximately of our decrease million. and million, at in reflecting million of increased approximately due a approximately in property Total mortgage In as of approximately A primarily million net million cash, $XX.X proceeds XX, to is $XXX the condition our terms an million. building as December loan preferred $XX compared XX, compared due become increase office due as approximately the by an and and approximately June in the partnership an increase building. approximately investment $XXX offset liabilities $XXX,XXX. in principally increase cash million approximately a XX, equity corporate a from December offering million due XXXX of million. XXXX, assets securities total million approximately XX, in equipment million, The $XXX,XXX decrease to increase an our the Series The $X.X in $XXX sale of increase office of in of increase net on primarily equivalents was increase to payable ATM and an December portfolio million our in to was and of by of million were XX, headquarters XXXX. June equipment of increase from XX, XXXX, financial closing that $XX.X investment will current $XX.X of in XXXX, stock is of approximately $XXX.X $XXX Sachem's as of $XX $X.X increase XXXX. to property dividends new our credit approximately the in of This through payable June payoff $XX our $X.X proceeds of million on to of mortgage XXXX, This Shareholders' line approximately $X.X well to increase of net $XX.X income approximately as
remains $XX.X Our note principal. $XXX.X of portfolio solid approximately million sheet loan with over million increased unsecured assets, our $XXX by backing million and balance of
to XX, June stability ratio large we part closing levels difficult XX, XXXX. in are REIT, that of Series compared A times. mortgage debt XX% during This our March low a As was thereby to reduced our important peers, our the to XX% debt-to-equity reiterate at stock of extraordinarily providing as preferred offering. to It's XXXX, our due versus
As real of borrower total the due. XX, of estate each $X.X to charges period, on XX, owned ended was as $X approximately held of April $X.X these of exceeds case million rental of Net moratoriums in though year-end. in our estate sale, receiving loans unpaid held XXX million is months estate The sale. real the accrued outstanding At XX, at interest for value have real On period. million real June foreclosure property June activities REO hampered held million. collateral approximately of and mortgage June proceedings. classified of loans decreased sold of proceeds. due approximately the for balance for XX, $X.X compared estate aggregate the for same company's and principal, to believes company the XXXX, these June were XX REO. six XXXX, eviction XX, including during provided approximately Even XXXX, the portfolio, the included amount estate $XXX,XXX the to loans, we $X.X the subject X.X% was the or by In $X.X operating for of the XXXX, million $X.X net XXXX, a million lower six-month million owned just of the Real cash XXXX was sales as compared
manner accelerating intend protecting to our provides profitable driving and business objective preserving for portfolio constant: loan risk-adjusted by to objective primary capital Our in remains a growth this attractive grow achieve our returns operational while and We to that shareholders. excellence.
are are balance the Given we have our in strong sheet, we developers. we properties, believe and funding larger loans which operated established than by capitalized higher-quality secured by past, better
As beyond loan the footprint with a Florida and England, and geographic we our I to of continue on portfolio Texas. emphasis New strengthen Connecticut mortgage mentioned, particular
California. properties portfolio In our Arizona, the loan includes addition to states, loans by York, current secured Carolina aforementioned in South and mortgage New
We stable are also sponsors. targeting financially with larger value strong commercial loans,
declared of record. and $X.XX a competitive and authorized, company to July, In of pipeline the favorable Shifting a see paid shareholders loan we share ahead, Looking landscape gears. remains XXXX, robust. our dividend
required REIT, dividends. to of to XX% taxable income we shareholders distribute a minimum are as As the of a company's
now me liquidity take moment to Let and resources. a discuss capital
portfolio for attractive securities from $X.X in interest million million with to net million proceeds rates. provides Wells debt From stock $XX.X Supplementing This cash we about also of marketable investment outstanding financing sale liquidity proceeds $XX.X which earlier, mentioned XXXX. we of reiterate June $XXX very and we $XX.X XX, us of used Fargo sole total modifications of credit from with net increase increase in of through and and short-term will securities loan additional changes This I very the portfolio. XX, million to $XX.X of our portfolio offering, the our A careful June margin of short-term January our rates. approximately our remain Series flexibility increase not securities loan balance account which purpose XXXX, construction at had on loans, million reflects a important this mortgage our funded our in loan liquidity for million preferred by X as speculating facility XX, June the our portfolio. It's of mortgage As is at largely be XXXX, ATM our a in is that and draws. secured from
facility July low activities. at mentioned interest advantage announced this master the A with of to is which MRA we Churchill of capital Funding, to on capital As is raise our cost $XXX repurchase I continued reduce earlier further needed million facility finance lending relatively ability of XX, a help and and financing rates. expected our expansion major as the overall
to Sachem securitizing thereby pledge without loan if portfolio, most unsecured. subject assets assets loan borrowing anticipated, selected keeping is can addition of In our base entire a our growth
to has As through funding credit supplement last years. you can raise the debt been equity line our see, helpful our raised non-dilutive ability the we've offerings note and capital to few
are focused a our of We million sheet maintaining of on $XX.X In XXXX and net from raised proceeds dilution. portfolio, Series minimizing while approximately the loan stock. growing aggregate XXXX, healthy our we balance preferred July June and A sale
XXXX, comparable this over returns. generate result, capital, a confidence us well prior fact million beyond. newly and can of advantage for we to loans while pace market of provides XXXX deploy XX% the the for increase successfully our capitalized accelerate a are year loan demand attractive that funded the in we mortgage periods to As $XX.X maintain we half and first or we balance continuing The of of raised effectively believe even take products
will conditions. continue to economic Moving forward, we ever-changing monitor the
this fled remains our demand for segment results with market. quarter SPAC. market, the are presence This in the is filed registration the competitors positioned real marketplace. are or growing lending associated newly and as you a products our One statement and unknowns COVID, services our subsidiary, strong. in and more while Acquisition lender, well reflected wholly-owned Sachem our financial lending most as known as we Given IPO of note, a a commonly tightened as we final company, purpose aware, Corp. I'm lingering acquisition have sure believe go-to have Despite our estate the special the non-bank criteria, current an second their the of formed for
see raise acquiring value for the sector, of create for to purpose estate include within million business to is opportunity the as estate the real We'll a this and/or SPAC management. which Board ownership could the to provide for finance, goal collective of estate We property as an shareholders, real and updates Our Directors $XX sure investors in real of sector. management expertise team the our Sachem given developments be unfold. to approximately
second year, to our up, loan market company. our Despite deploying XX% a as to the company, our I look for aspirations and and last including to maintaining operating classes markets. and the hit are So we fundings all-time flow wrap cautionary forward revenue as approach the records results with we identify attractive same still total pleased transaction asset having period to growth further our achieved capital, of quarter am versus our opportunities, grow new
strict solid our platform criteria sustainable and is lending and underwriting Our diligence. given extensive due
At We to profits you I will to up for call for all have ahead. dividends our built questions. today. this would model joining open thank like revenue, in increased the a and scalable business highly point, the we call drive years
