and our again thanks pleased solid the results everyone once to quarter for third us I financial Thank company report today. am for you, that XXXX. to joining of achieved
to Our interest our large increased quarterly in same for increase same last million year. $X.X loan an $X.X period period revenue in increased in to in increase compared part due for the XXX% to million to $X.X The revenue was income $X.X million quarterly which compared million portfolio, on XXXX. to the
also securities, well as benefited the We increase gain income, origination and in other from fees. on sale of as an investment investment
of flow from As attributable cash approximately net a common generated of operations. million income to over result, we shareholders million achieved $XX $X.X and
that our long-term these is believe We results validation strategy working. provide strong
the the balance combined our credit preferred of Series recent the the Churchill offering, poised beyond. for of further and with growth A with proceeds our during we of year are Importantly, facility, addition
looking footprint same we we Connecticut. the time portfolio expand our holdings, developers, mortgage diversifying we also geographic our as for the with including At are beyond loans established of larger opportunities are
in liquidity and markets, conservative a our our while continue continue to grow to strict the maintaining portfolio to our loan-to-value lending protecting underwriting and while excess continue loan policies criteria we lending grow preserving focus on lending capital. that will our invested ratio. will operations We Despite
growth As key we performance. have our several future stated in the past, and there will we to believe drivers be
improved is economic easing to by imposed has of the positive First, the economy. states on a post-COVID, having due overall restrictions overall climate the impact which
shown past, are in the the we've we positioned we to to in market. any As believe adapt well changes
in are have favorable. the Notwithstanding for competitive restrictive lenders many other still lending landscape economy, lenders many Second, criteria, us the traditional undercapitalized. remains the and banks and improvements nontraditional
close loans a and rather to Our the value developers. emphasis on of choice and the makes the our greater property's than borrower, with structuring funding flow Sachem credit preferred the of flexibility collateral cash investors quickly, ability in or with
properties. Third, expanding additional particular with diversifying beyond in selected portfolio seaboard Florida, footprint York, England, Connecticut Fourth, and states our of geographic emphasis New into asset we the and we markets been higher eastern are portfolio and fix-and-flip mortgage our New larger Texas. such the multifamily have mortgage as on loan classes,
are larger have and types more We by these the will high-quality being that maintain us rate. the rate that loans be successful. we in low borrowers migration any to secured by of deem help funding foreclosure loans are a and to we than past We believe developed compression stable properties offset
us offices help associations Next, opportunistic specific in local and partner-invest we on under hard to will projects. opportunities the plan money These developers, with Sachem capitalize satellite or lending lenders markets creating umbrella.
as arrangements, and leverage opportunities. lending low provide well provides funding And the finally, expertise, capital to underwriting us with as local we loan these Under boots-on-the-ground balance sheet meet provide demand. would our partners growth while in would flexibility us servicing our
investments our platform the of the our future our important new next for invest to resources We scaling marketing continue of growth. to as us and the continue they provide to heavily are organization in operations our business. These in personnel, support phase
model to been a ability Our success. pivot and key in to our business marketplace successfully the has to changes adapt our quickly
ability to drive market any us will long-term Our adapt in conditions shareholder almost to new to position environment. market value
as to strict to ratio negative loan-to-value have significantly have share seen quite underwriting loan many other for that not In some property demand and recognize values to have and products. decline. lowered city and our migrated Nevertheless, guidelines we continue prices suburbs. a loan-to-value our We the appreciated market residents a adhere values markets, should to impact of we home
seek the of mitigate loans term of with X some rates the potential also limiting new associated risks to to year. rising by We
of at prevailing default interest approximately consider September the other of XX, generating not rates, and or term XXXX, the income. our As underwriting year end of the in If with additional a criteria, meets thereby mortgage continued term at we loans at is our our or renewal an fees the remained loan in and lending extension X steady will portfolio less XX%.
market and products encouraged for XXXX. the highly witnessing our we strong demand XXXX for ahead, balance of with Looking loan into our are and remain outlook business
some highlights. on key I would like now to financial touch
need you review the into details, any XX-Q and If please recently our insight financial press additional filed release.
approximately quarter period our increased reached compared The fundings for First, XXX% the primarily $X.X growth attributable operations loan to revenue as the total XXXX same for approximately revenue third million last lending year. in levels to our company. record of to million fees $X.X for the and increase in was origination
velocity sales loans to and generate liquidity our sale from ATM, cash A as as at loans recycle of fees. us sufficient the new of those which stock, and origination provided preferred provided Series million repaid, common under existing are of into allowed our new quickly the equity $XX.X well Specifically, proceeds
also reached consideration under record levels. and process in loans Our
third XXXX of to interest of million income third for compared same approximately income to the year. period the For quarter comparable for the year, approximately of year. approximately for million increase compared last XX.X%. to for was approximately $XXX,XXX approximately representing the of was $XXX,XXX last quarter same third $XX,XXX same $X.X fee the approximately quarter XXXX million, period Investment income to the for $X.X million $X period increased XXXX, or compared last $X.X an approximately Origination
or XXXX This loss to $XXX,XXX was compared increase larger period, $XX,XXX the $XXX,XXX a a third the for gains XXXX XXXX reflects of approximately quarter. of and investment period approximately of $XXX,XXX, market $XXX,XXX for In approximately an investment from portfolio the securities XX%. we for to the more of approximately had most the period, both sale compared favorable Other conditions period. XXXX approximately increase for of income the
period, approximately we of in recognized gain a debt the of XXXX extinguishment Finally, $XXX,XXX. the on
the in which expenses increase of unsecured approximately costs, $X.X million approximately overall increase was cost is XXXX, for the $X.X same of the last interest attributable primarily million of for period same million $X.X approximately in year. year. the deferred to compared and and an interest quarter period was indebtedness, turn third costs to the XXXX compared financing a our and last to of particularly In amortization notes. was million Total The and in direct unsubordinated result $X.X deferred increase quarter operating third financing expense the expenses of in for operating costs amortization
to Our as overall our 'XX. million deferred $XX.X notes of X principal including XXXX, $XXX.X as December series costs. of credit indebtedness million was an of amount X-year approximately approximately million, September million having indebtedness approximately approximately unsubordinated was XX, in aggregate and $XXX Included of XX, unsecured, line $XXX of our original outstanding compared financing
as expense to provided and capital. these increase benefit debt, financial we liquidity from the unsecured invest Although we flexibility the due offerings have a this to higher our bond by we interest to in continue prudently expect
increase in growth our the prospects million, going in Net results $X.X competitive business share costs. of to of position believe the XXXX, months or September fee same the share loan higher long-term offset million, in to common our $X.X our approximately the debt by service X XX, growth to Overall, $X.XX net forward. are income income significant and evidence last origination we per per was portfolio income, illustrate financial strong year. market related attributable the and was period or our shareholders for The for ended compared generally $X.XX model,
as as headquarters million XXXX, as will XX, by and corporate purchase from XX, million, due million, an cash, increase investment investment total the cash and approximately condition owned approximately in approximately XXXX. decrease due financial was new building equipment September by a $XX.X assets equivalents a primarily The approximately XX, in in our million. to that mortgage of to to portfolio Sachem's $XXX,XXX, property to an December September XXXX, $XXX.X increase an in in increased of in million, our real an $X.X property of of increase $XX.X loan office $XX.X is partnership in of as Connecticut, offset of equipment increase terms million and approximately increase the In become of increase Branford, $XXX.X estate in of $X.X The XXXX. securities of compared million well
XXXX. Total $X.X represented were million, liabilities in of decrease is line as of in credit a advances in our payoff XX, of $X.X $XXX.X increases approximately borrowers $XXX.X approximately principally of from of dividends increase approximately XX, a at $X.X $X of mortgage increase revenue December majority an This $XXX,XXX. due approximately a increases approximately deferred payable to to and a million September offset interest, XXXX, million, which million of and payable prepaid of million of million, approximately by compared
compared equity increase was closing offering through XXXX, income stock our ATM approximately million, of with the of approximately $XX.X million well primarily on the June million. an XXXX, of December million proceeds Shareholders' to A as sale approximately $X.X net $XXX.X million from $XX.X was to Series and of proceeds the XX, net due as $XX approximately $XX.X stock aggregate net million. of the This increase of preferred XX, as of
Our loan sheet $XXX.X $XX.X with note unsecured million million our in over approximately solid, million, $XXX.X backing of balance principal. assets and portfolio by increased remained
XX, thereby extraordinarily are of reiterate providing debt-to-asset As just maintained a debt-to-equity important mortgage ratio levels of a XXXX, and debt XX% low stability X September we peers, XX, during XXXX. as It's as versus to ratio difficult healthy a our of that, our September times. of REIT,
accrued principal, unpaid the company was In of but the as mortgage September is just As charges of believes the these exceeds proceedings. amount these unpaid of each and loans were loans of of total on loans, the portfolio, interest, approximately the borrower approximately or aggregate the XXX $X.X including The XX, due of the outstanding due. September XX, the collateral million. subject XX, case company's X.X%, foreclosure in balance of value
$X.X decreased owned million $X.X estate compared million at to to Real year-end.
costs attributable included September our real real reduction asset $XXX,XXX of to support will of estate real continued carrying new held a estate estate that rental As sale. owned $X.X further in partly owned. million This initiatives for for and is real estate liquidation favorable XX, of of held reduction
million operating activities ended September period $XX.X months by the provided for compared cash X was in approximately Net $X.X XX million same for the to XXXX.
shareholders paid required declared we REIT, $X.XX and of of a October are distribute record. income a minimum as taxable company authorized, a to dividends. shareholders of XXXX, the the As of XX% dividend to company's In to
Let million A me increase $XX.X now This take will which increase as liquidity and short-term of XXXX, million liquidity our net net approximately ATM. in $XX.X September of used of be portfolio. to resources. capital million preferred proceeds marketable through cash to from loan discuss a XX, in moment sale securities reflects mortgage offering had We our stock the $XX.X from proceeds our largely and our of Series stock and
From approximately our million and of loan of draws. September $XXX January notes, net loan XXXX, After XXXX. through modifications we payoffs, fundings $XX.X X construction X-month were million the for period funded XX, considering mortgage
liquidity unsubordinated the of markets raised notes. to to Our capital with approximately access fuel And our unsecured, provided date, to growth. we million has us $XXX.X
these work. we put expect securities to from from higher to have liquidity benefit money financial by interest we as flexibility and we Although expense resulting provided issuance the the this of the notes,
at have of at important sole reiterate to company's attractive short-term rates. purpose September is careful outstanding by for line, million total us that at of with very we Fargo, of rates. of X.XX% in securities provides which about changes with place addition, X.X%, and low-interest interest for rate line portfolio XX, credit is rate. financing debt below which flexibility prime with additional In portfolio balance not our This a secured Wells a on in we the speculating $XX.X the a and It's remain of interest the credit very bears
and overall finance also the and we which activities at million of to capital financing expansion repurchase facility our needed $XXX reduce announced Churchill expected July, with rates. MRA lending relatively of help cost continued our Funding, a further This interest low as is master
growth subject our loan pledge most if securitizing addition, selected to can entire portfolio, thereby In is our Sachem without anticipated, assets assets keeping borrowing a loan of base unsecured.
remain balance growing growing we sheet loan ahead, our and maintaining on a portfolio, Looking focused EPS. healthy
of addition with credit Importantly, growth the Series the combined during our A are beyond. proceeds the with our of recent of and we the balance preferred further Churchill facility, year offering, for poised
forward, the ever-changing will continue to Moving we conditions. monitor economic
nonbank business Given are in opportunities go-to real believe estate believe markets. we for expand us the market, current to into we the there as new are lender We further many well-positioned that Connecticut. our
emphasis because to from us credit to developers sources our the flexibility than rather on the We borrower. will structuring borrow criteria, greater of property cash also collateral the believe their prefer rather places suit value than loans other our of needs, of and lending or lending which the flow
quickly. We also close are able to
to voted We note, final to rescheduled announced at provide one we Wednesday, Meeting the with of yesterday Eastern the until increase additional shareholders number the who XX:XX of Standard. proposal transaction respect who on in meeting voted of at proposal On requires from proposal outstanding in Special a in a remind XXXX we November Annual least against yet to adjourned Shareholders company vote, that as favor an shareholders of of because Shareholders like all vote to XX% shares or not the time by from XX, to proposal XX. X approve favor November all XX, shares this a.m. to common Meeting authorized the of vote of the XXXX, August X, have of I'd company. of record X
of our was Series One while in stock, XXXX. issued cumulative our growth June fund to of loan minimizing we the redeemable which tools A of dilution preferred portfolio the
common a is backup conversion these requires we XX there eventually us shares, to expect shares. redeem which to reserve Although million feature,
on as wouldn't so this raise favorable preferred terms much authorized important we the For do to as flexibility possible. enough to were another reason, the to goal offering, company, redeemable is Remember, it's have similar shares. our most or if we have backup we capital
take allow million our report increase charter board in us opportunities as approved to market authorized reduces in common of to in number from advantage and could arise, strategic shares the million the our increasing may that they shares. the adopted shares company's or X.X of the other to will amendment to an the X acquisitions happy that size which include preferred uses. also also Further, I'm
for the any to We will clearly preferred our prior approval, purpose defensive are In a or a the adopted implementing shareholder purpose that shareholder of addition, not, or the shares and whereby approved board we send this any rights issue strong to interests message plan. or use resolution aligned. without investors for anti-takeover did
XXX-XXXX. shareholders and strongly shares outlined InvestorCom For our X (XXX) vote by vote in at the of proposal this record reason, reasons of encourage the to may we Shareholders upcoming favor earlier, their of Special calling advance of Meeting in Shareholders.
So pleased total to flow hit the company. am fundings of all-time third transaction our loan for continued wrap having versus XXX% the same results, year with revenue I and records quarter last our up, period as growth to operating achieved
continue underwriting as that to we our expansion also basic in with for continue growing look opportunities beyond a presence our markets We Connecticut criteria. other meet new in states
X months capital approach period We loans effectively deploying as of confidence look we The markets. classes funded risk-adjusted the same asset can are mortgage that returns. year, of further and the maintaining we and XXX% deploy identify we continuing over first cautionary market including us to a while XXXX, a the $XXX.X forward to in increase successfully attractive million provides our generate fact newly-raised new opportunities, to last attractive capital
and Despite reflected remain services our third presence our strong, products is the the demand growing with and in the lingering in which quarter associated lending COVID, for our financial unknowns results marketplace.
given to expansion paving technology proven personnel has solid and our and growth. underwriting for platform way have strict in sources the due portfolio Investments strengthened extensive lending and and further operations, sustainable, revenue criteria be Our diligence. of
of and, the built increased cash ahead. dividends course, business will have which flow, revenue profits and bottom-line to to drive a we years grow model Overall, continue highly-scalable in
At for open to I the point, this joining the all questions. we thank for you will would call today. like call
