an everyone a economy. start pleased report had to you, uncertain for solid us very am despite XXXX, that and joining Thank thanks today. to I to Sachem increasingly
first business, for sector. in amid attributable These of strength conditions than million, $X.XX disciplined and portfolio underscore evolving shareholders XX.X our the our the resiliency turmoil the underwriting, of X.X banking even to XXXX results share million XX% of and our the revenues of economic over loan increase the quarter. an and achieved income we of quarter, per of or common net more quarter the This
As future. our about hard to markets the lending years significant failures signal industry in troubles will money the since lending we come. to Furthermore, potential provide to money it capital for lenders, bank concerns have know, likely capital or hard implications continue for some businesses further bank have
backdrop, Given and to execute we'll continue quickly to uncertainty stance the likely evolving for our quarters. economic at next cautious the maintain we practices approach least a that most and few lending
implications our market the we That activity property said, dynamics, capital the payoff of will modifications, funded quarter, these draws. mortgage maintain loan XX.X on eye normal these Given first construction during may cost and a approximately appraisals, including we have vigilant on of factors and loan loans, million
last, last [ph]. we how would prudent opportunistic, we we be that [lend] quarter, we year be this but As our lower in said originations anticipated get than would
credit were originations proven our quarter, results. with borrowers the During strong and on focused
Importantly, most as have the we quarter been gross increased. able in capital spreads over carried so maintain cost originations of first XX% our returns to of
that borrowers. we strong have there The we our one pipeline. was standards tightened partnered stance, And credit as is disciplined shortage given with maintained in better Even constant have and opportunities liquidity. of no our underwriting
will smaller capitalized less look where We capitalize they when cannot fulfill on obligation. to arise banks and competitors opportunistically situations other
the real fixed and current position estate single-family, loans, key multi-family, well mortgage Importantly, our four a commercial to us strengths projects. perform diversified across that in include portfolio flip environment and
grow states to is we the and Our strategically in continue XX across loan spread portfolio southeast.
are nature. short-term loans our in generally Second,
allowing one-year of or reprice loans less, As our us a quickly of protect better in margins. at quarter-end, term approximately XX.X% to our of capital the to our portfolio
management team. experienced Third, a deep we tested have and cycle
environments. loans in approximately through underwritten many investment have different We billion $X
strong the In the current balance great our sheet carries [prime] Capital guide credit, cash have Sachem interest a experience augmented as structure a matures will cash offset including of million to higher quarter Fourth, million] total born the and further with in to crisis a to XXX.X [ph] debt [ph] continue XXX use equivalents XX.X million quarter, our X.X%, is financial with was in navigate assets, of expandable in of we we an we million $XX outstanding. [XX and minus rate XXXX. and revolving million that capital whichever entering one or line of into environment.
our as to excited Needham bank successfully Bank liquidity expanded and are We our we include our enhanced to available financial boosted have flexibility.
on-hand. dry XX, what within us debt economic that capture be we approximately had XX.X XXXX, supplement downturn. will allow available and to of facilities we our market We equivalents million March of believe powder a liquidity having will As believe in cash cash prolonged to our share
income of quarter. financial XX.X to the prior of generated compared over up million to our for our operations quarter. and is million, income and increase approximately XX% XX.X We approximately which the our first growth an lending approximately in revenue total reflected from to highlights XX%, investments, Turning partnership This interest due and was overall year's change XX%, respectively. in our rose portfolio and
X.X quarter change approximately operating to higher an costs, due X.X financing for XXXX. amortization were cost or to of costs was compensation fees deferred Interest expenses this and X.X million, and quarter $X million of The approximately to increase Total deferred and quarter of XXXX for X.X first of of taxes, compared approximately XX%. million quarter, the the in interest million the first increased approximately G&A. almost million financing amortization and from and
XXXX had compared in-line regard loans interest of to first total average shareholders and inclusive] X.X attributable XXXX, million, first balance XXX was for for the of a] income XX.XX%, March [ph] of Earnings quarter quarter principal the an for fees approximately we as X.X the [not $XXX.X of XX, million Net was approximately million portfolio, common our [with rate first earned. With with XXXX. [ph] the XXXX. to $X.XX share of to quarter per quarter
million the collateral were exceeds amount interest, principal, million, In believe pending and loans of We XX.X by had loans these of approximately the status. a of of each XX.X $XX.X in the of the unpaid there with XX charges. total principal loans, we foreclosure non-accrual the Of approximately representing case balance on due. that value million company,
As rarely and past, the other interest the over value of and are usually XXX% the a loan overall distressed troubled income, we term origination, have considered loan loses is fees when or in the of discussed profitable. transaction its
expertise Importantly, issues we work given through have prior through successful these record the to cycles. track our
At we the CECL. start of adopted XXXX,
balance accordance in quarter-over-quarter was losses X.X net the for ASC to are we approximately income our established opening impact of went The In an details to million. reserve of First credit discussed which with The XXXX-XX. footnotes. approximately $XXX,XXX. framework,
sheet. balance our to Turning
owned X.X million real XX, March estate XXXX. of at at year-end to X.X XXXX, compared XXXX, As was March million XX,
negotiating XXX,XXX million, the eventual real for XX.X properties X.X XXXX. Specifically, of estate these for Sachem of on million million ended year-end X.X approximately from and invested with owned up two held assets approximately included costs the totaling million. Currently, REO all company the two properties. quarter sale. sale rental We intends sales The recover approximately held XXX to is of
the million Total leverage, total XXX.X our cash XX.X balance approximately XXX.X of had partnership equivalents million. million. quarter-end was sheet with of compared approximately as whole. loan and approximately balance at our We XX.X approximately of a underpins Current strength million low cash we investments believe our along total peers debt with and of
Our of and deployment. portfolio resiliency of strength quarter our our our platform, performance loan the and results the in in the underscore capital prudence first
we will challenges approach focused additional foreseeable believe and lending expect only credit the future. quality we prudent a the on right will in best While maintaining be coming for to emerge, approach the quarters highest the
expectations, I we wanted provide prepared provide our conclude that we to remarks, perspective. want we do while to not do Before on point guidance additional future out financial
Specifically, and but liquidity. building near-term approach the up our cost, we cash create earnings. balance very will sheet by is communicated for drag and on does it will meaning our set certainly with This right and uncertain given a continue the we come to to us it prudently as this economic financial overall landscape, future, unique a market strengthen earlier,
effort, that fee earnings. disciplined focused our Additionally, will and income, balance a approach sheet will fewer exercise believe drive of to will as continue we revenue, we opportunities to part originations, on the
proper Moving forward, may navigate on the we we results steps our as these while relative to profitability are impacted headwind. approach a basis, the be believe maintain
well-diversified we long-term shareholder grow a cycled a along experienced loans with balance and tested team and and portfolio are shorter of well-positioned sheet, to with to summary, volatility In duration value. navigate strong management comprised short-term the
that, With Operator? the call open for questions. we will
