Sachem Capital Reports Second Quarter 2026 Results
Rhea-AI Summary
Sachem Capital (NYSE American: SACH) reported a second‑quarter 2026 net loss attributable to common shareholders of $6.5 million, or $(0.14) per share, versus net income of $0.8 million, or $0.02 per share, in Q2 2025. Net interest income declined to $1.7 million from $2.2 million, with a net interest margin of 1.9% versus 2.3%. Provision for credit losses on loans rose to $2.6 million from $0.9 million, concentrated in three loans, and transaction expenses tied to the pending Industrial Realty Group (IRG) contribution totaled $2.6 million.
According to Sachem Capital, the pending contribution will create IRG Realty Trust (IRGT), expected to own 98 industrial properties with a gross real estate asset value of $2.9 billion plus Sachem’s roughly $473 million of assets, implying enterprise value of about $3.4 billion. IRG signed 9.3 million square feet of new and renewal leases representing $44.9 million of annual base rent through July 31, 2026. Book value per common share fell to $2.11 from $2.46 at year‑end 2025, reflecting a six‑month net loss of $11.5 million and $5.1 million of dividends.
Positive
- IRG transaction implies ~$3.4 billion enterprise value for new IRGT platform
- IRG leases signed 9.3 million sq. ft. for $44.9 million ABR through July 31, 2026
- Effective loan yield on performing loans held for investment remained 11.4% in Q2 2026
- Coconut Grove loan repaid with approximately $7.0 million cash proceeds post‑quarter
- Cash and equivalents increased to $28.8 million from $10.9 million at December 31, 2025
- Gain on real estate dispositions of $0.5 million in Q2 2026
Negative
- Q2 2026 net loss of $6.5 million versus $0.8 million net income in Q2 2025
- Provision for credit losses increased to $2.6 million from $0.9 million year over year
- Transaction expenses of $2.6 million related to pending IRG contribution in Q2 2026
- Other income declined to $1.4 million from $3.3 million in Q2 2025
- Net interest margin fell to 1.9% from 2.3% in the prior‑year quarter
- Book value per share decreased to $2.11 from $2.46 at December 31, 2025
News Explained
Sachem has incurred $2.6 million in transaction costs and expects more before the proposed IRG transfer closes.
The proposed IRG asset contribution remains pending, so the proposed transfer into the combined company is not yet operative for existing holders.
Sachem and IRG are still working through completion requirements, including preparation of pro forma financial statements and filing the proxy statement.
A proxy statement presents matters for shareholder vote; the release identifies its filing as a future step that will provide more transaction detail.
Sachem reports
At
Sources and calculations
- Sachem Capital Reports Second Quarter 2026 Results (2026-08-05)
- Sachem Capital second-quarter 2026 fundamentals (2026Q2)
- Proxy statement purpose (current)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $28,819,000 / ($3,588,000 / 90) = [object Object]
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 20 | Q1 2026 results | Negative | +0.8% | Net loss and credit-loss provision increased while IRG transaction expenses were reported. |
| Mar 12 | FY 2025 results | Positive | -3.7% | Net income, senior secured notes issuance, and reduced credit charges were highlighted. |
| Nov 05 | Q3 2025 results | Neutral | +0.0% | Revenue declined while profitability improved and credit-loss provisions decreased. |
| Aug 05 | Q2 2025 results | Positive | +2.6% | Net income improved despite lower revenue, elevated nonperforming loans, and reduced book value. |
| May 01 | Q1 2025 results | Negative | -1.9% | Revenue and net income declined while loan originations and nonperforming-loan conditions weakened. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with both positive and negative responses to earnings events containing favorable or improving results.
Key Terms
annual base rent financial
net interest margin financial
provision for credit losses financial
proxy statement regulatory
real estate investment trust financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
– Provides Update on Pending Asset Contribution Transaction with Industrial Realty Group (IRG) –
– Significant Leases Signed by IRG Representing 9.3 Million Square Feet –
BRANFORD, Conn., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) (“Sachem” or the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter and six months ended June 30, 2026 and provided an update on the pending asset contribution transaction with Industrial Realty Group (“IRG”).
John Villano, CPA, Sachem’s Chief Executive Officer, commented, “We completed another quarter of taking steps to diligently reposition our loan portfolio while working to progress on the announced combination with Industrial Realty Group. This transformational transaction is expected to deliver an immediate and durable strategic reset for Sachem shareholders upon closing. We believe the combination of IRG's high‑quality, diversified income-producing industrial real estate portfolio, with sizable embedded growth from near‑term occupancy upside and mark to-market opportunities, combined with Sachem's established real estate capital solutions platform, will create long-term value after the transaction is completed.”
Contribution Agreement with Industrial Realty Group Global, LLC
As previously announced, the Company and IRG, a private real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States, entered into a definitive contribution agreement under which IRG will contribute 98 industrial assets (“the Contribution Portfolio”) from its 200-asset portfolio owned by IRG and/or its partners to Sachem, and once completed, the combined company will operate as IRG Realty Trust, Inc. ("IRGT").
Upon closing, IRGT is expected to own 98 industrial properties having a gross real estate asset value of
Industrial Realty Group Transaction and Portfolio Update
- Approximately 9.3 million square feet of new and renewal leases were signed, representing
$44.9 million of Annual Base Rent (“ABR”) during the second quarter 2026 through July 31, 2026. - Included in the above, 4.3 million square feet of new leases were signed representing
$23.1 million of ABR. - Notable new leases include 1.8 million square feet at Shreveport Business Park, bringing the park to
100% occupancy, and a full-building lease of approximately 0.5 million square feet at Merced Cooper. - Sachem and IRG continue to work through the requirements to complete the transaction, including preparation of pro forma financial statements and the filing of the Proxy Statement, which will provide additional detail regarding the portfolio and the transaction.
For additional information on the Contribution Agreement, see the Company's Current Report on Form 8-K filed with the SEC on May 18, 2026.
Portfolio and Asset Management Updates
Coconut Grove, Florida. Subsequent to June 30, 2026, one of the loans to the related-party joint venture was repaid in full following the sale of the underlying Coconut Grove, Florida residence. The residence sold for gross sale proceeds of approximately
Vela Cove—Naples, Florida. Through the date of this release, we completed improvements to the common areas of the completed North Building, including the rooftop and pool, and rebranded the project, formerly known as The Nautilus, as Vela Cove. We engaged a new marketing and listing team for the three completed North Building residences and for pre-sales of the four planned South Building residences. We reengaged the South Building architect under a comprehensive agreement covering completion and coordination of the construction plans, and that work is underway. We also completed negotiations with the selected general contractor and currently expect substantive construction work on the South Building parcel to commence in early fourth quarter 2026. Urbane Capital, our in-house asset management and development platform, continues to oversee the development and monetization of the project.
Sachem’s Results of Operations for the Quarter Ended June 30, 2026
Net interest income was
The Company’s net interest margin was
Provision for credit losses related to loans held for investment was
Total other income was
Total operating costs and expenses for the second quarter of 2026 were
- Compensation and employee benefits were
$1.9 million , compared to$1.8 million in the same quarter last year, reflecting strategic additions to personnel during 2025 and performance-based compensation adjustments including non-cash stock-based compensation. - General and administrative expenses were
$1.4 million , versus$1.3 million from the same quarter last year, primarily due to additional costs associated with our investments in developmental real estate and real estate owned, as well as increases in professional costs and director fees. - Transaction expenses were
$2.6 million , which are associated with the contribution transaction with IRG and as more particularly described in recent SEC filings. Additional material costs are expected to be incurred until that transaction closes. - Non-cash impairment loss on real estate was
$0.3 million related to specific property-level valuation adjustments following updated market data and liquidation timelines. - Gain on sale of investments in developmental real estate, real estate owned and property and equipment, net was
$0.5 million , reflecting gains realized on the disposition of select real estate assets and developmental projects driven by improved value creation execution relative to carrying value and successful asset repositioning, whereas the same quarter last year included more limited disposition activity.
Net loss attributable to common shareholders for the second quarter of 2026 was
Balance Sheet
At quarter end, total assets were
Total indebtedness at quarter end was
Total shareholders’ equity as of June 30, 2026, was
Book value per common share
Book value per common share as of June 30, 2026, was
This six month period's net loss impacting the book value per common share was materially due to 1) the non-cash discounted cash flow fair value adjustment on loan restructuring recorded in provision for credit losses related to loans held for investment of
Dividends
The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income tax purposes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of
On June 30, 2026, the Company paid a dividend of
About Sachem Capital Corp
Sachem is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., one to three years), secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Loans are secured by mortgage liens on real estate and often are personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.
Forward Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,” “might,” “will,” “should,” “could,” “likely,” “continue,” “outlook,” “design,” and the negative of such terms and other words and terms of similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the proposed transaction with IRG (the “Transaction”) and expected timing, terms, structure and completion thereof; the expected ownership, governance, management, business strategy and market position of the combined company; the expected benefits of the Transaction, including anticipated future financial and operating results, accretion, growth rates, revenue, NOI, cash flow generation, cost-of-capital improvements, liquidity, deleveraging, leverage targets and risk-adjusted returns; the expected gross asset value, enterprise value, portfolio composition, industrial REIT ranking, mark-to-market rent growth, acquisition and development opportunities and lending strategy of the combined company; and Sachem’s, IRG’s and the combined company’s plans, objectives, expectations and intentions. These statements are based on current expectations, estimates and projections about the industry, markets in which Sachem and IRG operate, management’s beliefs, assumptions made by management and the transactions described in this press release. While Sachem’s management believes the assumptions underlying the forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management’s control. These risks include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the contribution agreement; (2) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Transaction that may be instituted against the parties and others following announcement of the Transaction; (3) the inability to consummate the Transaction within the anticipated time period, or at all, due to any reason, including the failure to obtain the requisite shareholder approval, failure to obtain required regulatory approvals, the failure to obtain debt financing on the terms or timing expected, or at all, or the failure to satisfy other conditions to completion of the Transaction; (4) risks that the proposed Transaction disrupts current plans and operations of Sachem or diverts management’s attention from its ongoing business; (5) the ability to recognize the anticipated benefits of the Transaction; (6) the amount of the costs, fees, expenses and charges related to the Transaction; (7) the risk that the contribution agreement may be terminated in circumstances requiring Sachem to pay a termination fee; (8) the effect of the announcement of the Transaction on the ability of Sachem to retain and hire key personnel and maintain relationships with its borrowers and others with whom it does business; (9) the effect of the announcement of the Transaction on Sachem’s operating results and business generally; (10) the risk that Sachem’s stock price may decline significantly if the Transaction is not consummated; and (11) the other risks and important factors contained and identified in Sachem’s filings with the SEC, such as Sachem’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as well as Sachem’s subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed from time to time, any of which could cause actual results to differ materially from the forward-looking statements in this press release.
There can be no assurance that the Transaction will in fact be consummated. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Sachem undertakes no obligation or duty to update or revise any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Sachem does not intend to do so.
Additional Information and Where to Find It
This press release does not constitute a solicitation of any vote or approval or an offer to sell or the solicitation of an offer to buy any securities in connection with the Transaction. In connection with the proposed Transaction, Sachem will file a proxy statement (the “Proxy Statement”) with the Securities and Exchange Commission (the “SEC”), which Sachem will furnish, together with any other relevant documents, to its shareholders in connection with the special meeting of Sachem shareholders to vote on the Transaction (the “Sachem Shareholder Meeting”). This press release is not a substitute for the Proxy Statement or any other document that Sachem may file with the SEC or send to its shareholders in connection with the Transaction. BEFORE MAKING ANY VOTING DECISION, WE URGE SHAREHOLDERS TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SACHEM AND THE PROPOSED TRANSACTION. The proposals for the Transaction will be made solely through the Proxy Statement. In addition, a copy of the Proxy Statement (when it becomes available) may be obtained free of charge from the Investor Relations Department of Sachem at Investor Relations, 568 East Main Street, Branford, CT 06405. Security holders also will be able to obtain, free of charge, copies of the Proxy Statement and any other documents filed by Sachem with the SEC in connection with the proposed Transaction at the SEC’s website at http://www.sec.gov and at Sachem’s website at https://www.sachemcapitalcorp.com/.
Participants in the Solicitation
The directors and executive officers of Sachem, and certain directors, managers, officers and other members of management of IRG and its affiliates, may be deemed to be participants in the solicitation of proxies in connection with the approval of the proposed Transaction. Information regarding Sachem’s directors and executive officers and their respective interests in Sachem by security holdings or otherwise is available in its most recent Annual Report on Form 10-K filed with the SEC (available here). Additional information regarding the interests of such potential participants is or will be included in the Proxy Statement and other relevant materials to be filed with the SEC when they become available, including in connection with the solicitation of proxies to approve the proposed Transaction.
Investor & Media Contact:
Email: investors@sachemcapitalcorp.com
| SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| (unaudited) | (audited) | ||||||
| Assets | |||||||
| Cash and cash equivalents | $ | 28,819 | $ | 10,924 | |||
| Investment securities (at fair value) | 803 | 936 | |||||
| Loans held for investment (net of deferred loan fees of | 335,804 | 375,188 | |||||
| Allowance for credit losses | (13,491 | ) | (11,510 | ) | |||
| Loans held for investment, net | 322,313 | 363,678 | |||||
| Interest and fees receivable (net of allowance of | 3,975 | 4,116 | |||||
| Due from borrowers (net of allowance of | 4,413 | 6,978 | |||||
| Real estate owned (net of impairment of | 20,968 | 16,402 | |||||
| Investments in limited liability companies | 34,237 | 39,132 | |||||
| Investments in developmental real estate, net | 45,536 | 9,719 | |||||
| Property and equipment, net | 3,043 | 3,160 | |||||
| Other assets | 8,793 | 5,002 | |||||
| Total assets | $ | 472,900 | $ | 460,047 | |||
| Liabilities and Shareholders’ Equity | |||||||
| Liabilities: | |||||||
| Notes payable (net of deferred financing costs of | $ | 172,041 | $ | 171,349 | |||
| Senior secured notes payable (net of deferred financing costs of | 96,848 | 86,573 | |||||
| Mortgage payable | 873 | 917 | |||||
| Lines of credit | 36,500 | 19,000 | |||||
| Accounts payable and accrued liabilities | 4,727 | 3,255 | |||||
| Advances from borrowers | 3,119 | 4,016 | |||||
| Total liabilities | 314,108 | 285,110 | |||||
| Commitments and Contingencies - Note 14 | |||||||
| Shareholders’ equity: | |||||||
| Preferred shares - | 2 | 2 | |||||
| Common Shares - | 48 | 48 | |||||
| Additional paid-in capital | 258,332 | 257,905 | |||||
| Cumulative net earnings | 30,372 | 41,826 | |||||
| Cumulative dividends paid | (129,962 | ) | (124,844 | ) | |||
| Total shareholders’ equity | 158,792 | 174,937 | |||||
| Total liabilities and shareholders’ equity | $ | 472,900 | $ | 460,047 | |||
| SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Interest income from loans | $ | 7,252 | $ | 7,482 | $ | 16,006 | $ | 15,370 | |||||||
| Interest income from limited liability company investments | 750 | 859 | 1,608 | 2,801 | |||||||||||
| Interest expense and amortization of deferred financing costs | (6,328 | ) | (6,139 | ) | (12,387 | ) | (12,233 | ) | |||||||
| Net interest income | 1,674 | 2,202 | 5,227 | 5,938 | |||||||||||
| Provision for credit losses related to loans held for investment | (2,551 | ) | (925 | ) | (7,923 | ) | (1,977 | ) | |||||||
| Change in valuation allowance related to loans held for sale | — | 1,043 | — | 1,047 | |||||||||||
| Net interest (loss) income after provision for credit losses related to loans held for investment and changes in valuation allowance related to loans held for sale | (877 | ) | 2,320 | (2,696 | ) | 5,008 | |||||||||
| Other income | |||||||||||||||
| Fee income from loans | 1,146 | 1,771 | 2,438 | 3,196 | |||||||||||
| Income from limited liability company investments | 71 | 119 | 176 | 229 | |||||||||||
| Other investment income | 4 | 12 | 7 | 17 | |||||||||||
| Gain (loss) on equity securities | 7 | 821 | (133 | ) | 696 | ||||||||||
| Other income | 134 | 532 | 277 | 604 | |||||||||||
| Total other income | 1,362 | 3,255 | 2,765 | 4,742 | |||||||||||
| Operating expenses | |||||||||||||||
| Compensation and employee benefits | (1,937 | ) | (1,821 | ) | (4,075 | ) | (3,592 | ) | |||||||
| General and administrative expenses | (1,450 | ) | (1,304 | ) | (3,413 | ) | (2,659 | ) | |||||||
| Transaction expenses | (2,567 | ) | — | (4,175 | ) | — | |||||||||
| Impairment loss on real estate | (288 | ) | — | (191 | ) | — | |||||||||
| Gain on sale of investments in developmental real estate, real estate owned, and property and equipment, net | 475 | 131 | 671 | 131 | |||||||||||
| Other expenses | (95 | ) | (694 | ) | (340 | ) | (839 | ) | |||||||
| Total operating expenses | (5,862 | ) | (3,688 | ) | (11,523 | ) | (6,959 | ) | |||||||
| Net (loss) income | (5,377 | ) | 1,887 | (11,454 | ) | 2,791 | |||||||||
| Preferred stock dividends | (1,120 | ) | (1,118 | ) | (2,240 | ) | (2,235 | ) | |||||||
| Net (loss) income attributable to common shareholders | $ | (6,497 | ) | $ | 769 | $ | (13,694 | ) | $ | 556 | |||||
| Basic and diluted (loss) income per common share | $ | (0.14 | ) | $ | 0.02 | $ | (0.29 | ) | $ | 0.01 | |||||
| Basic and diluted weighted average number of common shares outstanding | 47,281,931 | 46,875,187 | 47,230,349 | 46,830,215 | |||||||||||
| SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) | |||||||
| Six Months Ended | |||||||
| June 30, | |||||||
| 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net (loss) income | $ | (11,454 | ) | $ | 2,791 | ||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||
| Amortization of deferred financing costs | 1,035 | 1,101 | |||||
| Depreciation and amortization expense | 152 | 234 | |||||
| Stock-based compensation | 427 | 428 | |||||
| Provision for credit losses related to loans held for investment | 7,923 | 1,977 | |||||
| Change in valuation allowance related to loans held for sale | — | (1,047 | ) | ||||
| Impairment loss on real estate owned | 191 | — | |||||
| Gain on sale of real estate owned and property and equipment, net | (671 | ) | (131 | ) | |||
| Loss (gain) on equity securities | 133 | (696 | ) | ||||
| Change in deferred loan fees | (477 | ) | 681 | ||||
| Changes in operating assets and liabilities: | |||||||
| Interest and fees receivable, net | (332 | ) | (462 | ) | |||
| Other assets | 310 | (1,010 | ) | ||||
| Due from borrowers, net | (448 | ) | (2,277 | ) | |||
| Accounts payable and accrued liabilities | 1,355 | (996 | ) | ||||
| Advances from borrowers | (897 | ) | 99 | ||||
| NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (2,753 | ) | 692 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
| Proceeds from the sale of investment securities | — | 1,174 | |||||
| Purchase of interests in limited liability companies | (721 | ) | (5,731 | ) | |||
| Proceeds from investments in limited liability companies | 5,616 | 10,963 | |||||
| Proceeds from sale of real estate owned | 2,402 | 1,559 | |||||
| Purchase of property and equipment | — | (43 | ) | ||||
| Investments in developmental real estate | (1,104 | ) | (1,022 | ) | |||
| Proceeds from sale of investments in developmental real estate | 1,215 | — | |||||
| Principal disbursements for loans | (79,308 | ) | (80,952 | ) | |||
| Principal collections on loans | 70,360 | 71,394 | |||||
| NET CASH USED IN INVESTING ACTIVITIES | (1,540 | ) | (2,658 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Proceeds from lines of credit | 38,500 | 36,100 | |||||
| Repayments on lines of credit | (21,000 | ) | (49,862 | ) | |||
| Proceeds from repurchase agreements | — | 11,693 | |||||
| Repayments of repurchase agreements | — | (30,959 | ) | ||||
| Repayment of mortgage payable | (44 | ) | (42 | ) | |||
| Dividends paid on common shares | (2,878 | ) | (4,728 | ) | |||
| Dividends paid on Series A Preferred Stock | (2,240 | ) | (2,235 | ) | |||
| Proceeds from issuance of Senior Secured Notes | 10,000 | 50,000 | |||||
| Payments of deferred financing costs | (150 | ) | (3,593 | ) | |||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 22,188 | 6,374 | |||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 17,895 | 4,408 | |||||
| CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD | 10,924 | 18,066 | |||||
| CASH AND CASH EQUIVALENTS – END OF PERIOD | $ | 28,819 | $ | 22,474 | |||
