Manhattan Bridge Capital, Inc. Reports Second Quarter Results for 2025

Rhea-AI Summary

Manhattan Bridge Capital (NASDAQ:LOAN) reported its Q2 2025 financial results, showing mixed performance. The company's total revenues decreased by 3.6% to $2.36 million in Q2 2025, down from $2.44 million in Q2 2024. Despite lower revenues, quarterly net income slightly increased to $1.41 million ($0.12 per share).

For the first half of 2025, total revenues declined 7.7% to $4.63 million, with net income decreasing by 3.4% to $2.79 million ($0.24 per share). The company's core business of secured commercial real estate loans saw reduced interest income due to slower loan closings and extended loan terms, attributed to the current high interest rate environment.

Positive

• Maintained quarterly EPS at $0.12 despite revenue decline
• Strong shareholders' equity position of $43.43 million
• Increased origination fees to $456,000 in Q2 2025 from $411,000 in Q2 2024

Negative

• Q2 2025 total revenues declined 3.6% year-over-year
• H1 2025 revenues dropped 7.7% to $4.63 million
• Slower pace of loan closings due to challenging interest rate environment
• H1 2025 net income decreased 3.4% to $2.79 million

Insights

Financial Analyst

LOAN reports flat quarterly EPS despite revenue decline; real estate market slowdown impacts loan volume but profit remains stable.

Manhattan Bridge Capital reported $2.36 million in Q2 2025 revenue, down 3.6% year-over-year, primarily due to a reduction in loans receivable. Despite this revenue decline, the company maintained its quarterly earnings at $0.12 per share, identical to Q2 2024, demonstrating effective cost management.

The company's interest income decreased to $1.90 million from $2.03 million in the comparable quarter, reflecting a smaller loan portfolio. However, this was partially offset by higher origination fees, which increased to $456,000 from $411,000 year-over-year, suggesting the company is capturing more upfront revenue on new loans.

For the six-month period, revenue fell more significantly by 7.7% to $4.63 million, with net income declining 3.4% to $2.79 million or $0.24 per share compared to $0.25 in the prior year period. The company noted a reduction in interest expense that helped mitigate the impact of lower interest income.

The CEO's comments about "a slower pace of loan closings" and "longer loan terms" indicate that high interest rates are affecting real estate investor activity, forcing the company to extend loans beyond their typical one-year terms. This suggests potential pressure on future origination fees if this trend continues, though the company has so far managed to maintain profitability.

With shareholders' equity at $43.43 million, the company maintains a solid capital base despite the challenging real estate lending environment. The ability to deliver consistent quarterly earnings despite reduced loan volume demonstrates operational resilience in a difficult market.

GREAT NECK, N.Y., July 22, 2025 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended June 30, 2025 were approximately $2,355,000, compared to approximately $2,443,000 for the three months ended June 30, 2024, a decrease of $88,000, or 3.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, partially offset by an increase of origination fees. For the three months ended June 30, 2025 and 2024, approximately $1,899,000 and $2,033,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $456,000 and $411,000, respectively, of its revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

Net income for the three months ended June 30, 2025 was approximately $1,413,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $1,409,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the three months ended June 30, 2024, an increase of $4,000.

Total revenues for the six months ended June 30, 2025 were approximately $4,629,000, compared to approximately $5,016,000 for the six months ended June 30, 2024, a decrease of $387,000, or 7.7%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period. For the six months ended June 30, 2025 and 2024, revenues of approximately $3,733,000 and $4,175,000, respectively, were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $896,000 and $841,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

Net income for the six months ended June 30, 2025 was approximately $2,786,000, or $0.24 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $2,885,000, or $0.25 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the six months ended June 30, 2024, a decrease of $99,000, or 3.4%. This decrease is primarily attributable to the decrease in interest income from loans, partially offset by a decrease in interest expense.

As of June 30, 2025, total shareholders' equity was approximately $43,427,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “Interest rates are still weighing on the real estate markets; therefore, we’re experiencing a slower pace of loan closings versus our typical pace, and longer loan terms, reflected by a higher amount of extended loans over the initial ultra short term of one year. Yet, we managed to deliver another quarter with net earnings of $0.12.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

Forward Looking Statements

This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company discusses the impact of interest rates on the real estate markets, including on pace of closings and terms of loans, it is using forward looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; (x) we may be unsuccessful in our efforts to extend or replace our existing credit line; and (xi) we may be unsuccessful in our efforts to refinance our 6% senior secured notes, due April 22, 2026. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
Assets	June 30, 2025 (unaudited)				December 31, 2024 (audited)
Loans receivable, net of deferred origination and other fees	$	65,217,737			$	65,405,731
Interest and other fees receivable on loans		1,877,218				1,521,033
Cash		208,767				178,012
Cash – restricted		875				23,750
Other assets		153,112				62,080
Right-of-use asset – operating lease, net		127,633				154,039
Deferred financing costs, net		9,240				16,171
Total assets	$	67,594,582			$	67,360,816

Liabilities and Stockholders’ Equity

Liabilities:
Line of credit	$	16,523,205			$	16,427,874
Senior secured notes (net of deferred financing costs of $59,443 and $96,985, respectively)		5,940,557				5,903,015
Accounts payable and accrued expenses		198,622				232,236
Operating lease liability		139,882				167,119
Loan holdback		50,000				50,000
Dividends payable		1,315,445				1,315,445
Total liabilities		24,167,711				24,095,689
Commitments and contingencies
Stockholders’ equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued and outstanding		---				---
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding		11,757				11,757
Additional paid-in capital		45,568,473				45,561,941
Less: Treasury stock, at cost – 318,407 shares		(1,070,406	)			(1,070,406	)
Accumulated deficit		(1,082,953	)			(1,238,165	)
Total stockholders’ equity		43,426,871				43,265,127
Total liabilities and stockholders’ equity	$	67,594,582			$	67,360,816

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue:
Interest income from loans	$	1,899,403		$	2,032,687		$	3,733,317		$	4,175,174
Origination fees		455,833			410,528			895,632			841,119
Total revenue		2,355,236			2,443,215			4,628,949			5,016,293
Operating costs and expenses:
Interest and amortization of deferred financing costs		506,250			603,230			957,615			1,293,819
Referral fees		1,523			500			1,667			1,000
General and administrative expenses		437,785			434,282			891,355			844,560
Total operating costs and expenses		945,558			1,038,012			1,850,637			2,139,379
Income from operations		1,409,678			1,405,203			2,778,312			2,876,914
Other income		4,500			4,500			9,000			9,000
Income before income tax expense		1,414,178			1,409,703			2,787,312			2,885,914
Income tax expense		(1,210	)		(650	)		(1,210	)		(650	)
Net income	$	1,412,968		$	1,409,053		$	2,786,102		$	2,885,264
Basic and diluted net income per common share outstanding:
--Basic	$	0.12		$	0.12		$	0.24		$	0.25
--Diluted	$	0.12		$	0.12		$	0.24		$	0.25
Weighted average number of common shares outstanding:
--Basic		11,438,651			11,438,651			11,438,651			11,438,662
--Diluted		11,438,651			11,438,651			11,438,651			11,438,662

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)

FOR THE THREE MONTHS ENDED JUNE 30, 2025

	Common Shares			Additional Paid in Capital	Treasury Stock			Accumulated Deficit	Totals
	Shares	Amount			Shares	Cost
Balance, April 1, 2025	11,757,058	$11,757		$45,565,207	318,407	$(1,070,406)		$(1,180,476)	$43,326,082
Non-cash compensation				3,266					3,266
Dividends declared and payable								(1,315,445)	(1,315,445)
Net income	.	.		.	.	.		1,412,968	1,412,968
Balance, June 30, 2025	11,757,058	$11,757		$45,568,473	318,407	$(1,070,406)		$(1,082,953)	$43,426,871

FOR THE THREE MONTHS ENDED JUNE 30, 2024

	Common Shares			Additional Paid in Capital	Treasury Stock			Accumulated Deficit	Totals
	Shares	Amount			Shares	Cost
Balance, April 1, 2024	11,757,058	$11,757		$45,552,142	318,407	$(1,070,406)		$(1,406,555)	$43,086,938
Non-cash compensation				3,266					3,266
Dividends declared and payable								(1,315,445)	(1,315,445)
Net income	.	.		.	.	.		1,409,053	1,409,053
Balance, June 30, 2024	11,757,058	$11,757		$45,555,408	318,407	$(1,070,406)		$(1,312,947)	$43,183,812

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Common Shares			Additional Paid in Capital	Treasury Stock			Accumulated Deficit	Totals
	Shares	Amount			Shares	Cost
Balance, January 1, 2025	11,757,058	$11,757		$45,561,941	318,407	$(1,070,406)		$(1,238,165)	$ 43,265,127
Non-cash compensation				6,532					6,532
Dividends paid								(1,315,445)	(1,315,445)
Dividends declared and payable								(1,315,445)	(1,315,445)
Net income	.	.		.	.	.		2,786,102	2,786,102
Balance, June 30, 2025	11,757,058	$11,757		$45,568,473	318,407	$(1,070,406)		$(1,082,953)	$43,426,871

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Common Shares			Additional Paid in Capital	Treasury Stock		Accumulated Deficit	Totals
	Shares	Amount			Shares	Cost
Balance, January 1, 2024	11,757,058	$11,757		$45,548,876	316,407	$(1,060,606)	$(1,567,321)	$42,932,706
Purchase of treasury shares					2,000	(9,800)		(9,800)
Non-cash compensation				6,532				6,532
Dividends paid							(1,315,445)	(1,315,445)
Dividends declared and payable							(1,315,445)	(1,315,445)
Net income	.	.		.	.	.	2,885,264	2,885,264
Balance, June 30, 2024	11,757,058	$11,757		$45,555,408	318,407	$(1,070,406)	$(1,312,947)	$43,183,812

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
		Six Months Ended June 30,
			2025				2024
Cash flows from operating activities:
Net income		$	2,786,102			$	2,885,264
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs			44,473				44,191
Adjustment to right-of-use asset - operating lease and liability			(831	)			190
Depreciation			2,790				2,209
Non-cash compensation expense			6,532				6,532
Changes in operating assets and liabilities:
Interest and other fees receivable on loans			(369,307	)			(315,399	)
Other assets			(93,403	)			(71,703	)
Accounts payable and accrued expenses			(33,614	)			(53,044	)
Deferred origination and other fees			64,338				(72,992	)
Net cash provided by operating activities			2,407,080				2,425,248
Cash flows from investing activities:
Issuance of short-term loans			(23,482,540	)			(19,455,000	)
Collections received from loans			23,619,317				25,866,190
Purchase of fixed assets			(418	)			(1,191	)
Net cash provided by investing activities			136,359				6,409,999
Cash flows from financing activities:
Repayment of line of credit			(26,365,153	)			(27,543,007	)
Proceeds from line of credit			26,460,484				19,736,179
Dividends paid			(2,630,890	)			(2,602,518	)
Purchase of treasury shares			---				(9,800	)
Deferred financing costs incurred			---				(2,167	)
Net cash used in financing activities			(2,535,559	)			(10,421,313	)
Net increase (decrease) in cash			7,880				(1,586,066	)
Cash and restricted cash, beginning of period(1)			201,762				1,691,995
Cash and restricted cash, end of period(2)		$	209,642			$	105,929
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes		$	1,210			$	650
Cash paid during the period for interest		$	903,251			$	1,297,587
Cash paid during the period for operating leases		$	31,982			$	32,208
Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable		$	1,315,445			$	1,315,445
Supplemental Schedule of Noncash Operating and Investing Activities:
Reduction in interest receivable in connection with the increase in loans receivable		$	13,122			$	222,520

⁽¹⁾ At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
⁽²⁾ At June 30, 2025, cash and restricted cash included $875 of restricted cash.

SOURCE: Manhattan Bridge Capital, Inc.

Contact:
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400

FAQ

What were Manhattan Bridge Capital's (NASDAQ:LOAN) Q2 2025 earnings?

Manhattan Bridge Capital reported Q2 2025 net income of $1.41 million ($0.12 per share), slightly up from $1.41 million ($0.12 per share) in Q2 2024, despite a 3.6% revenue decline to $2.36 million.

How did LOAN's revenue perform in the first half of 2025?

The company's total revenues for H1 2025 decreased by 7.7% to $4.63 million compared to $5.02 million in H1 2024, primarily due to lower interest income from reduced loans receivable.

What is affecting Manhattan Bridge Capital's loan business in 2025?

High interest rates are impacting the real estate markets, resulting in slower loan closings and longer loan terms, with more loans being extended beyond the initial one-year term.

What is Manhattan Bridge Capital's (LOAN) shareholders' equity as of Q2 2025?

As of June 30, 2025, Manhattan Bridge Capital reported total shareholders' equity of approximately $43.43 million.

How much of LOAN's Q2 2025 revenue came from interest income vs. origination fees?

In Q2 2025, $1.90 million came from interest income on secured commercial loans, while $456,000 came from origination fees.