Manhattan Bridge Capital, Inc. Reports Third Quarter 2025 Results

Rhea-AI Summary

Manhattan Bridge Capital (Nasdaq: LOAN) reported third-quarter 2025 results for the period ended September 30, 2025. Q3 net income was approximately $1.202M or $0.11 per share, down 14.1% from $1.399M in Q3 2024. Q3 total revenues were approximately $2.036M, down 12.0% year-over-year due to lower interest income and reduced origination fees tied to slower new loan originations.

For the nine months ended September 30, 2025, net income was approximately $3.988M and revenues were approximately $6.665M. Stockholders' equity was approximately $43.317M as of September 30, 2025. Management cited strong loan performance on payoffs but slower real estate markets affecting redevelopments and originations.

Positive

• Q3 net income of $1.202M
• Stockholders' equity of $43.317M as of 9/30/2025
• Management: paid-off loans exceeded average in Q3

Negative

• Q3 net income down 14.1% year-over-year
• Q3 total revenues down 12.0% year-over-year
• Loan origination fees declined to $265,000 in Q3 2025

Insights

Credit Analyst

Results show modest revenue and income declines driven by lower loan volume; capital base remains positive.

Manhattan Bridge Capital generated $1,202,000 net income in Q3 2025, or $0.11 per share, versus $1,399,000 ($0.12 per share) a year earlier, a decline of 14.1%. Total revenues fell to $2,036,000 from $2,313,000, a 12.0% drop, driven by lower interest income and smaller origination fees due to reduced new loan originations.

The business model depends on originating and holding secured commercial real-estate loans backed by property collateral and personal guarantees. The company reports paid-off loans above average in Q3, which it presents as credit quality evidence, while noting slower regional real-estate activity lengthens redevelopment timelines and reduces originations. Equity stands at approximately $43,317,000, showing a retained capital base.

Key dependencies and risks include the pace of new loan originations and timing of redevelopments; these directly affect interest income and origination fees. Monitor quarterly loan origination volume, loans receivable balances, and interest income trends over the next 2–4 quarters. Watch for changes in interest expense and any disclosure of delinquency or loss metrics in upcoming filings.

GREAT NECK, N.Y., Oct. 24, 2025 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended September 30, 2025 was approximately $1,202,000, or $0.11 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), as compared to approximately $1,399,000, or $0.12 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), for the three months ended September 30, 2024, a decrease of $197,000, or 14.1%. This decrease is primarily attributable to a decrease in revenue, partially offset by a decrease in interest expense.

Total revenues for the three months ended September 30, 2025 were approximately $2,036,000 compared to approximately $2,313,000 for the three months ended September 30, 2024, a decrease of $277,000 or 12.0%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the three months ended September 30, 2025 and 2024, approximately $1,770,000 and $1,953,000, 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 $265,000 and $360,000, 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 nine months ended September 30, 2025 was approximately $3,988,000, or $0.35 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), as compared to approximately $4,285,000, or $0.37 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), for the nine months ended September 30, 2024, a decrease of $297,000, or 6.9%. This decrease is primarily attributable to a decrease in interest income, partially offset by a decrease in interest expense.

Total revenues for the nine months ended September 30, 2025 were approximately $6,665,000 compared to approximately $7,330,000 for the nine months ended September 30, 2024, a decrease of $665,000, or 9.1%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the nine months ended September 30, 2025 and 2024, revenues of approximately $5,504,000 and $6,128,000, respectively, were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $1,161,000 and $1,201,000, respectively, of the Company’s 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.

As of September 30, 2025, total stockholders' equity was approximately $43,317,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “The good news is that paid off loans during the third quarter exceeded our average, reflecting the strength and high quality of our loans even in rough times. However, the slow real estate markets in the geographic areas in which we operate causes longer time to redevelopment. Thus the decline in revenue and income. We continue to work tirelessly to deploy the available funds into safe and secure loans.”

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 slow real estate markets, as well the deployment of available funds into safe and secure loans. 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 redeem 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	September 30, 2025 (unaudited)				December 31, 2024 (audited)
Loans receivable, net of deferred origination and other fees	$	57,961,155			$	65,405,731
Interest and other fees receivable on loans		1,578,806				1,521,033
Cash		186,435				178,012
Cash – restricted		13,847				23,750
Other assets		128,431				62,080
Right-of-use asset – operating lease, net		114,429				154,039
Deferred financing costs, net		5,775				16,171
Total assets	$	59,988,878			$	67,360,816

Liabilities and Stockholders’ Equity
Liabilities:
Line of credit	$	9,049,624			$	16,427,874
Senior secured notes (net of deferred financing costs of $40,672 and $96,985, respectively)		5,959,328				5,903,015
Accounts payable and accrued expenses		171,558				232,236
Operating lease liability		126,051				167,119
Loan holdback		50,000				50,000
Dividends payable		1,315,445				1,315,445
Total liabilities		16,672,006				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		45,571,739				45,561,941
Less: Treasury shares, at cost – 318,407 shares		(1,070,406	)			(1,070,406	)
Accumulated deficit		(1,196,218	)			(1,238,165	)
Total stockholders’ equity		43,316,872				43,265,127
Total liabilities and stockholders’ equity	$	59,988,878			$	67,360,816

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025			2024
Revenue: Interest income from loans	$	1,770,377	$	1,952,957	$	5,503,694		$	6,128,131
Origination fees		265,376		360,376		1,161,008			1,201,494
Total revenue		2,035,753		2,313,333		6,664,702			7,329,625
Operating costs and expenses:
Interest and amortization of deferred financing costs		421,980		537,218		1,379,595			1,831,037
Referral fees		2,575		847		4,242			1,847
General and administrative expenses		413,518		380,482		1,304,873			1,225,041
Total operating costs and expenses		838,073		918,547		2,688,710			3,057,925
Income from operations		1,197,680		1,394,786		3,975,992			4,271,700
Other income		4,500		4,500		13,500			13,500
Income before income tax expense		1,202,180		1,399,286		3,989,492			4,285,200
Income tax expense		---		---		(1,210	)		(650	)
Net income	$	1,202,180	$	1,399,286	$	3,988,282		$	4,284,550
Basic and diluted net income per common share outstanding:
--Basic	$	0.11	$	0.12	$	0.35		$	0.37
--Diluted	$	0.11	$	0.12	$	0.35		$	0.37
Weighted average number of common shares outstanding:
--Basic		11,438,651		11,438,651		11,438,651			11,438,658
--Diluted		11,438,651		11,438,651		11,438,651			11,438,658

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
	Common Shares			Additional Paid in Capital		Treasury Shares				Accumulated Deficit			Totals
	Shares	Amount				Shares	Cost
Balance, July 1, 2025	11,757,058	$	11,757	$	45,568,473	318,407	$	(1,070,406	)	$	(1,082,953	)	$	43,426,871
Non-cash compensation					3,266									3,266
Dividends declared and payable											(1,315,445	)		(1,315,445	)
Net income											1,202,180			1,202,180
Balance, September 30, 2025	11,757,058	$	11,757	$	45,571,739	318,407	$	(1,070,406	)	$	(1,196,218	)	$	43,316,872

 

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024
	Common Shares			Additional Paid in Capital		Treasury Shares				Accumulated Deficit			Totals
	Shares	Amount				Shares	Cost
Balance, July 1, 2024	11,757,058	$	11,757	$	45,555,408	318,407	$	(1,070,406	)	$	(1,312,947	)	$	43,183,812
Non-cash compensation					3,266									3,266
Dividends declared and payable											(1,315,445	)		(1,315,445	)
Net income											1,399,286			1,399,286
Balance, September 30, 2024	11,757,058	$	11,757	$	45,558,674	318,407	$	(1,070,406	)	$	(1,229,106	)	$	43,270,919

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
	Common Shares			Additional Paid in Capital		Treasury Shares				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					9,798									9,798
Dividends paid											(2,630,890	)		(2,630,890	)
Dividends declared and payable											(1,315,445	)		(1,315,445	)
Net income											3,988,282			3,988,282
Balance, September 30, 2025	11,757,058	$	11,757	$	45,571,739	318,407	$	(1,070,406	)	$	(1,196,218	)	$	43,316,872

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
	Common Shares			Additional Paid in Capital		Treasury Shares				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					9,798									9,798
Dividends paid											(2,630,890	)		(2,630,890	)
Dividends declared and payable											(1,315,445	)		(1,315,445	)
Net income											4,284,550			4,284,550
Balance, September 30, 2024	11,757,058	$	11,757	$	45,558,674	318,407	$	(1,070,406	)	$	(1,229,106	)	$	43,270,919

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
		Nine Months Ended September 30,
			2025				2024
Cash flows from operating activities:
Net income		$	3,988,282			$	4,284,550
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs			66,710				66,427
Adjustment to right-of-use asset - operating lease and liability			(1,459	)			121
Depreciation			4,007				3,480
Non-cash compensation expense			9,798				9,798
Changes in operating assets and liabilities:
Interest and other fees receivable on loans			(70,895	)			(484,660			)
Other assets			(69,940	)			(35,005			)
Accounts payable and accrued expenses			(60,678	)			(83,505			)
Deferred origination and other fees			(59,801	)			(100,207			)
Net cash provided by operating activities			3,806,024				3,660,999
Cash flows from investing activities:
Issuance of short-term loans			(27,957,494	)			(29,019,000			)
Collections received from loans			35,474,993				33,749,887
Purchase of fixed assets			(418	)			(4,018			)
Net cash provided by investing activities			7,517,081				4,726,869
Cash flows from financing activities:
Repayment of line of credit			(40,751,845	)			(37,297,880			)
Proceeds from line of credit			33,373,595				31,315,810
Dividends paid			(3,946,335	)			(3,917,963			)
Purchase of treasury shares			---				(9,800			)
Deferred financing costs incurred			---				(2,167			)
Net cash used in financing activities			(11,324,585	)			(9,912,000			)
Net decrease in cash			(1,480	)			(1,524,132			)
Cash and restricted cash, beginning of period(1)			201,762				1,691,995
Cash and restricted cash, end of period(2)		$	200,282			$	167,863
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes		$	1,210			$	650
Cash paid during the period for interest		$	1,346,361			$	1,816,980
Cash paid during the period for operating leases		$	47,973			$	47,779
Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable		$	1,315,445					$	1,315,445
Loan holdback relating to mortgage receivable		$	---					$	50,000
Supplemental Schedule of Noncash Operating and Investing Activities:
Reduction in interest receivable in connection with the increase in loans receivable		$	13,122					$	343,922

⁽¹⁾ At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
⁽²⁾ At September 30, 2025, cash and restricted cash included $13,847 of restricted cash.

Contact: 
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.

FAQ

What was Manhattan Bridge Capital (LOAN) net income for Q3 2025?

Net income was approximately $1.202M, or $0.11 per share for Q3 2025.

Why did LOAN revenues decline in Q3 2025 compared to Q3 2024?

Revenues fell due to lower interest income from reduced loans receivable and weaker origination fees.

How much were LOAN's total revenues for the nine months ended 9/30/2025?

Total revenues for the nine months ended 9/30/2025 were approximately $6.665M.

What was the impact on origination fees for LOAN in Q3 2025?

Origination fees declined to approximately $265,000 in Q3 2025 versus $360,000 in Q3 2024.

What is LOAN's reported stockholders' equity as of September 30, 2025?

Stockholders' equity was reported at approximately $43.317M as of 9/30/2025.

Did Manhattan Bridge Capital report any improvement in loan quality in Q3 2025?

Management stated that paid-off loans in Q3 exceeded their average, indicating strong loan performance.