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Manhattan Bridge Capital, Inc. reports developments in a real estate finance business that originates short-term, secured, non-bank loans to real estate investors. Its lending supports acquisition, renovation, rehabilitation and improvement of residential or commercial properties in the New York metropolitan area, including New Jersey and Connecticut, and in Florida.
Company updates commonly address interest income and origination fees from secured real estate loans, loan receivable levels, borrowing costs under credit facilities, and net income. Recurring capital-return items include quarterly cash dividends and board-authorized common stock repurchases.
Manhattan Bridge Capital (NASDAQ: LOAN) has declared a quarterly dividend of $0.115 per share. This dividend will be paid on October 15, 2024, to shareholders of record as of October 8, 2024. The announcement, made on July 29, 2024, demonstrates the company's commitment to providing regular returns to its shareholders. Manhattan Bridge Capital, a real estate finance company, continues its tradition of quarterly dividend payments, which may be seen as a positive sign of financial stability and shareholder value creation.
Manhattan Bridge Capital (Nasdaq: LOAN) reported its Q2 2024 results, showing a 1.8% increase in total revenues to $2,443,000 compared to Q2 2023. The company's net income slightly decreased by 0.9% to $1,409,000, or $0.12 per share. For the first half of 2024, total revenues rose by 4.6% to $5,016,000, with net income increasing by 7.6% to $2,885,000, or $0.25 per share. The revenue growth was primarily due to higher interest rates on commercial loans, partially offset by reduced loan receivables and slower new loan originations. As of June 30, 2024, total stockholders' equity stood at approximately $43,184,000. The company's CEO, Assaf Ran, noted that while real estate markets in their operational areas remain slow due to high interest rates, property prices are holding steady or increasing due to inventory and inflation impacts.
Manhattan Bridge Capital has announced its quarterly dividend payment of $0.115 per share, in line with the board's declaration on March 12, 2024. Shareholders of record by July 10, 2024, will receive the dividend on July 15, 2024. This reflects the company's ongoing commitment to providing returns to its investors and maintaining a consistent dividend payout policy.
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