Welcome to our dedicated page for Manhattan Bridge news (Ticker: LOAN), a resource for investors and traders seeking the latest updates and insights on Manhattan Bridge stock.
Manhattan Bridge Capital Inc (LOAN) is a real estate investment trust specializing in short-term secured loans for property investors. This page serves as the definitive source for official company news, providing stakeholders with timely updates on financial performance and strategic initiatives.
Access curated press releases and verified articles covering quarterly earnings, loan portfolio expansions, and regulatory developments. Our collection enables investors to monitor the company's position in the real estate finance sector, with particular focus on its New York metro area operations and REIT compliance.
Key updates include announcements about first mortgage loan originations, market penetration strategies, and risk management practices. All content is sourced directly from company filings and authorized communications to ensure accuracy.
Bookmark this page for streamlined access to Manhattan Bridge Capital's latest developments. Check regularly for updates on capital allocation decisions and regional real estate market impacts.
Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) reported a net income of approximately $1,260,000, or $0.11 per share, for Q1 2023, a decline of 11.6% from $1,425,000, or $0.12 per share, in Q1 2022. This decrease is largely due to increased interest expenses related to higher LIBOR/SOFR rates and a special bonus to officers. Despite this, total revenues increased by 13.4% to approximately $2,398,000, driven by higher lending operations and interest rates. Interest income from secured commercial loans rose to about $1,954,000, with revenues supported by real estate collateral. As of March 31, 2023, total shareholders' equity was about $42,833,000. The Board authorized a share buyback program for up to 100,000 shares, valid until April 10, 2024. CEO Assaf Ran noted the challenges of a high-interest environment but emphasized the strength of their loan portfolio.
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