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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.
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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.
On April 17, 2023, Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) declared a quarterly dividend of $0.1125 per share. This dividend is set to benefit all shareholders of record as of July 10, 2023, with payment scheduled for July 17, 2023. This announcement highlights the company's ongoing commitment to return value to its shareholders amid its operational activities in the financial sector.