Part I: Financial Information [Condensed Consolidated Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) The unaudited condensed consolidated financial statements for Q1 2025 show a decrease in total assets to $65.8 million, driven by reduced loans receivable, with net income at $1.37 million, a decline from the prior year due to lower interest income [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $65.8 million from $67.4 million at year-end 2024, primarily due to a reduction in net loans receivable, while stockholders' equity slightly increased to $43.3 million Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 (audited) | | :--- | :--- | :--- | | Loans receivable, net | $63,672 | $65,406 | | Total Assets | $65,787 | $67,361 | | Line of credit | $14,826 | $16,428 | | Total Liabilities | $22,461 | $24,096 | | Total Stockholders' Equity | $43,326 | $43,265 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2025, total revenue decreased to $2.27 million from $2.57 million in Q1 2024, mainly due to lower interest income from loans, resulting in a net income of $1.37 million, or $0.12 per share Q1 2025 vs Q1 2024 Statement of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $2,273.7 | $2,573.1 | | Interest Income from Loans | $1,833.9 | $2,142.5 | | Income from Operations | $1,368.6 | $1,471.7 | | Net Income | $1,373.1 | $1,476.2 | | Basic & Diluted EPS | $0.12 | $0.13 | [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased from $43.27 million at the start of 2025 to $43.33 million by the end of Q1 2025, driven by net income partially offset by declared dividends - For Q1 2025, stockholders' equity was impacted by net income of **$1,373,134** and dividends declared of **$1,315,445**[20](index=20&type=chunk) - In Q1 2024, the company repurchased **2,000 shares** of treasury stock for **$9,800**[22](index=22&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2025, net cash from operating activities was $1.18 million, investing activities provided $1.76 million, and financing activities used $2.92 million, resulting in a net cash increase of $21,370 Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $1,180.9 | $1,140.7 | | Net Cash from Investing Activities | $1,758.0 | $564.5 | | Net Cash from Financing Activities | ($2,917.6) | ($2,998.5) | | Net Increase (Decrease) in Cash | $21.4 | ($1,293.4) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business of providing short-term, secured non-banking real estate loans, with a $64.2 million portfolio as of March 31, 2025, including a 12.0% concentration to four entities controlled by one individual, and outlines its $32.5 million Webster Credit Line and $6.0 million in senior secured notes - The company offers short-term, secured, non–banking loans (hard money loans) to real estate investors in the New York metropolitan area and Florida[29](index=29&type=chunk) - As of March 31, 2025, the loan portfolio had a concentration of **$7,675,000** (**12.0%** of the portfolio) to four different entities in which one individual holds at least a fifty percent interest[36](index=36&type=chunk) - The company has a **$32.5 million** credit line (Webster Credit Line) maturing February 28, 2026, with **$14,825,735** outstanding at an interest rate of approximately **7.9%** as of March 31, 2025[42](index=42&type=chunk)[44](index=44&type=chunk) - The company's subsidiary has **$6,000,000** in **6%** senior secured notes due April 22, 2026[45](index=45&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's short-term, secured real estate loan business, noting Q1 2025 revenue and net income decreases of 11.6% and 7.0% respectively, primarily due to a smaller loan portfolio, partially offset by a 34.7% reduction in interest expense, with liquidity supported by operations and the Webster Credit Line - The company specializes in originating, servicing, and managing a portfolio of short-term, secured, non-banking first mortgage loans for real estate investors in the New York metropolitan area and Florida[60](index=60&type=chunk) - Loans typically have a maximum initial term of **12 months**, bear interest at a fixed rate of **9% to 13%**, and origination fees range from **0% to 2%**[61](index=61&type=chunk) [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Comparing Q1 2025 to Q1 2024, total revenues decreased by 11.6% to $2.27 million due to lower interest income, while interest and amortization expenses fell by 34.7% to $451,000, and general and administrative expenses rose 10.7% to $454,000, resulting in a 7.0% decline in net income to $1.37 million Q1 2025 vs Q1 2024 Performance Comparison | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | ~$2,274,000 | ~$2,573,000 | -11.6% | | Interest & Amortization Costs | ~$451,000 | ~$691,000 | -34.7% | | General & Administrative Expenses | ~$454,000 | ~$410,000 | +10.7% | | Net Income | ~$1,373,000 | ~$1,476,000 | -7.0% | [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company had approximately $201,000 in cash, with liquidity primarily from operations and its $32.5 million Webster Credit Line, and plans to refinance $6.0 million in senior secured notes maturing in April 2026, expecting sufficient funds for the next 12 months - The company's primary sources of liquidity are cash, the Webster Credit Line, and cash flows from operations[87](index=87&type=chunk) - The Webster Credit Line provides **$32.5 million** in aggregate until February 28, 2026, with **$14,825,735** outstanding at an interest rate of approximately **7.9%** as of March 31, 2025[78](index=78&type=chunk)[80](index=80&type=chunk) - The company has **$6,000,000** of **6%** senior secured notes maturing on April 22, 2026, and plans to refinance them prior to maturity[81](index=81&type=chunk)[87](index=87&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=19&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Manhattan Bridge Capital, Inc. is not required to provide quantitative and qualitative disclosures about market risk[89](index=89&type=chunk) [Controls and Procedures](index=19&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures are effective[90](index=90&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the fiscal quarter ended March 31, 2025[91](index=91&type=chunk) Part II: Other Information [Exhibits](index=20&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - The report includes certifications from the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act[94](index=94&type=chunk) - Inline XBRL data files are included as exhibits, enhancing the accessibility and analysis of the financial data[94](index=94&type=chunk)

Core Viewpoint - Manhattan Bridge Capital, Inc. reported a slight increase in net income for the year ended December 31, 2024, despite a decrease in total revenue, primarily due to reduced interest expenses and a challenging lending environment for real estate investors [1][2][5]. Financial Performance - Net income for 2024 was approximately $5,591,000, or $0.49 per share, compared to $5,476,000, or $0.48 per share in 2023, marking an increase of $115,000, or 2.1% [1][12]. - Total revenue for 2024 was approximately $9,689,000, down from $9,796,000 in 2023, a decrease of $107,000, or 1.1% [2]. - Interest income from loans increased to approximately $8,047,000 in 2024 from $7,976,000 in 2023, while origination fees decreased to approximately $1,642,000 from $1,820,000 [2][11]. Operating Costs and Expenses - Total operating costs and expenses for 2024 were approximately $4,115,000, down from $4,353,000 in 2023, a decrease of $238,000, or 5.5% [3][11]. - The decrease in operating costs was mainly due to reduced interest expenses and a decrease in special bonuses to officers [3]. Shareholders' Equity - As of December 31, 2024, total shareholders' equity was approximately $43,265,000, compared to approximately $42,933,000 as of December 31, 2023 [4]. Market Environment - The CEO noted that 2024 was a challenging year for real estate lenders due to high-interest rates affecting borrowers' liquidity and profitability [5]. - The company’s underwriting and operational policies were tested during this period, and the management expressed hope for a smoother 2025 [5]. Company Overview - Manhattan Bridge Capital, Inc. specializes in providing short-term secured loans to real estate investors for property acquisition and improvement in the New York metropolitan area and Florida [6].

Loan Origination and Portfolio - The company has originated loans ranging from $40,000 to a maximum of $3.6 million, with a lending policy limiting the maximum loan amount to the lower of 9.9% of the aggregate loan portfolio or $4 million[19]. - The typical interest rate for loans in the portfolio is fixed at 9% to 13% per year, with a maximum initial term of 12 months[19][35]. - The company focuses on selectively originating loans secured by first mortgages on residential and commercial real estate in the New York metropolitan area, New Jersey, Connecticut, and Florida[22]. - The company has a disciplined lending approach, utilizing rigorous underwriting and loan closing procedures to evaluate risks and merits of transactions[29]. - The company believes current market dynamics present opportunities for selectively originating high-quality first mortgage loans due to a demand/supply imbalance[22][23]. - Loans originated decreased from $56,301,000 in 2023 to $41,966,000 in 2024, a decline of approximately 25.5%[45]. - Loans repaid also decreased from $57,736,000 in 2023 to $49,090,000 in 2024, representing a decrease of about 15%[45]. - The principal amount of loans earning interest fell from $73,048,000 in 2023 to $65,974,000 in 2024, a reduction of approximately 9.1%[45]. - The number of loans outstanding decreased from 120 in 2023 to 95 in 2024, a decline of about 20.8%[45]. - The percentage of loans secured by properties in the New York metropolitan area decreased from 97.5% in 2023 to 95.8% in 2024[45]. - The company has made loans to four different entities totaling $7.2 million, representing 11.0% of its loan portfolio, indicating borrower concentration risk[125]. Financial Position and Debt - As of December 31, 2024, the company's unfunded commitment was approximately $7.2 million, down from $7.98 million in 2023[31]. - The company has a $32.5 million credit line agreement with Webster Business Credit Corporation, Flushing Bank, and Mizrahi Tefahot Bank Ltd.[28]. - The company has a credit line of up to $32.5 million, with $16,427,874 outstanding as of December 31, 2024[52]. - The total debt as of December 31, 2024, was $22,331,000, with total sources of capital amounting to $67,929,000[53]. - The existing credit line of $32.5 million with Webster, Flushing, and Mizrahi expires on February 28, 2026, and contains various covenants that could impact the company's growth and REIT qualification[127]. - If the company fails to comply with the covenants of the credit line, it may face immediate repayment obligations, potentially requiring asset sales[129]. - The company has no formal policy limiting the amount of debt incurred, which could increase financial risk and reduce cash available for shareholder distributions[131]. - The company may incur substantial additional indebtedness in the future, which could exacerbate the risks associated with its leverage[96]. REIT Status and Distributions - The company aims to distribute at least 90% of its REIT taxable income to shareholders to maintain its REIT status[18]. - The company must maintain at least 75% of its assets in qualified REIT real estate assets to avoid adverse tax consequences, which could limit operational flexibility[136]. - The company is required to distribute at least 90% of its REIT taxable income to maintain its REIT status, with 100% of total distributions for the tax year 2024 characterized as non-qualified dividends[208]. - If the company distributes less than 100% of its taxable income, it will incur a 4% nondeductible excise tax on the undistributed amount[140]. - The company may face difficulties in generating sufficient cash flow to meet REIT distribution requirements, potentially requiring asset sales or borrowing on unfavorable terms[144]. Market and Competitive Environment - The company operates in a highly competitive market, facing competition from various financial institutions, which may limit its ability to originate loans with favorable interest rates[85]. - The company has expanded its operations into New Jersey, Connecticut, and Florida markets, facing competition from established lenders[56]. - The company’s access to financing may be limited, affecting its ability to maximize returns and manage its loan portfolio effectively[187]. Risk Factors - The company’s profitability is significantly dependent on the management's ability to generate attractive risk-adjusted loans consistently[87]. - The company may change its investment and financing strategies without shareholder consent, which could adversely affect the market value of its common shares[86]. - The company faces risks related to borrower defaults and the potential for losses if collateral values decline[117]. - A prolonged economic slowdown or recession could impair asset performance and increase funding costs, negatively affecting financial condition and operations[112]. - The geographic concentration of the loan portfolio in the New York metropolitan area increases vulnerability to local economic downturns, potentially leading to higher default rates[110]. - The lack of liquidity in the loan portfolio may hinder the ability to sell assets quickly, potentially realizing less than the outstanding loan balance[109]. - Rising prepayment rates on loans could adversely impact revenue and operating results, particularly in declining interest rate environments[108]. - Environmental liabilities could adversely affect the value of properties acquired or underlying investments, impacting financial condition and shareholder distributions[121]. Cybersecurity and Operational Risks - The company experienced a cybersecurity incident in June 2022, although it did not suffer financial loss, it raised concerns about potential future risks[97]. - The company is continuously investing in advanced cybersecurity measures to mitigate risks, although no material impact from cybersecurity incidents has been reported to date[98]. - The company engages third-party service providers for cybersecurity evaluations and audits to address new challenges[200]. - The company’s cybersecurity efforts are integrated into its overall enterprise risk management strategy, focusing on identifying and mitigating threats[198]. Management and Shareholder Dynamics - As of December 31, 2024, the CEO, Assaf Ran, owns 22.8% of the outstanding common shares, which may lead to significant control over corporate actions[163]. - Shareholders' interests may not always align with those of Noteholders, as shareholders may prioritize long-term performance over short-term cash flow[173]. - The company has significant control over MBC Funding II, which may lead to conflicts of interest regarding the best interests of Noteholders[177]. Miscellaneous - The current monthly rent for the company's executive office is $5,330, with the lease expiring on November 30, 2027[202]. - The common shares traded on The Nasdaq Capital Market experienced volatility, with a price range of $4.27 to $5.91 in 2023 and $4.60 to $5.90 in 2024[193]. - The company is authorized to issue up to 25,000,000 common shares and 5,000,000 preferred shares, with 11,757,058 common shares issued and 11,438,651 common shares outstanding as of March 4, 2025[167].

Company Overview - Ashford Hospitality Trust, Inc. is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels [2] Loan Extension Details - The company has successfully extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, Georgia [1] - The original loan had a final maturity date in December 2024, which has now been extended to an initial maturity in February 2026, with a one-year extension option available, leading to a final maturity date in February 2027 [1] - The current balance of the loan is $12.3 million, with an interest rate set at a floating rate of SOFR + 2.85% [1]

Core Insights - Ashford Hospitality Trust, Inc. has successfully closed a $580 million refinancing secured by 16 hotels, which includes hotels from previous loan pools and the Westin Princeton [1][2] - The previous loans had a combined outstanding balance of approximately $438.7 million, and the new financing is non-recourse with a two-year term and three one-year extension options [1] - The interest rate on the new financing is set at SOFR + 4.37%, and approximately $72 million of the excess proceeds were used to pay off the remaining balance on strategic financing [1][2] Financial Impact - The refinancing generated enough excess proceeds to fully pay off the strategic financing and set aside significant reserves for future capital expenditures [2] - The refinancing has addressed several pending loan maturities and eliminated all corporate-level debt for the company [2] Company Overview - Ashford Hospitality Trust is a real estate investment trust (REIT) that primarily invests in upper upscale, full-service hotels [2]

Company Overview - Braemar Hotels & Resorts Inc. is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts [2]. Loan Extension - The company successfully extended its mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe, with the initial maturity date in January 2025 now extended to January 2026 [1]. - The loan was extended with a paydown of $10 million, and the spread on the loan is now SOFR + 3.25% [1]. Financial Discussions - Braemar is in active discussions with lenders regarding a $293.2 million loan that has a maturity date in June 2025 [2]. - The hotel lending market is showing signs of improvement, leading to optimism about better financing conditions in the future [2].

Company Overview - Ashford Hospitality Trust, Inc. has entered into a 90-day forbearance period for its Morgan Stanley Pool loan secured by 17 hotels, which had a final maturity date of November 9, 2024 [1] - The company is in discussions with the lender for a multi-year extension of the loan, expected to be finalized during the forbearance period [1] Financial Position - The balance of the company's strategic financing has been reduced to approximately $48.6 million, triggering an exit fee reduction [2] - The company is actively working on extensions and refinancings for several of its loans to maximize asset value for shareholders [2] Market Environment - The company acknowledges the challenging environment it operates in but is focused on achieving favorable outcomes with its financing efforts [2]

Core Viewpoint - Ashford Hospitality Trust has successfully refinanced its mortgage loan for the Marriott Crystal Gateway Hotel, generating significant proceeds to pay down strategic financing [1][4]. Financing Details - The new non-recourse loan amounts to $121.5 million with a three-year initial term and two one-year extension options, subject to certain conditions [2]. - The loan features an interest-only structure with a floating interest rate of SOFR + 4.86% [2]. - The refinancing has resulted in approximately $31 million of excess proceeds, which will be utilized to reduce the Company's strategic financing [2]. Strategic Financing Update - The Company has reduced the exit fee on its strategic financing from 15.0% to 12.5% of the original loan balance until December 15, 2024, contingent upon reducing the outstanding loan balance to $50 million or less by November 15, 2024 [3]. - The $31 million pay down, along with an additional payment planned for the following week, will lower the loan balance below $50 million, thus triggering the reduced exit fee [3]. Management Commentary - The President and CEO of Ashford Trust expressed satisfaction with the refinancing outcome and emphasized the progress made towards paying off strategic financing by the end of the year [4].

Core Viewpoint - Luca Mining Corp. has recommenced principal repayments on its term loans with Trafigura, marking a significant milestone in its financial strategy and aiming to eliminate term debt by 2026, indicating a stronger financial outlook and disciplined cash management [1][3][4]. Financial Overview - The total outstanding loans with Trafigura amount to US$18.1 million, which includes a non-interest-bearing convertible loan of US$5.8 million due in January 2027 and US$12.3 million in term debt scheduled for repayment by mid-2026 [2]. - Principal repayments began in October 2024, supported by improved cash flow from ongoing mining operations, reflecting the company's commitment to financial performance and operational efficiency [3][4]. Strategic Developments - The recommencement of repayments is seen as a pivotal moment for the company, enhancing financial stability and allowing for a focus on future growth opportunities while reducing debt [4]. - A restructuring transaction completed in January 2024 converted US$5.8 million of the term loan into a non-interest-bearing convertible debenture, providing more options for improving the balance sheet [5]. Operational Updates - Luca Mining operates two 100%-owned producing mines in Mexico, focusing on gold, copper, zinc, silver, and lead, with significant development potential [7]. - The Campo Morado mine is currently undergoing an optimization program that is yielding improvements in recovery rates, grades, efficiencies, and cash flows [8]. - The Tahuehueto Gold and Silver Mine is in the commissioning phase, with commercial production expected by year-end [9].

Core Viewpoint - Manhattan Bridge Capital, Inc. reported a decrease in net income for the three months ended September 30, 2024, primarily due to a reduction in revenue from loans and origination fees, despite a decrease in interest expense [1][2]. Financial Performance - For the three months ended September 30, 2024, net income was approximately $1,399,000, or $0.12 per share, compared to $1,446,000, or $0.13 per share for the same period in 2023, reflecting a decrease of $47,000, or 3.3% [1]. - Total revenues for the same period were approximately $2,313,000, down from $2,434,000 in 2023, a decrease of $121,000 or 5.0% [2]. - For the nine months ended September 30, 2024, net income increased to approximately $4,285,000, or $0.37 per share, compared to $4,128,000, or $0.36 per share in 2023, an increase of $157,000, or 3.8% [3]. - Total revenues for the nine months ended September 30, 2024, were approximately $7,330,000, an increase of $99,000, or 1.4% from $7,231,000 in 2023 [4]. Revenue Breakdown - For the three months ended September 30, 2024, interest income from loans was approximately $1,953,000, while origination fees were approximately $360,000 [2]. - For the nine months ended September 30, 2024, interest income from loans was approximately $6,128,000, and origination fees were approximately $1,201,000 [4]. Balance Sheet Highlights - As of September 30, 2024, total stockholders' equity was approximately $43,271,000 [5]. - Total assets were approximately $70,702,003, down from $76,434,886 as of December 31, 2023 [7][8]. - Total liabilities decreased to $27,431,084 from $33,502,180 [8]. Market Context - The CEO noted that a recent 0.5% reduction in interest rates has generated optimism among real estate investors, although the high-interest environment had previously slowed down new loan originations [5].