Manhattan Bridge Capital, Inc. Reports Third Quarter 2024 Results

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].