Manhattan Bridge Capital, Inc. Reports Results for 2024

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].