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Manhattan Bridge Capital, Inc. Reports First Quarter Results for 2025
LOANManhattan Bridge Capital(LOAN) GlobeNewswire·2025-04-24 11:05

Core Viewpoint - Manhattan Bridge Capital, Inc. reported a decrease in net income and total revenues for the first quarter of 2025, primarily due to lower interest income from loans, amidst concerns about the real estate market recovery due to economic uncertainties [1][2][4]. Financial Performance - Net income for the three months ended March 31, 2025, was approximately 1,373,000,or1,373,000, or 0.12 per share, compared to 1,476,000,or1,476,000, or 0.13 per share for the same period in 2024, reflecting a decrease of 103,000,or7.0103,000, or 7.0% [1]. - Total revenues for the same period were approximately 2,274,000, down from 2,573,000in2024,markingadecreaseof2,573,000 in 2024, marking a decrease of 299,000, or 11.6% [2]. - Interest income from loans was approximately 1,834,000forQ12025,downfrom1,834,000 for Q1 2025, down from 2,142,000 in Q1 2024 [2][11]. Balance Sheet Highlights - As of March 31, 2025, total shareholders' equity was approximately 43,326,000[3].−Totalassetsdecreasedtoapproximately43,326,000 [3]. - Total assets decreased to approximately 65,787,420 from 67,360,816asofDecember31,2024[9].MarketPositionandOutlook−TheCEOnotedaninitialoptimisticoutlookamongrealestateinvestors,butcurrenteconomicuncertaintiesanddelayedinterestratereductionshaveraisedconcernsabouttherealestatemarket′simmediaterecovery[4].−Thecompanymaintainsalowleverageandstrongborrowerrelationships,positioningitselftonavigatemarketchallengeseffectively[4].LoanPortfolio−Loansreceivable,netofdeferredoriginationandotherfees,wereapproximately67,360,816 as of December 31, 2024 [9]. Market Position and Outlook - The CEO noted an initial optimistic outlook among real estate investors, but current economic uncertainties and delayed interest rate reductions have raised concerns about the real estate market's immediate recovery [4]. - The company maintains a low leverage and strong borrower relationships, positioning itself to navigate market challenges effectively [4]. Loan Portfolio - Loans receivable, net of deferred origination and other fees, were approximately 63,672,278 as of March 31, 2025, down from $65,405,731 [9]. - The company offers short-term secured loans primarily to real estate investors for property acquisition and improvement in the New York metropolitan area and Florida [5].