GREAT NECK, N.Y., Oct. 24, 2025 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq:
LOAN
) (the “Company”) announced today that its net income for the three months ended September 30, 2025 was approximately $1,202,000, or $0.11 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), as compared to approximately $1,399,000, or $0.12 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), for the three months ended September 30, 2024, a decrease of $197,000, or 14.1%. This decrease is primarily attributable to a decrease in revenue, partially offset by a decrease in interest expense.
Total revenues for the three months ended September 30, 2025 were approximately $2,036,000 compared to approximately $2,313,000 for the three months ended September 30, 2024, a decrease of $277,000 or 12.0%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the three months ended September 30, 2025 and 2024, approximately $1,770,000 and $1,953,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $265,000 and $360,000, respectively, of its revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.
Net income for the nine months ended September 30, 2025 was approximately $3,988,000, or $0.35 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), as compared to approximately $4,285,000, or $0.37 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), for the nine months ended September 30, 2024, a decrease of $297,000, or 6.9%. This decrease is primarily attributable to a decrease in interest income, partially offset by a decrease in interest expense.
Total revenues for the nine months ended September 30, 2025 were approximately $6,665,000 compared to approximately $7,330,000 for the nine months ended September 30, 2024, a decrease of $665,000, or 9.1%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the nine months ended September 30, 2025 and 2024, revenues of approximately $5,504,000 and $6,128,000, respectively, were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $1,161,000 and $1,201,000, respectively, of the Company’s revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.
As of September 30, 2025, total stockholders’ equity was approximately $43,317,000.
Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “The good news is that paid off loans during the third quarter exceeded our average, reflecting the strength and high quality of our loans even in rough times. However, the slow real estate markets in the geographic areas in which we operate causes longer time to redevelopment. Thus the decline in revenue and income. We continue to work tirelessly to deploy the available funds into safe and secure loans.”
About Manhattan Bridge Capital, Inc.
Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website:
https://www.manhattanbridgecapital.com
.
Forward Looking Statements
This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company discusses the slow real estate markets, as well the deployment of available funds into safe and secure loans. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; (x) we may be unsuccessful in our efforts to extend or replace our existing credit line; and (xi) we may be unsuccessful in our efforts to redeem our 6% senior secured notes, due April 22, 2026. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
Assets
September 30, 2025
(unaudited)
December 31, 2024
(audited)
Loans receivable, net of deferred origination and other fees
$
57,961,155
$
65,405,731
Interest and other fees receivable on loans
1,578,806
1,521,033
Cash
186,435
178,012
Cash – restricted
13,847
23,750
Other assets
128,431
62,080
Right-of-use asset – operating lease, net
114,429
154,039
Deferred financing costs, net
5,775
16,171
Total assets
$
59,988,878
$
67,360,816
Liabilities and Stockholders’ Equity
Liabilities:
Line of credit
$
9,049,624
$
16,427,874
Senior secured notes (net of deferred financing costs of $40,672 and $96,985, respectively)
5,959,328
5,903,015
Accounts payable and accrued expenses
171,558
232,236
Operating lease liability
126,051
167,119
Loan holdback
50,000
50,000
Dividends payable
1,315,445
1,315,445
Total liabilities
16,672,006
24,095,689
Commitments and contingencies
Stockholders’ equity:
Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued and outstanding
—
—
Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding
11,757
11,757
Additional paid-in capital
45,571,739
45,561,941
Less: Treasury shares, at cost – 318,407 shares
(1,070,406
)
(1,070,406
)
Accumulated deficit
(1,196,218
)
(1,238,165
)
Total stockholders’ equity
43,316,872
43,265,127
Total liabilities and stockholders’ equity
$
59,988,878
$
67,360,816
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months
Ended September 30,
Nine Months
Ended September 30,
2025
2024
2025
2024
Revenue:
Interest income from loans
$
1,770,377
$
1,952,957
$
5,503,694
$
6,128,131
Origination fees
265,376
360,376
1,161,008
1,201,494
Total revenue
2,035,753
2,313,333
6,664,702
7,329,625
Operating costs and expenses:
Interest and amortization of deferred financing costs
421,980
537,218
1,379,595
1,831,037
Referral fees
2,575
847
4,242
1,847
General and administrative expenses
413,518
380,482
1,304,873
1,225,041
Total operating costs and expenses
838,073
918,547
2,688,710
3,057,925
Income from operations
1,197,680
1,394,786
3,975,992
4,271,700
Other income
4,500
4,500
13,500
13,500
Income before income tax expense
1,202,180
1,399,286
3,989,492
4,285,200
Income tax expense
—
—
(1,210
)
(650
)
Net income
$
1,202,180
$
1,399,286
$
3,988,282
$
4,284,550
Basic and diluted net income per common share outstanding:
–Basic
$
0.11
$
0.12
$
0.35
$
0.37
–Diluted
$
0.11
$
0.12
$
0.35
$
0.37
Weighted average number of common shares outstanding:
–Basic
11,438,651
11,438,651
11,438,651
11,438,658
–Diluted
11,438,651
11,438,651
11,438,651
11,438,658
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
Common Shares
Additional Paid in Capital
Treasury Shares
Accumulated Deficit
Totals
Shares
Amount
Shares
Cost
Balance, July 1, 2025
11,757,058
$
11,757
$
45,568,473
318,407
$
(1,070,406
)
$
(1,082,953
)
$
43,426,871
Non-cash compensation
3,266
3,266
Dividends declared and payable
(1,315,445
)
(1,315,445
)
Net income
1,202,180
1,202,180
Balance, September 30, 2025
11,757,058
$
11,757
$
45,571,739
318,407
$
(1,070,406
)
$
(1,196,218
)
$
43,316,872
F
OR THE THREE MONTHS ENDED SEPTEMBER 30, 2024
Common Shares
Additional Paid in Capital
Treasury Shares
Accumulated Deficit
Totals
Shares
Amount
Shares
Cost
Balance, July 1, 2024
11,757,058
$
11,757
$
45,555,408
318,407
$
(1,070,406
)
$
(1,312,947
)
$
43,183,812
Non-cash compensation
3,266
3,266
Dividends declared and payable
(1,315,445
)
(1,315,445
)
Net income
1,399,286
1,399,286
Balance, September 30, 2024
11,757,058
$
11,757
$
45,558,674
318,407
$
(1,070,406
)
$
(1,229,106
)
$
43,270,919
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
Common Shares
Additional Paid in Capital
Treasury Shares
Accumulated Deficit
Totals
Shares
Amount
Shares
Cost
Balance, January 1, 2025
11,757,058
$
11,757
$
45,561,941
318,407
$
(1,070,406
)
$
(1,238,165
)
$
43,265,127
Non-cash compensation
9,798
9,798
Dividends paid
(2,630,890
)
(2,630,890
)
Dividends declared and payable
(1,315,445
)
(1,315,445
)
Net income
3,988,282
3,988,282
Balance, September 30, 2025
11,757,058
$
11,757
$
45,571,739
318,407
$
(1,070,406
)
$
(1,196,218
)
$
43,316,872
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Common Shares
Additional Paid in Capital
Treasury Shares
Accumulated Deficit
Totals
Shares
Amount
Shares
Cost
Balance, January 1, 2024
11,757,058
$
11,757
$
45,548,876
316,407
$
(1,060,606
)
$
(1,567,321
)
$
42,932,706
Purchase of treasury shares
2,000
(9,800
)
(9,800
)
Non-cash compensation
9,798
9,798
Dividends paid
(2,630,890
)
(2,630,890
)
Dividends declared and payable
(1,315,445
)
(1,315,445
)
Net income
4,284,550
4,284,550
Balance, September 30, 2024
11,757,058
$
11,757
$
45,558,674
318,407
$
(1,070,406
)
$
(1,229,106
)
$
43,270,919
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months
Ended September 30,
2025
2024
Cash flows from operating activities:
Net income
$
3,988,282
$
4,284,550
Adjustments to reconcile net income to net cash provided by operating activities –
Amortization of deferred financing costs
66,710
66,427
Adjustment to right-of-use asset – operating lease and liability
(1,459
)
121
Depreciation
4,007
3,480
Non-cash compensation expense
9,798
9,798
Changes in operating assets and liabilities:
Interest and other fees receivable on loans
(70,895
)
(484,660
)
Other assets
(69,940
)
(35,005
)
Accounts payable and accrued expenses
(60,678
)
(83,505
)
Deferred origination and other fees
(59,801
)
(100,207
)
Net cash provided by operating activities
3,806,024
3,660,999
Cash flows from investing activities:
Issuance of short-term loans
(27,957,494
)
(29,019,000
)
Collections received from loans
35,474,993
33,749,887
Purchase of fixed assets
(418
)
(4,018
)
Net cash provided by investing activities
7,517,081
4,726,869
Cash flows from financing activities:
Repayment of line of credit
(40,751,845
)
(37,297,880
)
Proceeds from line of credit
33,373,595
31,315,810
Dividends paid
(3,946,335
)
(3,917,963
)
Purchase of treasury shares
—
(9,800
)
Deferred financing costs incurred
—
(2,167
)
Net cash used in financing activities
(11,324,585
)
(9,912,000
)
Net decrease in cash
(1,480
)
(1,524,132
)
Cash and restricted cash, beginning of period
(1)
201,762
1,691,995
Cash and restricted cash, end of period
(2)
$
200,282
$
167,863
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes
$
1,210
$
650
Cash paid during the period for interest
$
1,346,361
$
1,816,980
Cash paid during the period for operating leases
$
47,973
$
47,779
Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable
$
1,315,445
$
1,315,445
Loan holdback relating to mortgage receivable
$
—
$
50,000
Supplemental Schedule of Noncash Operating and Investing Activities:
Reduction in interest receivable in connection with the increase in loans receivable
$
13,122
$
343,922
(1)
At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
(2)
At September 30, 2025, cash and restricted cash included $13,847 of restricted cash.