Manhattan Bridge Capital (Nasdaq: LOAN) reported second quarter 2026 total revenue of approximately $2.05 million, down 13.2% from $2.36 million in 2025, as lower interest rates and origination fees, plus about $85,000 of discretionary borrower credits, offset higher loan origination volume. Net income for the quarter was about $1.15 million, or $0.10 per basic and diluted share, versus $1.41 million, or $0.12, a decline of 18.4%, primarily due to reduced revenue, partially offset by lower interest expense.
For the first six months of 2026, revenue was roughly $4.11 million, down 11.1%, and net income was about $2.43 million, or $0.21 per share, down 12.9% year over year. According to Manhattan Bridge Capital, loans receivable rose to about $61.8 million at June 30, 2026, shareholders’ equity was approximately $43.0 million, and the company continued dividends and modest share repurchases under a 100,000‑share buyback authorization. Management also noted it may need to foreclose on a Florida loan but currently expects to recover outstanding principal and accrued interest within one to two years.
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Positive
Q2 2026 net income $1.15 million, EPS $0.10
Six‑month 2026 net income $2.43 million, EPS $0.21
Loans receivable grew to $61.77 million from $60.22 million since year‑end 2025
Interest and financing costs down to $0.40 million in Q2 from $0.51 million
Operating cash flow of $2.69 million for six months ended June 30, 2026
Shareholders’ equity remained high at about $42.99 million
Negative
Q2 2026 revenue down 13.2% year over year to $2.05 million
Q2 2026 net income down 18.4% year over year to $1.15 million
Six‑month 2026 revenue down 11.1% to $4.11 million
Six‑month 2026 net income down 12.9% to $2.43 million
Origination fees declined to $0.31 million in Q2 from $0.46 million
First potential foreclosure disclosed on a Florida loan, with recovery expected over 1–2 years
For the quarter ended June 30, 2026, Manhattan Bridge Capital reported a balance sheet showing $19,309,466 of lines of credit, $229,547 of cash, and $61,772,768 of loans receivable, adding a current view of a lending business funded partly through credit lines rather than cash alone.
LOAN’s earnings-tagged history averaged -1.03% across five events, adding context to another period of lower revenue and income. The platform record highlights recurring earnings pressure; monitor competition, pricing, and the disclosed Florida foreclosure matter.
Q2 revenue
$2,045,000 vs. $2,355,000
Three months ended June 30, 2026 vs. 2025; down 13.2%
Q2 net income
$1,153,000 vs. $1,413,000
Three months ended June 30, 2026 vs. 2025; down 18.4%
Q2 EPS
$0.10 vs. $0.12
Basic and diluted earnings per share for the three months ended June 30
Six-month revenue
$4,113,000 vs. $4,629,000
Six months ended June 30, 2026 vs. 2025; down 11.1%
Six-month net income
$2,427,000 vs. $2,786,000
Six months ended June 30, 2026 vs. 2025; down 12.9%
Payoff credits
$85,000
Discretionary payoff and refinancing credits granted during Q2 2026
Share repurchases
13,142 shares
Aggregate repurchases under the 100,000-share program as of June 30, 2026
Interest-rate reduction
1.5% to 2.0% lower
Interest rates charged to borrowers versus a year earlier
Date
Event
Sentiment
24h Move
Catalyst
Apr 16
Negative
+0.0%
Revenue and net income declined year over year; shares were unchanged over 24 hours.
Oct 24
Negative
-2.7%
Lower quarterly revenue and net income accompanied a 2.66% negative price reaction.
Jul 22
Negative
-3.3%
Revenue declined despite slightly higher net income; shares fell 3.25% over 24 hours.
Apr 24
Negative
+0.8%
Revenue and net income decreased, while the stock rose 0.78% over 24 hours.
Oct 23
Negative
+0.0%
Quarterly revenue and net income declined; the reported 24-hour price reaction was unchanged.
Pattern Detected
Earnings-tagged history averaged -1.03%; two of five comparable events aligned with negative price reactions, while three diverged.
origination fees
financial
“lower interest rates and origination fees charged to borrowers”
Origination fees are one-time charges a lender or loan arranger collects for creating, evaluating and processing a loan or financing deal; they are usually a percentage of the loan amount and paid at closing or over time. For investors, these fees change the effective cost and proceeds of a financing, boost lender or arranger revenue, and can alter deal returns and cash flows—like a service charge that trims what a borrower receives and raises the lender’s income.
secured commercial loans
financial
“interest income on secured commercial loans”
A secured commercial loan is money lent to a business that is backed by specific assets—such as property, equipment, inventory, or receivables—that the lender can claim if the borrower fails to repay. For investors, these loans matter because the collateral reduces the lender’s risk and can affect interest rates, loan availability and a company’s balance sheet health; think of it as a loan with a safety net that can influence a business’s stability and credit costs.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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07/23/2026 – 04:35 PM
GREAT NECK, N.Y., July 23, 2026 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenue for the three months ended June 30, 2026 was approximately $2,045,000 compared to approximately $2,355,000 for the same period in 2025, a decrease of approximately $310,000, or 13.2%. The decrease occurred despite increases in both the number of loans originated and the amount of capital deployed and was primarily attributable to lower interest rates and origination fees charged to borrowers as a result of increased competition in the marketplace. In addition, the Company granted approximately $85,000 of discretionary payoff and refinancing credits to certain borrowers during the quarter. These credits were provided in connection with negotiated loan payoffs and other borrower-specific business matters. For the three months ended June 30, 2026 and 2025, approximately $1,738,000 and $1,899,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $307,000 and $456,000, 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.
Net income for the three months ended June 30, 2026 was approximately $1,153,000, or $0.10 per basic and diluted share (based on approximately 11.43 million weighted-average outstanding common shares), as compared to approximately $1,413,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the same period in 2025, representing a decrease of approximately $260,000, or 18.4%. The decrease was primarily attributable to lower revenue, partially offset by reduced interest expense.
Total revenue for the six months ended June 30, 2026 was approximately $4,113,000 compared to approximately $4,629,000 for the same period in 2025, a decrease of approximately $516,000, or 11.1%. The decrease occurred despite increases in both the number of loans originated and the amount of capital deployed and was primarily attributable to lower interest rates and origination fees charged to borrowers as a result of increased competition in the marketplace. In addition, the Company granted approximately $91,000 of discretionary payoff and refinancing credits to certain borrowers during the six months. These credits were provided in connection with negotiated loan payoffs and other borrower-specific business matters. For the six months ended June 30, 2026 and 2025, revenues of approximately $3,437,000 and $3,733,000, respectively, were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $675,000 and $896,000, respectively, 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 six months ended June 30, 2026 was approximately $2,427,000, or $0.21 per basic and diluted share (based on approximately 11.43 million weighted-average outstanding common shares), as compared to approximately $2,786,000, or $0.24 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the same period in 2025, representing a decrease of approximately $359,000, or 12.9%. The decrease was primarily attributable to lower revenue, partially offset by reduced interest expense.
As of June 30, 2026, total shareholders’ equity was approximately $42,989,000.
On November 20, 2025, the Company’s board of directors approved a new share repurchase program authorizing the repurchase of up to 100,000 shares of its common stock over the following 12 months. As of June 30, 2026, the Company had repurchased an aggregate of 13,142 shares under the program at a total cost of approximately $59,000. Of these amounts, 6,942 shares were repurchased during the six months ended June 30, 2026 at an aggregate cost of approximately $30,000.
Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “We were very busy during the second quarter, as business activity increased. We originated more loans and deployed more capital than we did a year ago, and our pipeline continues to grow. However, competition remains intense, and as a result, we are generally charging interest rates that are 1.5% to 2.0% lower than a year ago and, in some cases, offering discounted origination fees in order to secure attractive lending opportunities.
Another event that occurred during the second quarter was that, for the first time, it appears we may need to foreclose on a loan. The properties securing the loan are located in Florida, and we currently believe that we will recover the outstanding principal and accrued interest within the next one to two years,” added Mr. Ran.
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 development of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. The Company operates the website: https://www.manhattanbridgecapital.com.
Forward-Looking Statements
This press release and statements made by the Company’s representatives in connection with this press release 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. Words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” and “continue,” and similar expressions, are intended to identify forward-looking statements.
Forward-looking statements in this press release include, among other things, statements regarding the Company’s loan pipeline, future lending activity, competitive conditions, interest rates and origination fees, the potential foreclosure described above, the estimated value of the underlying collateral, and the timing or amount of any recovery. Readers are cautioned that 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 such forward-looking statements as a result of various factors, including, but not limited to: (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 and fees; (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 the amounts recoverable through foreclosure, or incorrectly value the collateral securing our loans, 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 shareholders may be required to pay income taxes in excess of the cash dividends they receive; and (ix) changes in interest rates may affect our profitability. The risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission, identify additional important factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
AssetsJune 30, 2026
(unaudited)
December 31, 2025
(audited)
Loans receivable, net of deferred origination and other fees$61,772,768 $60,218,841 Interest and other fees receivable on loans 1,637,865 1,642,825 Cash 229,547 204,889 Cash – restricted 27,000 23,350 Other assets 125,809 60,742 Right-of-use asset – operating lease, net 74,819 101,226 Deferred financing costs, net 125,716 98,858 Total assets$63,993,524 $62,350,731 Liabilities and Stockholders’ Equity Liabilities: Lines of credit$19,309,466 $17,601,132 Accounts payable and accrued expenses 190,002 173,247 Operating lease liability 83,689 112,076 Loan holdback 164,598 50,000 Dividends payable 1,256,806 1,314,732 Total liabilities 21,004,561 19,251,187 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; 11,425,509 and 11,432,451 outstanding, respectively 11,757 11,757 Additional paid-in capital 45,581,538 45,575,006 Less: Treasury shares, at cost – 331,549 and 324,607 shares, respectively (1,129,013) (1,098,964)Accumulated deficit (1,475,319) (1,388,255)Total stockholders’ equity 42,988,963 43,099,544 Total liabilities and stockholders’ equity$63,993,524 $62,350,731 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) Three Months
Ended June 30,Six Months
Ended June 30, 2026 2025 2026 2025 Revenue:
Interest income from loans$1,738,065
$
1,899,403
$3,437,395
$
3,733,317
Origination fees 307,138 455,833 675,452 895,632 Total revenue 2,045,203 2,355,236 4,112,847 4,628,949 Operating costs and expenses: Interest and amortization of deferred financing costs 398,960 506,250 762,208 957,615 Referral fees 1,646 1,523 5,611 1,667 General and administrative expenses 495,150 437,785 925,757 891,355 Total operating costs and expenses 895,756 945,558 1,693,576 1,850,637 Income from operations 1,149,447 1,409,678 2,419,271 2,778,312 Other income 4,500 4,500 9,000 9,000 Income before income tax expense 1,153,947 1,414,178 2,428,271 2,787,312 Income tax expense (1,300) (1,210) (1,300) (1,210)Net income$1,152,647 $1,412,968 $2,426,971 $2,786,102 Basic and diluted net income per common share outstanding: –Basic$0.10 $0.12 $0.21 $0.24 –Diluted$0.10 $0.12 $0.21 $0.24 Weighted average number of common shares outstanding: –Basic 11,427,357 11,438,651 11,429,033 11,438,651 –Diluted 11,427,357 11,438,651 11,429,033 11,438,651 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited) FOR THE THREE MONTHS ENDED JUNE 30, 2026 Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, April 1, 202611,757,058$11,757$45,578,272327,707$(1,112,746)$(1,371,160)$43,106,123Non-cash compensation 3,266 3,266Purchase of treasury shares 3,842(16,267) (16,267)Dividends declared and payable (1,256,806)(1,256,806)Net income 1,152,6471,152,647Balance, June 30, 202611,757,058$11,757$45,581,538331,549$(1,129,013)$(1,475,319)$42,988,963 FOR THE THREE MONTHS ENDED JUNE 30, 2025
Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, April 1, 202511,757,058$11,757$45,565,207318,407$(1,070,406)$(1,180,476)$43,326,082Non-cash compensation 3,266 3,266Dividends declared and payable (1,315,445)(1,315,445)Net income 1,412,9681,412,968Balance, June 30, 202511,757,058$11,757$45,568,473318,407$(1,070,406)$(1,082,953)$43,426,871 FOR THE SIX MONTHS ENDED JUNE 30, 2026 Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, January 1, 202611,757,058$11,757$45,575,006324,607$(1,098,964)$(1,388,255)$43,099,544Non-cash compensation 6,532 6,532Purchase of treasury shares 6,942(30,049) (30,049)Dividends paid (1,257,229)(1,257,229)Dividends declared and payable (1,256,806)(1,256,806)Net income 2,426,9712,426,971Balance, June 30, 202611,757,058$11,757$45,581,538331,549$(1,129,013)$(1,475,319)$42,988,963 FOR THE SIX MONTHS ENDED JUNE 30, 2025
Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals SharesAmount SharesCost Balance, January 1, 202511,757,058$11,757$45,561,941318,407$(1,070,406)$(1,238,165)$43,265,127Non-cash compensation 6,532 6,532Dividends paid (1,315,445)(1,315,445)Dividends declared and payable (1,315,445)(1,315,445)Net income 2,786,1022,786,102Balance, June 30, 202511,757,058$11,757$45,568,473318,407$(1,070,406)$(1,082,953)$43,426,871 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six Months
Ended June 30, 2026 2025 Cash flows from operating activities: Net income $2,426,971 $2,786,102 Adjustments to reconcile net income to net cash provided by operating activities – Amortization of deferred financing costs 37,958 44,473 Adjustment to right-of-use asset – operating lease and liability (1,980) (831)Depreciation 926 2,790 Non-cash compensation expense 6,532 6,532 Changes in operating assets and liabilities: Interest and other fees receivable on loans 4,960 (369,307)Other assets (65,994) (93,403)Accounts payable and accrued expenses 16,755 (33,614)Deferred origination and other fees 151,047 64,338 Proceeds from borrower escrow deposits – loan holdback 114,598 — Net cash provided by operating activities 2,691,773 2,407,080 Cash flows from investing activities: Issuance of short-term loans (29,007,320) (23,482,540)Collections received from loans 27,302,347 23,619,317 Purchase of fixed assets — (418)Net cash (used in) provided by investing activities (1,704,973) 136,359 Cash flows from financing activities: Proceeds from lines of credit 30,608,460 26,460,484 Repayment of lines of credit (28,900,126) (26,365,153)Dividends paid (2,571,961) (2,630,890)Deferred financing costs incurred (64,816) — Purchase of treasury shares (30,049) — Net cash used in financing activities (958,492) (2,535,559) Net increase in cash 28,308 7,880 Cash and restricted cash, beginning of period(1) 228,239 201,762 Cash and restricted cash, end of period(2) $256,547 $209,642 Supplemental Disclosure of Cash Flow Information: Cash paid during the period for taxes $1,300 $1,210 Cash paid during the period for interest $702,754 $903,251 Cash paid during the period for operating leases $33,028 $31,982 Supplemental Schedule of Noncash Financing Activities: Dividend declared and payable $1,256,806 $1,315,445 Supplemental Schedule of Noncash Operating and Investing Activities: Reduction in interest receivable in connection with the increase in loans receivable $— $13,122
(1) At December 31, 2025 and 2024, cash and restricted cash included $23,350 and $23,750, respectively, of restricted cash.
(2) At June 30, 2026 and 2025, cash and restricted cash included $27,000 and $875, respectively, of restricted cash.
Contact:
Assaf Ran, CEO
(516) 444-3400
www.linkedin.com/in/assafran
SOURCE: Manhattan Bridge Capital, Inc.
FAQ
How did Manhattan Bridge Capital (LOAN) perform in Q2 2026?
Manhattan Bridge Capital reported Q2 2026 revenue of about $2.05 million and net income of roughly $1.15 million. According to Manhattan Bridge Capital, this compares with $2.36 million revenue and $1.41 million net income in Q2 2025, reflecting double‑digit year‑over‑year declines.
Why did Manhattan Bridge Capital’s Q2 2026 revenue decline versus 2025?
Q2 2026 revenue declined mainly due to lower interest rates and origination fees charged to borrowers amid stronger competition. According to Manhattan Bridge Capital, it also granted about $85,000 in discretionary payoff and refinancing credits, despite originating more loans and deploying more capital than a year earlier.
What were Manhattan Bridge Capital’s earnings per share for Q2 and the first half of 2026?
Manhattan Bridge Capital reported basic and diluted EPS of $0.10 for Q2 2026 and $0.21 for the first six months. According to Manhattan Bridge Capital, this compares with $0.12 and $0.24, respectively, for the same periods in 2025, indicating lower profitability per share.
How large is Manhattan Bridge Capital’s loan portfolio as of June 30, 2026?
As of June 30, 2026, Manhattan Bridge Capital’s loans receivable, net of deferred fees, totaled about $61.77 million. According to Manhattan Bridge Capital, this increased from approximately $60.22 million at December 31, 2025, reflecting higher capital deployment into secured commercial real estate loans.
What is the status of Manhattan Bridge Capital’s share repurchase program in 2026?
The board authorized repurchases of up to 100,000 common shares on November 20, 2025. According to Manhattan Bridge Capital, by June 30, 2026 it had repurchased 13,142 shares for about $59,000, including 6,942 shares for roughly $30,000 during the first half of 2026.
Did Manhattan Bridge Capital (LOAN) mention any potential loan foreclosure in Q2 2026?
Yes. Management indicated it may need to foreclose on a loan secured by Florida properties. According to Manhattan Bridge Capital, it currently believes it will recover the outstanding principal and accrued interest within one to two years, based on its assessment.
What is Manhattan Bridge Capital’s equity and leverage position at June 30, 2026?
At June 30, 2026, total stockholders’ equity was about $42.99 million and lines of credit totaled roughly $19.31 million. According to Manhattan Bridge Capital, total assets were approximately $63.99 million, with dividends payable of about $1.26 million outstanding.