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UNITED
\nSTATES<\/p>\n
SECURITIES
\nAND EXCHANGE COMMISSION<\/p>\n
Washington,
\nD.C. 20549<\/p>\n
\u00a0<\/p>\n
FORM
\n10-Q<\/p>\n
\u00a0<\/p>\n
(Mark
\nOne)<\/p>\n
\u00a0<\/p>\n
\u2612
\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<\/p>\n
\u00a0<\/p>\n
For
\nthe quarterly period ended June 30, 2026<\/p>\n
\u00a0<\/p>\n
or<\/p>\n
\u00a0<\/p>\n
\u2610
\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<\/p>\n
\u00a0<\/p>\n
For
\nthe transition period from _____________________________ to ______________________________<\/p>\n
\u00a0<\/p>\n
Commission
\nFile Number: 000-25991<\/p>\n
\u00a0<\/p>\n
MANHATTAN
\nBRIDGE CAPITAL, INC.<\/p>\n
(Exact
\nname of registrant as specified in its charter)<\/p>\n
\u00a0<\/p>\n
New
\n York
\n \u00a0
\n 11-3474831<\/p>\n
(State
\n or other jurisdiction<\/p>\n
of
\n incorporation or organization)<\/p>\n
\u00a0<\/p>\n
(I.R.S.
\n Employer<\/p>\n
Identification
\n No.)<\/p>\n
\u00a0<\/p>\n
60
\nCutter Mill Road, Great Neck, New York 11021<\/p>\n
(Address
\nof principal executive offices)<\/p>\n
\u00a0<\/p>\n
(516)
\n444-3400<\/p>\n
(Registrant\u2019s
\ntelephone number, including area code)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
(Former
\nname, former address and former fiscal year, if changed since last report)<\/p>\n
\u00a0<\/p>\n
Securities
\nregistered pursuant to Section 12(b) of the Act:<\/p>\n
\u00a0<\/p>\n
Title
\n of each class
\n \u00a0<\/p>\n
Trading
\n Symbol(s)<\/p>\n
\u00a0
\n Name
\n of each exchange on which registered<\/p>\n
Common
\n shares, par value $.001
\n \u00a0
\n LOAN
\n \u00a0
\n Nasdaq
\n Capital Market<\/p>\n
\u00a0<\/p>\n
Indicate
\nby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
\nAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
\nhas been subject to such filing requirements for the past 90 days. \u2612 Yes \u2610 No<\/p>\n
\u00a0<\/p>\n
Indicate
\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
\n405 of Regulation S-T (\u00a7232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
\nwas required to submit such files). \u2612 Yes \u2610 No<\/p>\n
\u00a0<\/p>\n
Indicate
\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
\ncompany, or an emerging growth company. See the definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d
\n\u201csmaller reporting company,\u201d and \u201cemerging growth company\u201d in Rule 12b-2 of the Exchange Act.<\/p>\n
\u00a0<\/p>\n
\u00a0
\n Large
\n accelerated filer
\n \u2610
\n Accelerated
\n filer
\n \u2610<\/p>\n
\u00a0
\n Non-accelerated
\n filer
\n \u2612
\n Smaller
\n reporting company
\n \u2612<\/p>\n
\u00a0
\n Emerging
\n growth company
\n \u2610<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
If
\nan emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
\nwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u2610<\/p>\n
\u00a0<\/p>\n
Indicate
\nby check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). \u2610 Yes \u2612 No<\/p>\n
\u00a0<\/p>\n
As
\nof July 23, 2026, the registrant had a total of 11,425,509 common shares, $.001 par value per share, outstanding.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
MANHATTAN
\nBRIDGE CAPITAL, INC.<\/p>\n
TABLE
\nOF CONTENTS<\/p>\n
\u00a0<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n Page
\n Number<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
Part
\n I
\n FINANCIAL
\n INFORMATION
\n \u00a0
\n \u00a0<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
Item
\n 1.<\/p>\n
Condensed
\n Consolidated Financial Statements (unaudited)<\/p>\n
\u00a0
\n \u00a0<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
\u00a0<\/p>\n
Consolidated
\n Balance Sheets as of June 30, 2026 and December 31, 2025 (Audited)<\/p>\n
\u00a0
\n 3<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
\u00a0<\/p>\n
Consolidated
\n Statements of Operations for the Three and Six Month Periods Ended June 30, 2026 and 2025<\/p>\n
\u00a0
\n 4<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
\u00a0<\/p>\n
Consolidated
\n Statements of Changes in Stockholders\u2019 Equity for the Three and Six Month Periods Ended
\n June 30, 2026 and 2025<\/p>\n
\u00a0
\n 5<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
\u00a0<\/p>\n
Consolidated
\n Statements of Cash Flows for the Six Month Periods Ended June 30, 2026 and 2025<\/p>\n
\u00a0
\n 6<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
\u00a0<\/p>\n
Notes
\n to Condensed Consolidated Financial Statements<\/p>\n
\u00a0
\n 7<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
Item
\n 2.<\/p>\n
Management\u2019s
\n Discussion and Analysis of Financial Condition and Results of Operations<\/p>\n
\u00a0
\n 11<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
Item
\n 3.
\n Quantitative
\n and Qualitative Disclosures about Market Risk
\n \u00a0<\/p>\n
14<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
Item
\n 4.<\/p>\n
Controls
\n and Procedures
\n \u00a0
\n 14<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
Part
\n II<\/p>\n
OTHER
\n INFORMATION<\/p>\n
\u00a0
\n \u00a0<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
Item
\n 2.
\n Unregistered
\n Sales of Equity Securities and Use of Proceeds
\n \u00a0
\n 15<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
Item
\n 6.
\n Exhibits
\n \u00a0
\n 15<\/p>\n
\u00a0
\n \u00a0
\n \u00a0
\n \u00a0<\/p>\n
SIGNATURES
\n \u00a0
\n 16<\/p>\n
\u00a0
\n \u00a0
\n \u00a0<\/p>\n
EXHIBITS
\n \u00a0
\n \u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Forward
\nLooking Statements<\/p>\n
\u00a0<\/p>\n
This
\nreport contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the
\n\u201cExchange Act\u201d). Forward-looking statements are typically identified by the words \u201cbelieve,\u201d \u201cexpect,\u201d
\n\u201cintend,\u201d \u201cestimate\u201d and similar expressions. Those statements appear in a number of places in this report and
\ninclude statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among
\nother things, trends affecting our financial condition and results of operations and our business and growth strategies. These forward-looking
\nstatements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those
\nprojected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein
\nas \u201cCautionary Statements\u201d), including but not limited to the following: (i) our loan origination activities, revenues and
\nprofits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate
\nloans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend
\non our ability to retain him; (iv) if we overestimate the yields on our loans, potential collections in foreclosures or incorrectly value
\nthe collateral securing the loan, we may experience losses; (v) we may be subject to \u201clender liability\u201d claims; (vi) our
\ndue diligence may not uncover all of a borrower\u2019s liabilities or other risks to its business; (vii) borrower concentration could
\nlead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income
\ntaxes in excess of the cash dividends you receive; and (ix) an increase in interest rates may impact our profitability. The accompanying
\ninformation contained in this report, including the information set forth under \u201cManagement\u2019s Discussion and Analysis of
\nFinancial Condition and Results of Operations,\u201d identifies important factors that could cause such differences. Further information
\non potential factors that could affect our business is described under the heading \u201cRisk Factors\u201d in Part I, Item 1A, of
\nour Annual Report on Form 10-K for the fiscal year ended December 31, 2025. These forward-looking statements speak only as of the date
\nof this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update
\nor revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting
\non our behalf are expressly qualified in their entirety by the Cautionary Statements.<\/p>\n
\u00a0<\/p>\n
All
\nreferences in this Form 10-Q to \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Manhattan Bridge
\nCapital, Inc. and its wholly-owned subsidiary, MBC Funding II Corp., unless the context otherwise indicates.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
PART
\nI. FINANCIAL INFORMATION<\/p>\n
\u00a0<\/p>\n
Item
\n1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<\/p>\n
\u00a0<\/p>\n
MANHATTAN
\nBRIDGE CAPITAL, INC. AND SUBSIDIARY<\/p>\n
CONSOLIDATED
\nBALANCE SHEETS<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0<\/p>\n
June
\n 30, 2026<\/p>\n
(unaudited)<\/p>\n
\u00a0\u00a0<\/p>\n
December
\n 31, 2025<\/p>\n
(audited)<\/p>\n
\u00a0<\/p>\n
Assets\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Loans receivable, net of deferred
\n origination and other fees\u00a0
\n $61,772,768\u00a0\u00a0
\n $60,218,841\u00a0<\/p>\n
Interest and other fees receivable on loans\u00a0
\n \u00a01,637,865\u00a0\u00a0
\n \u00a01,642,825\u00a0<\/p>\n
Cash\u00a0
\n \u00a0229,547\u00a0\u00a0
\n \u00a0204,889\u00a0<\/p>\n
Cash \u2013 restricted\u00a0
\n \u00a027,000\u00a0\u00a0
\n \u00a023,350\u00a0<\/p>\n
Other assets\u00a0
\n \u00a0125,809\u00a0\u00a0
\n \u00a060,742\u00a0<\/p>\n
Right-of-use asset \u2013 operating lease,
\n net\u00a0
\n \u00a074,819\u00a0\u00a0
\n \u00a0101,226\u00a0<\/p>\n
Deferred financing costs,
\n net\u00a0
\n \u00a0125,716\u00a0\u00a0
\n \u00a098,858\u00a0<\/p>\n
Total
\n assets\u00a0
\n $63,993,524\u00a0\u00a0
\n $62,350,731\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Liabilities and Stockholders\u2019
\n Equity\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Liabilities:\u00a0
\n \u00a0\u00a0\u00a0
\n \u00a0\u00a0<\/p>\n
Lines of credit\u00a0
\n $19,309,466\u00a0\u00a0
\n $17,601,132\u00a0<\/p>\n
Accounts payable and accrued expenses\u00a0
\n \u00a0190,002\u00a0\u00a0
\n \u00a0173,247\u00a0<\/p>\n
Operating lease liability\u00a0
\n \u00a083,689\u00a0\u00a0
\n \u00a0112,076\u00a0<\/p>\n
Loan holdback\u00a0
\n \u00a0164,598\u00a0\u00a0
\n \u00a050,000\u00a0<\/p>\n
Dividends payable\u00a0
\n \u00a01,256,806\u00a0\u00a0
\n \u00a01,314,732\u00a0<\/p>\n
Total
\n liabilities\u00a0
\n \u00a021,004,561\u00a0\u00a0
\n \u00a019,251,187\u00a0<\/p>\n
Commitments and contingencies\u00a0
\n \u00a0–\u00a0\u00a0\u00a0
\n \u00a0–\u00a0\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Stockholders\u2019 equity:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Preferred shares – $.01 par value; 5,000,000
\n shares authorized; none issued and outstanding\u00a0
\n \u00a0\u2014\u00a0\u00a0
\n \u00a0\u2014\u00a0<\/p>\n
Common shares – $.001 par value; 25,000,000
\n shares authorized; 11,757,058 issued; 11,425,509 and 11,432,451 outstanding, respectively\u00a0
\n \u00a011,757\u00a0\u00a0
\n \u00a011,757\u00a0<\/p>\n
Additional paid-in capital\u00a0
\n \u00a045,581,538\u00a0\u00a0
\n \u00a045,575,006\u00a0<\/p>\n
Less: Treasury shares, at cost \u2013 331,549
\n and 324,607 shares, respectively\u00a0
\n \u00a0(1,129,013)\u00a0
\n \u00a0(1,098,964)<\/p>\n
Accumulated deficit\u00a0
\n \u00a0(1,475,319)\u00a0
\n \u00a0(1,388,255)<\/p>\n
Total
\n stockholders\u2019 equity\u00a0
\n \u00a042,988,963\u00a0\u00a0
\n \u00a043,099,544\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Total liabilities and
\n stockholders\u2019 equity\u00a0
\n $63,993,524\u00a0\u00a0
\n $62,350,731\u00a0<\/p>\n
\u00a0<\/p>\n
The
\naccompanying notes are an integral part of these condensed consolidated financial statements.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
MANHATTAN
\nBRIDGE CAPITAL, INC. AND SUBSIDIARY<\/p>\n
CONSOLIDATED
\nSTATEMENTS OF OPERATIONS<\/p>\n
(unaudited)<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0<\/p>\n
\u00a0\u00a0<\/p>\n
Three
\n Months Ended June 30,<\/p>\n
\u00a0\u00a0<\/p>\n
Six
\n Months Ended June 30,<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0<\/p>\n
Revenue:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Interest income from loans\u00a0
\n $1,738,065\u00a0\u00a0
\n $1,899,403\u00a0\u00a0
\n $3,437,395\u00a0\u00a0
\n $3,733,317\u00a0<\/p>\n
Origination fees\u00a0
\n \u00a0307,138\u00a0\u00a0
\n \u00a0455,833\u00a0\u00a0
\n \u00a0675,452\u00a0\u00a0
\n \u00a0895,632\u00a0<\/p>\n
Total
\n revenue\u00a0
\n \u00a02,045,203\u00a0\u00a0
\n \u00a02,355,236\u00a0\u00a0
\n \u00a04,112,847\u00a0\u00a0
\n \u00a04,628,949\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Operating costs and expenses:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Interest and amortization of deferred financing
\n costs\u00a0
\n \u00a0398,960\u00a0\u00a0
\n \u00a0506,250\u00a0\u00a0
\n \u00a0762,208\u00a0\u00a0
\n \u00a0957,615\u00a0<\/p>\n
Referral fees\u00a0
\n \u00a01,646\u00a0\u00a0
\n \u00a01,523\u00a0\u00a0
\n \u00a05,611\u00a0\u00a0
\n \u00a01,667\u00a0<\/p>\n
General and administrative
\n expenses\u00a0
\n \u00a0495,150\u00a0\u00a0
\n \u00a0437,785\u00a0\u00a0
\n \u00a0925,757\u00a0\u00a0
\n \u00a0891,355\u00a0<\/p>\n
Total
\n operating costs and expenses\u00a0
\n \u00a0895,756\u00a0\u00a0
\n \u00a0945,558\u00a0\u00a0
\n \u00a01,693,576\u00a0\u00a0
\n \u00a01,850,637\u00a0<\/p>\n
Income from operations\u00a0
\n \u00a01,149,447\u00a0\u00a0
\n \u00a01,409,678\u00a0\u00a0
\n \u00a02,419,271\u00a0\u00a0
\n \u00a02,778,312\u00a0<\/p>\n
Other income\u00a0
\n \u00a04,500\u00a0\u00a0
\n \u00a04,500\u00a0\u00a0
\n \u00a09,000\u00a0\u00a0
\n \u00a09,000\u00a0<\/p>\n
Income tax expense\u00a0
\n \u00a0(1,300)\u00a0
\n \u00a0(1,210)\u00a0
\n \u00a0(1,300)\u00a0
\n \u00a0(1,210)<\/p>\n
Net
\n income\u00a0
\n $1,152,647\u00a0\u00a0
\n $1,412,968\u00a0\u00a0
\n $2,426,971\u00a0\u00a0
\n $2,786,102\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Basic and diluted net income per common share outstanding:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
\u2014Basic\u00a0
\n $0.10\u00a0\u00a0
\n $0.12\u00a0\u00a0
\n $0.21\u00a0\u00a0
\n $0.24\u00a0<\/p>\n
\u2014Diluted\u00a0
\n $0.10\u00a0\u00a0
\n $0.12\u00a0\u00a0
\n $0.21\u00a0\u00a0
\n $0.24\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Weighted average number of common shares
\n outstanding:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
\u2014Basic\u00a0
\n \u00a011,427,357\u00a0\u00a0
\n \u00a011,438,651\u00a0\u00a0
\n \u00a011,429,033\u00a0\u00a0
\n \u00a011,438,651\u00a0<\/p>\n
\u2014Diluted\u00a0
\n \u00a011,427,357\u00a0\u00a0
\n \u00a011,438,651\u00a0\u00a0
\n \u00a011,429,033\u00a0\u00a0
\n \u00a011,438,651\u00a0<\/p>\n
\u00a0<\/p>\n
The
\naccompanying notes are an integral part of these condensed consolidated financial statements.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
MANHATTAN
\nBRIDGE CAPITAL, INC. AND SUBSIDIARY<\/p>\n
CONSOLIDATED
\nSTATEMENTS OF CHANGES IN STOCKHOLDERS\u2019 EQUITY<\/p>\n
(unaudited)<\/p>\n
\u00a0<\/p>\n
FOR
\nTHE THREE MONTHS ENDED JUNE 30, 2026<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Amount\u00a0\u00a0
\n in
\n Capital\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Cost\u00a0\u00a0
\n Deficit\u00a0\u00a0
\n Totals\u00a0<\/p>\n
\u00a0\u00a0
\n Common
\n Shares\u00a0\u00a0<\/p>\n
Additional
\n Paid<\/p>\n
\u00a0\u00a0
\n Treasury
\n Shares\u00a0\u00a0
\n Accumulated\u00a0\u00a0
\n \u00a0<\/p>\n
\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Amount\u00a0\u00a0
\n in
\n Capital\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Cost\u00a0\u00a0
\n Deficit\u00a0\u00a0
\n Totals\u00a0<\/p>\n
Balance, April
\n 1, 2026\u00a0
\n \u00a011,757,058\u00a0\u00a0
\n $11,757\u00a0\u00a0
\n $45,578,272\u00a0\u00a0
\n \u00a0327,707\u00a0\u00a0
\n $(1,112,746)\u00a0
\n $(1,371,160)\u00a0
\n $43,106,123\u00a0<\/p>\n
Non-cash compensation\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a03,266\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a03,266\u00a0<\/p>\n
Purchase of treasury shares\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a03,842\u00a0\u00a0
\n \u00a0(16,267)\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0(16,267)<\/p>\n
Dividends declared and payable\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0(1,256,806)\u00a0
\n \u00a0(1,256,806)<\/p>\n
Net income\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a01,152,647\u00a0\u00a0
\n \u00a01,152,647\u00a0<\/p>\n
Balance,
\n June 30, 2026\u00a0
\n \u00a011,757,058\u00a0\u00a0
\n $11,757\u00a0\u00a0
\n $45,581,538\u00a0\u00a0
\n \u00a0331,549\u00a0\u00a0
\n $(1,129,013)\u00a0
\n $(1,475,319)\u00a0
\n $42,988,963\u00a0<\/p>\n
\u00a0<\/p>\n
FOR
\nTHE THREE MONTHS ENDED JUNE 30, 2025<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0
\n Common
\n Shares\u00a0\u00a0<\/p>\n
Additional
\n Paid<\/p>\n
\u00a0\u00a0
\n Treasury
\n Shares\u00a0\u00a0
\n Accumulated\u00a0\u00a0
\n \u00a0<\/p>\n
\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Amount\u00a0\u00a0
\n in
\n Capital\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Cost\u00a0\u00a0
\n Deficit\u00a0\u00a0
\n Totals\u00a0<\/p>\n
Balance, April
\n 1, 2025\u00a0
\n \u00a011,757,058\u00a0\u00a0
\n $11,757\u00a0\u00a0
\n $45,565,207\u00a0\u00a0
\n \u00a0318,407\u00a0\u00a0
\n $(1,070,406)\u00a0
\n $(1,180,476)\u00a0
\n $43,326,082\u00a0<\/p>\n
Non-cash compensation\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a03,266\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a03,266\u00a0<\/p>\n
Dividends declared and payable\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0(1,315,445)\u00a0
\n \u00a0(1,315,445)<\/p>\n
Net income\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a01,412,968\u00a0\u00a0
\n \u00a01,412,968\u00a0<\/p>\n
Balance,
\n June 30, 2025\u00a0
\n \u00a011,757,058\u00a0\u00a0
\n $11,757\u00a0\u00a0
\n $45,568,473\u00a0\u00a0
\n \u00a0318,407\u00a0\u00a0
\n $(1,070,406)\u00a0
\n $(1,082,953)\u00a0
\n $43,426,871\u00a0<\/p>\n
\u00a0<\/p>\n
FOR
\nTHE SIX MONTHS ENDED JUNE 30, 2026 <\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0
\n Common
\n Shares\u00a0\u00a0<\/p>\n
Additional
\n Paid<\/p>\n
\u00a0\u00a0
\n Treasury
\n Shares\u00a0\u00a0
\n Accumulated\u00a0\u00a0
\n \u00a0<\/p>\n
\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Amount\u00a0\u00a0
\n in
\n Capital\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Cost\u00a0\u00a0
\n Deficit\u00a0\u00a0
\n Totals\u00a0<\/p>\n
Balance, January
\n 1, 2026\u00a0
\n \u00a011,757,058\u00a0\u00a0
\n $11,757\u00a0\u00a0
\n $45,575,006\u00a0\u00a0
\n \u00a0324,607\u00a0\u00a0
\n $(1,098,964)\u00a0
\n $(1,388,255)\u00a0
\n $43,099,544\u00a0<\/p>\n
Non-cash compensation\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a06,532\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a06,532\u00a0<\/p>\n
Purchase of treasury shares\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a06,942\u00a0\u00a0
\n \u00a0(30,049)\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0(30,049)<\/p>\n
Dividends paid\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0(1,257,229)\u00a0
\n \u00a0(1,257,229)<\/p>\n
Dividends declared and payable\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0(1,256,806)\u00a0
\n \u00a0(1,256,806)<\/p>\n
Net income\u00a0
\n \u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0
\n \u00a02,426,971\u00a0\u00a0
\n \u00a02,426,971\u00a0<\/p>\n
Balance,
\n June 30, 2026\u00a0
\n \u00a011,757,058\u00a0\u00a0
\n $11,757\u00a0\u00a0
\n $45,581,538\u00a0\u00a0
\n \u00a0331,549\u00a0\u00a0
\n $(1,129,013)\u00a0
\n $(1,475,319)\u00a0
\n $42,988,963\u00a0<\/p>\n
\u00a0<\/p>\n
FOR
\nTHE SIX MONTHS ENDED JUNE 30, 2025<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0
\n Common
\n Shares\u00a0\u00a0<\/p>\n
Additional
\n Paid<\/p>\n
\u00a0\u00a0
\n Treasury
\n Shares\u00a0\u00a0
\n Accumulated\u00a0\u00a0
\n \u00a0<\/p>\n
\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Amount\u00a0\u00a0
\n in
\n Capital\u00a0\u00a0
\n Shares\u00a0\u00a0
\n Cost\u00a0\u00a0
\n Deficit\u00a0\u00a0
\n Totals\u00a0<\/p>\n
Balance, January
\n 1, 2025\u00a0
\n \u00a011,757,058\u00a0\u00a0
\n $11,757\u00a0\u00a0
\n $45,561,941\u00a0\u00a0
\n \u00a0318,407\u00a0\u00a0
\n $(1,070,406)\u00a0
\n $(1,238,165)\u00a0
\n $43,265,127\u00a0<\/p>\n
Non-cash compensation\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a06,532\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a06,532\u00a0<\/p>\n
Dividends paid\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0(1,315,445)\u00a0
\n \u00a0(1,315,445)<\/p>\n
Dividends declared and payable\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0(1,315,445)\u00a0
\n \u00a0(1,315,445)<\/p>\n
Net income\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a0–\u00a0\u00a0
\n \u00a02,786,102\u00a0\u00a0
\n \u00a02,786,102\u00a0<\/p>\n
Balance,
\n June 30, 2025\u00a0
\n \u00a011,757,058\u00a0\u00a0
\n $11,757\u00a0\u00a0
\n $45,568,473\u00a0\u00a0
\n \u00a0318,407\u00a0\u00a0
\n $(1,070,406)\u00a0
\n $(1,082,953)\u00a0
\n $43,426,871\u00a0<\/p>\n
\u00a0<\/p>\n
The
\naccompanying notes are an integral part of these condensed consolidated financial statements.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
MANHATTAN
\nBRIDGE CAPITAL, INC. AND SUBSIDIARY<\/p>\n
CONSOLIDATED
\nSTATEMENTS OF CASH FLOWS<\/p>\n
(unaudited)<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0<\/p>\n
\u00a0\u00a0<\/p>\n
Six
\n Months Ended June 30,<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0<\/p>\n
Cash flows from operating activities:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Net income\u00a0
\n $2,426,971\u00a0\u00a0
\n $2,786,102\u00a0<\/p>\n
Adjustments to reconcile
\n net income to net cash provided by operating activities –\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Amortization of deferred
\n financing costs\u00a0
\n \u00a037,958\u00a0\u00a0
\n \u00a044,473\u00a0<\/p>\n
Adjustment to right-of-use
\n asset – operating lease and liability\u00a0
\n \u00a0(1,980)\u00a0
\n \u00a0(831)<\/p>\n
Depreciation\u00a0
\n \u00a0926\u00a0\u00a0
\n \u00a02,790\u00a0<\/p>\n
Non-cash compensation expense\u00a0
\n \u00a06,532\u00a0\u00a0
\n \u00a06,532\u00a0<\/p>\n
Changes in operating assets
\n and liabilities:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Interest and other fees
\n receivable on loans\u00a0
\n \u00a04,960\u00a0\u00a0
\n \u00a0(369,307)<\/p>\n
Other assets\u00a0
\n \u00a0(65,994)\u00a0
\n \u00a0(93,403)<\/p>\n
Accounts payable and accrued
\n expenses\u00a0
\n \u00a016,755\u00a0\u00a0
\n \u00a0(33,614)<\/p>\n
Deferred
\n origination and other fees\u00a0
\n \u00a0151,047\u00a0\u00a0
\n \u00a064,338\u00a0<\/p>\n
Proceeds
\n from borrower escrow deposits \u2013 loan holdback\u00a0
\n \u00a0<\/p>\n
114,598<\/p>\n
\u00a0\u00a0
\n \u00a0\u2014\u00a0<\/p>\n
Net
\n cash provided by operating activities\u00a0
\n \u00a02,691,773\u00a0\u00a0
\n \u00a02,407,080\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Cash flows from investing activities:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Issuance of short-term
\n loans\u00a0
\n \u00a0(29,007,320)\u00a0
\n \u00a0(23,482,540)<\/p>\n
Collections received from
\n loans\u00a0
\n \u00a027,302,347\u00a0\u00a0
\n \u00a023,619,317\u00a0<\/p>\n
Purchase
\n of fixed assets\u00a0
\n \u00a0\u2014\u00a0\u00a0
\n \u00a0(418)<\/p>\n
Net
\n cash (used in) provided by investing activities\u00a0
\n \u00a0(1,704,973)\u00a0
\n \u00a0136,359\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Cash flows from financing activities:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Proceeds from lines of
\n credit\u00a0
\n \u00a030,608,460\u00a0\u00a0
\n \u00a026,460,484\u00a0<\/p>\n
Repayment of lines of credit\u00a0
\n \u00a0(28,900,126)\u00a0
\n \u00a0(26,365,153)<\/p>\n
Dividends paid\u00a0
\n \u00a0(2,571,961)\u00a0
\n \u00a0(2,630,890)<\/p>\n
Deferred financing costs
\n incurred\u00a0
\n \u00a0(64,816)\u00a0
\n \u00a0\u2014\u00a0<\/p>\n
Purchase of treasury
\n shares\u00a0
\n \u00a0(30,049)\u00a0
\n \u00a0\u2014\u00a0<\/p>\n
Net
\n cash used in financing activities\u00a0
\n \u00a0(958,492)\u00a0
\n \u00a0(2,535,559)<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Net increase in cash\u00a0
\n \u00a028,308\u00a0\u00a0
\n \u00a07,880\u00a0<\/p>\n
Cash
\n and restricted cash, beginning of period(1)\u00a0
\n \u00a0228,239\u00a0\u00a0
\n \u00a0201,762\u00a0<\/p>\n
Cash
\n and restricted cash, end of period(2)\u00a0
\n $256,547\u00a0\u00a0
\n $209,642\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Supplemental Disclosure of Cash Flow Information:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Cash paid during the
\n period for taxes\u00a0
\n $1,300\u00a0\u00a0
\n $1,210\u00a0<\/p>\n
Cash paid during the
\n period for interest\u00a0
\n $702,754\u00a0\u00a0
\n $903,251\u00a0<\/p>\n
Cash paid during the
\n period for operating leases\u00a0
\n $33,028\u00a0\u00a0
\n $31,982\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Supplemental Schedule of Noncash Financing
\n Activities:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Dividend declared and
\n payable\u00a0
\n $1,256,806\u00a0\u00a0
\n $1,315,445\u00a0<\/p>\n
\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Supplemental Schedule of Noncash Operating
\n and Investing Activities:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Reduction in interest
\n receivable in connection with the increase in loans receivable\u00a0
\n $\u2014\u00a0\u00a0
\n $13,122\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
The
\naccompanying notes are an integral part of these condensed consolidated financial statements.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
MANHATTAN
\nBRIDGE CAPITAL, INC. AND SUBSIDIARY<\/p>\n
NOTES
\nTO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<\/p>\n
FOR
\nTHE THREE AND SIX MONTHS ENDED JUNE 30, 2026<\/p>\n
\u00a0<\/p>\n
1.
\nDESCRIPTION OF THE COMPANY<\/p>\n
\u00a0<\/p>\n
The
\naccompanying unaudited condensed consolidated financial statements of Manhattan Bridge Capital, Inc. (\u201cMBC\u201d), a New York
\ncorporation founded in 1989, and its wholly-owned subsidiary, MBC Funding II Corp. (\u201cMBC Funding II\u201d), a New York corporation
\nformed in December 2015 (collectively referred to herein as the \u201cCompany\u201d) have been prepared by the Company in accordance
\nwith U.S. generally accepted accounting principles (\u201cU.S. GAAP\u201d) for interim financial information and with instructions
\nto Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual audited
\nfinancial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary
\nfor a fair presentation have been included. The accompanying unaudited condensed consolidated financial statements should be read in
\nconjunction with the Company\u2019s annual audited consolidated financial statements for the year ended December 31, 2025 and the notes
\nthereto included in the Company\u2019s Annual Report on Form 10-K. Results of consolidated operations for the interim period are not
\nnecessarily indicative of the operating results to be attained in the entire fiscal year.<\/p>\n
\u00a0<\/p>\n
The
\nCompany offers short-term, secured, non\u2013banking loans to real estate investors (also known as hard money loans) to fund their acquisition,
\nrenovation, rehabilitation or development of residential or commercial properties located in the New York metropolitan area, including
\nNew Jersey and Connecticut, and in Florida.<\/p>\n
\u00a0<\/p>\n
Summary
\nof Significant Accounting Policies<\/p>\n
\u00a0<\/p>\n
The
\npreparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
\nthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed
\nconsolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual amounts could
\ndiffer from those estimates.<\/p>\n
\u00a0<\/p>\n
The
\ncondensed consolidated financial statements include the accounts of MBC and MBC Funding II. All significant intercompany balances and
\ntransactions have been eliminated in consolidation.<\/p>\n
\u00a0<\/p>\n
Interest
\nincome from commercial loans is recognized, as earned, over the loan period.<\/p>\n
\u00a0<\/p>\n
Loans
\nreceivable are presented in the condensed consolidated financial statements at cost, net of deferred origination and other fees, which
\nare amortized over the term of the respective loan.<\/p>\n
\u00a0<\/p>\n
2.
\nRECENTLY ISSUED TECHNICAL ACCOUNTING PRONOUNCEMENTS<\/p>\n
\u00a0<\/p>\n
In
\nNovember 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, which requires
\npublic companies to provide additional disclosures about certain expense categories included in income statement captions. The
\nguidance is effective for the Company\u2019s annual periods beginning January 1, 2027, and interim periods beginning January 1,
\n2028. Early adoption is permitted. The guidance is not expected to affect the recognition or measurement of amounts reported in the
\nCompany\u2019s condensed consolidated financial statements but will require additional disclosures.<\/p>\n
\u00a0<\/p>\n
Management
\ndoes not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material
\neffect on the Company\u2019s condensed consolidated financial statements.<\/p>\n
\u00a0<\/p>\n
3.
\nCASH \u2013 RESTRICTED<\/p>\n
\u00a0<\/p>\n
Restricted
\ncash mainly represents collections received, pending clearance, from the Company\u2019s commercial loans and is primarily dedicated
\nto the reduction of the Webster Credit Line (as defined below), established pursuant to the Amended and Restated Credit Agreement (as
\ndefined below, see Note 5).<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
4.
\nCOMMERCIAL LOANS<\/p>\n
\u00a0<\/p>\n
Loans
\nReceivable<\/p>\n
\u00a0<\/p>\n
The
\nCompany offers short-term secured non\u2013banking loans to real estate investors (also known as hard money loans) to fund their acquisition
\nand construction of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. The loans
\nare principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.
\nThe loans are generally for a term of one year. The short-term loans are initially recorded, and carried thereafter, in the condensed
\nconsolidated financial statements at cost, net of deferred origination and other fees, which totaled approximately $606,000 and $455,000
\nat June 30, 2026 and December 31, 2025, respectively. Most of the loans provide for receipt of interest only during the term of the loan
\nand a balloon payment at the end of the term. At June 30, 2026, the Company was committed to $3,927,235 in construction loans that can
\nbe drawn by the borrowers when certain conditions are met.<\/p>\n
\u00a0<\/p>\n
At
\nJune 30, 2026, no borrower or group of affiliated borrowers, including entities under common ownership or control, had loans outstanding
\nrepresenting more than 10% of the Company\u2019s total outstanding loan portfolio.<\/p>\n
\u00a0<\/p>\n
The
\nCompany generally grants loans for a term of one year. When a performing loan reaches its maturity and the borrower requests an extension,
\nthe Company may extend the term of the loan beyond one year. Prior to granting an extension of any loan, the Company reevaluates the
\nunderlying collateral.<\/p>\n
\u00a0<\/p>\n
Credit
\nRisk<\/p>\n
\u00a0<\/p>\n
Credit
\nrisk profile based on loan activity as of June 30, 2026 and December 31, 2025:<\/p>\n
\u00a0SCHEDULE OF CREDIT RISK<\/p>\n
Outstanding
\n loans\u00a0<\/p>\n
Developers-<\/p>\n
Residential<\/p>\n
\u00a0\u00a0<\/p>\n
Developers-<\/p>\n
Commercial<\/p>\n
\u00a0\u00a0<\/p>\n
Developers-<\/p>\n
Mixed
\n Use<\/p>\n
\u00a0\u00a0<\/p>\n
Total<\/p>\n
outstanding loans<\/p>\n
\u00a0<\/p>\n
June 30,
\n 2026 (unaudited)\u00a0
\n $51,398,894\u00a0\u00a0
\n $9,029,954\u00a0\u00a0
\n $1,950,000\u00a0\u00a0
\n $62,378,848\u00a0<\/p>\n
December 31, 2025 (audited)\u00a0
\n $51,858,921\u00a0\u00a0
\n $7,314,954\u00a0\u00a0
\n $1,500,000\u00a0\u00a0
\n $60,673,875\u00a0<\/p>\n
\u00a0<\/p>\n
At
\nJune 30, 2026, the Company\u2019s loans receivable consisted of loans in the amount of $920,250, $1,500,000, $4,155,144, $6,426,620
\nand $11,179,765, originally due or committed to lend to borrowers in 2020, 2022, 2023, 2024 and 2025, respectively. The loans receivable
\nalso include loans in the amount of $7,640,000 originally due in the first six months of 2026.<\/p>\n
\u00a0<\/p>\n
Generally,
\nborrowers are paying their interest, and the Company receives a fee in connection with the extension of the loans. Based on management\u2019s
\nevaluation of the collectability of its loan portfolio, including the estimated fair value of the collateral securing the Florida loan
\ndiscussed below, management concluded that no allowance for credit losses was required as of June 30, 2026.<\/p>\n
\u00a0<\/p>\n
During
\nthe quarter ended June 30, 2026, one borrower with an aggregate outstanding principal balance of approximately $935,000 secured by two
\nproperties located in Florida became delinquent on its interest payment obligations. The borrower has not made interest payments for
\napproximately three months and has not responded to the Company\u2019s notice of default. The Company has engaged Florida foreclosure
\ncounsel to pursue available remedies, including foreclosure, if necessary. Management believes the estimated fair value of the collateral
\nsubstantially exceeds the outstanding principal balance. Based on its evaluation of the collateral, expected recovery and other relevant
\nfacts and circumstances, management concluded that no impairment or allowance for credit losses was required as of June 30, 2026. The
\nCompany will continue to monitor the loan and reassess collectability and collateral value each reporting period.<\/p>\n
\u00a0<\/p>\n
Subsequent
\nto the balance sheet date, approximately $3,701,000 of the loans receivable at June 30, 2026, were paid down or paid off, including $506,000 originally due on or before June 30, 2026.<\/p>\n
\u00a0<\/p>\n
5.
\nLINES OF CREDIT<\/p>\n
\u00a0<\/p>\n
The
\nCompany is party to an Amended and Restated Credit and Security Agreement with Webster Bank, National Association (\u201cWebster\u201d)
\nand Flushing Bank (\u201cFlushing\u201d and, together with Webster, the \u201cLenders\u201d) (as amended, the \u201cAmended and
\nRestated Credit Agreement\u201d), which provides for an aggregate revolving credit facility of $32.5 million (as amended, the \u201cWebster
\nCredit Line\u201d), secured by assignments of mortgages and other collateral. On March 24, 2026, the Company entered into an amendment
\nto the Amended and Restated Credit Agreement that, among other things, (i) extended the maturity of the credit facility to February 28,
\n2029, (ii) modified certain portfolio composition requirements, including limiting mortgage loans outstanding for more than 30 months
\nto 17.5% of the total portfolio, (iii) updated applicable interest margins, and (iv) revised certain mortgage loan eligibility criteria.
\nExcept as amended, all other material terms of the credit facility remain in full force and effect.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Borrowings
\nunder the Webster Credit Line bear interest, at the Company\u2019s election for each drawdown, at either (i) the Secured Overnight Financing
\nRate (\u201cSOFR\u201d) plus an applicable premium, including a 0.5% agency fee, or (ii) a Base Rate (as defined in the Amended and
\nRestated Credit Agreement) plus 2.00%, plus a 0.5% agency fee. The interest rate on outstanding borrowings fluctuates daily. The Webster
\nCredit Line contains customary covenants and restrictions, including, among others, limitations on borrowings relative to collateral
\nvalue, requirements to maintain specified financial ratios, limitations on the terms of loans the Company makes to its customers, and
\nrestrictions, under certain circumstances, on dividends and share repurchases, asset dispositions, mergers or consolidations, the granting
\nof liens, and transactions with affiliates. The Amended and Restated Credit Agreement also contains a cross-default provision pursuant
\nto which a default under certain indebtedness of the Company or its subsidiary, MBC Funding II, may constitute a default under the Webster
\nCredit Line. Under the Amended and Restated Credit Agreement, the Company may repurchase, redeem or otherwise retire its equity securities
\nin an amount not to exceed ten percent of the Company\u2019s annual net income from the prior fiscal year. The Webster Credit Line also
\nincludes restrictions, subject to negotiated exceptions, on additional indebtedness and other restricted payments. In addition, Mr. Ran
\nhas provided a personal guaranty of up to $1.0 million, plus enforcement costs, with respect to amounts that may be owed under the Webster
\nCredit Line.<\/p>\n
\u00a0<\/p>\n
MBC
\nFunding II is party to a committed credit facility with Valley National Bank (\u201cValley\u201d) (the \u201cValley Credit Line\u201d),
\nwhich provides for maximum borrowings of up to $10.0 million. The Valley Credit Line is secured by substantially all of the assets of
\nMBC Funding II, and is guaranteed by the Company and includes a limited guaranty from Mr. Ran capped at $500,000. Amounts available for
\nborrowing under the Valley Credit Line are subject to a borrowing base based on eligible mortgage loans, as reflected in periodic borrowing
\nbase certificates and related schedules delivered to Valley pursuant to the applicable agreement. Borrowings under the Valley Credit
\nLine bear interest at a floating rate equal to the forward-looking term rate based on SOFR for the applicable interest period (\u201cTerm
\nSOFR\u201d), subject to a floor, plus an applicable margin, and are subject to customary fees. The Valley Credit Line matures on December
\n12, 2027, unless earlier accelerated in accordance with its terms.<\/p>\n
\u00a0<\/p>\n
The
\nCompany was in compliance with all covenants under the Webster Credit Line as of June 30, 2026, and MBC Funding II was in compliance
\nwith all covenants under the Valley Credit Line as of that date. As of June 30, 2026, outstanding borrowings under the Webster Credit
\nLine were $13,266,966, bearing interest at approximately 6.9%, inclusive of the 0.5% agency fee. Outstanding borrowings under the Valley
\nCredit Line were $6,042,500, bearing interest at approximately 6.6%.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Basic
\nand diluted earnings per common share are calculated in accordance with Accounting Standards Codification (\u201cASC\u201d) Topic 260,
\n\u201cEarnings Per Share.\u201d Basic earnings per common share is computed by dividing net income available to common shareholders
\nby the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed similarly,
\nexcept that the weighted-average number of common shares outstanding is increased to include the potential dilutive effect of stock options
\nand warrants, if any, using the treasury stock method. The numerator used in calculating both basic and diluted earnings per common share
\nis net income for each period.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Stock-based
\ncompensation expense recognized under ASC Topic 718, \u201cCompensation-Stock Compensation,\u201d for each of the three-month periods
\nended June 30, 2026 and 2025 of $3,266, and for each of the six-month periods ended June 30, 2026 and 2025 of $6,532 represent the amortization
\nof the fair value of 1,000,000 restricted shares granted to the Company\u2019s Chief Executive Officer on September 9, 2011 of $195,968,
\nafter adjusting for the effect on the fair value of the stock options related to this transaction. The fair value is being amortized
\nover 15 years. As of June 30, 2026, all 1,000,000 shares remained restricted, and the remaining unrecognized stock-based compensation
\namounted to $2,177. One third of such restricted shares will vest on each of September 9, 2026, September 9, 2027, and September 9, 2028.<\/p>\n
\u00a0<\/p>\n
8.
\nSTOCKHOLDERS\u2019 EQUITY<\/p>\n
\u00a0<\/p>\n
On
\nNovember 20, 2025, the Company\u2019s board of directors approved a new share repurchase program authorizing the repurchase of up to
\n100,000 shares of the Company\u2019s common stock over the following 12 months. As of June 30, 2026, the Company had repurchased an
\naggregate of 13,142 shares under the program at a total cost of approximately $59,000. Of these amounts, 6,942 shares were repurchased
\nduring the six months ended June 30, 2026 at an aggregate cost of approximately $30,000.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
9.
\nSEGMENT REPORTING<\/p>\n
\u00a0<\/p>\n
The
\nCompany reports segment information based on the management approach which designates the internal reporting used by the Chief Operating
\nDecision Maker, which is the Company\u2019s Chief Executive Officer, for making decisions and assessing performance as the source of
\nthe Company\u2019s reportable segments. The Company operates as a onesingle reportable segment, originating, servicing, and managing short-term
\nsecured commercial loans to real estate investors. Management evaluates performance on a consolidated basis, as all loans share similar
\nrisk profiles, underwriting standards, and operational processes. Key performance metrics include interest income, origination fees,
\nloan performance, and operating expenses. Significant expenses reviewed by management include interest and amortization of deferred financing
\ncosts and general and administrative expenses, which remain consistent across loan types. There are no material differences between segment-level
\ninformation and consolidated financial reporting. The Company will continue to evaluate its segment reporting disclosures and make adjustments
\nif there are material changes in business operations or financial reporting requirements.<\/p>\n
\u00a0<\/p>\n
Net
\nincome from the Company\u2019s reportable segment is as follows:<\/p>\n
\u00a0SCHEDULE OF NET INCOME FROM THE COMPANY\u2019S REPORTABLE SEGMENT<\/p>\n
\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0<\/p>\n
\u00a0\u00a0
\n (Unaudited)\u00a0<\/p>\n
\u00a0\u00a0
\n Three
\n Months Ended June 30,\u00a0\u00a0
\n Six
\n Months Ended June 30,\u00a0<\/p>\n
\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0\u00a0
\n 2026\u00a0\u00a0
\n 2025\u00a0<\/p>\n
Lending revenue:\u00a0
\n $2,045,203\u00a0\u00a0
\n $2,355,236\u00a0\u00a0
\n $4,112,847\u00a0\u00a0
\n $4,628,949\u00a0<\/p>\n
Less:\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0\u00a0
\n \u00a0\u00a0\u00a0<\/p>\n
Interest expense\u00a0
\n \u00a0379,658\u00a0\u00a0
\n \u00a0484,013\u00a0\u00a0
\n \u00a0724,250\u00a0\u00a0
\n \u00a0913,142\u00a0<\/p>\n
Amortization of deferred
\n financing costs\u00a0
\n \u00a019,302\u00a0\u00a0
\n \u00a022,237\u00a0\u00a0
\n \u00a037,958\u00a0\u00a0
\n \u00a044,473\u00a0<\/p>\n
Referral fees\u00a0
\n \u00a01,646\u00a0\u00a0
\n \u00a01,523\u00a0\u00a0
\n \u00a05,611\u00a0\u00a0
\n \u00a01,667\u00a0<\/p>\n
General and administrative
\n expenses\u00a0
\n \u00a0495,150\u00a0\u00a0
\n \u00a0437,785\u00a0\u00a0
\n \u00a0925,757\u00a0\u00a0
\n \u00a0891,355\u00a0<\/p>\n
Income tax expense\u00a0
\n \u00a01,300\u00a0\u00a0
\n \u00a01,210\u00a0\u00a0
\n \u00a01,300\u00a0\u00a0
\n \u00a01,210\u00a0<\/p>\n
Other
\n income\u00a0
\n \u00a0(4,500)\u00a0
\n \u00a0(4,500)\u00a0
\n \u00a0(9,000)\u00a0
\n \u00a0(9,000)<\/p>\n
Net income\u00a0
\n $1,152,647\u00a0\u00a0
\n $1,412,968\u00a0\u00a0
\n $2,426,971\u00a0\u00a0
\n $2,786,102\u00a0<\/p>\n
\u00a0<\/p>\n
10.
\nSUBSEQUENT EVENTS<\/p>\n
\u00a0<\/p>\n
In
\naccordance with the dividend declared by the Company\u2019s board of directors on April 14, 2026, a cash dividend of $0.11 per share
\nin an aggregate amount of $1,256,806 was paid on July 15, 2026, to all shareholders of record on July 8, 2026.<\/p>\n
\u00a0<\/p>\n
********<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Item
\n2. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS<\/p>\n
\u00a0<\/p>\n
The
\nfollowing discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with
\nour unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q. The discussion
\nand analysis contain forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and
\nthe timing of certain events may differ significantly from those projected in such forward-looking statements.<\/p>\n
\u00a0<\/p>\n
We
\nare a New York-based real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage
\nloans. We offer short-term, secured, non-banking loans (sometimes referred to as \u201chard money\u201d loans), which we may renew
\nor extend on, before or after their initial term expires, to real estate investors to fund their acquisition, renovation, rehabilitation
\nor development of residential or commercial properties located in the New York metropolitan area, including New Jersey and Connecticut,
\nand in Florida.<\/p>\n
\u00a0<\/p>\n
The
\nproperties securing the loans are generally classified as residential or commercial real estate and, typically, are not income producing.
\nAll loans, except for one loan with a current outstanding principal balance of approximately $14,000, are secured by a first mortgage
\nlien on real estate. In addition, each loan is personally guaranteed by the principal(s) of the borrower, which guarantee may be collaterally
\nsecured by a pledge of the guarantor\u2019s interest in the borrower. The face amount of the loans we originated in the past seven years
\nranged from $40,000 to a maximum of $3.6 million. Our lending policy limits the maximum amount of any loan to the lower of (i) 9.9% of
\nthe aggregate amount of our loan portfolio (not including the loan under consideration) and (ii) $4 million. Our loans typically have
\na maximum initial term of 12 months bearing interest at a fixed rate of 9% to 12% per year, except for one loan issued in June 2024,
\nwhich initially bore interest at 11.5% per annum and, effective January 2, 2025, was modified to bear interest at 7.25% per annum for
\nan extension term of up to one year, which term was subsequently extended for an additional year. In addition, we usually receive origination
\nfees or \u201cpoints\u201d ranging from 0% to 2% of the original principal amount of the loan as well as other fees relating to underwriting
\nand funding the loan. Interest is always payable monthly, in arrears. In the case of acquisition financing, the principal amount of the
\nloan usually does not exceed 75% of the value of the property (as determined by an independent appraiser) and in the case of construction
\nfinancing, it is typically up to 80% of construction costs.<\/p>\n
\u00a0<\/p>\n
Since
\ncommencing our business in 2007, except as set forth below, we have not completed a foreclosure or taken title to any collateral property,
\nalthough from time to time we have renewed or extended the term of a loan to enable the borrower to avoid premature sale or refinancing
\nof the property. When we renew or extend a loan, we generally receive additional \u201cpoints\u201d and other fees.<\/p>\n
\u00a0<\/p>\n
During
\nthe quarter ended June 30, 2026, one borrower with an aggregate outstanding principal balance of approximately $935,000 secured by two
\nproperties located in Florida became delinquent on its interest payment obligations. We delivered a notice of default and, after the
\nborrower failed to cure the default, retained Florida foreclosure counsel to pursue available remedies, including foreclosure, if necessary.
\nBased on management\u2019s evaluation of the estimated value of the underlying collateral, which management believes substantially exceeds
\nthe outstanding principal balance, we concluded that no allowance for credit losses was required as of June 30, 2026. We will continue
\nto monitor the loan, the foreclosure process, if commenced, and the value of the underlying collateral each reporting period.<\/p>\n
\u00a0<\/p>\n
Our
\nprimary business objective is to grow our loan portfolio while protecting and preserving capital in a manner that provides for attractive
\nrisk-adjusted returns to our shareholders over the long term through dividends. We intend to achieve this objective by continuing to
\nselectively originate and fund loans secured by first mortgages on residential and commercial real estate held for investment located
\nin the New York metropolitan area, including New Jersey and Connecticut, and in Florida, and to carefully manage and service our portfolio
\nin a manner designed to generate attractive risk-adjusted returns across a variety of market conditions and economic cycles. We believe
\nthat current market dynamics, specifically the supply-and-demand imbalance for relatively small real estate loans, present opportunities
\nfor us to selectively originate high-quality first mortgage loans and we believe that these market conditions should persist for a number
\nof years. We have built our business on a foundation of intimate knowledge of the New York metropolitan area real estate market combined
\nwith a disciplined credit and due diligence culture that is designed to protect and preserve capital. We believe that our flexibility
\nand ability to structure loans that address the needs of our borrowers without compromising our standards on credit risk, our expertise,
\nour intimate knowledge of the New York metropolitan area real estate market and our focus on newly originated first mortgage loans, have
\ndefined our success until now and should enable us to continue to achieve our objectives.<\/p>\n
\u00a0<\/p>\n
A
\nprincipal source of new transactions has been repeat business from prior customers and their referral of new business. We also receive
\nleads for new business from banks, brokers and a limited amount of advertising. Finally, our Chief Executive Officer also spends a significant
\nportion of his time on new business development. We rely on our own employees, independent legal counsel, and other independent professionals
\nto verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are used to assist us in evaluating
\nthe worth of collateral, when deemed necessary by management. We also use construction inspectors.<\/p>\n
\u00a0<\/p>\n
For
\nthe six-month periods ended June 30, 2026 and 2025, the total amounts of $29,007,320 and $23,482,540, respectively, have been lent, offset
\nby collections received from borrowers, under our commercial loans of $27,302,347 and $23,619,317, respectively.<\/p>\n
\u00a0<\/p>\n
At
\nJune 30, 2026, we were committed to $3,927,235 in construction loans that can be drawn by our borrowers when certain conditions are met.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
To
\ndate, none of the loans previously made have resulted in a credit loss or been determined to be uncollectible, although no assurances
\ncan be given that existing or future loans may not prove to be non-collectible or foreclosed in the future. As of June 30, 2026, one
\nborrower with an outstanding principal balance of approximately $935,000 was in default, and we had retained Florida foreclosure counsel
\nto pursue available remedies. Based on management\u2019s assessment of the estimated value of the underlying collateral, which management
\nbelieves substantially exceeds the outstanding principal balance, no allowance for credit losses was recorded as of June 30, 2026.<\/p>\n
\u00a0<\/p>\n
We
\nsatisfied all of the requirements to be taxed as a real estate investment trust (\u201cREIT\u201d) and elected to be taxed as a REIT
\ncommencing with our taxable year ended December 31, 2014. In order to maintain our qualification for taxation as a REIT and avoid any
\nexcise tax on our net taxable income, we are required to distribute each year at least 90% of our REIT taxable income. If we distribute
\nless than 100% of our taxable income (but more than 90%), the undistributed portion will be taxed at the regular corporate income tax
\nrates. As a REIT, we may also be subject to federal excise taxes and minimum state taxes.<\/p>\n
\u00a0<\/p>\n
Results
\nof Operations<\/p>\n
\u00a0<\/p>\n
Three
\nMonths Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025<\/p>\n
\u00a0<\/p>\n
Total
\nrevenue<\/p>\n
\u00a0<\/p>\n
Total
\nrevenue for the three months ended June 30, 2026 was approximately $2,045,000 compared to approximately $2,355,000 for the same period
\nin 2025, a decrease of approximately $310,000, or 13.2%. The decrease occurred despite increases in both the number of loans originated
\nand the amount of capital deployed and was primarily attributable to lower interest rates and origination fees charged to borrowers as
\na result of increased competition in the marketplace. In addition, the Company granted approximately $85,000 of discretionary payoff and
\nrefinancing credits to certain borrowers during the
\nquarter. These credits were provided in connection with negotiated loan payoffs and other borrower-specific business matters. For the
\nthree months ended June 30, 2026 and 2025, approximately $1,738,000 and $1,899,000, respectively, of our revenues were attributable to
\ninterest income on secured commercial loans that we offer to real estate investors, and approximately $307,000 and $456,000, respectively,
\nof our revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real
\nestate and accompanied by personal guarantees from the principals of the borrowers.<\/p>\n
\u00a0<\/p>\n
Interest
\nand amortization of deferred financing costs<\/p>\n
\u00a0<\/p>\n
Interest
\nand amortization of deferred financing costs for the three months ended June 30, 2026 were approximately $399,000 compared to approximately
\n$506,000 for the same period in 2025, representing a decrease of approximately $107,000, or 21.1%. The decrease was primarily attributable
\nto lower interest expense resulting from lower average borrowings and lower SOFR rates (see Note 5 to the condensed consolidated financial
\nstatements).<\/p>\n
\u00a0<\/p>\n
General
\nand administrative expenses<\/p>\n
\u00a0<\/p>\n
General
\nand administrative expenses for the three months ended June 30, 2026 were approximately $495,000, compared to approximately $438,000
\nfor the same period in 2025, representing an increase of approximately $57,000, or 13.0%. The increase was primarily attributable to
\nincreases in payroll, legal, bank, appraisal, and travel expenses.<\/p>\n
Net
\nincome<\/p>\n
\u00a0<\/p>\n
Net
\nincome for the three months ended June 30, 2026 was approximately $1,153,000 compared to approximately $1,413,000 for the same period
\nin 2025, representing a decrease of approximately $260,000, or 18.4%. The decrease was primarily attributable to lower revenue, partially
\noffset by reduced interest expense.<\/p>\n
\u00a0<\/p>\n
Six
\nMonths Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025<\/p>\n
\u00a0<\/p>\n
Total
\nrevenue<\/p>\n
\u00a0<\/p>\n
Total
\nrevenue for the six months ended June 30, 2026 was approximately $4,113,000 compared to approximately $4,629,000 for the same period
\nin 2025, a decrease of approximately $516,000, or 11.1%. The decrease occurred despite increases in both the number of loans originated
\nand the amount of capital deployed and was primarily attributable to lower interest rates and origination fees charged to borrowers as
\na result of increased competition in the marketplace. In addition, the Company granted approximately $91,000 of discretionary payoff and
\nrefinancing credits to certain borrowers during
\nthe six months. These credits were provided in connection with negotiated loan payoffs and other borrower-specific business matters.
\nFor the six months ended June 30, 2026 and 2025, revenues of approximately $3,437,000 and $3,733,000, respectively, were attributable
\nto interest income on secured commercial loans that we offer to real estate investors, and approximately $675,000 and $896,000, respectively,
\nwere attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied
\nby personal guarantees from the principals of the borrowers.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Interest
\nand amortization of deferred financing costs<\/p>\n
\u00a0<\/p>\n
Interest
\nand amortization of deferred financing costs for the six months ended June 30, 2026 were approximately $762,000 compared to approximately
\n$958,000 for the same period in 2025, representing a decrease of approximately $196,000, or 20.5%. The decrease was primarily attributable
\nto lower interest expense resulting from lower average borrowings and lower SOFR rates (see Note 5 to the condensed consolidated financial
\nstatements).<\/p>\n
\u00a0<\/p>\n
General
\nand administrative expenses<\/p>\n
\u00a0<\/p>\n
General
\nand administrative expenses for the six months ended June 30, 2026 were approximately $926,000 compared to approximately $891,000 for
\nthe same period in 2025, representing an increase of approximately $35,000, or 3.9%. The increase was primarily attributable to increases
\nin payroll and legal expenses, partially offset by the absence of a NYSE American listing fee related to the MBC Funding II 6.00% Senior
\nSecured Notes (the \u201cNotes\u201d) incurred in the prior year period.<\/p>\n
Net
\nincome<\/p>\n
\u00a0<\/p>\n
Net
\nincome for the six months ended June 30, 2026 was approximately $2,427,000 compared to approximately $2,786,000 for the same period in
\n2025, representing a decrease of approximately $359,000, or 12.9%. The decrease was primarily attributable to lower revenue, partially
\noffset by reduced interest expense.<\/p>\n
\u00a0<\/p>\n
Liquidity
\nand Capital Resources<\/p>\n
\u00a0<\/p>\n
At
\nJune 30, 2026, we had cash of approximately $230,000, compared to approximately $205,000 at December 31, 2025, excluding restricted cash,
\nwhich primarily represents collections on commercial loans pending clearance and designated for repayment of the Webster Credit Line.<\/p>\n
\u00a0<\/p>\n
For
\nthe six months ended June 30, 2026, net cash provided by operating activities was approximately $2,692,000, compared to approximately
\n$2,407,000 for the same period in 2025. The increase was primarily attributable to a decrease in interest and other fees receivable during
\nthe 2026 period, compared with an increase in such receivables during the 2025 period, proceeds from borrower escrow deposits, and a greater increase in deferred origination and other fees, partially offset by lower net income.<\/p>\n
\u00a0<\/p>\n
For
\nthe six months ended June 30, 2026, net cash used in investing activities was approximately $1,705,000, compared to net cash provided
\nby investing activities of approximately $136,000 for the same period in 2025. Net cash used in investing activities for the six months
\nended June 30, 2026 consisted of the issuance of commercial loans of approximately $29,007,000, offset by the collection on commercial
\nloans of approximately $27,302,000. Net cash provided by investing activities for the six months ended June 30, 2025 primarily consisted
\nof the collection on commercial loans of approximately $23,619,000, offset by the issuance of commercial loans of approximately $23,483,000.<\/p>\n
\u00a0<\/p>\n
For
\nthe six months ended June 30, 2026, net cash used in financing activities was approximately $958,000, compared to approximately $2,536,000
\nfor the same period in 2025. Net cash used in financing activities for the six months ended June 30, 2026 consisted of dividend payments
\nof approximately $2,572,000, deferred financing costs of approximately $65,000, and repurchases of treasury shares of approximately $30,000,
\npartially offset by net proceeds from the Webster Credit Line of approximately $1,708,000. Net cash used in financing activities for
\nthe six months ended June 30, 2025 consisted of dividend payments of approximately $2,631,000, partially offset by net proceeds from
\nthe Webster Credit Line of approximately $95,000.<\/p>\n
\u00a0<\/p>\n
Our
\nAmended and Restated Credit Agreement with Webster and Flushing provides for the Webster Credit Line. On March 24, 2026, we entered into
\nan amendment to the Amended and Restated Credit Agreement that, among other things, (i) extended the maturity of the credit facility
\nto February 28, 2029, (ii) modified certain portfolio composition requirements, including limiting mortgage loans outstanding for more
\nthan 30 months to 17.5% of the total portfolio, (iii) updated applicable interest margins, and (iv) revised certain mortgage loan eligibility
\ncriteria. Except as amended, all other material terms of the credit facility remain in full force and effect. The Webster Credit Line
\nprovides an aggregate borrowing capacity of $32.5 million, secured by assignments of mortgages and other collateral. As of June 30, 2026,
\nborrowings under the Webster Credit Line bore interest, at our election for each drawdown, at either (i) SOFR plus an applicable premium,
\nwhich was approximately 6.9%, inclusive of a 0.5% agency fee, or (ii) the Base Rate (as defined in the Amended and Restated Credit Agreement)
\nplus 2.00%, plus a 0.5% agency fee.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
The
\nWebster Credit Line contains customary covenants and restrictions, including, among others, limitations on borrowings relative to collateral
\nvalue, requirements to maintain specified financial ratios, limitations on the terms of loans we make to our customers, and restrictions,
\nunder certain circumstances, on dividends and share repurchases, asset dispositions, mergers or consolidations, the granting of liens,
\nand transactions with affiliates. The Amended and Restated Credit Agreement also contains a cross-default provision pursuant to which
\na default under certain indebtedness of us or our subsidiary, MBC Funding II, may constitute a default under the Webster Credit Line.
\nUnder the Amended and Restated Credit Agreement, we may repurchase, redeem or otherwise retire our equity securities in an amount not
\nto exceed ten percent of our annual net income from the prior fiscal year. The Webster Credit Line also includes restrictions, subject
\nto negotiated exceptions, on additional indebtedness and other restricted payments. In addition, Mr. Ran has provided a personal guaranty
\nof up to $1.0 million, plus enforcement costs, with respect to amounts that may be owed under the Webster Credit Line.<\/p>\n
\u00a0<\/p>\n
On
\nDecember 12, 2025, MBC Funding II entered into a letter agreement with Valley pursuant to which Valley agreed to provide MBC Funding
\nII with a revolving line of credit of up to $10.0 million. In connection with the credit facility, MBC Funding II executed a Line of
\nCredit Note evidencing the advances available under the facility and entered into an all-assets Security Agreement in favor of Valley.
\nIn addition, we and Mr. Ran provided guarantees of the obligations under the credit facility, including a limited guaranty from Mr. Ran
\ncapped at $500,000. The Valley Credit Line is secured by substantially all of the assets of MBC Funding II and is guaranteed by us. The
\nCredit Facility matures on the earlier of December 12, 2027 or the acceleration of the obligations following an event of default. Borrowings
\nunder the Valley Credit Line are subject to a borrowing base based on eligible mortgage loans. The Valley Credit Line contains customary
\ncovenants and restrictions, including financial covenants and limitations on borrowings based on collateral values.<\/p>\n
\u00a0<\/p>\n
Outstanding
\nborrowings under the Valley Credit Line bear interest at a floating rate equal to Term SOFR, subject to a floor of 3.00%, plus 2.95%
\nper annum, and are subject to standard benchmark replacement provisions. The facility also requires the payment of an upfront fee equal
\nto 0.20% of the total commitment and an unused line fee equal to 0.25% per annum on the average daily unused portion of the facility.
\nAs of June 30, 2026, borrowings under the Valley Credit Line bore interest at a floating rate equal to Term SOFR, subject to a floor,
\nplus an applicable margin and customary fees, which rate was approximately 6.6%.<\/p>\n
\u00a0<\/p>\n
We
\nwere in compliance with all covenants under the Webster Credit Line and the Valley Credit Line as of June 30, 2026. As of that date,
\noutstanding borrowings under the Webster Credit Line were $13,266,966 and outstanding borrowings under the Valley Credit Line were $6,042,500.<\/p>\n
\u00a0<\/p>\n
On
\nNovember 20, 2025, our board of directors approved a new share repurchase program authorizing the repurchase of up to 100,000 shares
\nof our common stock over the following 12 months. As of June 30, 2026, we had repurchased an aggregate of 13,142 shares under the program
\nat a total cost of approximately $59,000. Of these amounts, 6,942 shares were repurchased during the six months ended June 30, 2026 at
\nan aggregate cost of approximately $30,000.<\/p>\n
\u00a0<\/p>\n
We
\nbelieve that our current cash balances, available borrowings under the Webster Credit Line and the Valley Credit Line, and cash flows
\nfrom operations will be sufficient to fund our operations for at least the next 12 months. We expect, however, that our working capital
\nrequirements will increase over the next 12 months as we continue to pursue growth opportunities under favorable market conditions.<\/p>\n
\u00a0<\/p>\n
Item
\n3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK<\/p>\n
\u00a0<\/p>\n
As
\na smaller reporting company, we are not required to provide the information required by this Item.<\/p>\n
\u00a0<\/p>\n
Item
\n4. CONTROLS AND PROCEDURES<\/p>\n
\u00a0<\/p>\n
(a)Evaluation
\n and Disclosure Controls and Procedures<\/p>\n
\u00a0<\/p>\n
Our
\nmanagement, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure
\ncontrols and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2026 (the \u201cEvaluation
\nDate\u201d). Based upon that evaluation, the chief executive officer and the chief financial officer concluded that, as of the Evaluation
\nDate, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that
\nwe file or submit under the Exchange Act (i) are recorded, processed, summarized and reported, within the time periods specified in the
\nSecurities and Exchange Commission\u2019s rules and forms and (ii) are accumulated and communicated to our management, including its
\nchief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.<\/p>\n
\u00a0<\/p>\n
(b)Changes
\n in Internal Control Over Financial Reporting<\/p>\n
\u00a0<\/p>\n
There
\nwas no change in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) during
\nthe fiscal quarter ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control
\nover financial reporting.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
PART
\nII OTHER INFORMATION<\/p>\n
\u00a0<\/p>\n
Item
\n2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS<\/p>\n
\u00a0<\/p>\n
On
\nNovember 20, 2025, the Company\u2019s board of directors authorized a share repurchase program authorizing the repurchase of up to 100,000
\nshares of our common stock in the next twelve months. As of June 30, 2026, the Company had repurchased an aggregate of 13,142 shares
\nunder the program at a total cost of approximately $59,000. Of these amounts, 6,942 shares were repurchased during the six months ended
\nJune 30, 2026 at an aggregate cost of approximately $30,000.<\/p>\n
\u00a0<\/p>\n
The
\nfollowing table sets forth information regarding repurchases of the Company\u2019s common stock during the quarter ended June 30, 2026:<\/p>\n
\u00a0<\/p>\n
ISSUER
\nPURCHASES OF EQUITY SECURITIES<\/p>\n
\u00a0<\/p>\n
Period\u00a0<\/p>\n
(a)<\/p>\n
Total
\n Number of Shares (or Units)<\/p>\n
Purchased<\/p>\n
\u00a0\u00a0<\/p>\n
(b)<\/p>\n
Average
\n Price Paid per Share<\/p>\n
(or
\n Unit)<\/p>\n
\u00a0\u00a0<\/p>\n
(c)<\/p>\n
Total
\n Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or<\/p>\n
Programs<\/p>\n
\u00a0\u00a0<\/p>\n
(d)<\/p>\n
Maximum
\n Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs<\/p>\n
\u00a0<\/p>\n
April 1-30,
\n 2026\u00a0
\n \u00a00\u00a0\u00a0
\n $\u2014\u00a0\u00a0
\n \u00a00\u00a0\u00a0
\n \u00a090,700\u00a0<\/p>\n
May 1-31, 2026\u00a0
\n \u00a03,842\u00a0\u00a0
\n $4.23\u00a0\u00a0
\n \u00a03,842\u00a0\u00a0
\n \u00a086,858\u00a0<\/p>\n
June
\n 1-30, 2026\u00a0
\n \u00a00\u00a0\u00a0
\n $\u2014\u00a0\u00a0
\n \u00a00\u00a0\u00a0
\n \u00a086,858\u00a0<\/p>\n
Total\u00a0
\n \u00a03,842\u00a0\u00a0
\n $4.23\u00a0\u00a0
\n \u00a03,842\u00a0\u00a0
\n \u00a086,858\u00a0<\/p>\n
\u00a0<\/p>\n
Item
\n6. EXHIBITS <\/p>\n
\u00a0<\/p>\n
Exhibit
\n No.
\n \u00a0
\n Description<\/p>\n
\u00a0
\n \u00a0
\n \u00a0<\/p>\n
10.1
\n \u00a0
\n Amendment to Loan Documents, dated April 27, 2026, by and among MBC Funding II Corp., Valley National Bank and Manhattan Bridge Capital, Inc., as guarantor<\/p>\n
31.1
\n \u00a0
\n Chief
\n Executive Officer Certification under Rule 13a-14<\/p>\n
31.2
\n \u00a0
\n Chief
\n Financial Officer Certification under Rule 13a-14<\/p>\n
32.1*
\n \u00a0
\n Chief
\n Executive Officer Certification pursuant to 18 U.S.C. section 1350<\/p>\n
32.2*
\n \u00a0
\n Chief
\n Financial Officer Certification pursuant to 18 U.S.C. section 1350<\/p>\n
101.INS
\n \u00a0
\n Inline
\n XBRL Instance Document<\/p>\n
101.SCH
\n \u00a0
\n Inline
\n XBRL Taxonomy Extension Schema Document<\/p>\n
101.CAL
\n \u00a0
\n Inline
\n XBRL Taxonomy Extension Calculation Linkbase Document<\/p>\n
101.LAB
\n \u00a0
\n Inline
\n XBRL Taxonomy Extension Label Linkbase Document<\/p>\n
101.PRE
\n \u00a0
\n Inline
\n XBRL Taxonomy Extension Presentation Linkbase Document<\/p>\n
101.DEF
\n \u00a0
\n Inline
\n XBRL Taxonomy Extension Definition Linkbase Document<\/p>\n
104
\n \u00a0
\n Cover
\n Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).<\/p>\n
\u00a0<\/p>\n
\u00a0
\n *
\n Furnished,
\n not filed, in accordance with item 601(32)(ii) of Regulation S-K.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
SIGNATURES<\/p>\n
\u00a0<\/p>\n
Pursuant
\nto the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
\nthe undersigned thereunto duly authorized.<\/p>\n
\u00a0<\/p>\n
\u00a0
\n Manhattan
\n Bridge Capital, Inc. (Registrant)<\/p>\n
\u00a0
\n \u00a0
\n \u00a0<\/p>\n
Date:
\n July 23, 2026
\n By:
\n \/s\/
\n Assaf Ran<\/p>\n
\u00a0
\n \u00a0
\n Assaf
\n Ran, President and Chief Executive Officer<\/p>\n
\u00a0
\n \u00a0
\n (Principal
\n Executive Officer)<\/p>\n
\u00a0
\n \u00a0
\n \u00a0<\/p>\n
Date:
\n July 23, 2026
\n By:
\n \/s\/
\n Vanessa Kao<\/p>\n
\u00a0
\n \u00a0
\n Vanessa
\n Kao, Chief Financial Officer<\/p>\n
\u00a0
\n \u00a0
\n (Principal
\n Financial and Accounting Officer)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"false Q2 –12-31 0001080340 0001080340 2026-01-01 2026-06-30 0001080340 2026-07-23 0001080340 2026-06-30 0001080340 2025-12-31 0001080340 2026-04-01 2026-06-30 0001080340 2025-04-01…\n","protected":false},"author":2,"featured_media":304639,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[115428,115429,9931,75,11297,84,83,79258,9,24,63,115427,112962,60071,115431,115430],"class_list":["post-304638","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-10-q","tag-hard-money-loans","tag-loan","tag-manhattan","tag-manhattan-bridge-capital","tag-manhattan-headlines","tag-manhattan-news","tag-net-income","tag-new-york","tag-new-york-city","tag-nyc","tag-q2-2026","tag-quarterly-report","tag-reit","tag-valley-credit-line","tag-webster-credit-line"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/304638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=304638"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/304638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/304639"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=304638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=304638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=304638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}