GREAT NECK, N.Y., July 22, 2025 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN ) (the “Company”) announced today that its total revenues for the three months ended June 30, 2025 were approximately $2,355,000, compared to approximately $2,443,000 for the three months ended June 30, 2024, a decrease of $88,000, or 3.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, partially offset by an increase of origination fees. For the three months ended June 30, 2025 and 2024, approximately $1,899,000 and $2,033,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $456,000 and $411,000, respectively, of its revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

Net income for the three months ended June 30, 2025 was approximately $1,413,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $1,409,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the three months ended June 30, 2024, an increase of $4,000.

Total revenues for the six months ended June 30, 2025 were approximately $4,629,000, compared to approximately $5,016,000 for the six months ended June 30, 2024, a decrease of $387,000, or 7.7%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period. For the six months ended June 30, 2025 and 2024, revenues of approximately $3,733,000 and $4,175,000, respectively, were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $896,000 and $841,000, 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, 2025 was approximately $2,786,000, or $0.24 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $2,885,000, or $0.25 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the six months ended June 30, 2024, a decrease of $99,000, or 3.4%. This decrease is primarily attributable to the decrease in interest income from loans, partially offset by a decrease in interest expense.

As of June 30, 2025, total shareholders' equity was approximately $43,427,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “Interest rates are still weighing on the real estate markets; therefore, we’re experiencing a slower pace of loan closings versus our typical pace, and longer loan terms, reflected by a higher amount of extended loans over the initial ultra short term of one year. Yet, we managed to deliver another quarter with net earnings of $0.12.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com .

Forward Looking Statements

This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company discusses the impact of interest rates on the real estate markets, including on pace of closings and terms of loans, it is using forward looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; (x) we may be unsuccessful in our efforts to extend or replace our existing credit line; and (xi) we may be unsuccessful in our efforts to refinance our 6% senior secured notes, due April 22, 2026. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
Assets June 30, 2025
(unaudited) 		December 31, 2024
(audited)
Loans receivable, net of deferred origination and other fees $ 65,217,737 $ 65,405,731
Interest and other fees receivable on loans 1,877,218 1,521,033
Cash
208,767 178,012
Cash – restricted 875 23,750
Other assets 153,112 62,080
Right-of-use asset – operating lease, net 127,633 154,039
Deferred financing costs, net 9,240 16,171
Total assets $ 67,594,582 $ 67,360,816

Liabilities and Stockholders’ Equity

Liabilities:
Line of credit $ 16,523,205 $ 16,427,874
Senior secured notes (net of deferred financing costs of $59,443 and $96,985, respectively) 5,940,557 5,903,015
Accounts payable and accrued expenses 198,622 232,236
Operating lease liability 139,882 167,119
Loan holdback 50,000 50,000
Dividends payable 1,315,445 1,315,445
Total liabilities 24,167,711 24,095,689
Commitments and contingencies
Stockholders’ equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued and outstanding --- ---
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding 11,757 11,757
Additional paid-in capital 45,568,473 45,561,941
Less: Treasury stock, at cost – 318,407 shares (1,070,406 ) (1,070,406 )
Accumulated deficit (1,082,953 ) (1,238,165 )
Total stockholders’ equity 43,426,871 43,265,127
Total liabilities and stockholders’ equity $ 67,594,582 $ 67,360,816


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months
Ended June 30, 		Six Months
Ended June 30,
2025 2024 2025 2024
Revenue:
Interest income from loans $ 1,899,403 $ 2,032,687 $ 3,733,317 $ 4,175,174
Origination fees 455,833 410,528 895,632 841,119
Total revenue 2,355,236 2,443,215 4,628,949 5,016,293
Operating costs and expenses:
Interest and amortization of deferred financing costs 506,250 603,230 957,615 1,293,819
Referral fees 1,523 500 1,667 1,000
General and administrative expenses 437,785 434,282 891,355 844,560
Total operating costs and expenses 945,558 1,038,012 1,850,637 2,139,379
Income from operations 1,409,678 1,405,203 2,778,312 2,876,914
Other income 4,500 4,500 9,000 9,000
Income before income tax expense 1,414,178 1,409,703 2,787,312 2,885,914
Income tax expense (1,210 ) (650 ) (1,210 ) (650 )
Net income $ 1,412,968 $ 1,409,053 $ 2,786,102 $ 2,885,264
Basic and diluted net income per common
share outstanding:
--Basic $ 0.12 $ 0.12 $ 0.24 $ 0.25
--Diluted $ 0.12 $ 0.12 $ 0.24 $ 0.25
Weighted average number of common shares outstanding:
--Basic 11,438,651 11,438,651 11,438,651 11,438,662
--Diluted 11,438,651 11,438,651 11,438,651 11,438,662

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)

FOR THE THREE MONTHS ENDED JUNE 30, 2025

Common Shares Additional Paid
in Capital 		Treasury Stock Accumulated
Deficit 		Totals
Shares Amount Shares Cost
Balance, April 1, 2025 11,757,058 $ 11,757 $ 45,565,207 318,407 $ (1,070,406 ) $ (1,180,476 ) $ 43,326,082
Non-cash compensation 3,266 3,266
Dividends declared and payable (1,315,445) (1,315,445)
Net income . . . . . 1,412,968 1,412,968
Balance, June 30, 2025 11,757,058 $ 11,757 $ 45,568,473 318,407 $ (1,070,406 ) $ (1,082,953 ) $ 43,426,871

FOR THE THREE MONTHS ENDED JUNE 30, 2024

Common Shares Additional Paid
in Capital 		Treasury Stock Accumulated
Deficit 		Totals
Shares Amount Shares Cost
Balance, April 1, 2024 11,757,058 $ 11,757 $ 45,552,142 318,407 $ (1,070,406 ) $ (1,406,555 ) $ 43,086,938
Non-cash compensation 3,266 3,266
Dividends declared and payable (1,315,445) (1,315,445)
Net income . . . . . 1,409,053 1,409,053
Balance, June 30, 2024 11,757,058 $ 11,757 $ 45,555,408 318,407 $ (1,070,406 ) $ (1,312,947 ) $ 43,183,812

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Common Shares Additional Paid
in Capital 		Treasury Stock Accumulated
Deficit 		Totals
Shares Amount Shares Cost
Balance, January 1, 2025 11,757,058 $ 11,757 $ 45,561,941 318,407 $ (1,070,406 ) $ (1,238,165 ) $ 43,265,127
Non-cash compensation 6,532 6,532
Dividends paid (1,315,445) (1,315,445)
Dividends declared and payable (1,315,445) (1,315,445)
Net income . . . . . 2,786,102 2,786,102
Balance, June 30, 2025 11,757,058 $ 11,757 $ 45,568,473 318,407 $ (1,070,406 ) $ (1,082,953 ) $ 43,426,871

FOR THE SIX MONTHS ENDED JUNE 30, 2024

Common Shares Additional Paid
in Capital 		Treasury Stock Accumulated
Deficit 		Totals
Shares Amount Shares Cost
Balance, January 1, 2024 11,757,058 $ 11,757 $ 45,548,876 316,407 $ (1,060,606 ) $ (1,567,321 ) $ 42,932,706
Purchase of treasury shares 2,000 (9,800) (9,800)
Non-cash compensation 6,532 6,532
Dividends paid (1,315,445) (1,315,445)
Dividends declared and payable (1,315,445) (1,315,445)
Net income . . . . . 2,885,264 2,885,264
Balance, June 30, 2024 11,757,058 $ 11,757 $ 45,555,408 318,407 $ (1,070,406 ) $ (1,312,947 ) $ 43,183,812


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six Months
Ended June 30,
2025 2024
Cash flows from operating activities:
Net income $ 2,786,102 $ 2,885,264
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs 44,473 44,191
Adjustment to right-of-use asset - operating lease and liability (831 ) 190
Depreciation 2,790 2,209
Non-cash compensation expense 6,532 6,532
Changes in operating assets and liabilities:
Interest and other fees receivable on loans (369,307 ) (315,399 )
Other assets (93,403 ) (71,703 )
Accounts payable and accrued expenses (33,614 ) (53,044 )
Deferred origination and other fees 64,338 (72,992 )
Net cash provided by operating activities 2,407,080 2,425,248
Cash flows from investing activities:
Issuance of short-term loans (23,482,540 ) (19,455,000 )
Collections received from loans 23,619,317 25,866,190
Purchase of fixed assets (418 ) (1,191 )
Net cash provided by investing activities 136,359 6,409,999
Cash flows from financing activities:
Repayment of line of credit (26,365,153 ) (27,543,007 )
Proceeds from line of credit 26,460,484 19,736,179
Dividends paid (2,630,890 ) (2,602,518 )
Purchase of treasury shares --- (9,800 )
Deferred financing costs incurred --- (2,167 )
Net cash used in financing activities (2,535,559 ) (10,421,313 )
Net increase (decrease) in cash 7,880 (1,586,066 )
Cash and restricted cash, beginning of period (1) 201,762 1,691,995
Cash and restricted cash, end of period (2) $ 209,642 $ 105,929
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes $ 1,210 $ 650
Cash paid during the period for interest $ 903,251 $ 1,297,587
Cash paid during the period for operating leases $ 31,982 $ 32,208
Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable $ 1,315,445 $ 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 $ 222,520

(1) At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
(2) At June 30, 2025, cash and restricted cash included $875 of restricted cash.

SOURCE: Manhattan Bridge Capital, Inc.