Manhattan Bridge Capital, Inc. Reports First Quarter Results For 2026

2026-04-16 07:16:52

(MENAFN- GlobeNewsWire - Nasdaq) GREAT NECK, N.Y., April 16, 2026 (GLOBE NEWSWIRE) --

Manhattan Bridge Capital, Inc. (Nasdaq: LOAN ) (the“Company”) announced today that its net income for the three months ended March 31, 2026 was approximately $1,274,000, or $0.11 per share (based on approximately 11.4 million weighted-average outstanding common shares), compared to approximately $1,373,000, or $0.12 per share (based on approximately 11.4 million weighted-average outstanding common shares) for the same period in 2025, representing a decrease of $99,000, or 7.2%. The decrease was primarily attributable to lower revenue, partially offset by reduced interest expense, reflecting lower average borrowings under the Company's credit facility and decreased prevailing SOFR rates.

Total revenues for the three months ended March 31, 2026 were approximately $2,068,000, compared to approximately $2,274,000 for the same period in 2025, representing a decrease of $206,000, or 9.1%. The decrease was primarily attributable to lower interest income, driven by a period-over-period decline in loans receivable, as well as lower origination fees reflecting reduced loan origination activity. For the three months ended March 31, 2026, approximately $1,699,000 of the Company's revenue represents interest income on secured commercial loans that the Company offers to real estate investors, compared to approximately $1,834,000 for the same period in 2025, and approximately $368,000 and $440,000, respectively, represent origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

As of March 31, 2026, total stockholders' equity was approximately $43,106,000.

On November 20, 2025, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of up to 100,000 shares of its common stock over the following 12 months. As of March 31, 2026, the Company had repurchased an aggregate of 9,300 shares under the program at a total cost of approximately $42,000. This includes 3,100 shares repurchased during the first quarter of 2026 at an aggregate cost of approximately $14,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated,“During the first quarter of 2026, the real estate markets in our geographical areas felt a little stronger. Whether property values are trying to catch up with inflation, the lower interest rates (although many believe that they are still too high), or a shortage of inventory, we experienced an encouraging level of loan pay-offs and new deployments. However, it's too early to determine what the impact of the war with Iran, if any, will be.”

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. The Company operates the website: .

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 encouraging level of loan payoffs and new deployments and the potential impact of the war with Iran, 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; and (ix) an increase in interest rates may impact our profitability. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 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.

Contact:
Assaf Ran, CEO
(516) 444-3400

SOURCE: Manhattan Bridge Capital, Inc.


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS

Assets	March 31, 2026 (unaudited)		December 31, 2025 (audited)
Loans receivable, net of deferred origination and other fees	$	61,944,470		$	60,218,841
Interest and other fees receivable on loans		1,794,782			1,642,825
Cash		183,952			204,889
Cash – restricted		21,717			23,350
Other assets		98,171			60,742
Right-of-use asset – operating lease, net		88,023			101,226
Deferred financing costs, net		123,963			98,858
Total assets	$	64,255,078		$	62,350,731

Liabilities and Stockholders' Equity
Liabilities:
Lines of credit	$	19,436,277		$	17,601,132
Accounts payable and accrued expenses		192,895			173,247
Operating lease liability		97,956			112,076
Loan holdback		164,598			50,000
Dividends payable		1,257,229			1,314,732
Total liabilities		21,148,955			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; 11,429,351 and 11,432,451 outstanding, respectively		11,757			11,757
Additional paid-in capital		45,578,272			45,575,006
Less: Treasury shares, at cost – 327,707 and 324,607 shares, respectively		(1,112,746	)		(1,098,964	)
Accumulated deficit		(1,371,160	)		(1,388,255	)
Total stockholders' equity		43,106,123			43,099,544
Total liabilities and stockholders' equity	$	64,255,078		$	62,350,731


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended March 31,
		2026		2025
Revenue:
Interest income from loans	$	1,699,330	$	1,833,914
Origination fees		368,314		439,799
Total revenue		2,067,644		2,273,713
Operating costs and expenses:
Interest and amortization of deferred financing costs		363,248		451,365
Referral fees		3,965		144
General and administrative expenses		430,607		453,570
Total operating costs and expenses		797,820		905,079

Income from operations		1,269,824		1,368,634
Other income		4,500		4,500
Net income	$	1,274,324	$	1,373,134

Basic and diluted net income per common share outstanding:
--Basic	$	0.11	$	0.12
--Diluted	$	0.11	$	0.12

Weighted average number of common shares outstanding:
--Basic		11,430,726		11,438,651
--Diluted		11,430,726		11,438,651


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 2026
	Common Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Deficit	Totals

	Shares	Amount		Shares	Cost
Balance, January 1, 2026	11,757,058	$ 11,757	$ 45,575,006	324,607	$ (1,098,964	)	$ (1,388,255	)	$ 43,099,544
Non-cash compensation				3,266					3,266
Purchase of treasury shares				3,100		(13,782	)			(13,782	)
Dividends declared and payable							(1,257,229	)		(1,257,229	)
Net income	____	____	____	____	____		1,274,324			1,274,324
Balance, March 31, 2026	11,757,058	$ 11,757	$ 45,578,272	327,707	$ (1,112,746	)	$ (1,371,160	)	$ 43,106,123

FOR THE THREE MONTHS ENDED MARCH 31, 2025
	Common Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Deficit	Totals

	Shares	Amount		Shares	Cost
Balance, January 1, 2025	11,757,058	$ 11,757	$ 45,561,941	318,407	$ (1,070,406	)	$ (1,238,165	)	$ 43,265,127
Non-cash compensation				3,266					3,266
Dividends declared and payable							(1,315,445	)		(1,315,445	)
Net income	____	____	____	____	____		1,373,134			1,373,134
Balance, March 31, 2025	11,757,058	$ 11,757	$ 45,565,207	318,407	$ (1,070,406	)	$ (1,180,476	)	$ 43,326,082


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three Months Ended March 31,
		2026			2025
Cash flows from operating activities:
Net income	$	1,274,324		$	1,373,134
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs		18,656			22,237
Adjustment to right-of-use asset - operating lease and liability		(916	)		(345	)
Depreciation		570			1,390
Non-cash compensation expense		3,266			3,266
Changes in operating assets and liabilities:
Interest and other fees receivable on loans		(151,957	)		(110,915	)
Other assets		(38,000	)		(58,952	)
Accounts payable and accrued expenses		19,648			(37,435	)
Deferred origination and other fees		133,143			(11,437	)
Net cash provided by operating activities		1,258,734			1,180,943

Cash flows from investing activities:
Issuance of short-term loans		(14,246,800	)		(10,940,040	)
Collections received from loans		12,388,029			12,698,051
Net cash (used in) provided by investing activities		(1,858,771	)		1,758,011

Cash flows from financing activities:
Proceeds from lines of credit		15,018,720			12,667,992
Repayment of lines of credit		(13,183,575	)		(14,270,131	)
Proceeds from borrower escrow deposits		114,598			---
Dividend paid		(1,314,732	)		(1,315,445	)
Deferred financing costs incurred		(43,762	)		---
Purchase of treasury shares		(13,782	)		---
Net cash provided by (used in) financing activities		577,467			(2,917,584	)

Net (decrease) increase in cash		(22,570	)		21,370
Cash and restricted cash, beginning of period⁽¹⁾		228,239			201,762
Cash and restricted cash, end of period⁽²⁾	$	205,669		$	223,132

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	$	329,665	$	437,993
Cash paid during the period for operating leases	$	16,602	$	15,991

Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable	$	1,257,229	$	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 March 31, 2026 and 2025, cash and restricted cash included $21,717 and $21,769, respectively, of restricted cash.

SOURCE: Manhattan Bridge Capital, Inc.

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