GREAT NECK, N.Y., April 23, 2024 (GLOBE NEWSWIRE) --
Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its net income for the three months ended March 31, 2024 was approximately $1,476,000, or $0.13 per share (based on approximately 11.4 million weighted-average outstanding common shares), compared to approximately $1,260,000, or $0.11 per share (based on approximately 11.5 million weighted-average outstanding common shares) for the three months ended March 31, 2023, an increase of $216,000, or 17.1%. This increase is primarily attributable to an increase in interest income from loans and a decrease in general and administrative expenses, partially offset by an increase in interest expense.
Total revenues for the three months ended March 31, 2024 were approximately $2,573,000 compared to approximately $2,398,000 for the three months ended March 31, 2023, an increase of $175,000, or 7.3%. The increase in revenue was due to higher interest rates charged on the Company’s commercial loans. For the three months ended March 31, 2024, approximately $2,142,000 of its revenue represents interest income on secured commercial loans that the Company offers to real estate investors, compared to approximately $1,954,000 for the same period in 2023, and approximately $431,000 and $444,000, 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, 2024, total shareholders' equity was approximately $43,087,000.
Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “High interest rates are still the most common topic in the real estate investors community, as their impact is significant. Sales are lingering, refinance transactions are dragging, and existing adjustable-rate mortgages are becoming unaffordable for certain buildings. Additionally, construction costs increased to new records due to the higher-than-normal inflation. We’ve always been disciplined, conservative and careful, yet now is the time to be even stricter.”
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.
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
Assets
March 31, 2024 (unaudited)
December 31, 2023 (audited)
Loans receivable
$
72,596,149
$
73,048,403
Interest receivable on loans
1,514,836
1,395,905
Cash
87,097
104,222
Cash - restricted
311,545
1,587,773
Other assets
97,734
63,636
Operating lease right-of-use asset, net
193,650
207,364
Deferred financing costs, net
24,400
27,583
Total assets
$
74,825,411
$
76,434,886
Liabilities and Stockholders’ Equity
Liabilities:
Line of credit
$
23,450,677
$
25,152,338
Senior secured notes (net of deferred financing costs of $153,298 and $172,069, respectively)
