Manhattan Bridge Capital Reports Q1 2025 Financial Results with Revenue Decline

Manhattan Bridge Capital, Inc. reported its financial results for the first quarter of 2025, revealing total revenues of approximately $2.27 million, a decrease of 11.6% from $2.57 million in the same period of 2024. The decline in revenue was primarily driven by a reduction in interest income from loans, which fell to about $1.83 million from $2.14 million year-over-year. Origination fees remained relatively stable, increasing slightly to $439,799 from $430,591. The company's net income for the quarter was approximately $1.37 million, down 7.0% from $1.48 million in the prior year, resulting in basic and diluted earnings per share of $0.12, compared to $0.13 in the previous year.

Operating costs and expenses for the quarter totaled approximately $905,079, a decrease of 17.8% from $1.10 million in the first quarter of 2024. This reduction was largely attributed to a significant drop in interest and amortization of deferred financing costs, which fell to $451,365 from $690,589. General and administrative expenses increased by 10.7% to $453,570, primarily due to higher payroll and appraisal costs. The company’s cash position improved slightly, with cash and restricted cash totaling $223,132 at the end of March 2025, compared to $398,642 a year earlier.

In terms of operational developments, Manhattan Bridge Capital continues to focus on its core business of providing short-term, secured loans to real estate investors in the New York metropolitan area and Florida. The company reported that it was committed to $5.98 million in construction loans that can be drawn by borrowers when certain conditions are met. The company has maintained a stable customer base, with no loan impairments reported as of March 31, 2025. The company’s credit risk profile remains strong, with borrowers generally meeting their interest obligations.

Looking ahead, Manhattan Bridge Capital aims to grow its loan portfolio while preserving capital and providing attractive risk-adjusted returns to shareholders. The company plans to continue selectively originating loans and managing its portfolio effectively. The current market dynamics, characterized by a demand-supply imbalance for small real estate loans, are expected to present ongoing opportunities for the company. Additionally, the company is in compliance with all covenants related to its credit line with Webster Business Credit Corporation, which provides a credit line of $32.5 million until February 2026. The company anticipates that its cash flows from operations and existing credit facilities will be sufficient to support its operations over the next 12 months.