Manhattan Bridge Capital, Inc. reported a slight decline in total revenue for the fiscal year ended December 31, 2024, with figures reaching approximately $9.69 million, down from $9.80 million in 2023. This 1.1% decrease was attributed to a reduction in loans receivable and lower origination fees, which were impacted by a slowdown in new loan originations. However, the company experienced an increase in interest income from secured real estate loans, which rose to approximately $8.05 million from $7.98 million in the previous year. The net income for the year was approximately $5.59 million, reflecting a 2.1% increase compared to $5.48 million in 2023, primarily due to decreased interest expenses.
In terms of operational metrics, Manhattan Bridge Capital originated loans totaling approximately $41.97 million in 2024, a decrease from $56.30 million in 2023. The company also reported that the number of loans outstanding decreased to 95 from 120 in the previous year. The weighted average contractual interest rate for loans was 11.36%, slightly down from 11.49% in 2023. The company maintained a strong geographic focus, with 95.8% of its loans secured by properties in the New York metropolitan area, New Jersey, Connecticut, and Florida.
Strategically, Manhattan Bridge Capital continues to focus on its core business of originating, servicing, and managing a portfolio of first mortgage loans. The company has emphasized its ability to quickly approve and fund loans, which it views as a competitive advantage in a market characterized by high interest rates and reduced liquidity. The company has also maintained a disciplined approach to credit and due diligence, which it believes will help protect and preserve capital while generating attractive risk-adjusted returns for shareholders.
Looking ahead, Manhattan Bridge Capital expressed optimism about the demand for small loans secured by real estate in its target markets, despite the current high interest rate environment. The company plans to continue selectively originating loans and managing its portfolio to capitalize on market opportunities. As of December 31, 2024, the company had approximately $178,000 in cash and a credit line of $32.5 million with Webster Business Credit Corporation, which it expects to extend or replace before its expiration in February 2026. The company remains committed to maintaining its qualification as a real estate investment trust (REIT) and distributing at least 90% of its taxable income to shareholders.
About MANHATTAN BRIDGE CAPITAL, INC
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.