Manhattan Bridge Capital (LOAN) Q3 2025 earnings summary

Executive summary

• Specializes in short-term, secured, non-banking loans to real estate investors in NY, NJ, CT, and FL, focusing on first mortgage liens and personal guarantees.

• Net income for Q3 2025 was $1,202,000 ($0.11 per share), down 14.1% year-over-year, mainly due to lower revenue from reduced loan originations and interest income, partially offset by lower interest expense.

• Nine-month net income was $3,988,000 ($0.35 per share), a 6.9% decrease year-over-year, reflecting similar trends in revenue and expenses.

• Loan portfolio growth and capital preservation are key objectives, with a disciplined credit and due diligence culture.

• No loan losses or foreclosures in the period; one prior foreclosure resolved with full payoff.

Financial highlights

• Q3 2025 total revenue was $2,036,000, down 12% year-over-year; nine-month revenue was $6,665,000, down 9.1%.

• Interest income and origination fees both declined due to lower loan balances and reduced originations.

• Operating costs for Q3 2025 were $838,000, down from $919,000 in Q3 2024; nine-month operating costs were $2,689,000, down from $3,058,000.

• General and administrative expenses increased 8.9% in Q3 and 6.5% for nine months, mainly from higher bank and listing fees.

• Total stockholders' equity as of September 30, 2025, was $43,317,000.

Outlook and guidance

• Expects current cash, credit facilities, and operations to fund business for the next 12 months.

• Plans to redeem $6M in senior secured notes before maturity using a replacement facility or existing credit line.

• Anticipates increased working capital needs as loan portfolio growth continues.

• Management notes that loan payoffs exceeded average in Q3, indicating loan quality, but slow real estate markets are extending redevelopment timelines and impacting revenue.

• Focus remains on deploying available funds into safe, secured loans.