- Manhattan Bridge Capital, Inc. (LOAN, Financial) reported a 7% decrease in net income for Q1 2025 compared to Q1 2024.
- Q1 2025 total revenues fell by 11.6% to $2.27 million year-over-year.
- The decrease in revenue was primarily due to a reduction in interest income from loans receivable.
Manhattan Bridge Capital, Inc. (LOAN) announced its financial results for the first quarter of 2025, reporting a net income of $1.37 million, or $0.12 per share. This marks a 7% decline from the $1.48 million, or $0.13 per share, reported in the same quarter last year. This decline in earnings is largely attributed to reduced interest income from a decreasing loan portfolio.
Total revenues for the quarter decreased by 11.6% year-over-year, totaling $2.27 million compared to $2.57 million in Q1 2024. Interest income specifically from secured commercial loans declined to $1.83 million from $2.14 million in the previous year. Origination fees, however, remained relatively stable at $440,000, slightly up from $431,000 last year.
Despite these declines, Manhattan Bridge Capital maintains a robust equity foundation, with total shareholders' equity standing at approximately $43.33 million as of March 31, 2025. CEO Assaf Ran pointed out the challenges posed by delayed interest rate cuts and global economic uncertainties, which have impacted real estate market recovery expectations. The company's strategy emphasizes low leverage and stringent underwriting processes to navigate these uncertain times.
