Total revenue for the year ended December 31, 2025, was approximately $8,666,000, compared to approximately $9,689,000 for the year ended December 31, 2024, a decrease of $1,023,000, or 10.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a period-over-period decrease in loans receivable, and lower origination fees, reflecting a slowdown in new loan originations. In 2025, approximately $7,175,000 of the Company's revenue represented interest income on secured, real estate loans that the Company offers to real estate investors, compared to approximately $8,047,000 in 2024, and approximately $1,491,000 represented origination fees on such loans, compared to approximately $1,642,000 in 2024. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.
Total operating costs and expenses for the year ended December 31, 2025 were approximately $3,572,000, compared to approximately $4,115,000 for the year ended December 31, 2024, a decrease of $543,000, or 13.2%. The decrease was primarily attributable to lower interest expense resulting from lower SOFR rates and lower average borrowings under the Company's credit facilities, partially offset by a slight increase in general and administrative expenses.
As of December 31, 2025, total shareholders' equity was approximately $43,100,000, compared to approximately $43,265,000 as of December 31, 2024.
On November 20, 2025, the Company's Board of Directors approved a new share repurchase program authorizing the repurchase of up to 100,000 shares of its common stock over the following 12 months. As of December 31, 2025, the Company had repurchased 6,200 shares under the program for an aggregate purchase price of approximately $29,000. Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, "2025 was a year to be careful. Factors like the material impact of the new young, socialist New York City mayor, the rising antisemitism due to massive waves of fake news and disinformation about Israel and Jews, and high interest rates, created concerns and a higher risk environment in the real estate markets."
"As always, we took the conservative approach and screened loan opportunities on an even stricter basis until we felt the market was stabilizing and returning to a normal risk level in the first quarter of 2026. We would rather earn a little less, than step into uncomfortable areas," added Mr. Ran.
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. The Company operates the website: https://www.manhattanbridgecapital.com.
Forward Looking Statements
This press release and the statements of the Company's representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," or "continue" are intended to identify forward-looking statements. For example, when the Company discusses its belief that the market is stabilizing and returning to a normal risk level in the first quarter of 2026. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to "lender liability" claims; (vi) our due diligence may not uncover all of a borrower's liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; and (x) we may be unsuccessful in our efforts to extend, renew, replace, or otherwise maintain our credit facilities on acceptable terms, or at all. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED BALANCE SHEETSDECEMBER 31, 2025 AND 2024
Assets
2025
2024
Loans receivable, net of deferred origination and other fees
$60,218,841
$65,405,731
Interest and other fees receivable on loans
1,642,825
1,521,033
Cash
204,889
178,012
Cash, restricted
23,350
23,750
Other assets
60,742
62,080
Right-of-use asset, operating lease, net
101,226
154,039
Deferred financing costs, net
98,858
16,171
Total assets
$62,350,731
$67,360,816
Liabilities and Stockholders' Equity
Liabilities:
Lines of credit
$17,601,132
$16,427,874
Senior secured notes (net of deferred financing costs of $96,985)
---
5,903,015
Accounts payable and accrued expenses
173,247
232,236
Operating lease liability
112,076
167,119
Loan holdback
50,000
50,000
Dividends payable
1,314,732
1,315,445
Total liabilities
19,251,187
24,095,689
Commitments and contingencies
Stockholders' equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued and outstanding
---
---
Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,432,451 and 11,438,651 outstanding, respectively
11,757
11,757
Additional paid-in capital
45,575,006
45,561,941
Less: Treasury shares, at cost, 324,607 and 318,407 shares, respectively
(1,098,964)
(1,070,406)
Accumulated deficit
(1,388,255)
(1,238,165)
Total stockholders' equity
43,099,544
43,265,127
Total liabilities and stockholders' equity
$62,350,731
$67,360,816
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONSFOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
2025
2024
Revenue:
Interest income from loans
$7,175,043
$8,046,560
Origination fees
1,491,264
1,642,081
Total Revenue
8,666,307
9,688,641
Operating costs and expenses:
Interest and amortization of deferred financing costs
1,755,353
2,337,032
Referral fees
3,257
1,847
General and administrative expenses
1,813,510
1,776,176
Total operating costs and expenses
3,572,120
4,115,055
Income from operations
5,094,187
5,573,586
Other income
18,000
18,000
Income before income tax expense
5,112,187
