Manhattan Bridge Capital, Inc. reported its financial results for the first quarter ended March 31, 2025, with net income of approximately $1,373,000, or $0.12 per share. This represents a 7.0% decrease from the $1,476,000, or $0.13 per share, recorded in the first quarter of 2024. The decline in net income was primarily attributed to a decrease in interest income from loans, partially offset by a decrease in interest expense.
Total revenues for the first quarter of 2025 were approximately $2,274,000, an 11.6% decrease from $2,573,000 in the same period of 2024. This significant revenue reduction was primarily due to lower interest income, resulting from a period-over-period reduction in loans receivable. Interest income from secured commercial loans amounted to approximately $1,834,000, while origination fees were approximately $440,000.
As of March 31, 2025, total shareholders' equity was approximately $43,326,000. CEO Assaf Ran noted that while the quarter began with optimism among real estate investors, delays in interest rate reductions and global economic uncertainty have led to concerns about an immediate recovery of the real estate market. He affirmed that the company remains well-positioned to navigate these challenges due to its low leverage, strict underwriting, and strong borrower relationships.
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