GREAT NECK, N.Y., July 22, 2024 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the "Company") announced today that its total revenues for the three months ended June 30, 2024 were approximately $2,443,000 compared to approximately $2,399,000 for the three months ended June 30, 2023, an increase of $44,000, or 1.8%. The increase in revenue was due to higher interest rates charged on the Company's commercial loans, partially offset by a reduction in loans receivable, period over period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the three months ended June 30, 2024 and 2023, approximately $2,033,000 and $1,943,000, respectively, of the Company's revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $411,000 and $457,000, respectively, of its revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers. Net income for the three months ended June 30, 2024 was approximately $1,409,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $1,422,000, or $0.12 per basic and diluted share (based on approximately 11.48 million weighted-average outstanding common shares), for the three months ended June 30, 2023, a decrease of $13,000, or 0.9%. Total revenues for the six months ended June 30, 2024 were approximately $5,016,000 compared to approximately $4,797,000 for the six months ended June 30, 2023, an increase of $219,000, or 4.6%. The increase in revenue was due to higher interest rates charged on the Company's commercial loans, partially offset by a reduction in loans receivable, period over period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the six months ended June 30, 2024 and 2023, revenues of approximately $4,175,000 and $3,896,000, respectively, were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $841,000 and $901,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers. Net income for the six months ended June 30, 2024 was approximately $2,885,000, or $0.25 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $2,681,000, or $0.23 per basic and diluted share (based on approximately 11.49 million weighted-average outstanding common shares), for the six months ended June 30, 2023, an increase of $204,000, or 7.6%. This increase is primarily attributable to the increase in interest income from loans and the decrease in general and administrative expenses, partially offset by the increase in interest expense. As of June 30, 2024, total stockholders' equity was approximately $43,184,000. Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, "While real estate markets in our geographic areas of operations are still slow and heavy due to the high-interest-rate environment, it seems like prices of real estate properties are holding on and sometimes increasing due to lack of inventory and the impact of inflation. As always, we're carefully monitoring our portfolio and cherry-picking good opportunities." 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. We operate the website: https://www.manhattanbridgecapital.com. MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS     June 30, 2024   December 31, 2023 Assets  (unaudited)   (audited) Loans receivable $ 66,859,733   $ 73,048,403 Interest and other fees receivable on loans   1,488,784     1,395,905 Cash           105,929     104,222 Cash - restricted   ---     1,587,773 Other assets   134,321     63,636 Right-of-use asset - operating lease, net   180,446     207,364 Deferred financing costs, net   23,101     27,583          Total assets $ 68,792,314   $ 76,434,886 Liabilities and Stockholders' Equity       Liabilities:       Line of credit $ 17,345,510   $ 25,152,338 Senior secured notes (net of deferred financing costs of $134,528 and $172,069, respectively) 5,865,472   5,827,931 Deferred origination fees 646,027   719,019 Accounts payable and accrued expenses 242,248   295,292 Operating lease liability 193,800   220,527 Dividends payable 1,315,445   1,287,073 Total liabilities 25,608,502   33,502,180 Commitments and contingencies               Stockholders' equity:       Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued ---   --- Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 and 11,440,651 outstanding, respectively 11,757   11,757 Additional paid-in capital 45,555,408   45,548,876 Less: Treasury stock, at cost – 318,407 and 316,407 shares, respectively   (1,070,406 )   (1,060,606) Accumulated deficit   (1,312,947 )   (1,567,321) Total stockholders' equity 43,183,812   42,932,706 Total liabilities and stockholders' equity $ 68,792,314   $ 76,434,886 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)   Three MonthsEnded June 30, Six MonthsEnded June 30,     2024     2023     2024     2023   Revenue:Interest income from loans $ 2,032,687   $ 1,942,527   $ 4,175,174   $ 3,896,349   Origination fees   410,528     456,835     841,119     900,806   Total revenue   2,443,215     2,399,362     5,016,293     4,797,155             Operating costs and expenses:         Interest and amortization of deferred financing costs   603,230     595,427     1,293,819     1,241,690   Referral fees   500     1,000     1,000     1,292   General and administrative expenses   434,282     400,979     844,560     897,075   Total operating costs and expenses   1,038,012     997,406     2,139,379     2,140,057   Income from operations   1,405,203     1,401,956     2,876,914     2,657,098   Other income   4,500     20,380     9,000     24,880   Income before income tax expense   1,409,703     1,422,336     2,885,914     2,681,978   Income tax expense   (650 )   (650 )   (650 )   (650 ) Net income $