Apex Trader Funding (ATF) - News
Manhattan Bridge Capital, Inc. Reports Second Quarter 2024 Results
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
$