Manhattan Bridge Capital Q3 revenue slightly rises on higher origination fees
LOAN•Manhattan Bridge Capital's third-quarter revenue rose 0.9% year over year to $2.10 million, while net income increased 3.0%. The company expanded its share repurchase program to 250,000 shares and extended it through October 2027.
1. Quarterly results
Third-quarter revenue rose 0.9% year over year to $2.10 million, driven by higher origination fees. Net income increased 3.0%, helped by lower interest expense, and earnings per share were $0.11.
2. Repurchase program
The company expanded its share repurchase program to 250,000 shares and extended it through October 2027.
3. Market conditions
Manhattan Bridge Capital said rising interest rates are pressuring real estate markets and buyer qualification. It said hard money loan rates remain stable amid intense competition, and highlighted its low leverage and conservative approach.
