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1. Like a specialized Walker & Dunlop (WD), focusing solely on originating short-term real estate bridge loans.

2. A direct lender for real estate developers, similar to a bank's commercial real estate division, but exclusively for short-term project financing.

3. A direct lender for real estate projects, similar to a mortgage REIT like Starwood Property Trust (STWD), but for smaller, shorter-term loans.

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• Short-term, First Mortgage Loans: Manhattan Bridge Capital originates and services short-term loans secured by first mortgages on commercial real estate properties.

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Manhattan Bridge Capital (symbol: LOAN) is a real estate finance company that primarily originates, services, and manages a portfolio of short-term, first mortgage loans. These loans are typically secured by commercial and residential real estate properties, primarily in the New York Metropolitan area.

The company's "customers" are its borrowers, who are primarily real estate investors and developers. Based on its business model and regulatory filings (e.g., 10-K reports), Manhattan Bridge Capital lends to a fragmented base of borrowers, including individuals operating as businesses and small to medium-sized business entities (such as LLCs and partnerships) focused on real estate ventures. The company states in its 10-K filings that it does not have any loan concentrations with a single borrower or group of related borrowers that exceeds 10% of its gross loans receivable. This indicates that Manhattan Bridge Capital does not have specific "major customers" that are large, identifiable, or publicly traded companies with stock symbols.

Instead, its customer base can be broadly categorized based on their real estate investment and development activities:

1. Real Estate Developers: These customers are entities (often individuals, LLCs, or partnerships) engaged in the acquisition of properties or land for the purpose of new construction, significant renovation, or repositioning, with the intent to sell or lease the improved asset. They utilize Manhattan Bridge Capital's loans for the acquisition and development phases of their projects, requiring quick and flexible financing solutions.
2. Real Estate Investors (Fix-and-Flip/Buy-and-Hold): This category includes investors who acquire properties for shorter-term profit strategies (e.g., renovating and quickly reselling, known as "fix-and-flip") or for longer-term rental income and capital appreciation ("buy-and-hold"). They seek Manhattan Bridge Capital's bridge loans for rapid acquisition, financing properties that may not qualify for traditional bank loans, or leveraging existing equity.
3. Property Owners Requiring Bridge Financing: These customers are existing property owners (individuals, LLCs, or partnerships) who need temporary, short-term capital. This could be to bridge a gap while securing permanent financing, to fund unforeseen capital expenditures, to restructure existing debt, or to execute time-sensitive transactions when traditional lending options are too slow or unavailable.

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Assaf Ran, Chief Executive Officer and Chairman of the Board

Assaf Ran is the founder of Manhattan Bridge Capital, having established the company in 1989. He has served as its Chief Executive Officer, President, and Chairman since its inception. Mr. Ran possesses 35 years of senior management experience, leading both public and private businesses. He successfully started several yellow page and other businesses from the ground up, making each successful. Notably, he founded DAG Media and grew its revenues to over $12 million. Mr. Ran also took Manhattan Bridge Capital public in 1999, leading to its trading on the NASDAQ stock exchange.

Vanessa Kao, Chief Financial Officer, Vice President, Treasurer, and Secretary

Vanessa Kao has served as Manhattan Bridge Capital's Chief Financial Officer, Vice President, Treasurer, and Secretary since rejoining the company in June 2011. She previously held the position of Assistant Chief Financial Officer for the company from July 2004 through April 2006. Her prior experience includes serving as Chief Financial Officer of Jewish Marketing Solutions LLC from January 2014 through April 2016, and subsequently as a consultant to the same company since April 2016. From April 2006 through December 2013, Ms. Kao was the Chief Financial Officer of DAG Jewish Directories, Inc. She holds an M.B.A. in Finance and MIS/E-Commerce from the University of Missouri and a Bachelor's degree in Business Administration in Finance from the National Taipei University in Taiwan.

Phillip Michals, Member of the Board

Phillip Michals has been a member of the Board of Directors since rejoining in June 2019. He is the chief executive officer and executive chairman of A.G.P./Alliance Global Partners, an investment banking and wealth management firm, a role he has held since 2018. Mr. Michals is also a Co-Founder, Chairman of the Board, and Director of A.G.P. Canada. Additionally, he has been a partner in RG Michals since 1999 and was affiliated with an independent firm from 2010 to 2018, primarily focusing on business development. He also spent over 10 years as a partner at MSCI, an advisory/consulting firm.

Michael Jackson, Member of the Board

Michael Jackson has served as the chief financial officer of Radius Global Market Research since May 2017. Prior to this, from March 2016 through April 2017, he was the chief financial officer and executive vice president of both Ethology, Inc. and Tallwave, LLC, which are digital marketing and business design agencies, respectively. He also held the position of chief financial officer and executive vice president at iCrossing, Inc., a digital marketing agency, from April 2007 through February 2016. From October 1999 to April 2007, Mr. Jackson served as executive vice president and chief financial officer of AGENCY.COM, a global Internet professional services company.

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The public company Manhattan Bridge Capital (LOAN) faces several key risks inherent to its business model as a real estate lender. The most significant risks include its reliance on available funds for loan origination, the geographic concentration of its loan portfolio, and operating within a highly competitive market.

1. Limited by Available Funds: Manhattan Bridge Capital's ability to originate new loans, and consequently its revenues and profits, are directly constrained by the availability of funds. The company's growth is contingent on increasing its working capital and securing additional financing, with no assurance of obtaining similar credit lines in the future.
2. Geographic Concentration of Loan Portfolio: A substantial portion of the company's loan portfolio, approximately 95.80% as of December 31, 2024, is concentrated in the New York metropolitan area, including New Jersey and Connecticut, with a smaller portion in Florida. This high geographic concentration makes the company particularly vulnerable to adverse economic downturns, declining real estate values, or other specific market changes within this region.
3. Highly Competitive Market: Manhattan Bridge Capital operates in a highly competitive real estate lending market. This intense competition, especially from larger and better-capitalized entities, could limit the company's capacity to originate new loans at favorable interest rates, thereby impacting its profitability.

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The rapid emergence and increasing sophistication of online real estate lending platforms and specialized fintech companies. These platforms leverage technology, data analytics, and automation to streamline the loan origination and underwriting process, offering faster approvals, potentially lower fees, and more accessible capital for commercial real estate projects. This directly challenges traditional, more manual, and relationship-based lending models like Manhattan Bridge Capital's by providing a more efficient and potentially more competitive alternative for borrowers seeking short-term, secured loans.

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Manhattan Bridge Capital (symbol: LOAN) specializes in providing short-term first mortgage loans, often referred to as hard money loans or bridge loans, primarily to real estate investors and developers. These loans are utilized for residential construction, property renovation, fix-and-flip projects, and the acquisition of small income-producing properties.

The company primarily operates in the New York metropolitan area, including New Jersey and Connecticut, and also has a presence in Florida.

The addressable market sizes for their main products and services are as follows:

• Bridge Financing Services (United States): The U.S. Bridge Financing Services Market is projected to grow from $31.3 billion in 2024 to $69.62 billion by 2031, with a compound annual growth rate (CAGR) of 14.26%.

• Hard Money Lending Market (United States): The broader private lending market, which includes hard money loans, is expected to reach approximately $2 trillion in assets by 2025. Hard money loan originations are forecast to increase by 12% in 2025.

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1. Increased Loan Originations and Portfolio Growth: Manhattan Bridge Capital's primary revenue streams are interest income and origination fees from short-term, secured commercial loans to real estate investors. Therefore, a direct driver of future revenue growth will be an increase in the volume of new loan originations, leading to overall growth in its loan portfolio. This is intrinsically tied to a recovery or improved activity in the real estate markets within its operational areas, specifically the New York metropolitan area (including New Jersey and Connecticut) and Florida.
2. Effective Capital Deployment: The speed and efficiency with which Manhattan Bridge Capital deploys its available capital into new, high-quality loans will be a primary indicator and driver of future earnings growth. This involves optimizing the utilization of existing credit facilities and potentially securing additional financing to expand its lending capacity and fund more projects.
3. Deepening Market Penetration in Key Geographic Areas: The company has a strategic focus on the New York metropolitan area and Florida. Continued and deepened market penetration, by leveraging its established relationships and underwriting expertise within these competitive niche markets, can drive revenue growth by increasing its market share and the number of loan transactions.
4. Sustaining Competitive Interest Rates and Origination Fees: Manhattan Bridge Capital's business model is characterized by charging high interest rates, typically ranging from 12% to 15% per annum, supplemented by upfront origination fees of 1% to 5%. The ability to maintain these competitive rates and fees, while remaining attractive to its target borrower base, will be crucial for sustaining and growing its interest income and overall revenue.

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Share Repurchases

• In April 2023, Manhattan Bridge Capital's Board of Directors authorized a common stock repurchase plan allowing the buyback of up to 100,000 common shares over the subsequent twelve months.
• The company's shares outstanding decreased by 0.29% in 2023 and 0.2% in 2024, indicating share repurchases.

Share Issuance

• The company saw a significant share issuance in 2021, with shares outstanding increasing by 17.73%.
• Cash flow data shows a net issuance of equity shares amounting to $12.35 million in 2021.
• Share issuances had a minor negative impact in 2023 (-$261.67K) and 2024 (-$9.80K), suggesting net repurchases or minimal issuances.

Outbound Investments

• Manhattan Bridge Capital specializes in originating, servicing, and managing a portfolio of first mortgage loans for real estate investors.
• The company provides short-term, secured, non-banking loans (often referred to as 'hard money' loans) for property acquisition, renovation, rehabilitation, or development.
• The net cash flow from investment acquisitions was -$4.60 million in 2024, -$7.62 million in 2023, and -$8.77 million in 2022.

Capital Expenditures

• Manhattan Bridge Capital reported $0.00 million in capital expenditures for the trailing twelve months ending September 2025.
• Historically, capital expenditures have been very low, with -$8.76K in 2024, $0.00 in 2023, -$2.87K in 2022, -$5.09K in 2021, and -$4.02K in 2020.
• As a real estate finance company focused on mortgage loans, the company typically does not have significant capital expenditures on physical assets.