LOAN earnings analysis
What we found in LOAN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Manhattan Bridge Capital reported Q1 revenue of $2,067,644 and net income of $1,274,324 (EPS $0.11). Revenue and net income declined versus the prior-year quarter, but operating margin improved and operating cash flow remained positive. Management amended its Webster credit facility (extended to February 28, 2029) and declared/preserved a $0.11 per share quarterly dividend (aggregate $1,257,229).
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Loan portfolio growth
- Loans receivable increased to $61,944,470 from $60,218,841 at December 31, 2025 (change +$1,725,629) (Loans receivable: $61,944,470 vs $60,218,841).
- Positive operating cash flow
- Net cash provided by operating activities was $1,258,734 in Q1 2026 versus $1,180,943 in Q1 2025 (increase +$77,791) (Operating cash flow: $1,258,734).
- Operating margin improved
- Income from operations was $1,269,824 on revenue of $2,067,644, yielding an operating margin of 61.44% versus 60.20% in Q1 2025 (Income from operations: $1,269,824; Operating margin: 61.44%).
- Higher lender-level margin (pre-interest)
- Revenue less interest expense was $1,723,052 on revenue of $2,067,644 (gross margin ~83.33%) versus $1,844,585 on $2,273,713 (81.10%) in Q1 2025 (Gross margin ~83.33%).
- Credit facility amended and extended
- Amendment to the Amended and Restated Credit Agreement extended the Webster Credit Line maturity to February 28, 2029 and confirms an aggregate revolving facility of $32.5 million (Webster Credit Line: $32.5 million; maturity: February 28, 2029).
- Dividend continuity
- Board declared and paid a cash dividend of $0.11 per share (aggregate $1,257,229) on April 15, 2026 and declared an additional $0.11 per share to be paid July 15, 2026 (Dividend paid: $1,257,229; Dividend per share: $0.11).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue decline year-over-year
- Total revenue fell to $2,067,644 in Q1 2026 from $2,273,713 in Q1 2025, a decline of $206,069 (Revenue: $2,067,644 vs $2,273,713).
- Net income and EPS down vs prior year
- Net income decreased to $1,274,324 from $1,373,134 (down $98,810) and basic/diluted EPS fell to $0.11 from $0.12 (Net income: $1,274,324; EPS: $0.11 vs $0.12).
- Concentration in few borrowers
- Loans to three entities aggregate $6,245,000, representing 10.0% of the loan portfolio (Concentration: $6,245,000 / 10.0% of portfolio).
- Maturities and rollovers
- Loans receivable include $4,526,000 originally due in Q1 2026; subsequent to the balance sheet approximately $1,238,000 of loans were paid down or paid off, including $600,000 originally due on or before March 31, 2026 (Loans originally due Q1 2026: $4,526,000; Subsequent paydowns: ~$1,238,000; includes $600,000).
- Increased reliance on credit lines / interest cost
- Lines of credit rose to $19,436,277 from $17,601,132 at December 31, 2025 (increase +$1,835,145); as of March 31, 2026 Webster borrowings were $13,393,777 at ~6.9% and Valley borrowings were $6,042,500 at ~6.6% (Lines of credit: $19,436,277; Webster outstanding: $13,393,777 at ~6.9%; Valley outstanding: $6,042,500 at ~6.6%).
- New portfolio composition covenant
- The Webster amendment limits mortgage loans outstanding for more than 30 months to 17.5% of the total portfolio, which may constrain extensions or require turnover (New limit: 17.5% of total portfolio).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.11
- Gross margin
- 83.33%
- Operating margin
- 61.44%
- Segment
- Single reportable segment — Lending: revenue $2,067,644 (Q1 2026) vs $2,273,713 (Q1 2025); net income for segment $1,274,324 (Q1 2026) vs $1,373,134 (Q1 2025).
What they said about what is next.
No quantitative guidance provided in the Form 10-Q. MD&A contains forward-looking statements; management amended the Webster Credit Line (maturity extended to February 28, 2029) and declared a $0.11 per share dividend (paid April 15, 2026; aggregate $1,257,229) and an additional $0.11 per share to be paid July 15, 2026. Outlook otherwise deferred to earnings releases/calls.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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