Manhattan Bridge Capital, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Manhattan Bridge Capital, Inc. has filed its 2023 10-K report, detailing financial performance and loan portfolio information.</b>

AI Summary

MANHATTAN BRIDGE CAPITAL, INC (LOAN) filed a Annual Report (10-K) with the SEC on March 11, 2024. Manhattan Bridge Capital, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is classified under Real Estate Investment Trusts (SIC code 6798). The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key dates mentioned include the fiscal year end (2023-12-31) and the filing date (2024-03-11). The report details various loan maturity dates, including those originally due in 2016, 2019, 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking MANHATTAN BRIDGE CAPITAL, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Manhattan Bridge Capital's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of loan maturities and historical financial data allows stakeholders to analyze trends, identify potential risks, and understand the company's asset management strategy.

Risk Assessment

Risk Level: medium — MANHATTAN BRIDGE CAPITAL, INC shows moderate risk based on this filing. The company's business is heavily reliant on its loan portfolio, and the filing indicates various loan maturity dates, suggesting potential refinancing risks or concentration of maturities that could impact liquidity.

Analyst Insight

Investors should review the detailed loan portfolio and maturity schedules within the 10-K to assess the company's exposure to interest rate risk and potential refinancing challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-11 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary reporting year)
• 2022 — Fiscal Year (Comparative reporting year)
• 2021 — Fiscal Year (Comparative reporting year)

Key Players & Entities

• MANHATTAN BRIDGE CAPITAL, INC (company) — Filer name
• 6798 (dollar_amount) — Standard Industrial Classification for Real Estate Investment Trusts
• NY (company) — State of incorporation
• DAG MEDIA INC (company) — Former company name

FAQ

Risk Factors

• Loan Portfolio Risks [high — financial]: The company's primary business involves originating and servicing loans, making it susceptible to risks associated with loan defaults, interest rate fluctuations, and borrower creditworthiness.
• Maturity Concentration [medium — financial]: The filing indicates specific loan maturity dates, suggesting potential risks if a significant portion of the loan portfolio matures around the same time, requiring substantial refinancing or capital management.
• Real Estate Investment Trust (REIT) Compliance [medium — regulatory]: As a REIT, the company must comply with specific tax regulations and operational requirements to maintain its REIT status, failure of which could result in adverse tax consequences.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-11: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the core financial and operational data for Manhattan Bridge Capital for the fiscal year 2023.)

Key Financial Figures

• $40,000 — ted in the past seven years ranged from $40,000 to a maximum of $3.3 million. Our lendi
• $3.3 million — ars ranged from $40,000 to a maximum of $3.3 million. Our lending policy limits the maximum
• $3.5 million — the loan under consideration) and (ii) $3.5 million. Our loans typically have a maximum ini
• $32.5 million — Flushing and Mizrahi have extended us a $32.5 million credit line. 6 Our Competitive Stre
• $7.98 million — r unfunded commitment was approximately $7.98 million and $8.58 million, respectively. Advanc
• $8.58 m — ent was approximately $7.98 million and $8.58 million, respectively. Advances under con

Filing Documents

• form10-k.htm (10-K) — 1013KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• ex97-1.htm (EX-97.1) — 52KB
• 0001493152-24-009478.txt (&nbsp;) — 3781KB
• loan-20231231.xsd (EX-101.SCH) — 29KB
• loan-20231231_cal.xml (EX-101.CAL) — 37KB
• loan-20231231_def.xml (EX-101.DEF) — 103KB
• loan-20231231_lab.xml (EX-101.LAB) — 289KB
• loan-20231231_pre.xml (EX-101.PRE) — 211KB
• form10-k_htm.xml (XML) — 255KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 41 Item 1C. Cybersecurity 41 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosure 42 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 43 Item 6. [Reserved] 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51 Item 9A.

Controls and Procedures

Controls and Procedures 51 Item 9B. Other Information 52 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52 PART III Item 10. Directors, Executive Officers and Corporate Governance 53 Item 11.

Executive Compensation

Executive Compensation 57 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholders Matters 60 Item 13. Certain Relationships and Related Transactions and Director Independence 60 Item 14. Principal Accountant Fees and Services 61 PART IV Item 15. Exhibits and Financial Statement Schedules 62 Item 16. Form 10-K Summary 63

SIGNATURES

SIGNATURES 64 2 FORWARD-LOOKING This Annual Report on Form 10-K ("Report") contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions. Those statements appear in a number of places in this Report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial condition and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to "lender liability" claims; (vi) our due diligence may not uncover all of a borrower's liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; and (ix) an increase in interest rates may impact our profitability. The accompanying inf

View Full Filing

View this 10-K filing on SEC EDGAR