Manhattan Bridge Capital (LOAN) Financials

Manhattan Bridge Capital (NASDAQ: LOAN) continued to post steady profitability in Q1 2026, but the broader trend over the last four years shows a business that is highly consistent yet gradually shrinking in scale.

For Q1 2026, the company reported net income of $1.27 million on revenue of $2.07 million, compared with $1.12 million of net income on $2.00 million of revenue in Q4 2025 and $1.37 million on $2.27 million in Q1 2025. Earnings remain solid, but revenue has drifted lower from the highs seen in 2024 and early 2025.

Cash flow also remained positive in the latest quarter, with $1.26 million in operating cash flow. That is an encouraging sign for a small financial company because it shows earnings are still converting into cash. However, LOAN’s cash balance is modest relative to its balance sheet, and the company continues to rely on debt financing to support its asset base.

The balance sheet at March 31, 2026 showed $64.3 million in total assets, $21.1 million in total liabilities, and $43.1 million in equity. That leaves the company with a fairly conservative-looking equity cushion, though assets have declined from $74.8 million at the end of Q1 2024. The company’s core lending assets are still reported as $0 in net loans and leases, with most assets concentrated in “other assets,” which makes the business harder to evaluate than a traditional lender.

Over the full four-year period, LOAN has been remarkably stable on the bottom line, generally generating about $1.1 million to $1.5 million in quarterly net income. At the same time, revenue has slipped from the mid-$2 million range in 2024 toward roughly $2.0 million in recent quarters, while total assets and equity have also edged down. That points to a mature, income-producing business rather than a growth story.

• Consistent profitability: LOAN has remained profitable in every quarter shown, with Q1 2026 net income of $1.27 million.
• Positive operating cash flow: The company generated $1.26 million in operating cash flow in Q1 2026, indicating earnings quality remains decent.
• Strong equity base: Total equity of $43.1 million still provides a meaningful cushion versus liabilities of $21.1 million.
• Dividend support: LOAN continued paying dividends, suggesting management remains confident in recurring cash generation.
• Stable quarterly earnings per share: Basic EPS was $0.11 in Q1 2026, similar to recent quarters.
• Interest income is fairly steady: Loans and leases interest income ranged from about $1.67 million to $2.14 million over the periods shown, with recent quarters near $1.7 million.
• Balance sheet composition is unusual: A large portion of assets sits in “other assets,” while net loans and leases are reported at zero, making the business mix less transparent.
• Revenue trend has softened: Total revenue fell to $2.07 million in Q1 2026 from $2.57 million in Q1 2024.
• Asset base has contracted: Total assets declined from $74.8 million in Q1 2024 to $64.3 million in Q1 2026.
• Debt remains important: The company continues to use short-term and long-term debt, and financing activity has been a major part of cash generation.

Overall, Manhattan Bridge Capital looks like a steady income-oriented microcap rather than a growth company. The positives are predictability, profitability, and ongoing cash generation. The main concerns are shrinking revenue, a declining asset base, and reliance on debt-backed financing. For retail investors, LOAN may appeal more to those seeking consistency and dividends than to those looking for expansion.