Manhattan Bridge Capital Q3 revenue slightly rises on higher origination fees

Overview

• US hard money lender's Q3 revenue rose 0.9% yr/yr, driven by higher origination fees

• Q3 net income up 3.0% yr/yr, aided by lower interest expense

• Company expanded share repurchase program to 250,000 shares, extended through October 2027

Outlook

• Company says rising interest rates are pressuring real estate markets and buyer qualification

• Company notes hard money loan rates remain stable due to intense competition

• Company highlights benefits of low leverage and conservative approach in current conditions

Result Drivers

• ORIGINATION FEES - Higher origination fees contributed to the slight increase in revenue in Q3

• INTEREST INCOME PRESSURE - Lower interest income due to reduced rates charged amid increased competition weighed on results

• LOWER INTEREST EXPENSE - Reduced interest expense supported net income growth in Q3

Company press release:

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "hold"

• The average consensus recommendation for the specialized reits peer group is "buy."

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)