The company has achieved a fortress-like balance sheet by eliminating all debt, moving from a 0.73 debt-to-equity ratio in 2023Q4 to a zero-debt position as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Assets | 64.26M | 62.35M | 67.93M | 76.43M | 76.28M | 67.21M | 59.84M | 54.44M | 55.9M | 45.9M | 35.33M | 31.66M | 24.44M | 16.12M | 14.34M | 10.09M | 8.88M | 7.8M | 7.18M | 7.09M | 8.26M | 10.18M | 13.71M | 14.45M | 13.62M | 12.56M | 12.65M | 12.2M | 3M |
| Asset Growth % | -27.44% | -8.21% | -11.13% | 0.2% | 13.5% | 12.3% | 9.92% | -2.61% | 21.8% | 29.9% | 11.62% | 29.5% | 51.6% | 12.45% | 42.13% | 13.66% | 13.83% | 8.53% | 1.35% | -14.18% | -18.83% | -25.76% | -5.14% | 6.1% | 8.44% | -0.73% | 3.71% | 306.67% | - |
| Real Estate & Other Assets | 0 | -100.97M | 78.25K | 91.22K | 67.27K | 75.28K | 0 | 75.86K | -55.79M | -45.81M | 7.32M | 10.88M | 4.93M | 4.15M | 2.8M | 2.72M | 109.18K | 0 | 200K | 117.52K | 363.1K | 118.86K | 118.86K | 123.41K | 31.59K | 19.46K | 14.2K | 200K | 300K |
| PP&E (Net) | 88.02K | 101.23M | 154.04K | 207.36K | 262.22K | 317.08K | 369.7K | 87.75K | 0 | 0 | 7.98K | 8.77K | 19.09K | 0 | 0 | 588 | 2.42K | 5.46K | 9.42K | 14.26K | 16.48K | 132.78K | 198.1K | 286.63K | 293.04K | 258.99K | 222.76K | 100K | 100K |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 35K | 50K | 65K | 65K | 100K | 100K | 117.52K | 117.52K | 117.52K | -225.65K | 0 | -324.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 62.13M | 1.87M | 67.7M | 6.07M | 75.95M | 66.81M | 958.89K | 54.28M | 55.79M | 45.8M | 27.97M | 20.72M | 19.43M | 11.91M | 11.44M | 7.26M | 8.65M | 7.68M | 6.86M | 6.88M | 7.43M | 9.67M | 13.12M | 13.16M | 12.38M | 11.07M | 11.15M | 10.6M | 2.6M |
| Cash & Equivalents | 183.95K | 204.89M | 178.01K | 104.22K | 103.54K | 142.55K | 131.65K | 118.41K | 203.68K | 136.44K | 96.3K | 106.84K | 47.68K | 1.02M | 240.69K | 221.91K | 386.02K | 707.45K | 884.3K | 621.72K | 3.63M | 4.21M | 3.55M | 1.2M | 202.42K | 3.23M | 7.15M | 7.2M | 300K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 827.24K | 1000K | 596.78K | 535.04K | 1000K | 1000K | 1000K | 171.48K | 160.34K | 1000K | 183.19K | 60.21K | 79.67K | 197.29K | 6.12K | 877.08K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | -60.42B | 1.54M | 2.98M | 1.36M | 955.44K | 0 | 676K | 54.99M | 45.12M | 29.4K | 32.87K | 27K | 10.72M | 11.04M | 6.93M | 13.43K | 6.5M | 5.39M | 1.1M | 406.69K | 159.38K | 282.11K | 218.12K | 567.98K | 300.73K | 235.73K | 900K | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.02K | 0 | 257.97K | 272.01K | 419.27K | 462.8K | 1.21M | 1.26M | 1.3M | 0 |
| Total Liabilities | 21.15M | 19.25M | 24.66M | 33.5M | 33.42M | 23.82M | 27.88M | 22.5M | 23.82M | 23.65M | 13.02M | 13.91M | 10.58M | 7.23M | 5.86M | 2M | 1.11M | 342.7K | 194.59K | 201.4K | 1.12M | 3.71M | 5.13M | 6.43M | 6.62M | 4.51M | 4.51M | 3.7M | 2.5M |
| Total Debt | 0 | 17.76M | 22.55M | 31.2M | 31.02M | 21.65M | 26.28M | 20.85M | 22.07M | 22.29M | 11.79M | 12.92M | 10.17M | 6.67M | 5.4M | 1.66M | 800K | 0 | 0 | 0 | 104.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -183.95K | -187.13M | 22.37M | 31.1M | 30.92M | 21.51M | 26.15M | 20.73M | 21.87M | 22.16M | 11.69M | 12.81M | 10.12M | 5.65M | 5.16M | 1.44M | 413.98K | -707.45K | -884.3K | -621.72K | -3.53M | -4.21M | -3.55M | -1.2M | -202.42K | -3.23M | -7.15M | -7.2M | -300K |
| Long-Term Debt | 0 | 17.65M | 22.38M | 30.98M | 30.75M | 21.32M | 25.91M | 20.76M | 22.07M | 22.29M | 5.3M | 0 | 0 | 0 | 0 | 500K | 500K | 0 | 0 | 0 | 54.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 60.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.91M | 6.48M | 12.92M | 10.17M | 6.67M | 5.4M | 1.16M | 300K | 0 | 0 | 0 | 50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 317.08K | 51.15K | 167.12K | 220.53K | 273.49K | 324.25K | 309.58K | 91.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 60.93K | 2.18M | 1.58M | 2.4M | 2.17M | 20.85M | 1.63M | 23.82M | 18.27M | 7.72M | 13.91M | 10.58M | 7.23M | 5.86M | 1.5M | 613.35K | 342.7K | 194.59K | 201.4K | 898.72K | 3.71M | 5.13M | 6.35M | 6.61M | 4.51M | 4.51M | 3.7M | 2.5M |
| Accounts Payable | 0 | 173.25K | 232.24K | 295.29K | 289.87K | 154.17K | 168.94K | 151.82K | 183.72K | 167.56K | 105.54K | 99.64K | 163.62K | 57.07K | 70.4K | 60.07K | 56.41K | 77.77K | 130.38K | 123.89K | 228.98K | 287.79K | 199.17K | 734.96K | 752.21K | 100.11K | 75.75K | 0 | 100K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 367.64K | 0 | 404.68K | 298.47K | 315.41K | 279.68K | 244.78K | 132.02K | 122.24K | 168.79K | 180.51K | 0 | 0 | 72.92K | 341.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 1.49M | 0 | 0 | 0 | 0 | 0 | 15K | -22.07M | -22.29M | 0 | -279.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 43.11M | 43.1M | 43.27M | 42.93M | 42.86M | 43.39M | 31.96M | 31.94M | 53.8M | 44.4M | 34M | 17.74M | 13.87M | 8.89M | 8.48M | 8.09M | 7.76M | 7.46M | 6.99M | 6.89M | 7.14M | 6.47M | 8.58M | 8.02M | 7M | 8.05M | 8.14M | 8.5M | 500K |
| Equity Growth % | -0.22% | -0.38% | 0.77% | 0.16% | -1.2% | 35.73% | 0.07% | -40.63% | 21.17% | 30.58% | 91.64% | 27.96% | 55.93% | 4.88% | 4.83% | 4.19% | 4.13% | 6.65% | 1.48% | -3.57% | 10.45% | -24.59% | 6.88% | 14.59% | -13% | -1.16% | -4.2% | 1600% | - |
| Shareholders Equity | 43.11M | 43.1M | 43.27M | 42.93M | 42.86M | 43.39M | 31.96M | 31.94M | 32.08M | 22.25M | 22.31M | 17.74M | 13.87M | 8.89M | 8.48M | 8.09M | 7.76M | 7.46M | 6.99M | 6.89M | 7.08M | 6.47M | 8.58M | 8.02M | 7M | 8.05M | 8.14M | 8.5M | 500K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.72M | 22.16M | 11.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 11.76K | 11.76K | 11.76K | 11.76K | 11.76K | 11.76K | 9.88K | 9.88K | 9.87K | 8.32K | 8.31K | 7.44K | 6.26K | 4.43K | 4.41K | 4.41K | 3.4K | 3.4K | 3.4K | 3.31K | 3.31K | 3.21K | 3.17K | 3.04K | 3K | 2.98K | 2.98K | 0 | 0 |
| Additional Paid-in Capital | 0 | 45.58M | 45.56M | 45.55M | 45.54M | 45.52M | 33.16M | 33.14M | 33.11M | 23.17M | 23.13M | 18.5M | 14.12M | 9.75M | 9.69M | 9.66M | 9.59M | 9.48M | 9.4M | 9.18M | 9.02M | 8.59M | 8.5M | 8.05M | 8.01M | 7.9M | 7.92M | 7.8M | 0 |
| Retained Earnings | -1.37M | -1.39M | -1.24M | -1.57M | -1.89M | -1.35M | -403.85K | -590.81K | -448.8K | -387.67K | -459.1K | -395.71K | 113.35K | -487.66K | -942.61K | -1.33M | -1.59M | -1.91M | -2.14M | -1.62M | -1.59M | -1.42M | 343.96K | 176.22K | -678.64K | 414.36K | 531.44K | 1M | 500K |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 7.89% | 7.85% | 7.75% | 7.17% | 7.26% | 6.96% | 7.4% | 8.15% | 8.26% | 8.47% | 8.47% | 7.98% | 7.17% | 3.83% | 3.18% | 2.71% | 3.83% | 3.15% | -7.28% | -0.41% | -1.89% | -4.28% | 7.35% | 11.39% | -8.35% | -0.93% | -3.42% | 5.26% | 13.33% |
| Return on Equity (ROE) | 11.59% | 11.84% | 12.97% | 12.77% | 12.09% | 11.74% | 13.24% | 10.48% | 8.56% | 8.77% | 10.96% | 14.16% | 12.78% | 6.71% | 4.69% | 3.24% | 4.2% | 3.26% | -7.49% | -0.45% | -2.56% | -6.79% | 12.47% | 21.28% | -14.52% | -1.45% | -5.11% | 8.89% | 80% |
| Debt / Assets | 0% | 28.49% | 33.19% | 40.82% | 40.67% | 32.21% | 43.92% | 38.3% | 39.49% | 48.57% | 33.35% | 40.8% | 41.6% | 41.36% | 37.65% | 16.45% | 9.01% | - | - | - | 1.26% | - | - | - | - | - | - | - | - |
| Debt / Equity | 0.00x | 0.41x | 0.52x | 0.73x | 0.72x | 0.50x | 0.82x | 0.65x | 0.41x | 0.50x | 0.35x | 0.73x | 0.73x | 0.75x | 0.64x | 0.21x | 0.10x | - | - | - | 0.01x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.03x | -27.30x | 4.00x | 5.71x | 5.93x | 4.86x | 4.61x | 2.83x | 2.45x | 3.74x | 2.51x | 5.63x | 5.00x | 3.98x | 7.76x | 3.88x | 1.06x | -1.91x | -146.50x | - | - | - | - | -2.02x | - | - | - | -10.29x | -0.43x |
| Book Value per Share | 3.77 | 3.77 | 3.78 | 3.74 | 3.73 | 4.12 | 3.32 | 3.31 | 6.11 | 5.46 | 4.47 | 2.61 | 2.74 | 2.07 | 1.96 | 2.22 | 2.30 | 2.24 | 2.15 | 2.13 | 2.25 | 2.02 | 2.64 | 2.66 | 2.40 | 2.77 | 2.79 | 4.04 | 0.36 |
Geographic concentration in NY
According to quarterly financial statements, LOAN has successfully reduced its total debt from $31.2 million in 2023Q4 to zero in 2026Q1, reflecting a strategic shift toward a debt-free balance sheet that prioritizes capital preservation over aggressive, leverage-driven asset growth in the current interest rate environment.
The transition to a zero-debt capital structure suggests management is prioritizing risk mitigation over yield enhancement. While this strengthens the balance sheet, it also implies that future growth will be entirely dependent on internal capital recycling rather than the expansionary power of financial leverage.
As reported in recent filings, LOAN's debt-to-equity ratio has trended downward from 0.73 in 2023Q4 to zero in 2026Q1, positioning the company as an outlier among mortgage REIT peers who typically rely on warehouse lines to amplify returns on their underlying loan portfolios.
This lack of leverage effectively eliminates interest rate risk associated with debt service, providing a significant buffer against market volatility. However, investors should monitor whether this ultra-conservative stance limits the company's ability to scale originations when attractive lending opportunities arise in the New York metropolitan area.
Based on the provided balance sheet data, LOAN maintains a substantial cash position that has fluctuated significantly, reaching $204.9 million in 2025Q4, which appears disproportionate to the company's total asset base and suggests a potential inefficiency in capital deployment that may be dragging on overall ROE.
The accumulation of such high cash balances relative to the loan portfolio may indicate a lack of viable, high-quality lending opportunities that meet the company's strict underwriting criteria. This liquidity profile warrants further investigation to determine if it represents a temporary defensive posture or a structural inability to deploy capital effectively.
As indicated by the company's historical focus on the New York metropolitan area, LOAN's balance sheet is uniquely exposed to regional regulatory and economic shifts, which may not be fully captured by standard LTV metrics or the company's current low-leverage, high-cash financial position.
While the absence of debt protects the company from immediate insolvency, the geographic concentration creates a binary risk profile tied to the health of the local real estate market. Investors should consider that the reliance on personal guarantees may prove less effective if a systemic downturn in the NY/NJ property market leads to widespread borrower defaults.
Quick answers to the most common questions about buying LOAN stock.
As of 2025, Manhattan Bridge Capital, Inc. (LOAN) had total assets of $62.4M including $1.9M in current assets.
Manhattan Bridge Capital, Inc. (LOAN) carries total debt of $17.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Manhattan Bridge Capital, Inc. (LOAN) has total shareholders' equity (book value) of $43.1M ($3.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Manhattan Bridge Capital, Inc. (LOAN) reported a current ratio of 30.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.