While FFO and operating cash flow remain synchronized, the company's liquidity management appears inefficient, as evidenced by a massive cash position that reached $204.9 million in 2025Q4 without generating proportional interest income.
| 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 |
|---|
| Cash from Operations | 4.91M | 4.93B | 4.93M | 5.61M | 5.17M | 4.6M | 4.22M | 4.43M | 4.36M | 3.46M | 3.05M | 2.12M | 1.28M | 785.76K | 533.4K | 381.3K | 223.88K | 485.61K | 400.96K | -486.73K | -453.13K | -676.15K | -359.47K | 600.57K | 234.47K | -232.22K | 65.92K | 500K | 400K |
| Operating CF Growth % | -6.29% | 99843.37% | -12.06% | 8.54% | 12.34% | 8.95% | -4.74% | 1.62% | 25.95% | 13.45% | 43.85% | 65.95% | 62.7% | 47.31% | 39.89% | 70.31% | -53.9% | 21.11% | 182.38% | -7.41% | 32.98% | -88.1% | -159.85% | 156.14% | 200.97% | -452.29% | -86.82% | 25% | - |
| Operating CF / Revenue % | 61.71% | 56876.2% | 50.9% | 57.07% | 60.19% | 67.46% | 74.53% | 77.57% | 78.9% | 73.84% | 79.07% | 64.16% | 54.19% | 42.64% | 34.27% | 27.23% | 18.51% | 46.75% | 52.92% | -220.08% | -195.15% | -15.2% | -6.04% | 6.61% | 3.59% | -4.16% | 1.06% | 11.11% | 14.29% |
| Net Income | 5.01M | 5.11B | 5.59M | 5.48M | 5.21M | 4.42M | 4.23M | 4.49M | 4.2M | 3.44M | 2.84M | 2.24M | 1.45M | 582.97K | 388.61K | 256.52K | 319.46K | 235.75K | -519.86K | -31.7K | -174.11K | -511.05K | 1.04M | 1.6M | -1.09M | -117.08K | 85.76K | 400K | 400K |
| Depreciation & Amortization | 117.86M | 117.88M | 4.87K | 4.06K | 2.31K | 2.27K | 1.14K | 1.41K | 3.71K | 4.59K | 3.81K | 5.71K | 0 | 0 | 588 | 1.84K | 3.03K | 3.96K | 4.84K | 53.88K | 44.15K | 85.43K | 125.04K | 174.26K | 133.1K | 118.09K | 133.3K | -100K | 0 |
| Stock-Based Compensation | 13.06M | 13.06M | 13.06K | 13.06K | 13.06K | 13.06K | 13.06K | 13.06K | 13.06K | 13.06K | 13.59K | 13.66K | 28.77K | 35.58K | 30.88K | 68.43K | 72.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -5.24B | -312.55M | 88.58K | 95.3K | 117.83K | 91.31K | 101.95K | 3.27K | 98.69K | 129.13K | 101.35K | 39.54K | 28.77K | 76.73K | 47.08K | 36.4K | -151.42K | 72.19K | 845.1K | -86.33K | -157.02K | 183.8K | 116.82K | -530.56K | -14.41K | -49.52K | 34.5K | 500K | 200K |
| Working Capital Changes | -91.89K | -310.63K | -765.59K | 19.87K | -177.95K | 69.4K | -124K | -190.17K | 40.88K | -143.12K | 81.15K | -203.75K | -204.82K | 90.48K | 66.24K | 18.11K | -19.64K | 173.71K | 70.88K | -422.58K | -166.15K | -645.95K | -297K | -1.36M | -695.3K | -1.22M | -1.2M | -300K | -200K |
| Cash from Investing | 1.7M | 5.31B | 7.55M | 1.43M | -8.77M | -7.62M | -4.61M | 1.37M | -9.71M | -10.37M | -3.85M | -6.88M | -9.21M | -1.07M | -4.21M | -1.4M | -1.25M | -661K | -207.56K | -2.52M | 182.37K | 3.11M | 3.17M | 327.25K | -3.28M | -3.69M | -118.11K | -100K | 0 |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97.22K | -309.22K | -107.5K | 0 | 1.8M | -100K | -70.54K | 3.59M | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -146.82K | -6.14M | -7.2M | -6.51M | -1.54M | -2.59M | -14.5M | -10.45M | -8.57M | -6.8M | -4.02M | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.89M | 6.54M | 5.27M | 4.36M | 2.63M | 17.32M | 11.45M | 7.9M | 3.68M | 424.68K | 0 | 0 | 0 |
| Other Investing | 2.11M | 5.31B | 7.55M | 1.44M | -8.77M | -7.62M | -4.6M | 1.37M | -9.71M | -10.37M | -3.85M | -6.87M | -9.19M | -1.07M | -4.21M | -1.26M | 0 | 0 | 944.07K | -5.02M | 271.75K | 288.01K | 395.13K | 1.25M | -3.19M | -3.59M | 0 | 100K | 0 |
| Cash from Financing | -6.62M | -10.22B | -13.97M | -5.45M | 3.56M | 2.7M | 726.24K | -6.03M | 5.57M | 6.95M | 791.9K | 4.82M | 6.96M | 1.07M | 3.7M | 859.47K | 702.5K | -1.46K | 69.17K | 0 | -308.73K | -1.77M | -466.35K | 71.58K | 21.2K | 0 | 0 | 6.4M | -200K |
| Dividends Paid | -5.26M | -5.26M | -5.23M | -5.31M | -5.75M | -4.99M | -4.14M | -4.64M | -4M | -3.29M | -2.7M | -2.13M | -853.5K | -128.02K | 0 | 0 | 0 | 0 | 0 | 0 | -314.25K | -1.8M | -744.11K | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | -2.63M | -5.26M | -5.23M | -5.31M | -5.75M | -4.99M | -4.14M | -4.64M | -4M | -3.29M | -2.7M | -2.13M | -853.5K | -128.02K | 0 | 0 | 0 | 0 | 0 | 0 | -314.25K | -1.8M | -744.11K | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -1000K | -1000K | -1000K | 158.1K | 1000K | -1000K | 1000K | -1000K | -292.45K | 1000K | -28.95K | 1000K | 1000K | 1000K | 1000K | 859.47K | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | -200K |
| Share Repurchases | -28.56K | -28.56K | -9.8K | -261.67K | 0 | 0 | -179.25K | -29.45K | -48.74K | -172.16K | 0 | 0 | 0 | -99.36K | -28.57K | 0 | 0 | -1.46K | -8.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | 0 |
| Other Financing | 28.35M | -10.21B | 0 | -38.19K | -35.82K | 0 | -27.1K | 20.44K | 28.35K | -22.68K | 3.53M | -36.89K | 4.31M | 22.54K | -16.02K | 0 | -97.5K | 0 | 78K | 0 | 0 | 0 | 10.78K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -17.46K | 26.48M | -1.49M | 1.59M | -39.01K | -316.59K | 340.73K | -236.65K | 218.62K | 40.14K | -10.54K | 59.16K | -973.35K | 780.33K | 18.79K | -164.12K | -321.43K | -176.85K | 262.57K | -3.01M | -579.49K | 662.68K | 2.35M | 999.4K | -3.03M | -3.92M | -52.19K | 6.9M | 200K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 |
| Cash at Beginning | 228.24K | 201.76M | 1.69M | 103.54K | 142.55K | 459.14K | 118.41K | 355.06K | 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 | 100K |
| Cash at End | 205.67K | 228.24M | 201.76K | 1.69M | 103.54K | 142.55K | 459.14K | 118.41K | 355.06K | 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 |
| Free Cash Flow | 4.93B | 4.93B | 4.93M | 5.6M | 5.16M | 4.6M | 4.21M | 4.43M | 4.36M | 3.46M | 3.05M | 2.11M | 1.26M | 785.76K | 533.4K | 381.3K | 223.88K | 485.61K | 400.96K | -489.94K | -471.86K | -682.22K | -384.44K | 445.28K | 137.4K | -324.86K | -52.19K | 400K | 400K |
| FCF Growth % | 96994.6% | 99916.38% | -12.06% | 8.51% | 12.28% | 9.18% | -4.94% | 1.65% | 25.98% | 13.5% | 44.33% | 67.73% | 60.27% | 47.31% | 39.89% | 70.31% | -53.9% | 21.11% | 181.84% | -3.83% | 30.83% | -77.46% | -186.34% | 224.08% | 142.29% | -522.42% | -113.05% | 0% | - |
| FCF / Revenue % | 61965.47% | 56871.38% | 50.86% | 57.01% | 60.16% | 67.46% | 74.37% | 77.57% | 78.88% | 73.81% | 78.99% | 63.88% | 53.38% | 42.64% | 34.27% | 27.23% | 18.51% | 46.75% | 52.92% | -221.53% | -203.22% | -15.34% | -6.46% | 4.9% | 2.1% | -5.82% | -0.84% | 8.89% | 14.29% |
Geographic concentration in NY
As reported in quarterly financial statements, LOAN's dividend payout ratio relative to AFFO has fluctuated significantly, with recent periods showing a payout ratio exceeding 1.0x, suggesting that the current dividend distribution may be straining the company's ability to retain capital for future loan originations.
The inconsistency in AFFO coverage indicates that the dividend is highly sensitive to the timing of loan repayments and origination fee recognition. Investors should monitor whether the company can consistently generate sufficient distributable cash to support the current dividend level without relying on cash reserves.
Based on the provided data, the relationship between FFO and GAAP operating cash flow appears largely synchronized, with FFO/NI ratios hovering near parity, which suggests that the company's reported earnings are not heavily distorted by non-cash accounting adjustments common in larger, more complex mortgage REITs.
This high conversion quality reflects the straightforward nature of LOAN's interest-based revenue model. The lack of significant divergence between FFO and operating cash flow implies that the company's earnings are primarily driven by actual interest collections rather than accrual-heavy accounting practices.
According to historical financial filings, the gap between GAAP Net Income and FFO remains negligible, confirming that the company's business model as a bridge lender avoids the heavy depreciation charges that typically distort the earnings profile of traditional equity-focused real estate investment trusts.
Because LOAN does not own the underlying properties in a traditional sense, it avoids the non-cash depreciation expenses that often necessitate the use of FFO as a primary metric. This simplifies the analysis of the company's true earnings power, as Net Income serves as a more reliable proxy for cash-based performance than in other REIT sectors.
As indicated by the reported $204.8 million cash position, the company's balance sheet appears to hold substantial liquidity that is not currently generating interest income, which warrants further investigation into whether this represents a lack of viable lending opportunities or a strategic defensive posture.
The presence of such significant idle cash relative to revenue suggests that the company's capital efficiency is currently hampered by an inability to deploy funds into the NY metro market. This cash drag may mask the underlying profitability of the active loan portfolio and should be a primary focus for analysts evaluating future ROE potential.
Quick answers to the most common questions about buying LOAN stock.
Manhattan Bridge Capital, Inc. (LOAN) generated $4.93B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Manhattan Bridge Capital, Inc. (LOAN) generated $4.93B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Manhattan Bridge Capital, Inc. (LOAN) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Manhattan Bridge Capital, Inc. (LOAN) returned $5.3M to shareholders via cash dividends and spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.