December 2024

Dear Valued Shareholders, As we close the books on 2024, I want to take a moment to thank you for your ongoing support and trust in Manhattan Bridge Capital (the “Company”). This year has been challenging, particularly due to the high-interest rate environment, which has placed considerable pressure on the real estate market. Despite these headwinds, our conservative, low-leverage model, disciplined underwriting approach, and strong relationships with our borrowers have enabled us to navigate these challenges effectively.

December 2023

Fellow Shareholders, As an Israeli American, I have to start by condemning the vicious murders, rapes and kidnappings conducted by the terror organization Hamas on October 7th, 2023. I pray for the release of the hostages, and for the fast recovery of the injured and I offer my sincere condolences to the families of the murdered. I believe that our financial results for the year 2023 were impressive. We broke our record of both revenue and net earnings, while managing to avoid foreclosures and losses. Our low debt-to-equity ratio had become a major benefit in a high-interest environment, as we don’t pay higher interest on the majority of our capital, while charging higher interest on the entire portfolio.

December 2022

Fellow Shareholders, 2022 was a stormy year, yet we managed to operate above the weather. We earned a company record $5.2 million of net income and avoided losses that we believe were common for other hard money lenders throughout this rough period. At the beginning of the year we charged our borrowers around 9% interest plus initiation fees, and at the end of the year the interest charged to our borrowers was approxmiately 11.5% to 12% plus initiation fees, an increase of 2.5% to 3%. However, interest paid to our bank for the funds drawn against our line of credit increased by approximately 4.5%, from approximately 4% to approximately 8.5%. That significant increase prevented us from reaching a net earning of more than $0.45 per share, and therefore, in order to try to match net earnings with our dividends, we recently announced a quarterly dividend of $0.1125 (possibly reflecting $0.45 for the year) for the first quarter of 2023.

December 2021

Fellow Shareholders, When I founded Manhattan Bridge Capital in 1989, immediately after arriving in NYC from Israel, I didn’t imagine that the company would grow to become a leading Hard Money Lender in the New York Metropolitan area and in Florida, and operate as a mortgage real estate investment trust (REIT). We went a long way from starting in a basement in Flushing, Queens. I was 24 years old then and the company’s sole owner.

December 2020

Fellow Shareholders, I hope that you and your loved ones are well and safe. Who would have imagined that this crisis will still be dominating our lives in 2021? The scale of challenges in 2020 was unprecedented and it was a reality test for our mechanisms and system; yet, due to our conservative underwriting and disciplined loan policies, we prevailed and continued delivering an impressive performance, on-time cash dividends and increased shareholders’ value.

December 2019

Dear Shareholders, I hope that this letter finds you and your loved ones healthy and well. From the intensity of the current events and market conditions, 2019 seems like the distant past, and the challenges we dealt with last year seemlike a piece of cake versus what we are dealing with today. As you may recall, I anticipated a recession for some time. Money was too easy and too available in recent years, and our competition kept loosening underwriting standards and lowering interest rates.

December 2018

Dear Valued Shareholder, Our challenge for 2018 was to continue to grow further while avoiding the new loose standards set by some of our competitors. Thanks to our solid position in the market-place as well as our strong reputation, we managed to achieve that goal. I am proud to present to you another year of record high revenue, record high net earnings of $0.48 per share and no loan defaults.

December 2017

Dear Valued Shareholders, 2017 was an important year for Manhattan Bridge Capital. We successfully continued growing even in the face of intense competition in a market-place saturated with cash. Our robust sales and marketing network performed well and provided the needed deal flow in order to support our desired growth rate. Due to our solid loan portfolio, and lack of collection issues, our existing bank was willing to increase the size of our credit line.

December 2016

Dear Valued Shareholders, 2016 was another record year at Manhattan Bridge Capital, Inc. Total revenue increased to over $4.6 million, net earnings were over $2.8 million, and net shareholders' equity increased to over $22.3 million...

December 2015

Dear valued Shareholders, 2015 was a record year for our company. Revenue increased to over $4 million and net earnings were over $2.2 million or $0.33 per share. In addition, our shareholders’ net equity increased from approximately $14 million to approximately $18 million...

December 2014

Dear valued shareholders, In 2014 the company more than doubled its net earnings and reported an impressive profit of $0.29 per share versus $0.14 in 2013. Our revenue increased from $2.26 million in 2013 to $2.9 Million in 2014. In addition, our shareholders net equity increased from approximately $9 million to approximately $14 million...

December 2013

Dear respected shareholders, 2013 was another year to be proud of. We achieved a number of successes: revenue increased 24.4% versus the prior year and net income increased from $0.9 to the impressive $0.14 per share (net after taxes). The even better news is that our continued growth both on revenue and net earnings seems to be continuing in 2014...

December 2012

Dear Valued Shareholders, 2012 was a breakthrough year for Manhattan Bridge Capital. We overcame the immense challenge of becoming bankable and established our first significant line of credit from a commercial bank. This transaction reduced our cost of funds and enhanced our net earnings....

December 2011

Dear Valued Shareholders, In 2011, Manhattan Bridge Capital has continued its path of growth and prosperity. We have further secured our position as a hard money lender to small real estate investors in the NY Metropolitan area...

December 2010

Dear Valued Shareholders, As the credit markets continue to slowly recover, Manhattan Bridge Capital Inc. has secured its position as a leading bridge loan provider to small real estate investors, particularly a leader in this niche lending market in the five boroughs of NYC...

December 2009

Dear Valued Shareholders, As the economic climate starts to regain momentum and strength, Manhattan Bridge Capital continues its growth pattern and is steadily meeting the growth expectations we have set for ourselves for 2010. The finance industry is in the process of resetting its standards, yet it is still lingering behind other industries in its recovery process...

December 2008

Dear Shareholders, The faltering economic climate has created both significant challenges and opportunities for Manhattan Bridge Capital. We generated an enormous deal flow yet we had to diligently review and analyze each and every deal in order to cherry-pick the most attractive and least risky opportunities...

December 2007

Dear Shareholders, In 2007 Dag Media Inc. established Dag Funding Solutions, a short-term, secured commercial lender to small businesses, and commenced limited lending operations. We also substantially reduced our losses from continuing operations from approximately $812,000 in 2006 to $39,000 in 2007 through making tough business decisions such as terminating operations and then dissolving Shoipila, our e-commerce subsidiary, and suspending operations and further development work on Next Yellow. These decisions enabled us to focus all of our efforts and all of Dag Media’s resources on developing and expanding our new lending business. We believe that this business puts us on the path to sustained growth and future profitability...

December 2006

Dear Stockholders, 2006 was a challenging but cultivating year for DAG Media, Inc. We believe that, while we have made significant progress with the restructuring of the company’s operations, there remains a long road ahead of us. Nevertheless, I’m exited about the future and confident in our ability to succeed in the near future. We will continue to operate efficiently until we regain profitability...

December 2005

Dear Shareholders, As DAG Media moves into 2006, we stand on the cusp of a transformation that has been years in the making. With the recent sale of the Jewish Israeli Yellow Pages and the Jewish Master Guide, and the launch of our revolutionary online search solution, NextYellow.com, DAG Media has become fully vested in its quest to redefine how consumers search for businesses and services...

December 2004

Dear Shareholders, Seeking to enhance value to our shareholders and acting in the best interests of our shareholders was always and will always be my ultimate goal. For this reason, when an opportunity arose in August 2004 to sell our wholly-owned subsidiary, Blackbook Photography Inc., at a price that was determined by our management and our Board of Directors...

December 2003

Dear Shareholders, Looking back at the year 2003 fills me with satisfaction. Our achievements in 2003 cleared the path to a strong, stable and profitable future. The sale of NEW YELLOW Manhattan, released us from the burden of a cash draining product. It also allowed us, for the first time ever, to distribute a cash dividend, which increased our visibility...

December 2002

Dear Shareholders, 2002 was a year of solid achievement for DAG Media. Revenues reached their highest level in corporate history and gross profit increased by 17.5%. Additionally, New Yellow, our Manhattan yellow pages, established a strong position in the market place and we made our first strategic acquisition, the purchase of THE BLACK BOOK, a publisher...

December 2001

Dear Shareholders, 2001 was a tough year. It started with a sharp decline in the Stock Market. The decline in asset valuation caused a decrease in cash positions - percipitating a recession. In this climate, advertising budgets of New York and New Jersey companies were severly scaled down. Then came the tragedy of September 11, which made it impossible...

December 2000

Dear Shareholders, Fiscal year 2000 was a very exciting year for us. Revenue increased 43% and we had several significant achievements that will be reflected in future results. We've been able to capture a respectable share of the Manhattan yellow page market. We have strengthened our sales force and exclusively dedicated three sales offices to our Manhattan...