Manhattan Bridge Capital, Inc. Announces Payment of Quarterly Dividend

Rhea-AI Summary

Manhattan Bridge Capital (LOAN) announced a cash dividend of $0.10 per share, payable on October 15, 2020, to shareholders of record by October 9, 2020. This follows their previous dividend declaration on July 30, 2020. CEO Assaf Ran expressed confidence that the worst impact of COVID-19 is behind them and highlighted the company's performance without defaults. He hopes for a return to a growth pattern in the near future, emphasizing their commitment to maintaining dividends during the pandemic.

Positive

• Declared a cash dividend of $0.10 per share, reinforcing financial stability.
• Maintained a track record of no defaults during the COVID-19 pandemic.
• Confident outlook for future growth as market conditions improve.

Negative

• High competition may limit loan origination opportunities.
• Potential overestimation of loan yields could lead to losses.
• Risks related to borrower concentration may result in significant losses.

GREAT NECK, N.Y., Sept. 24, 2020 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today that, in accordance with the board approved dividend declared on July 30, 2020, a cash dividend of $0.10 per share will be paid to all shareholders of record on October 9, 2020. The dividend will be paid on October 15, 2020.  

Assaf Ran, Chairman of the Board and CEO, stated, “As we believe the worst impact of COVID-19 is behind us, we are proud to announce that we have kept our track record of no defaults. We believe that we belong to a select group of REITs that did not pause or terminate dividend payments due to COVID-19. I hope that market conditions will allow us to safely return to a growth pattern in the near future,” added Mr. Ran.

Forward Looking Statements

This press release and the statements of our representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when we discuss that we hope that market conditions will allow us to safely return to a growth pattern in the near future, we are using forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive and (ix) if the effect of the COVID-19 pandemic on our business is greater than anticipated. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE: Manhattan Bridge Capital, Inc.

FAQ

What is the dividend amount for LOAN?

The dividend amount for LOAN is $0.10 per share.

When is the dividend for LOAN paid?

The dividend for LOAN will be paid on October 15, 2020.

What are the record dates for LOAN's dividend?

The record date for LOAN's dividend is October 9, 2020.

Is LOAN paying dividends during the COVID-19 pandemic?

Yes, LOAN has maintained its dividend payments without interruption during the COVID-19 pandemic.

What challenges does LOAN face moving forward?

LOAN faces challenges such as competition in the market and potential losses from borrower concentration.