Manhattan Bridge Capital is a small New York-based REIT that originates and manages short-term "hard money" first mortgage loans to real estate investors in the New York metro area, with a growing presence in Florida. The company lends to small developers, owners, and contractors who use proceeds to acquire and renovate residential properties, build new homes on vacant land, or purchase income-producing properties. Loans are typically one year, interest-only with a balloon payment at maturity, and secured by a first mortgage lien plus a personal guarantee. Loan sizes range from $40K to $4M, averaging around $689K, and as of year-end 2025, the company had 88 loans outstanding totaling roughly $60.7M. Manhattan Bridge Capital is essentially a spread business: it borrows through bank credit lines at floating rates and lends at fixed rates of 9%–12.5%, keeping the difference. Fee income from origination points and loan extensions supplements interest income. Because loan durations are short — weighted average term to maturity of about 5.5 months — the portfolio turns over frequently, giving management regular opportunities to re-price. The company operates with just 6 employees, relies heavily on repeat borrowers and referrals, and the CEO personally approves every loan. As a REIT, Manhattan Bridge Capital distributes at least 90% of taxable income to shareholders, making it largely a pass-through vehicle. The company has not foreclosed on a property since 2007, emphasizing capital preservation as a core operating principle.