December 2022
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. Through the years I maintained my position as the largest shareholder of the company. Yet, I always strive to put your interests before my own. Here are a few examples that demonstrate that: I have bought shares in the open market frequently since we started trading on Nasdaq in 1999, I have asked our compensation committee to halt my salary and bonuses on several occasions when I sensed that the company would need additional liquidity, I continue to extend my personal guarantee to the company's line of credit and when we issue new shares to the market, I only support the transaction when the price is higher than the previous offering.