Mill City Ventures III, Ltd. - MCVT STOCK NEWS

Mill City Ventures III (NASDAQ:MCVT) has announced a $3 million loan commitment to Coventry Holdings of Minnesota, a Twin Cities-based senior care facility operator. The funding will support Coventry's short-term capital needs while it seeks longer-term expansion capital. The loan carries an annual interest rate exceeding 24% and is considered low-risk by Mill City.

Coventry plans to expand its operations by adding seven facilities over the next couple of years, aiming to reach 25 total locations. Mill City, with over $6M in cash liquidity, continues to pursue lending opportunities in insurance settlements, asset-based loans, real estate backed loans, and equity investments. This commitment builds upon a previous financing arrangement between the two companies.

Mill City Ventures III (Nasdaq:MCVT) reported its Q3 2024 financial results, showing a 93% increase in pre-tax earnings from lending operations to $589,283. Nine-month pre-tax earnings reached $1.26 million, resulting in $0.20 EPS compared to a $(0.04) loss per share in the prior year. Investment income slightly decreased by 2% to $711,022 in Q3 and by 3% to $2.43 million for the nine-month period. Shareholder equity grew to $19.8 million from $18.6 million, while cash position strengthened to $3.1 million from $376,024 at year-end 2023. The company announced a stock buyback program with shares trading below net asset value.

Mill City Ventures III, (NASDAQ:MCVT), a non-bank lender and specialty finance company, has announced a stock repurchase program of up to $2,000,000 for its common stock. The program, approved by the Company's Board of Directors, will be executed through a combination of open market repurchases, privately negotiated transactions, and other methods at the Company's discretion.

CEO Douglas M. Polinsky stated that this initiative reflects their commitment to maximizing shareholder value. The company plans to finance the repurchase with existing cash balances. The program can be suspended or discontinued at any time and does not obligate the company to acquire a specific amount of stock.

Mill City Ventures III, (NASDAQ:MCVT), a non-bank lender and specialty finance company, has announced a $2 million short-term loan to Enchant Christmas, . The funding will facilitate three holiday attractions in Las Vegas, San Jose, and Seattle.

CEO Douglas Polinsky highlighted Enchant Christmas as North America's premier holiday festival, noting that it generated $54 million in revenue over a six-week period last holiday season. This loan reflects the growing demand for short-term funding that Mill City has experienced since early 2024.

Mill City continues to pursue various transaction opportunities, including adjudicated insurance settlements, asset-based loans, and real estate backed loans.

Mill City Ventures III, (NASDAQ:MCVT), a non-bank lender and specialty finance company, has announced its entry into the senior care industry with a $1.15 million short-term loan for two senior care development projects. CEO Douglas M. Polinsky highlighted the company's streamlined underwriting process, which enabled them to meet the closing deadline for this promising project. The funding aligns with Mill City's goal of achieving returns exceeding 20% on an annualized basis.

The company has observed an increase in funding opportunities since early 2024 and continues to pursue transactions in various sectors, including adjudicated insurance settlements, asset-based loans, and real estate backed loans.

Mill City Ventures III, (NASDAQ:MCVT) reported its 2024 second quarter financial results, showing mixed performance. Pre-tax earnings from lending operations increased by 45% to $490,570 in Q2 2024, compared to $337,457 in the prior-year period. For the six-month period, pre-tax earnings reached $962,150, resulting in earnings per share of $0.12, a significant improvement from a loss of $(0.10) per share in the prior year.

However, investment income from lending operations decreased slightly by 2% to $888,629 in Q2 2024, and by 3% to $1.72 million for the six-month period. Shareholder equity increased to $19.4 million, and the company's cash position improved significantly to $5.4 million as of June 30, 2024. CEO Douglas Polinsky expressed optimism about future investment opportunities and the company's potential for growth in providing short-term liquidity to borrowers and long-term returns to shareholders.

Mill City Ventures III (NASDAQ: MCVT) released its Q1 2024 results on May 16, 2024. The company reported steady interest income from lending operations at $832,667, compared to $864,028 in Q1 2023. Pre-tax earnings improved significantly to $471,580 from a loss of $(1,025,767) in the prior-year period, resulting in net earnings of $0.06 per share, up from a loss of $(0.12) per share. Shareholder equity rose to $18.97 million from $18.59 million as of December 31, 2023. CEO Douglas M. Polinsky highlighted Mill City's focus on profitability and future strategic opportunities in areas like real estate bridge loans, title loans, insurance claims, litigation financing, and business acquisitions.

Mill City Ventures III, Ltd. extended an additional $1 million of short-term loan principal to Mustang Funding LLC and refinanced earlier provided short-term loan principal. The total amount of capital committed to Mustang is now $8 million. The principal amount of all short-term loans accrues interest at 15% per annum and becomes due and payable by May 31, 2024, or 90 days after any termination of discussions for the combination transaction. Mustang expects to benefit from the merger by accessing public markets for capital and presenting investors with the ability to participate in a differentiated, Nasdaq-listed, litigation finance company.

Mill City Ventures III, Ltd. (MCVT) reported significant financial growth for the year ending December 31, 2022. Key highlights include:

• Investment income from lending operations rose 58% to $4.2 million from $2.7 million in 2021.
• Pre-tax earnings were $316,506 for the fourth quarter, with a full-year increase to $1.4 million, up 10.6%.
• Shareholder equity surged 36.7% to $18.3 million.

The company also anticipates the closing of a merger with Mustang Litigation Funding in the second half of 2023. CEO Douglas M. Polinsky noted the transformative year and ongoing focus on providing tailored financing solutions.