Workflow
Mill City Ventures III(MCVT) - 2024 Q3 - Quarterly Report
MCVTMill City Ventures III(MCVT)2024-11-12 12:57

Investment Performance - For the nine months ended September 30, 2024, the company made 5,106,503ininvestmentpurchasesandhad5,106,503 in investment purchases and had 6,614,573 in redemptions and repayments, resulting in net investments at amortized cost of 17,208,066[85].−Thecompany′stotalinvestmentincomeforthethreemonthsendedSeptember30,2024,was17,208,066[85]. - The company's total investment income for the three months ended September 30, 2024, was 711,022, a decrease of 1.6% from 725,158inthesameperiodof2023[89].−Thecompanyexperienced725,158 in the same period of 2023[89]. - The company experienced 530,693 in unrealized appreciation for the three months ended September 30, 2024, compared to 2,175inthesameperiodof2023[94].FinancialPosition−AsofSeptember30,2024,thecompanyhadcashandcashequivalentsof2,175 in the same period of 2023[94]. Financial Position - As of September 30, 2024, the company had cash and cash equivalents of 3,132,877, an increase of 2,756,853fromDecember31,2023[97].−Thecompany′sportfoliocompositionbyfairvalueasofSeptember30,2024,included97.02,756,853 from December 31, 2023[97]. - The company's portfolio composition by fair value as of September 30, 2024, included 97.0% in short-term non-banking loans and 3.0% in common stock[86]. - The company did not engage in any off-balance sheet arrangements during the nine months ended September 30, 2024[100]. Operational Results - For the nine months ended September 30, 2024, the company recorded a net increase in net assets from operations of 1,258,822, compared to a net decrease of 277,763inthesameperiodof2023[95].−Thecompanyhad277,763 in the same period of 2023[95]. - The company had 0 in interest expense for the three months ended September 30, 2024, and 320fortheninemonthsendedSeptember30,2024,asignificantdecreasefrom320 for the nine months ended September 30, 2024, a significant decrease from 78,000 in the same period of 2023[92]. - Professional fees for the nine months ended September 30, 2024, were 502,838,adecreasefrom502,838, a decrease from 601,184 in the same period of 2023, attributed to reduced loan activity[90]. Loan Portfolio - The average interest rate on the company's loan portfolio is 16.2%[89].