Mill City Ventures III(MCVT) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, the company reported total investment income of $832,667, a decrease from$864,028 in the same period of 2023[87]. - The company recorded a net increase in net assets from operations of $382,103 for the three months ended March 31, 2024, compared to a net decrease of$718,044 in the same period of 2023[93]. - The company had $308,797 in proceeds from the sale of investments for the three months ended March 31, 2024, resulting in$24,495 of realized gains[91]. Cash and Investments - As of March 31, 2024, the company had cash of $504,725, reflecting an increase of$128,701 from December 31, 2023[95]. - The company made $73,438 in investment purchases and had$308,797 in redemptions and repayments during the three months ended March 31, 2024[83]. - The portfolio composition as of March 31, 2024, included $16,770,508 in short-term non-banking loans, representing 97.9$138,371, compared to $129,851 in the same period of 2023[88]. - Payroll expenses decreased significantly to$151,066 in the three months ended March 31, 2024, from $1,130,439 in the same period of 2023[89]. Loan Portfolio - The average interest rate on the company's loan portfolio was 16.2%[87]. Off-Balance Sheet Arrangements - The company did not engage in any off-balance sheet arrangements during the three months ended March 31, 2024[98].