Mill City Ventures III, Ltd. Announces Select 2024 Short-term Loan Portfolio Data
Rhea-AI Summary
Mill City Ventures III (NASDAQ: MCVT), a non-bank lender and specialty finance company, has released select data from its 2024 short-term lending operations. The company reported $17,145,000 in loan extensions across six loans, $4,550,000 in new loans across four borrowers, and $8,507,500 in loan maturities for seven loans.
The four new short-term loans generated during the year achieved a weighted-average yield of 27.49% per annum, excluding fees. The company maintains approximately $6 million in current liquidity and reports growing demand from both existing and potential borrowers. Management expressed optimism for 2025 and plans to continue focusing on increasing the weighted-average interest rate of their short-term loan portfolio.
Positive
- 27.49% weighted-average yield on new short-term loans
- $6M in current liquidity available for lending
- Growing demand from borrowers
- $17.1M in loan extensions indicating customer retention
Negative
- Only 4 new loans originated during the year
- Higher loan maturities ($8.5M) compared to new loans ($4.5M)
News Market Reaction – MCVT
In the trading session that priced this news, MCVT declined 0.93%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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MINNEAPOLIS, MN / ACCESSWIRE / January 13, 2025 / Mill City Ventures III, Ltd. ("Mill City") (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced today certain select data from its 2024 short-term lending operations.
Mill City's short-term loan activity in fiscal year 2024 included the following:
$17,145,000 in principal amount of loan extensions for six loans$4,550,000 in principal amount for four new short-term loans$8,507,500 in principal amount of maturities for seven short-term loans
The four new short-term loans originated during the year have a weighted-average yield (excluding all applicable fees) of
"With approximately
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements, including without limitation continued demand for short-term specialty non-bank loans, the company's ability to continue growing its investment portfolio while receiving attractive returns, increased levels of competition, new products or offerings introduced by competitors, changes in the market rates of loans, and other risks.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company. More information about the company can be obtained at www.millcityventures3.com or www.sec.gov.
Contact:
Joseph A. Geraci
Chief Financial Officer
jg@millcityventures3.com
612-868-5815
On X: @millcity_3
SOURCE: Mill City Ventures III, Ltd.
View the original press release on accesswire.com