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Miller Convertible Total Return ETF (MCVT) is an actively managed exchange-traded fund launched by Wellesley Asset Management to seek total return through a convertible-securities strategy. Fund updates center on the launch, portfolio focus, share trading relative to NAV, interest-rate sensitivity, portfolio turnover, privately placed or illiquid securities, synthetic convertible bonds, counterparty exposure and broader market risks affecting the fund and its service providers.
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.
Mill City Ventures III, Ltd. (NASDAQ:MCVT) has secured a $1.2 million loan through a short-term promissory note with a maturity of 120 days. This financing is anticipated to yield an impressive 33.6% annualized return. The loan is collateralized by the borrower's finance business assets. CEO Douglas M. Polinsky remarked on the company's positive relationship with the borrower, which has previously benefited from Mill City’s lending solutions. Mill City, established in 2007, specializes in short-term non-bank lending and finance solutions, with more details available at their website.
Mill City Ventures III (NASDAQ:MCVT) announced a $2.5 million bridge loan to a multi-family real estate project, which is expected to mature in six months. The loan promises an 18% current return and is secured by personal guarantees from the principal owners of the borrower. CEO Douglas M. Polinsky noted the loan reflects Mill City's capacity to respond swiftly to customer needs, delivering favorable terms. Founded in 2007, Mill City is a non-bank lending and specialty finance company.
Mill City Ventures III, Ltd. (NASDAQ:MCVT) has entered into a short-term financing arrangement of $5 million with Mustang Funding, LLC, as part of their ongoing merger process. This loan, which will mature in nine months, aims to provide Mustang with immediate liquidity and marks a significant step toward the anticipated merger between the two companies. CEO Douglas M. Polinsky expressed optimism about the transformative potential of the merger, while Mustang President Jimmy Beltz highlighted the importance of this collaboration for growth.
Mill City Ventures III, Ltd. (NASDAQ:MCVT) announced a non-binding letter of intent to merge with Mustang Funding, LLC, a litigation finance company. This transaction will allow Mustang owners to acquire 80% of Mill City’s post-transaction shares. The merger is contingent on due diligence, financing conditions, and approval from both companies' shareholders. Mustang Funding specializes in providing capital solutions for law firms and plaintiffs, which will expand Mill City’s market presence.
Mill City Ventures III (Nasdaq:MCVT) has announced the funding of an $855,000 settled insurance claim. The related short-term note is set to mature in 120 days, offering an annualized return of 33.5%. CEO Douglas M. Polinsky highlighted the growing need for alternative financing solutions due to rising inflation and interest rates, suggesting that small- and medium-sized businesses face significant capital access challenges. Mill City's ability to create quick financing options is positioned as a growth driver.
Mill City Ventures III, Ltd. (Nasdaq:MCVT) announced a virtual presentation at the Sidoti Investor Conference on November 9, 2022, at 12:15 p.m. ET, featuring CEO Douglas Polinsky and CFO Joseph Geraci. Investors can access the live presentation via this link. Mil City will also hold one-on-one meetings with investors during the conference. Founded in 2007, Mill City specializes in short-term non-bank lending and specialty finance. For further details, visit www.sec.gov.
Mill City Ventures III (NASDAQ:MCVT) announced a $2.225 million short-term debt financing to Liberated Syndication Inc. (Libsyn) to support its acquisition of Julep Media GmbH, a German podcast company. This funding will aid Libsyn in becoming a significant player in the European podcast market, leveraging a combined network of over 3,000 creators and 750 advertisers. The debt matures in 180 days, underscoring Mill City's focus on tailored financing solutions in a robust market.
Mill City Ventures III (NASDAQ:MCVT) announced a funding of a settled insurance claim amounting to $840,000. The short-term note is projected to mature in 120 days, with an expected payback of $933,334, resulting in an annualized return of 33.33%. CEO Douglas M. Polinsky stated that the demand for this type of funding is robust, indicating the quality of the products they create for the market. This follows a similar announcement made in August 2022, underscoring their strong market position.
Mill City Ventures III (NASDAQ:MCVT) announced funding for a settled insurance claim of $550,000. The associated short-term note is set to mature in 120 days, with an expected payback of $616,667, yielding an annualized return of 36.36%. CEO Douglas M. Polinsky expressed optimism about the favorable operating environment, indicating potential for generating substantial returns as they scale funding for larger loans. While the transaction amount is modest, it reflects the company’s strategy in managing risk effectively and enhancing shareholder value.