Investment Performance - For the nine months ended September 30, 2024, the company made $5,106,503 in investment purchases and had $6,614,573 in redemptions and repayments, resulting in net investments at amortized cost of $17,208,066[85]. - The company's total investment income for the three months ended September 30, 2024, was $711,022, a decrease of 1.6% from $725,158 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 $2,175 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 $2,756,853 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 $277,763 in the same period of 2023[95]. - The company had $0 in interest expense for the three months ended September 30, 2024, and $320 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, 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].
Mill City Ventures III(MCVT) - 2024 Q3 - Quarterly Report