EXCLUSIVE: Mill City Funds $0.6M Insurance Settlement
Mill City Ventures III, Ltd (NASDAQ: MCVT) financed a paid insurance claim of $0.55 million.
What Happened? The related short-term note will likely mature in 120 days, with a payback of $0.62 million, representing an annualized return of 36.36%.
Mill City is a short-term non-bank lending and specialty finance company founded in 2007.
Why Does It Matter? CEO Douglas M. Polinsky said, “We’re happy to update our shareholders with today’s announcement. While the total dollar amount of this particular transaction is not overly large, it represents a good picture of the favorable environment in which we operate. We’re generating sizeable returns on what we believe to be well-managed risks, and we continue to feel that we’ll demonstrate robust returns as we fund larger and larger loans.”
Price Action: MCVT shares traded lower by 2.03% at $3.38 premarket on the last check Wednesday.
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