MINNEAPOLIS, MN / ACCESS Newswire / March 10, 2025 / Mill City Ventures III, Ltd. (Nasdaq:MCVT) ("Mill City" or the "Company"), a non-bank lender and specialty finance company, today announced its financial results for the full year ended December 31, 2024.

Full Year 2024 Highlights:

• Net Investment Gain: $1.33 million for 2024, marking a positive turnaround from a $(420,000) loss in 2023.

• Investment Income: $3.30 million in 2024, consistent with $3.29 million in 2023.

• Operating Expenses: Decreased significantly from $3.72 million in 2023 to $1.98 million in 2024, driven by reductions in stock-based compensation, legal expenses, and director fees.

• Loan Revenue: $2.76 million from 10 loans in 2024, compared to $2.84 million from 26 loans in 2023, reflecting a strategic shift to larger, higher-yielding loans.

• Cash Reserves: Strengthened significantly, rising from $376,000 in 2023 to $6.03 million in 2024.

Mill City Chief Executive OfficerDouglas M. Polinsky stated, "2024 was a transformative year for Mill City as we significantly improved our financial position, reduced operating costs, and refined our lending strategy. By focusing on fewer but higher-value loans, we enhanced our ability to generate sustainable returns while strengthening liquidity. Our investment in our primary borrower, along with other strategic refinancings, positions us well for continued growth. With strong cash reserves and a disciplined approach to capital deployment, we are confident in our ability to drive shareholder value in 2025 and beyond."

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. Additional information can be found at www.sec.gov.

Forward-Looking Statements and Safe Harbor Notice

All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should carefully read the risk factors set forth in the Company's prospectus on Form 10-K filed with the SEC on March 7, 2025, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.

The Company cautions that statements and assumptions made in this press release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release, other than as required by law.

Investor Contact:
Joseph A. Geraci
Chief Financial Officer
Mill City Ventures III, Ltd.
Email:jg@millcityventures3.com
Phone: 612-868-5815

SOURCE: Mill City Ventures III Ltd.