Private Credit Portfolio Analysis | Star Mountain Lower Middle-Market Capital Corp Reports FY 2024 Results
- Editor
- Mar 31
- 2 min read
Whats New:
Star Mountain Lower Middle-Market Capital Corp has reported its financial results for the fiscal year 2024. The fund's total assets increased to $388.07 million as of December 31, 2024, up from $387.25 million at the end of 2023. The fund's net asset value (NAV) per share decreased to $24.43 as of December 31, 2024, compared to $24.78 at the end of 2023.
Portfolio Dynamics:
Total assets grew slightly to $388.07 million as of December 31, 2024, compared to $387.25 million at the end of 2023.
Investments owned at fair value increased marginally to $377.64 million, up from $376.99 million at the end of 2023.
Cash and cash equivalents decreased to $4.03 million from $5.05 million at the end of 2023.
Investment Activty:
Interest receivable increased to $3.89 million from $3.29 million at the end of 2023.
Deferred offering costs rose to $2.17 million from $0.85 million at the end of 2023.
Paydown receivable decreased to $0.34 million from $1.07 million at the end of 2023.
Capital Structure:
Convertible notes payable decreased to $122.50 million from $176.50 million at the end of 2023.
Stockholders' equity grew to $240.83 million from $190.46 million at the end of 2023.
The fund issued additional common stock, with the value increasing to $9,858 from $7,688 at the end of 2023.
Performance Profile:
Net asset value per share decreased to $24.43 as of December 31, 2024, compared to $24.78 at the end of 2023.
Retained earnings deficit increased to $5.80 million from $1.08 million at the end of 2023.
Additional paid-in capital increased to $246.62 million from $191.65 million at the end of 2023.
Risk & Quality:
The fund reported a deferred income tax liability of $6.09 million, up from zero at the end of 2023.
Income-based incentive fee payable decreased to $2.81 million from $3.96 million at the end of 2023.
Management fee payable increased slightly to $1.16 million from $1.12 million at the end of 2023.
The Wrap:
Star Mountain Lower Middle-Market Capital Corp's fiscal year 2024 results show modest growth in total assets and investments at fair value. While the fund's stockholders' equity increased significantly, there was a slight decrease in net asset value per share. The fund's capital structure saw a reduction in convertible notes payable and an increase in common stock issuance. The increase in deferred income tax liability and retained earnings deficit suggests potential challenges, but the growth in additional paid-in capital indicates continued investor interest.
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