Private Credit Portfolio Analysis | Steele Creek Capital Corp Reports FY 2024 Results
- Editor
- Mar 25
- 2 min read
Whats New:
Steele Creek Capital Corp reported its FY 2024 financial results, showing a decrease in total assets and stockholders' equity compared to the previous year. The fund's total assets decreased to $143.78 million as of December 31, 2024, down from $181.39 million at the end of 2023. The net asset value per share also declined to $9.40 from $9.71 at the end of the previous year.
Portfolio Dynamics:
Total assets decreased to $143.78 million as of December 31, 2024, compared to $181.39 million at the end of 2023.
Investments owned at fair value decreased to $121.57 million, down from $138.53 million at the end of 2023.
Cash and cash equivalents declined to $2.61 million from $9.33 million at the end of 2023.
Investment Activty:
Receivable from investment sales decreased to $18.37 million from $32.45 million at the end of 2023.
Interest receivable decreased to $648,000 from $744,000 at the end of 2023.
Prepaid expenses and other assets increased to $573,000 from $339,000 at the end of 2023.
Capital Structure:
Line of credit decreased to $73.28 million from $86.32 million at the end of 2023.
Stockholders' equity declined to $54.68 million from $61.86 million at the end of 2023.
Common stock value remained unchanged at $6,000.
Performance Profile:
Net asset value per share decreased to $9.40 as of December 31, 2024, compared to $9.71 at the end of 2023.
Net income for FY 2024 was $2.84 million, down from $9.76 million in FY 2023.
Total investment income for FY 2024 was not provided in the given data.
Risk & Quality:
Payable for investment purchases decreased to $14.21 million from $30.19 million at the end of 2023.
Management fee payable decreased to $310,000 from $344,000 at the end of 2023.
Interest payable increased to $143,000 from $50,000 at the end of 2023.
The Wrap:
Steele Creek Capital Corp experienced a challenging fiscal year 2024, with decreases in total assets, investments at fair value, and stockholders' equity. The fund's net asset value per share also declined, reflecting a decrease in overall performance. While the line of credit was reduced, suggesting a potential de-risking strategy, the fund faced lower net income compared to the previous year. These results indicate a more challenging operating environment for the fund in 2024 compared to 2023.
Comments