Private Credit Portfolio Analysis | Princeton Capital Corp Reports FY 2024 Results
- Editor
- Apr 1
- 2 min read
Whats New:
Princeton Capital Corp reported its fiscal year 2024 financial results, showing a significant decrease in total assets and investments at fair value compared to the previous year. The fund's total assets decreased to $21.21 million as of December 31, 2024, down from $32.31 million at the end of 2023. Net asset value per share also declined to $0.175 from $0.265 at the end of the previous year.
Portfolio Dynamics:
Total assets decreased to $21.21 million as of December 31, 2024, compared to $32.31 million at the end of 2023.
Investments at fair value declined to $19.22 million, down from $29.73 million at the end of 2023.
Cash and cash equivalents decreased to $1.29 million from $1.94 million at the end of 2023.
Investment Activty:
The fund reported a realized investment loss of $5.55 million for 2024, compared to a loss of $1,200 in 2023.
Unrealized investment losses increased to $5.17 million in 2024 from $994,274 in 2023.
Interest receivable increased slightly to $584,769 from $525,685 at the end of 2023.
Capital Structure:
Total liabilities decreased to $164,613 from $409,633 at the end of 2023.
Stockholders' equity declined to $21.04 million from $31.90 million at the end of 2023.
The fund maintained its common stock value at $120,486 and additional paid-in capital at $64.87 million.
Performance Profile:
Net asset value per share decreased to $0.175 as of December 31, 2024, compared to $0.265 at the end of 2023.
The fund reported a net loss of $10.86 million for 2024, compared to a net loss of $178,900 in 2023.
Retained earnings deficit increased to $43.95 million from $33.08 million at the end of 2023.
Risk & Quality:
The fund increased its allowance for bad debt by $16,549 in 2024.
Accrued professional fees decreased to $55,286 from $78,889 at the end of 2023.
Accounts payable and other accrued liabilities decreased to $27,907 from $41,860 at the end of 2023.
The Wrap:
Princeton Capital Corp experienced a challenging fiscal year 2024, with significant decreases in total assets, investments at fair value, and net asset value per share. The fund reported substantial realized and unrealized investment losses, contributing to a net loss of $10.86 million for the year. While the fund reduced its liabilities, the overall financial position weakened compared to the previous year, as reflected in the decreased stockholders' equity and increased retained earnings deficit.
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