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Princeton Capital Corporation has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including total investments valued at $19.2 million, down from $29.7 million the previous year. This decline is attributed to realized and unrealized losses in the investment portfolio.
Net investment income for the year was a loss of $138,637, compared to an income of $816,574 in 2023. This decrease was primarily due to a reduction in interest income and an increase in operating expenses.
The company reported a net realized loss of $5,549,735, primarily due to losses in non-control/non-affiliate investments.
Net change in unrealized losses amounted to $5,172,924, with significant losses reported in investments such as Performance Alloys, LLC and Rockfish Seafood Grill, Inc.
Princeton Capital Corp (PIAC0.00%) did not declare any dividends for the fiscal year 2024, maintaining its approach from 2023.
The company continues to explore strategic alternatives, including potential asset sales or mergers, but has not entered into any agreements as of the filing date.
Princeton Capital Corp remains externally managed by House Hanover, LLC, and the company's investment focus is currently limited to existing investments while conserving cash.
Management identified a material weakness in internal controls related to verifying information from unconsolidated subsidiaries, which has been addressed with new procedures.
The company holds a significant concentration of its investments in a few portfolio companies, with Rockfish Seafood Grill, Inc. identified as a significant subsidiary.
Princeton Capital Corp's common stock is traded on the Over the Counter Pink Market under the symbol 'PIAC'.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Princeton Capital Corp annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.