UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-01351

STEELE CREEK CAPITAL CORPORATION

Maryland	85-1327288
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
210 S. College Street, Suite 1690, Charlotte, North Carolina	28244
(Address of principal executive offices)	(Zip Code)

(704) 343-6011

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $0.001 per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of May 9, 2025, the registrant had 6,018,831 shares of common stock, $0.001 par value per share, outstanding.

STEELE CREEK CAPITAL CORPORATION

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	5
	Notes to Consolidated Financial Statements (unaudited)	36
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	67
Item 4.	Controls and Procedures	68
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	69
Item 1A.	Risk Factors	69
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 3.	Defaults Upon Senior Securities	69
Item 4.	Mine Safety Disclosures	69
Item 5.	Other Information	69
Item 6.	Exhibits	69
Signatures		70

i

Part I. Financial Information

Item 1. Consolidated Financial Statements

Steele Creek Capital Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

	March 31, 2025			December 31, 2024
	(unaudited)
Assets
Investments:
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $120,322 and $125,533, respectively)	$	114,297		$	121,572
Cash		5,872			2,612
Receivable for investments sold		25,853			18,374
Prepaid expenses and other assets		530			573
Interest receivable		561			648
Total assets	$	147,113		$	143,779
Liabilities
Credit facility		75,178			73,278
Payable for investments purchased		16,588			14,209
Management fees payable		295			310
Interest payable		145			143
Incentive fees payable		4			-
Accounts payable and accrued expenses		458			448
Distributions  payable		703			707
Total liabilities		93,371			89,095
Commitments and contingencies (Note 8)
Net Assets:
Common shares, $0.001 par value, 450,000,000 shares authorized and 5,949,144 and 5,816,048 shares issued and outstanding, respectively	$	6		$	6
Paid-in-capital in excess of par value		63,338			62,091
Total distributable (deficit) earnings		(9,602	)		(7,413	)
Total net assets	$	53,742		$	54,684
Total liabilities and net assets	$	147,113		$	143,779
Net asset value per share	$	9.03		$	9.40

The accompanying notes are an integral part of these consolidated financial statements

1

Steele Creek Capital Corporation

Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share data)

	Three months ended March 31, 2025			Three months ended March 31, 2024
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	2,563		$	3,449
Payment in-kind interest income		72			4
Other income		-			8
Total investment income		2,635			3,461
Expenses:
Management fees		362			455
Interest and debt financing expenses		1,100			1,485
Professional fees		121			99
Incentive fees		4			56
Administration expenses		53			60
Directors’ fees		20			20
Custody fees		13			12
Other general and administrative expenses		197			159
Total expenses		1,870			2,346
Less: management fees waived		(67	)		(106	)
Less: incentive fees waived		-			-
Net expenses		1,803			2,240
Net investment income		832			1,221
Realized and unrealized (loss) gain on investments:
Net realized (loss) gain on non-controlled/non-affiliated company investments		155			13
Net change in unrealized (depreciation) appreciation on non-controlled/non-affiliated company investments		(2,065	)		(929	)
Total net realized and unrealized (loss) gain on investments		(1,910	)		(916	)
Net (decrease) increase in net assets resulting from operations	$	(1,078	)	$	305
Per share data:
Net investment income per share - basic and diluted	$	0.14		$	0.19
Net (decrease) increase in net assets resulting from operations per share - basic and diluted	$	(0.18	)	$	0.05
Weighted average shares outstanding - basic and diluted		5,883			6,344

The accompanying notes are an integral part of these consolidated financial statements

2

Steele Creek Capital Corporation

Consolidated Statements of Changes in Net Assets

(unaudited)

(in thousands, except share and per share data)

	Three months ended March 31, 2025			Three months ended March 31, 2024
Operations
Net investment income	$	832		$	1,221
Net realized (loss) gain on investments		155			13
Net change in unrealized appreciation (depreciation) on investments		(2,065	)		(929	)
Net increase (decrease) in net assets resulting from operations		(1,078	)		305
Distributions to Stockholders
Distributions of realized income		(1,110	)		(1,233	)
Capital Share Transactions
Issuance of common shares		938			713
Common shares issued from reinvestment of distributions		540			-
Repurchase of common shares		(232	)		(524	)
Total Capital Share Transactions		1,246			189
Net Assets
Net increase (decrease) in net assets during the period		(942	)		(739	)
Net assets at beginning of period		54,684			61,858
Net assets at end of period		53,742			61,119
Capital Share Activity
Issuance of common shares		100			74
Common shares issued from reinvestment of distributions		58			-
Repurchase of common shares		(25	)		(54	)
Shares issued and outstanding at beginning of period		5,816			6,371
Shares issued and outstanding at end of period		5,949			6,391

The accompanying notes are an integral part of these consolidated financial statements

3

Steele Creek Capital Corporation

Consolidated Statements of Cash Flows

(unaudited)

(in thousands, except share and per share data)

	Three months ended March 31, 2025			Three months ended March 31, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(1,078	)	$	305
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments (1)		(42,769	)		(92,086	)
Proceeds from sales of investments and paydowns (1)		48,273			89,108
Payment in-kind interest income		(72	)		(4	)
Amortization of premium/accretion of discount, net		(67	)		(77	)
Net realized loss (gain) on investments		(155	)		(13	)
Net change in unrealized depreciation (appreciation) on investments		2,065			929
Changes in operating assets and liabilities:
Receivable for investments sold		(7,479	)		1,679
Prepaid expenses and other assets		43			45
Interest receivable		87			51
Payable for investments purchased		2,379			6,346
Management fees payable		(15	)		5
Interest payable		2			(3	)
Incentive fees payable		4			(24	)
Accounts payable and accrued expenses		10			38
Net cash provided by (used in) operating activities		1,228			6,299
Cash flows from financing activities:
Proceeds from issuance of common shares		938			713
Repurchase of common shares		(232	)		(524	)
Proceeds from issuance of debt		4,400			1,820
Repayments on debt		(2,500	)		(5,000	)
Stockholder distributions paid		(574	)		(2,081	)
Net cash provided by (used in) financing activities		2,032			(5,072	)
Net increase in Cash		3,260			1,227
Cash, beginning of period		2,612			9,325
Cash, end of period	$	5,872		$	10,552
Supplemental disclosure of Cash Flow Information:
Operating Activities:
Interest paid	$	1,098		$	1,488
Supplemental non-cash information:
Reinvestment of shareholder distribution	$	540		$	-

(1) Of the amount reported for the three months ended March 31, 2025 and 2024, $0 thousand and $710 thousand, respectively, represent non-cash transactions.

The accompanying notes are an integral part of these consolidated financial statements

4

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)		Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Non-controlled/Non-Affiliated Investments -212.7% of Shareholder’s Equity (3)
Investments made in the United States
Aerospace & Defense
Amentum Holdings, Inc. (4)	First Lien - Term Loan	9/29/2031		6.57	%		S + 2.25%		4.32	%		1,085	$	1,083	$	1,053		2.0	%
HDT Holdco, Inc.	First Lien - Term Loan	1/7/2028		11.06	%		S + 1.26% + 5.50% PIK		4.30	%		536		529		342		0.6	%
KBR, Inc. (4)	First Lien - Term Loan	1/17/2031		6.32	%		S + 2.00%		4.32	%		209		209		209		0.4	%
MAG DS Corp.	First Lien - Term Loan	4/1/2027		9.90	%		S + 5.60%		4.30	%		858		839		803		1.5	%
TransDigm Inc. (4)	First Lien - Term Loan	1/19/2032		6.80	%		S + 2.50%		4.30	%		995		993		991		1.8	%
Vertex Aerospace Services LLC	First Lien - Term Loan	12/6/2030		6.57	%		S + 2.25%		4.32	%		248		248		244		0.5	%
Total Aerospace & Defense														3,901		3,642		6.8	%
Automotive
Adient US LLC	First Lien - Term Loan	1/31/2031		6.57	%		S + 2.25%		4.32	%		94		94		93		0.2	%
Autokiniton US Holdings, Inc.	First Lien - Term Loan	4/6/2028		8.44	%		S + 4.11%		4.33	%		955		952		938		1.7	%
Dealer Tire Financial, LLC	First Lien - Term Loan	7/2/2031		7.32	%		S + 3.00%		4.32	%		478		476		476		0.9	%
First Brands Group, LLC	First Lien - Term Loan	3/30/2027		9.55	%		S + 5.26%		4.29	%		755		755		703		1.3	%
Holley Inc. (4)	First Lien - Term Loan	11/17/2028		8.19	%		S + 3.75%		4.44	%		872		848		840		1.6	%
Paint Intermediate III, LLC	First Lien - Term Loan	10/9/2031		7.30	%		S + 3.00%		4.30	%		483		481		483		0.9	%
Thor Industries, Inc. (4)	First Lien - Term Loan	11/15/2030		6.57	%		S + 2.25%		4.32	%		258		257		260		0.5	%
Total Automotive														3,863		3,793		7.1	%
Banking, Finance, Insurance & Real Estate
Baldwin Insurance Group Holdings, LLC, The (4)	First Lien - Term Loan	5/26/2031		7.32	%		S + 3.00%		4.32	%		819		817		818		1.5	%
Broadstreet Partners, Inc.	First Lien - Term Loan	6/13/2031		7.32	%		S + 3.00%		4.32	%		729		729		724		1.3	%

5

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)		Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Citadel Securities LP	First Lien - Term Loan	10/31/2031		6.32	%		S + 2.00%		4.32	%		992		987		992		1.8	%
Clipper Acquisitions Corp.	First Lien - Term Loan	3/3/2028		6.19	%		S + 1.86%		4.32	%		422		419		422		0.8	%
Cushman & Wakefield U.S. Borrower, LLC (4)	First Lien - Term Loan	1/31/2030		7.07	%		S + 2.75%		4.32	%		495		488		494		0.9	%
EIG Management Company, LLC	First Lien - Term Loan	5/17/2029		9.32	%		S + 5.00%		4.32	%		961		945		961		1.8	%
FinCo I LLC	First Lien - Term Loan	6/27/2029		6.57	%		S + 2.25%		4.32	%		739		736		741		1.5	%
Franklin Square Holdings, L.P.	First Lien - Term Loan	4/25/2031		6.57	%		S + 2.25%		4.32	%		846		844		846		1.6	%
GIH Borrower, LLC (4)	First Lien - Term Loan	11/26/2031		6.80	%		S + 2.50%		4.30	%		541		538		539		1.0	%
Greystar Real Estate Partners, LLC (4)	First Lien - Term Loan	8/21/2030		7.05	%		S + 2.75%		4.30	%		520		514		521		1.0	%
Hudson River Trading LLC	First Lien - Term Loan	3/18/2030		7.32	%		S + 3.00%		4.32	%		873		865		872		1.6	%
Jane Street Group, LLC	First Lien - Term Loan	12/15/2031		6.31	%		S + 2.00%		4.31	%		992		990		982		1.8	%
Lakeview Loan Servicing, LLC (4)	First Lien - Term Loan	6/21/2029		7.74	%		S + 3.36%		4.38	%		985		982		985		1.8	%
LendingTree, Inc. (4)	First Lien - Term Loan	9/15/2028		8.44	%		S + 4.11%		4.32	%		469		469		467		0.9	%
OFSBS 2022-11A (4)	Collateralized Loan Obligation	10/18/2035		7.79	%		S + 3.50%		4.29	%		1,000		1,000		1,004		1.9	%
OFSI Fund LTD (4)	Collateralized Loan Obligation	3/31/2038		10.78	%		S + 6.50%		4.28	%		500		500		500		0.9	%
Paysafe Group Holdings II Limited	First Lien - Term Loan	6/28/2028		7.19	%		S + 2.86%		4.32	%		953		935		953		1.8	%
Resolute Investment Managers, Inc. (4)	First Lien - Term Loan	4/30/2027		11.06	%		S + 6.76%		4.30	%		448		448		446		0.8	%
Resolute Investment Managers, Inc. (4)	Equity	—		—			—		—			6		—		53		0.1	%
Russell Investments US Institutional Holdco, Inc.	First Lien - Term Loan	5/30/2027		9.29	%		S + 3.50% + 1.50% PIK		4.29	%		1,128		1,124		1,095		2.0	%
Sound Point CLO Ltd	Collateralized Loan Obligation	7/26/2036		13.11	%		S + 8.81%		4.30	%		500		469		507		0.9	%
Starwood Property Mortgage, L.L.C. (4)	First Lien - Term Loan	1/2/2030		6.57	%		S + 2.25%		4.32	%		306		306		306		0.6	%
Total Banking, Finance, Insurance & Real Estate														15,105		15,228		28.3	%

6

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Capital Equipment
Chart Industries, Inc. (4)	First Lien - Term Loan	3/15/2030		6.81	%	S + 2.50%		4.31	%		885		882		887		1.7	%
Watlow Electric Manufacturing Company	First Lien - Term Loan	3/2/2028		7.29	%	S + 3.00%		4.29	%		760		757		761		1.4	%
Total Capital Equipment													1,639		1,648		3.1	%
Chemicals, Plastics, & Rubber
Albaugh, LLC	First Lien - Term Loan	4/6/2029		8.06	%	S + 3.75%		4.31	%		1,182		1,176		1,153		2.1	%
H.B. Fuller Company (4)	First Lien - Term Loan	2/15/2030		6.07	%	S + 1.75%		4.32	%		419		419		419		0.8	%
Ineos US Finance LLC (4)	First Lien - Term Loan	2/18/2030		7.57	%	S + 3.25%		4.32	%		677		674		652		1.2	%
Koppers Inc.	First Lien - Term Loan	4/10/2030		6.82	%	S + 2.50%		4.32	%		146		146		145		0.3	%
Tronox Finance LLC	First Lien - Term Loan	4/4/2029		6.55	%	S + 2.25%		4.30	%		998		997		973		1.8	%
Total Chemicals, Plastics, & Rubber													3,412		3,342		6.2	%
Construction & Building
84 Lumber Company	First Lien - Term Loan	11/30/2030		6.57	%	S + 2.25%		4.32	%		346		344		346		0.6	%
APi Group DE, Inc. (4)	First Lien - Term Loan	1/3/2029		6.07	%	S + 1.75%		4.32	%		842		842		840		1.6	%
Columbus McKinnon Corporation	First Lien - Term Loan	5/14/2028		6.80	%	S + 2.50%		4.30	%		610		607		610		1.1	%

7

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Core & Main LP	First Lien - Term Loan	2/9/2031		6.27	%	S + 2.00%		4.27	%		694		691		694		1.3	%
Crown Subsea Communications Holding, Inc.	First Lien - Term Loan	1/30/2031		8.32	%	S + 4.00%		4.32	%		524		520		525		1.0	%
Janus International Group, LLC	First Lien - Term Loan	8/3/2030		6.79	%	S + 2.50%		4.29	%		563		558		561		1.0	%
Quikrete Holdings, Inc.	First Lien - Term Loan	4/14/2031		6.57	%	S + 2.25%		4.32	%		990		988		980		1.8	%
SiteOne Landscape Supply Holding, LLC (4)	First Lien - Term Loan	3/23/2030		6.06	%	S + 1.75%		4.31	%		842		840		843		1.6	%
Smyrna Ready Mix Concrete, LLC	First Lien - Term Loan	4/2/2029		7.32	%	S + 3.00%		4.32	%		633		621		629		1.2	%
TAMKO Building Products LLC	First Lien - Term Loan	9/20/2030		7.05	%	S + 2.75%		4.30	%		988		984		985		1.8	%
White Cap Supply Holdings, LLC	First Lien - Term Loan	10/19/2029		7.57	%	S + 3.25%		4.32	%		650		649		632		1.2	%
Total Construction & Building													7,644		7,645		14.2	%
Consumer Goods: Durable
Pelican Products, Inc.	First Lien - Term Loan	12/29/2028		8.81	%	S + 4.51%		4.30	%		705		704		650		1.2	%
Total Consumer Goods: Durable													704		650		1.2	%
Consumer Goods: Non-Durable
ABG Intermediate Holdings 2 LLC	First Lien - Term Loan	2/13/2032		6.57	%	S + 2.25%		4.32	%		1,750		1,746		1,733		3.2	%
Conair Holdings LLC	First Lien - Term Loan	5/17/2028		8.19	%	S + 3.86%		4.32	%		816		814		708		1.3	%
Total Consumer Goods: Non-Durable													2,560		2,441		4.5	%

8

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Containers, Packaging & Glass
Altium Packaging LLC	First Lien - Term Loan	6/11/2031		6.82	%	S + 2.50%		4.32	%		729		729		712		1.3	%
Closure Systems International Group Inc.	First Lien - Term Loan	3/22/2029		7.82	%	S + 3.50%		4.32	%		744		741		745		1.4	%
PLZ Corp.	First Lien - Term Loan	8/3/2026		8.19	%	S + 3.86%		4.32	%		646		641		612		1.1	%
Sabert Corporation	First Lien - Term Loan	12/10/2026		7.44	%	S + 3.11%		4.32	%		772		771		773		1.5	%
Technimark Holdings LLC	First Lien - Term Loan	4/14/2031		7.57	%	S + 3.25%		4.32	%		720		719		717		1.3	%
Total Containers, Packaging & Glass													3,601		3,559		6.6	%
Energy: Electricity
Astoria Energy LLC	First Lien - Term Loan	12/10/2027		7.57	%	S + 3.25%		4.32	%		823		822		825		1.5	%
Compass Power Generation, L.L.C.	First Lien - Term Loan	4/14/2029		8.07	%	S + 3.75%		4.32	%		219		218		219		0.4	%
Invenergy Thermal Operating I LLC	First Lien - Term Loan	8/14/2029		8.06	%	S + 3.75%		4.31	%		702		691		702		1.3	%
Invenergy Thermal Operating I LLC	First Lien - Term Loan	8/14/2029		8.06	%	S + 3.75%		4.31	%		71		70		71		0.1	%
Vistra Operations Company LLC	First Lien - Term Loan	12/20/2030		6.07	%	S + 1.75%		4.32	%		834		831		833		1.6	%
Total Energy: Electricity													2,632		2,650		4.9	%
Energy: Oil & Gas
AL GCX Fund VIII Holdings LLC	First Lien - Term Loan	1/30/2032		6.32	%	S + 2.00%		4.32	%		189		189		188		0.3	%
AL NGPL Holdings, LLC	First Lien - Term Loan	4/17/2028		6.79	%	S + 2.50%		4.29	%		618		620		619		1.2	%
BCP Renaissance Parent L.L.C.	First Lien - Term Loan	10/31/2028		7.30	%	S + 3.00%		4.30	%		181		181		181		0.3	%
CQP Holdco LP	First Lien - Term Loan	12/31/2030		6.30	%	S + 2.00%		4.30	%		724		723		723		1.3	%
GIP Pilot Acquisition Partners, L.P.	First Lien - Term Loan	10/4/2030		6.30	%	S + 2.00%		4.30	%		193		192		193		0.4	%
ITT Holdings LLC	First Lien - Term Loan	10/11/2030		7.07	%	S + 2.75%		4.32	%		673		662		674		1.3	%
Total Energy: Oil & Gas													2,567		2,578		4.8	%

9

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Forest Products & Paper
Mativ Holdings, Inc. (4)	First Lien - Term Loan	4/20/2028		8.19	%	S + 3.86%		4.32	%		313		312		312		0.6	%
Total Forest Products & Paper													312		312		0.6	%
Healthcare & Pharmaceuticals
Athletico Management, LLC	First Lien - Term Loan	2/15/2029		8.70	%	S + 4.40%		4.30	%		243		238		190		0.4	%
Aveanna Healthcare LLC (4)	First Lien - Term Loan	7/17/2028		8.16	%	S + 3.85%		4.31	%		419		419		412		0.8	%
Confluent Health, LLC	First Lien - Term Loan	11/30/2028		8.44	%	S + 4.11%		4.32	%		931		929		884		1.6	%
DaVita Inc. (4)	First Lien - Term Loan	5/9/2031		6.32	%	S + 2.00%		4.32	%		439		437		439		0.8	%
Ensemble RCM, LLC	First Lien - Term Loan	8/1/2029		7.29	%	S + 3.00%		4.29	%		1,292		1,286		1,293		2.4	%
Global Medical Response, Inc.	First Lien - Term Loan	10/31/2028		9.79	%	S + 4.75% + 0.75% PIK		4.29	%		496		496		496		0.9	%
Golden State Buyer, Inc.	First Lien - Term Loan	6/21/2026		9.17	%	S + 4.85%		4.32	%		919		917		922		1.7	%
ImageFirst Holdings, LLC	First Lien - Term Loan	3/12/2032		7.55	%	S + 3.25%		4.30	%		500		499		499		0.9	%
Ingenovis Health, Inc.	First Lien - Term Loan	3/6/2028		8.82	%	S + 4.51%		4.31	%		960		958		428		0.8	%
Iqvia Inc.	First Lien - Term Loan	1/2/2031		6.05	%	S + 1.75%		4.30	%		247		247		247		0.5	%
Mamba Purchaser, Inc.	First Lien - Term Loan	10/16/2028		7.32	%	S + 3.00%		4.32	%		146		145		146		0.3	%
Onex TSG Intermediate Corp.	First Lien - Term Loan	2/28/2028		9.30	%	S + 5.01%		4.29	%		963		954		971		1.8	%

10

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Phoenix Guarantor Inc.	First Lien - Term Loan	2/21/2031		6.82	%	S + 2.50%		4.32	%		990		982		987		1.8	%
Sonrava Health Holdings, LLC	First Lien - Term Loan	8/18/2028		11.06	%	S + 1.26% + 5.50% PIK		4.30	%		1,548		1,546		589		1.1	%
U.S. Anesthesia Partners, Inc.	First Lien - Term Loan	10/1/2028		8.69	%	S + 4.36%		4.32	%		1,075		1,073		1,056		2.0	%
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.)	First Lien - Term Loan	12/15/2027		9.05	%	S + 4.75%		4.30	%		970		967		970		1.8	%
Vizient, Inc.	First Lien - Term Loan	8/1/2031		6.07	%	S + 1.75%		4.32	%		230		229		230		0.4	%
Waystar Technologies, Inc.	First Lien - Term Loan	10/22/2029		6.57	%	S + 2.25%		4.32	%		158		158		158		0.3	%
Zelis Cost Management Buyer, Inc.	First Lien - Term Loan	11/26/2031		7.57	%	S + 3.25%		4.32	%		756		753		732		1.4	%
Total Healthcare & Pharmaceuticals													13,233		11,649		21.7	%
High Tech Industries
ConnectWise, LLC	First Lien - Term Loan	9/29/2028		8.06	%	S + 3.76%		4.30	%		552		551		552		1.0	%
Gen Digital Inc. (4)	First Lien - Term Loan	2/13/2032		6.07	%	S + 1.75%		4.32	%		1,000		995		992		1.9	%
GoTo Group, Inc.	First Lien - Term Loan	4/28/2028		9.19	%	S + 4.90%		4.29	%		429		314		202		0.4	%
Precisely Software Incorporated	First Lien - Term Loan	4/24/2028		8.55	%	S + 4.26%		4.29	%		964		963		932		1.7	%
Proofpoint, Inc.	First Lien - Term Loan	8/31/2028		7.32	%	S + 3.00%		4.32	%		124		124		124		0.2	%
Quest Software US Holdings Inc.	First Lien - Term Loan	2/1/2029		8.69	%	S + 4.40%		4.29	%		1,463		1,454		794		1.5	%
Rocket Software, Inc.	First Lien - Term Loan	11/28/2028		8.57	%	S + 4.25%		4.32	%		740		731		738		1.4	%
SS&C Technologies Holdings, Inc. (4)	First Lien - Term Loan	5/9/2031		6.32	%	S + 2.00%		4.32	%		626		626		626		1.2	%
Ultra Clean Holdings, Inc. (4)	First Lien - Term Loan	2/25/2028		7.57	%	S + 3.25%		4.32	%		177		177		178		0.3	%
VeriFone Systems, Inc.	First Lien - Term Loan	8/18/2028		9.94	%	S + 5.61%		4.33	%		1,215		1,213		1,081		2.0	%
Xerox Corporation (4)	First Lien - Term Loan	11/17/2029		8.30	%	S + 4.00%		4.30	%		396		386		378		0.7	%
Total High Tech Industries													7,534		6,597		12.3	%

11

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Hotel, Gaming & Leisure
Alterra Mountain Company	First Lien - Term Loan	5/31/2030		7.32	%	S + 3.00%		4.32	%		498		498		499		0.9	%
Herschend Entertainment Company, LLC	First Lien - Term Loan	8/27/2028		7.32	%	S + 3.00%		4.32	%		194		193		195		0.4	%
Hilton Domestic Operating Company Inc.	First Lien - Term Loan	11/8/2030		6.07	%	S + 1.75%		4.32	%		750		749		750		1.4	%
Kingpin Intermediate Holdings LLC	First Lien - Term Loan	2/8/2028		7.82	%	S + 3.50%		4.32	%		296		294		295		0.5	%
PCI Gaming Authority	First Lien - Term Loan	7/18/2031		6.32	%	S + 2.00%		4.32	%		931		930		923		1.7	%
Sabre GLBL Inc.	First Lien - Term Loan	12/17/2027		7.94	%	S + 3.61%		4.32	%		64		64		62		0.1	%
Sabre GLBL Inc.	First Lien - Term Loan	12/17/2027		7.94	%	S + 3.61%		4.32	%		113		113		109		0.2	%
Sabre GLBL Inc.	First Lien - Term Loan	11/15/2029		10.42	%	S + 6.10%		4.32	%		360		360		354		0.7	%
Sabre GLBL Inc.	First Lien - Term Loan	11/15/2029		10.42	%	S + 6.10%		4.32	%		157		157		153		0.3	%
Seaworld Parks & Entertainment, Inc. (4)	First Lien - Term Loan	12/4/2031		6.32	%	S + 2.00%		4.32	%		743		743		738		1.4	%
Station Casinos LLC	First Lien - Term Loan	3/14/2031		6.32	%	S + 2.00%		4.32	%		218		217		217		0.4	%
TouchTunes Music Group, LLC	First Lien - Term Loan	4/2/2029		9.05	%	S + 4.75%		4.30	%		312		310		306		0.6	%
Total Hotel, Gaming & Leisure													4,628		4,601		8.6	%
Media: Advertising, Printing & Publishing
Oceankey (U.S.) II Corp.	First Lien - Term Loan	12/15/2028		7.92	%	S + 3.60%		4.32	%		499		496		498		0.9	%
Total Media: Advertising, Printing & Publishing													496		498		0.9	%
Media: Broadcasting & Subscription
Charter Communications Operating, LLC	First Lien - Term Loan	12/7/2030		6.31	%	S + 2.00%		4.31	%		988		983		983		1.8	%
LCPR Loan Financing LLC	First Lien - Term Loan	10/16/2028		8.18	%	S + 3.86%		4.32	%		500		500		418		0.8	%

12

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Sinclair Television Group, Inc.	First Lien - Term Loan	12/31/2030		8.53	%	S + 4.20%		4.33	%		731		717		612		1.1	%
Univision Communications Inc.	First Lien - Term Loan	1/31/2029		7.94	%	S + 3.61%		4.32	%		744		738		726		1.4	%
Total Media: Broadcasting & Subscription													2,938		2,739		5.1	%
Retail
Apro, LLC	First Lien - Term Loan	7/9/2031		8.05	%	S + 3.75%		4.30	%		647		645		645		1.2	%
Burlington Coat Factory Warehouse Corporation (4)	First Lien - Term Loan	9/24/2031		6.07	%	S + 1.75%		4.32	%		721		718		722		1.3	%
Flynn Restaurant Group LP	First Lien - Term Loan	1/28/2032		8.07	%	S + 3.75%		4.32	%		750		747		735		1.4	%
Great Outdoors Group, LLC	First Lien - Term Loan	1/23/2032		7.57	%	S + 3.25%		4.32	%		869		868		868		1.6	%
Upbound Group, Inc.	First Lien - Term Loan	2/17/2028		7.04	%	S + 2.75%		4.29	%		540		540		539		1.0	%
Total Retail													3,518		3,509		6.5	%
Services: Business
Ahead DB Holdings, LLC	First Lien - Term Loan	2/1/2031		7.30	%	S + 3.00%		4.30	%		499		497		498		0.9	%
Aragorn Parent Corporation	First Lien - Term Loan	12/15/2028		8.32	%	S + 4.00%		4.32	%		417		414		419		0.8	%
Aramark Intermediate HoldCo Corporation	First Lien - Term Loan	6/22/2030		6.32	%	S + 2.00%		4.32	%		962		962		963		1.8	%
Boost Newco Borrower, LLC	First Lien - Term Loan	1/31/2031		6.30	%	S + 2.00%		4.30	%		748		744		745		1.4	%
Brand Industrial Services, Inc.	First Lien - Term Loan	8/1/2030		8.79	%	S + 4.50%		4.29	%		503		503		477		0.9	%
Camelot U.S. Acquisition LLC	First Lien - Term Loan	1/31/2031		7.07	%	S + 2.75%		4.32	%		294		293		290		0.6	%
Citco Funding LLC	First Lien - Term Loan	4/27/2028		6.93	%	S + 2.75%		4.18	%		739		736		741		1.4	%
Clearwater Analytics, LLC (4)	First Lien - Term Loan	2/7/2032		6.57	%	S + 2.25%		4.32	%		500		500		500		0.9	%
Congruex Group LLC	First Lien - Term Loan	5/3/2029		10.94	%	S + 1.50% + 5.00% PIK		4.44	%		1,007		991		867		1.6	%
Corpay Technologies Operating Company, LLC	First Lien - Term Loan	4/28/2028		6.07	%	S + 1.75%		4.32	%		1,746		1,742		1,743		3.2	%
DTI Holdco, Inc.	First Lien - Term Loan	4/26/2029		8.32	%	S + 4.00%		4.32	%		609		605		605		1.1	%
First Advantage Holdings, LLC (4)	First Lien - Term Loan	10/31/2031		7.57	%	S + 3.25%		4.32	%		723		720		720		1.3	%
Flame NewCo, LLC	First Lien - Term Loan	6/30/2028		10.42	%	S + 2.10% + 4.00% PIK		4.32	%		387		387		382		0.7	%
GTCR Everest Borrower, LLC	First Lien - Term Loan	9/5/2031		7.05	%	S + 2.75%		4.30	%		499		496		496		0.9	%
Iron Mountain Information Management, LLC	First Lien - Term Loan	1/31/2031		6.32	%	S + 2.00%		4.32	%		417		414		415		0.8	%

13

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Maximus, Inc. (4)	First Lien - Term Loan	5/30/2031		6.32	%	S + 2.00%		4.32	%		438		437		438		0.8	%
Mermaid Bidco Inc.	First Lien - Term Loan	7/3/2031		7.55	%	S + 3.25%		4.30	%		498		497		499		0.9	%
Nexus Buyer LLC	First Lien - Term Loan	7/31/2031		7.82	%	S + 3.50%		4.32	%		1,197		1,192		1,191		2.2	%
Nielsen Consumer Inc.	First Lien - Term Loan	3/6/2028		7.82	%	S + 3.50%		4.32	%		481		480		480		0.9	%
Phoenix Services International LLC	Equity	—		—		—		—			31		311		123		0.2	%
Sitel Group	First Lien - Term Loan	8/28/2028		8.18	%	S + 3.86%		4.31	%		951		949		573		1.1	%
Skopima Consilio Parent LLC	First Lien - Term Loan	5/15/2028		8.07	%	S + 3.75%		4.32	%		718		717		714		1.3	%
Trans Union LLC (4)	First Lien - Term Loan	6/24/2031		6.07	%	S + 1.75%		4.32	%		840		838		838		1.6	%
TRC Companies LLC	First Lien - Term Loan	12/8/2028		7.32	%	S + 3.00%		4.32	%		851		847		844		1.6	%
UST Global Inc	First Lien - Term Loan	11/20/2028		7.32	%	S + 3.00%		4.32	%		968		966		972		1.8	%
Vestis Corporation (4)	First Lien - Term Loan	2/22/2031		6.58	%	S + 2.25%		4.33	%		507		505		506		1.0	%
Total Services: Business													17,743		17,039		31.7	%
Services: Consumer
Frontdoor, Inc. (4)	First Lien - Term Loan	12/19/2031		6.57	%	S + 2.25%		4.32	%		283		283		284		0.5	%
Prime Security Services Borrower, LLC	First Lien - Term Loan	3/7/2032		6.06	%	S + 1.75%		4.31	%		1,000		995		990		1.9	%
Southern Veterinary Partners, LLC	First Lien - Term Loan	12/4/2031		7.57	%	S + 3.25%		4.32	%		379		377		378		0.7	%
WW International, Inc. (4)	First Lien - Term Loan	4/13/2028		8.05	%	S + 3.76%		4.29	%		695		694		180		0.3	%
Total Services: Consumer													2,349		1,832		3.4	%
Telecommunications
Aventiv Technologies, LLC	First Lien - Term Loan	7/31/2025		12.06% PIK		S + 7.76%		4.30	%		339		339		332		0.6	%
Cablevision Lightpath LLC	First Lien - Term Loan	11/30/2027		7.32	%	S + 3.00%		4.32	%		439		438		439		0.8	%
Ciena Corporation (4)	First Lien - Term Loan	10/24/2030		6.07	%	S + 1.75%		4.32	%		983		981		983		1.8	%

14

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Genesys Cloud Services Holdings I, LLC	First Lien - Term Loan	1/30/2032		6.82	%	S + 2.50%		4.32	%		379		378		375		0.7	%
Guardian US Holdco LLC	First Lien - Term Loan	1/31/2030		7.80	%	S + 3.50%		4.30	%		655		651		647		1.2	%
Iridium Communications Inc. (4)	First Lien - Term Loan	9/20/2030		6.57	%	S + 2.25%		4.32	%		123		123		122		0.2	%
Mavenir Systems, Inc. (5)	First Lien - Term Loan	8/18/2028		9.32	%	S + 5.01%		4.31	%		1,284		1,277		39		0.1	%
PVKG Intermediate Holdings Inc.	First Lien - Term Loan	6/4/2030		10.07	%	S + 5.75%		4.32	%		260		260		171		0.3	%
PVKG Intermediate Holdings Inc.	Equity	—		—		—		—			13		290		97		0.2	%
SBA Senior Finance II LLC	First Lien - Term Loan	1/25/2031		6.08	%	S + 1.75%		4.33	%		613		612		613		1.1	%
Syniverse Holdings, LLC	First Lien - Term Loan	5/13/2027		11.30	%	S + 7.00%		4.30	%		975		956		960		1.8	%
Zayo Group Holdings, Inc.	First Lien - Term Loan	3/9/2027		7.44	%	S + 3.11%		4.32	%		1,000		999		933		1.7	%
Total Telecommunications													7,304		5,711		10.5	%
Transportation: Cargo
Carriage Purchaser, Inc.	First Lien - Term Loan	10/2/2028		8.32	%	S + 4.00%		4.32	%		965		963		961		1.8	%
Kenan Advantage Group, Inc., The	First Lien - Term Loan	1/25/2029		7.57	%	S + 3.25%		4.32	%		815		812		813		1.5	%
Total Transportation: Cargo													1,775		1,774		3.3	%
Transportation: Consumer
United AirLines, Inc. (4)	First Lien - Term Loan	2/22/2031		6.30	%	S + 2.00%		4.30	%		307		305		306		0.6	%
Total Transportation: Consumer													305		306		0.6	%
Utilities: Electric
Calpine Construction Finance Company, L.P.	First Lien - Term Loan	7/31/2030		6.32	%	S + 2.00%		4.32	%		900		896		899		1.7	%
Calpine Corporation	First Lien - Term Loan	1/31/2031		6.07	%	S + 1.75%		4.32	%		643		640		641		1.2	%
Total Utilities: Electric													1,536		1,540		2.9	%
Utilities: Oil & Gas
Cogentrix Finance Holdco I, LLC	First Lien - Term Loan	2/26/2032		7.07	%	S + 2.75%		4.32	%		250		249		249		0.5	%
Total Utilities: Oil & Gas													249		249		0.5	%
Total Investments made in the United States													111,548		105,532		196.3	%

15

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Investments made in Canada
Beverage, Food & Tobacco
1011778 B.C. Unlimited Liability Company (4)	First Lien - Term Loan	9/20/2030		6.07	%	S + 1.75%		4.32	%		990		986		982		1.8	%
Total Beverage, Food & Tobacco													986		982		1.8	%
Transportation: Consumer
Air Canada (4)	First Lien - Term Loan	3/21/2031		6.32	%	S + 2.00%		4.32	%		743		741		735		1.4	%
Total Transportation: Consumer													741		735		1.4	%
Total Investments made in Canada													1,727		1,717		3.2	%
Investments made in Ireland
Aerospace & Defense
Setanta Aircraft Leasing Designated Activity Company (4)	First Lien - Term Loan	11/5/2028		6.05	%	S + 1.75%		4.30	%		250		249		251		0.5	%
Total Aerospace & Defense													249		251		0.5	%

16

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Hotel, Gaming & Leisure
Flutter Entertainment plc (4)	First Lien - Term Loan	11/30/2030		6.05	%	S + 1.75%		4.30	%		947		945		945		1.8	%
Total Hotel, Gaming & Leisure													945		945		1.8	%
Services: Consumer
Cimpress plc (4)	First Lien - Term Loan	5/17/2028		6.82	%	S + 2.50%		4.32	%		963		958		942		1.8	%
Total Services: Consumer													958		942		1.8	%
Transportation: Consumer
Delos Aircraft Designated Activity Company (4)	First Lien - Term Loan	10/31/2027		6.05	%	S + 1.75%		4.30	%		500		500		501		0.9	%
Total Transportation: Consumer													500		501		0.9	%
Total Investments made in Ireland													2,652		2,639		5.0	%
Investments made in Luxembourg
Containers, Packaging & Glass
Mar Bidco S.a r.l. (4)	First Lien - Term Loan	7/7/2028		8.77	%	S + 4.46%		4.31	%		13		13		13		0.0	%
Total Containers, Packaging & Glass													13		13		0.0	%
Telecommunications
Venga Finance S.a r.l. (4)	First Lien - Term Loan	6/28/2029		8.32	%	S + 4.01%		4.31	%		975		956		977		1.8	%
Total Telecommunications													956		977		1.8	%
Total Investments made in Luxembourg													969		990		1.8	%

17

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Investments made in the Netherlands
Chemicals, Plastics, & Rubber
Nouryon Finance B.V. (4)	First Lien - Term Loan	4/3/2028		7.55	%	S + 3.25%		4.30	%		838		830		837		1.6	%
Total Chemicals, Plastics, & Rubber													830		837		1.6	%
Metals & Mining
AMG Advanced Metallurgical Group N.V. (4)	First Lien - Term Loan	11/30/2028		7.94	%	S + 3.61%		4.32	%		895		888		886		1.6	%
Total Metals & Mining													888		886		1.6	%
Telecommunications
Sunrise Financing Partnership (4)	First Lien - Term Loan	2/15/2032		6.79	%	S + 2.50%		4.29	%		638		636		632		1.2	%
Total Telecommunications													636		632		1.2	%
Total Investments made in the Netherlands													2,354		2,355		4.4	%
Investments made in Puerto Rico
Services: Business
Evertec Group, LLC	First Lien - Term Loan	10/30/2030		7.07	%	S + 2.75%		4.32	%		475		469		478		0.9	%
Total Services: Business													469		478		0.9	%
Total Investments made in Puerto Rico													469		478		0.9	%

18

Steele Creek Capital Corporation

Consolidated Schedule of Investments

March 31, 2025

(unaudited)

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Investments made in the United Kingdom
Chemicals, Plastics, & Rubber
Ineos Quattro Holdings UK Limited (4)	First Lien - Term Loan	4/2/2029		8.67	%	S + 4.35%		4.32	%		495		487		476		0.9	%
Ineos Quattro Holdings UK Limited (4)	First Lien - Term Loan	3/14/2030		8.17	%	S + 3.85%		4.32	%		117		116		110		0.2	%
Total Chemicals, Plastics, & Rubber													603		586		1.1	%
Total Investments made in the United Kingdom													603		586		1.1	%
Total Non-controlled/Non-Affiliated Investments												$	120,322	$	114,297		212.7	%

(1) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940 (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.

(2) All of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”). This index resets monthly or quarterly. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2025. As of March 31, 2025, rates for 1M S, 3M S, 6M S, and 12M S are 4.32%, 4.29%, 4.19%, and 4.01% respectively.

(3) Percentages are based on net assets of $53,742 as of March 31, 2025.

(4) Investment is a non-qualifying asset for RIC reporting purposes, non-qualifying assets represent 20.8% of total assets.

(5) Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole (see Note 4)

The accompanying notes are an integral part of these consolidated financial statements

19

STEELE CREEK CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Non-controlled/Non-Affiliated Investments -222.3% of Shareholder’s Equity (3)
Investments made in the United States
Aerospace & Defense
Amentum Holdings, Inc. (4)	First Lien - Term Loan	9/29/2031		6.61	%	S + 2.25%		4.36	%		1,088	$	1,086	$	1,085		2.0	%
Barnes Group Inc. (4)	First Lien - Term Loan	9/3/2030		6.86	%	S + 2.50%		4.36	%		874		874		876		1.6	%
HDT Holdco, Inc.	First Lien - Term Loan	1/7/2028		5.59	%	S + 1.26%		4.33	%		529		521		329		0.6	%
KBR, Inc. (4)	First Lien - Term Loan	1/17/2031		6.36	%	S + 2.00%		4.36	%		209		209		210		0.4	%
MAG DS Corp.	First Lien - Term Loan	4/1/2027		9.93	%	S + 5.60%		4.33	%		860		840		809		1.5	%
TransDigm Inc. (4)	First Lien - Term Loan	1/19/2032		7.32	%	S + 2.50%		4.82	%		998		995		1,001		1.8	%
Vertex Aerospace Services Corp.	First Lien - Term Loan	12/6/2030		7.11	%	S + 2.75%		4.36	%		248		248		249		0.5	%
Total Aerospace & Defense													4,773		4,559		8.4	%
Automotive
Adient US LLC	First Lien - Term Loan	1/31/2031		6.61	%	S + 2.25%		4.36	%		94		94		95		0.2	%
Autokiniton US Holdings, Inc.	First Lien - Term Loan	4/6/2028		8.47	%	S + 4.11%		4.36	%		958		954		954		1.7	%
Dealer Tire Financial, LLC	First Lien - Term Loan	7/2/2031		7.86	%	S + 3.50%		4.36	%		479		477		480		0.9	%
First Brands Group, LLC	First Lien - Term Loan	3/30/2027		9.85	%	S + 5.26%		4.59	%		757		757		712		1.3	%
Paint Intermediate III, LLC	First Lien - Term Loan	10/9/2031		7.52	%	S + 3.00%		4.52	%		483		481		486		0.9	%
Thor Industries, Inc. (4)	First Lien - Term Loan	11/15/2030		6.61	%	S + 2.25%		4.36	%		342		340		343		0.6	%
Total Automotive													3,103		3,070		5.6	%

20

STEELE CREEK CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity		Interest Rate (2)			Basis Point Spread Above Index (2)		Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Banking, Finance, Insurance & Real Estate
AmWINS Group, Inc.	First Lien - Term Loan		2/19/2028		6.72	%		S + 2.36%		4.36	%		392		389		394		0.7	%
Baldwin Insurance Group Holdings, LLC, The (4)	First Lien - Term Loan		5/26/2031		7.61	%		S + 3.25%		4.36	%		821		819		828		1.5	%
Broadstreet Partners, Inc.	First Lien - Term Loan		6/13/2031		7.36	%		S + 3.00%		4.36	%		731		731		735		1.3	%
Citadel Securities LP	First Lien - Term Loan		10/31/2031		6.33	%		S + 2.00%		4.33	%		994		989		998		1.8	%
Clipper Acquisitions Corp.	First Lien - Term Loan		3/3/2028		6.39	%		S + 1.86%		4.53	%		909		901		908		1.7	%
Cushman & Wakefield U.S. Borrower, LLC (4)	First Lien - Term Loan		1/31/2030		7.36	%		S + 3.00%		4.36	%		495		487		497		0.9	%
EIG Management Company, LLC	First Lien - Term Loan		5/17/2029		9.36	%		S + 5.00%		4.36	%		961		943		966		1.8	%
FinCo I LLC	First Lien - Term Loan		6/27/2029		6.61	%		S + 2.25%		4.36	%		741		738		744		1.4	%
Franklin Square Holdings, L.P.	First Lien - Term Loan		4/25/2031		6.61	%		S + 2.25%		4.36	%		848		846		854		1.6	%
Greystar Real Estate Partners, LLC (4)	First Lien - Term Loan		8/21/2030		7.09	%		S + 2.75%		4.34	%		521		515		526		1.0	%
Guggenheim Partners Investment Management Holdings, LLC	First Lien - Term Loan		11/26/2031		6.83	%		S + 2.50%		4.33	%		542		540		544		1.0	%
Hudson River Trading LLC	First Lien - Term Loan		3/18/2030		7.48	%		S + 3.00%		4.48	%		875		866		879		1.6	%
Jane Street Group, LLC	First Lien - Term Loan		12/15/2031		6.40	%		S + 2.00%		4.40	%		1,995		1,990		1,991		3.6	%
Lakeview Loan Servicing, LLC (4)	First Lien - Term Loan		6/21/2029		7.74	%		S + 3.36%		4.38	%		988		984		988		1.8	%
LendingTree, Inc. (4)	First Lien - Term Loan		9/15/2028		8.47	%		S + 4.11%		4.36	%		470		470		470		0.9	%
OFSBS 2022-11A (4)	Collateralized Loan Obligation		10/18/2035		8.13	%		S + 3.50%		4.63	%		1,000		1,000		1,019		1.9	%
OFSI BSL CLO XII, Ltd.	Collateralized Loan Obligation		1/20/2035		13.47	%		S + 8.85%		4.62	%		1,000		983		1,018		1.9	%
Paysafe Group Holdings II Limited	First Lien - Term Loan		6/28/2028		7.22	%		S + 2.86%		4.36	%		967		948		975		1.8	%
Resolute Investment Managers, Inc.	First Lien - Term Loan		4/30/2027		11.09	%		S + 6.76%		4.33	%		449		449		442		0.8	%
Resolute Investment Managers, Inc.	Equity		—		—			—		—			6		—		50		0.1	%
Russell Investments US Institutional Holdco, Inc.	First Lien - Term Loan		5/30/2027		9.59	%		S + 3.50% + 1.50% PIK		4.59	%		1,126		1,122		1,081		2.0	%
Sound Point CLO Ltd	Collateralized Loan Obligation		7/26/2036		13.43	%		S + 8.81%		4.62	%		500		469		519		0.9	%
Starwood Property Mortgage, L.L.C. (4)	First Lien - Term Loan		12/12/2029		6.59	%		S + 2.25%		4.34	%		307		306		307		0.6	%
Total Banking, Finance, Insurance & Real Estate															17,485		17,733		32.6	%

21

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Beverage, Food & Tobacco
Flynn Restaurant Group LP	First Lien - Term Loan	12/1/2028		8.72	%	S + 4.36%		4.36	%		740		736		744		1.4	%
Total Beverage, Food & Tobacco													736		744		1.4	%
Capital Equipment
Chart Industries, Inc. (4)	First Lien - Term Loan	3/15/2030		7.09	%	S + 2.50%		4.59	%		885		882		890		1.6	%
Generac Power Systems, Inc. (4)	First Lien - Term Loan	7/3/2031		6.34	%	S + 1.75%		4.59	%		482		481		485		0.9	%
Watlow Electric Manufacturing Company	First Lien - Term Loan	3/2/2028		8.09	%	S + 3.50%		4.59	%		774		771		784		1.4	%
Total Capital Equipment													2,134		2,159		3.9	%
Chemicals, Plastics, & Rubber
Albaugh, LLC	First Lien - Term Loan	4/6/2029		8.11	%	S + 3.75%		4.36	%		1,185		1,179		1,183		2.2	%
Bakelite US Holdco, Inc.	First Lien - Term Loan	12/23/2031		8.09	%	S + 3.75%		4.34	%		1,000		990		997		1.8	%
H.B. Fuller Company (4)	First Lien - Term Loan	2/15/2030		6.36	%	S + 2.00%		4.36	%		420		420		423		0.8	%
Ineos US Finance LLC (4)	First Lien - Term Loan	2/18/2030		7.61	%	S + 3.25%		4.36	%		679		675		683		1.2	%
Koppers Inc.	First Lien - Term Loan	4/10/2030		6.89	%	S + 2.50%		4.39	%		146		146		147		0.3	%
Tronox Finance LLC	First Lien - Term Loan	4/4/2029		6.60	%	S + 2.25%		4.35	%		998		996		1,002		1.8	%
Total Chemicals, Plastics, & Rubber													4,406		4,435		8.1	%
Construction & Building
84 Lumber Company	First Lien - Term Loan	11/30/2030		6.61	%	S + 2.25%		4.36	%		347		345		349		0.6	%
American Builders & Contractors Supply Co., Inc.	First Lien - Term Loan	1/31/2031		6.11	%	S + 1.75%		4.36	%		209		209		210		0.4	%
APi Group DE, Inc. (4)	First Lien - Term Loan	1/3/2029		6.36	%	S + 2.00%		4.36	%		842		842		843		1.5	%
Columbus McKinnon Corporation	First Lien - Term Loan	5/14/2028		6.83	%	S + 2.50%		4.33	%		617		614		622		1.1	%
Core & Main LP	First Lien - Term Loan	2/9/2031		6.38	%	S + 2.00%		4.38	%		696		693		699		1.3	%
Crown Subsea Communications Holding, Inc.	First Lien - Term Loan	1/30/2031		8.57	%	S + 4.00%		4.57	%		525		521		535		1.0	%
Janus International Group, LLC	First Lien - Term Loan	8/3/2030		6.86	%	S + 2.50%		4.36	%		605		599		608		1.1	%
Quikrete Holdings, Inc.	First Lien - Term Loan	4/14/2031		6.86	%	S + 2.50%		4.36	%		993		990		993		1.8	%
SiteOne Landscape Supply Holding, LLC (4)	First Lien - Term Loan	3/23/2030		6.27	%	S + 1.75%		4.52	%		844		842		846		1.5	%
Smyrna Ready Mix Concrete, LLC	First Lien - Term Loan	4/2/2029		7.86	%	S + 3.50%		4.36	%		633		620		642		1.2	%
Summit Materials, LLC	First Lien - Term Loan	1/12/2029		6.15	%	S + 1.75%		4.40	%		104		104		104		0.2	%
TAMKO Building Products LLC	First Lien - Term Loan	9/20/2030		7.09	%	S + 2.75%		4.34	%		990		986		999		1.8	%
White Cap Supply Holdings, LLC	First Lien - Term Loan	10/19/2029		7.61	%	S + 3.25%		4.36	%		652		650		654		1.2	%
Total Construction & Building													8,015		8,104		14.7	%

22

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Consumer Goods: Durable
Mannington Mills, Inc.	First Lien - Term Loan	8/6/2026		8.34	%	S + 4.01%		4.33	%		660		659		661		1.2	%
Pelican Products, Inc.	First Lien - Term Loan	12/29/2028		8.84	%	S + 4.51%		4.33	%		707		705		638		1.2	%
Total Consumer Goods: Durable													1,364		1,299		2.4	%
Consumer Goods: Non-Durable
Conair Holdings LLC	First Lien - Term Loan	5/17/2028		8.22	%	S + 3.86%		4.36	%		818		815		738		1.3	%
Total Consumer Goods: Non-Durable													815		738		1.3	%
Containers, Packaging & Glass
Altium Packaging LLC	First Lien - Term Loan	6/11/2031		6.86	%	S + 2.50%		4.36	%		731		731		732		1.3	%
Closure Systems International Group Inc.	First Lien - Term Loan	3/22/2029		7.86	%	S + 3.50%		4.36	%		746		743		754		1.4	%
Plaze, Inc.	First Lien - Term Loan	8/3/2026		8.22	%	S + 3.86%		4.36	%		647		642		593		1.1	%
Sabert Corporation	First Lien - Term Loan	12/10/2026		7.45	%	S + 3.11%		4.34	%		775		774		782		1.4	%
Technimark Holdings LLC	First Lien - Term Loan	4/14/2031		7.63	%	S + 3.25%		4.38	%		723		722		723		1.3	%
Total Containers, Packaging & Glass													3,612		3,584		6.5	%

23

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Energy: Electricity
Astoria Energy LLC	First Lien - Term Loan	12/10/2027		7.61	%	S + 3.25%		4.36	%		854		852		862		1.6	%
Compass Power Generation, LLC	First Lien - Term Loan	4/14/2029		8.11	%	S + 3.75%		4.36	%		223		222		226		0.4	%
Invenergy Thermal Operating I LLC	First Lien - Term Loan	8/14/2029		8.05	%	S + 3.75%		4.30	%		733		721		742		1.4	%
Invenergy Thermal Operating I LLC	First Lien - Term Loan	8/14/2029		8.06	%	S + 3.75%		4.31	%		71		70		72		0.1	%
Vistra Operations Company LLC	First Lien - Term Loan	12/20/2030		6.11	%	S + 1.75%		4.36	%		837		832		839		1.5	%
Total Energy: Electricity													2,697		2,741		5.0	%
Energy: Oil & Gas
AL NGPL Holdings, LLC	First Lien - Term Loan	4/17/2028		7.09	%	S + 2.50%		4.59	%		618		620		621		1.1	%
BCP Renaissance Parent L.L.C.	First Lien - Term Loan	10/31/2028		7.33	%	S + 3.00%		4.33	%		184		184		186		0.3	%
CQP Holdco LP	First Lien - Term Loan	12/31/2030		6.33	%	S + 2.00%		4.33	%		724		722		726		1.3	%
GIP Pilot Acquisition Partners, L.P.	First Lien - Term Loan	10/4/2030		7.09	%	S + 2.50%		4.59	%		193		192		195		0.4	%
ITT Holdings LLC	First Lien - Term Loan	10/11/2030		7.11	%	S + 2.75%		4.36	%		675		663		680		1.2	%
Total Energy: Oil & Gas													2,381		2,408		4.3	%

24

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
Forest Products & Paper
Mativ Holdings, Inc. (4)	First Lien - Term Loan	4/20/2028		8.22	%	S + 3.86%		4.36	%		313		311		312		0.6	%
Total Forest Products & Paper													311		312		0.6	%
Healthcare & Pharmaceuticals
Athletico Management, LLC	First Lien - Term Loan	2/15/2029		8.73	%	S + 4.40%		4.33	%		244		238		189		0.3	%
Aveanna Healthcare LLC (4)	First Lien - Term Loan	7/17/2028		8.36	%	S + 3.85%		4.51	%		420		420		417		0.8	%
Confluent Health, LLC	First Lien - Term Loan	11/30/2028		8.47	%	S + 4.11%		4.36	%		933		932		913		1.7	%
DaVita Inc. (4)	First Lien - Term Loan	5/9/2031		6.36	%	S + 2.00%		4.36	%		440		438		441		0.8	%
Ensemble RCM, LLC	First Lien - Term Loan	8/1/2029		7.59	%	S + 3.00%		4.59	%		1,296		1,289		1,307		2.4	%
Global Medical Response, Inc.	First Lien - Term Loan	10/31/2028		9.86	%	S + 4.75% + 0.75% PIK		4.36	%		497		497		499		0.9	%
Golden State Buyer, Inc.	First Lien - Term Loan	6/21/2026		9.21	%	S + 4.85%		4.36	%		922		919		929		1.7	%
Ingenovis Health, Inc.	First Lien - Term Loan	3/6/2028		9.03	%	S + 4.51%		4.51	%		963		960		572		1.0	%
Iqvia Inc.	First Lien - Term Loan	1/2/2031		6.33	%	S + 2.00%		4.33	%		248		248		249		0.5	%
Mamba Purchaser, Inc.	First Lien - Term Loan	10/16/2028		7.36	%	S + 3.00%		4.36	%		146		145		147		0.3	%
Onex TSG Intermediate Corp.	First Lien - Term Loan	2/28/2028		9.60	%	S + 5.01%		4.59	%		965		955		974		1.8	%
Phoenix Guarantor Inc.	First Lien - Term Loan	2/21/2031		6.86	%	S + 2.50%		4.36	%		993		984		997		1.8	%
Sonrava Health Holdings, LLC	First Lien - Term Loan	8/18/2028		11.50	%	S + 1.43% + 5.50% PIK		4.57	%		1,527		1,524		655		1.2	%
U.S. Anesthesia Partners, Inc.	First Lien - Term Loan	10/1/2028		8.92	%	S + 4.36%		4.55	%		1,077		1,075		1,074		2.0	%
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.)	First Lien - Term Loan	12/15/2027		9.08	%	S + 4.75%		4.33	%		973		968		980		1.8	%
Vizient, Inc.	First Lien - Term Loan	8/1/2031		6.36	%	S + 2.00%		4.36	%		236		235		238		0.4	%
Waystar Technologies, Inc.	First Lien - Term Loan	10/22/2029		6.59	%	S + 2.25%		4.34	%		159		159		160		0.3	%
Zelis Cost Management Buyer, Inc.	First Lien - Term Loan	11/26/2031		7.61	%	S + 3.25%		4.36	%		758		754		762		1.4	%
Total Healthcare & Pharmaceuticals													12,740		11,503		21.1	%

25

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets (3)
High Tech Industries
CE Intermediate I, LLC	First Lien - Term Loan	11/10/2028		8.05	%	S + 3.60%		4.45	%		973		967		978		1.8	%
ConnectWise, LLC	First Lien - Term Loan	9/29/2028		8.09	%	S + 3.76%		4.33	%		553		552		557		1.0	%
GoTo Group, Inc.	First Lien - Term Loan	4/28/2028		9.30	%	S + 4.85%		4.45	%		430		308		198		0.4	%
Precisely Software Incorporated	First Lien - Term Loan	4/24/2028		8.85	%	S + 4.26%		4.59	%		966		965		953		1.7	%
Proofpoint, Inc.	First Lien - Term Loan	8/31/2028		7.36	%	S + 3.00%		4.36	%		125		125		125		0.2	%
Quest Software US Holdings Inc.	First Lien - Term Loan	2/1/2029		8.99	%	S + 4.40%		4.59	%		1,466		1,457		754		1.4	%
Rocket Software, Inc.	First Lien - Term Loan	11/28/2028		8.61	%	S + 4.25%		4.36	%		742		733		748		1.4	%
SS&C Technologies Holdings, Inc. (4)	First Lien - Term Loan	5/9/2031		6.36	%	S + 2.00%		4.36	%		654		654		656		1.2	%
Ultra Clean Holdings, Inc. (4)	First Lien - Term Loan	2/25/2028		7.61	%	S + 3.25%		4.36	%		179		178		180		0.3	%
VeriFone Systems, Inc.	First Lien - Term Loan	8/20/2025		8.78	%	S + 4.26%		4.52	%		1,356		1,352		1,275		2.3	%
Xerox Corporation (4)	First Lien - Term Loan	11/17/2029		8.36	%	S + 4.00%		4.36	%		401		391		401		0.7	%
Total High Tech Industries													7,682		6,825		12.4	%
Hotel, Gaming & Leisure
Alterra Mountain Company	First Lien - Term Loan	5/31/2030		7.36	%	S + 3.00%		4.36	%		499		499		504		0.9	%
Arcis Golf LLC	First Lien - Term Loan	11/24/2028		8.21	%	S + 3.86%		4.34	%		975		969		989		1.8	%
Herschend Entertainment Company, LLC	First Lien - Term Loan	8/27/2028		7.36	%	S + 3.00%		4.36	%		195		194		196		0.4	%

26

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Hilton Domestic Operating Company Inc.	First Lien - Term Loan	11/8/2030		6.09	%	S + 1.75%		4.34	%		750		748		755		1.4	%
Kingpin Intermediate Holdings LLC	First Lien - Term Loan	2/8/2028		7.86	%	S + 3.50%		4.36	%		296		294		298		0.5	%
PCI Gaming Authority	First Lien - Term Loan	7/18/2031		6.36	%	S + 2.00%		4.36	%		933		932		933		1.7	%
Sabre GLBL Inc.	First Lien - Term Loan	12/17/2027		7.97	%	S + 3.61%		4.36	%		64		64		63		0.1	%
Sabre GLBL Inc.	First Lien - Term Loan	12/17/2027		7.97	%	S + 3.61%		4.36	%		113		113		110		0.2	%
Sabre GLBL Inc.	First Lien - Term Loan	11/15/2029		10.46	%	S + 6.10%		4.36	%		361		360		360		0.7	%
Sabre GLBL Inc.	First Lien - Term Loan	11/15/2029		10.46	%	S + 6.10%		4.36	%		157		157		154		0.3	%
Seaworld Parks & Entertainment, Inc. (4)	First Lien - Term Loan	12/4/2031		6.36	%	S + 2.00%		4.36	%		744		744		744		1.4	%
Station Casinos LLC	First Lien - Term Loan	3/14/2031		6.38	%	S + 2.00%		4.38	%		218		217		219		0.4	%
TouchTunes Music Group, LLC	First Lien - Term Loan	4/2/2029		9.08	%	S + 4.75%		4.33	%		313		310		314		0.6	%
Total Hotel, Gaming & Leisure													5,601		5,639		10.4	%

27

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Media: Advertising, Printing & Publishing
Oceankey (U.S.) II Corp.	First Lien - Term Loan	12/15/2028		7.96	%	S + 3.60%		4.36	%		973		966		977		1.8	%
Stepstone Group MidCo 2 GmbH, The (4)	First Lien - Term Loan	12/4/2031		8.86	%	S + 4.50%		4.36	%		1,000		990		990		1.8	%
Total Media: Advertising, Printing & Publishing													1,956		1,967		3.6	%
Media: Broadcasting & Subscription
Charter Communications Operating, LLC	First Lien - Term Loan	12/7/2030		6.59	%	S + 2.00%		4.59	%		990		986		989		1.8	%
LCPR Loan Financing LLC	First Lien - Term Loan	10/16/2028		8.26	%	S + 3.86%		4.40	%		500		500		452		0.8	%
Sinclair Television Group, Inc.	First Lien - Term Loan	4/21/2029		8.21	%	S + 3.85%		4.36	%		731		716		601		1.1	%
Univision Communications Inc.	First Lien - Term Loan	1/31/2029		7.97	%	S + 3.61%		4.36	%		746		739		749		1.4	%
Total Media: Broadcasting & Subscription													2,941		2,791		5.1	%
Retail
Apro, LLC	First Lien - Term Loan	7/9/2031		8.27	%	S + 3.75%		4.52	%		648		647		656		1.2	%
Burlington Coat Factory Warehouse Corporation (4)	First Lien - Term Loan	9/24/2031		6.11	%	S + 1.75%		4.36	%		723		720		726		1.3	%
Great Outdoors Group, LLC	First Lien - Term Loan	3/6/2028		8.22	%	S + 3.86%		4.36	%		960		958		967		1.8	%
Upbound Group, Inc.	First Lien - Term Loan	2/17/2028		7.34	%	S + 2.75%		4.59	%		541		541		542		1.0	%
Total Retail													2,866		2,891		5.3	%

28

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity		Interest Rate (2)			Basis Point Spread Above Index (2)		Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Services: Business
Ahead DB Holdings, LLC	First Lien - Term Loan		2/1/2031		7.83	%		S + 3.50%		4.33	%		965		963		973		1.8	%
Aragorn Parent Corporation	First Lien - Term Loan		12/15/2028		8.34	%		S + 4.00%		4.34	%		418		414		422		0.8	%
Boost Newco Borrower, LLC	First Lien - Term Loan		1/31/2031		6.83	%		S + 2.50%		4.33	%		748		744		754		1.4	%
Brand Industrial Services, Inc.	First Lien - Term Loan		8/1/2030		9.07	%		S + 4.50%		4.57	%		504		504		492		0.9	%
Camelot U.S. Acquisition LLC	First Lien - Term Loan		1/31/2031		7.11	%		S + 2.75%		4.36	%		294		293		294		0.5	%
Citco Funding LLC	First Lien - Term Loan		4/27/2028		7.31	%		S + 2.75%		4.56	%		741		738		748		1.4	%
Congruex Group LLC	First Lien - Term Loan		5/3/2029		10.49	%		S + 0.75% + 5.00% PIK		4.74	%		995		978		774		1.4	%
DTI Holdco, Inc.	First Lien - Term Loan		4/26/2029		9.11	%		S + 4.75%		4.36	%		1,105		1,090		1,116		2.0	%
First Advantage Holdings, LLC (4)	First Lien - Term Loan		10/31/2031		7.61	%		S + 3.25%		4.36	%		725		721		734		1.3	%
Flame NewCo, LLC	First Lien - Term Loan		6/30/2028		10.46	%		S + 2.10% + 4.00% PIK		4.36	%		385		385		376		0.7	%
GTCR Everest Borrower, LLC	First Lien - Term Loan		9/5/2031		7.08	%		S + 2.75%		4.33	%		500		498		503		0.9	%
Iron Mountain Information Management, LLC	First Lien - Term Loan		1/31/2031		6.36	%		S + 2.00%		4.36	%		418		415		418		0.8	%
Maximus, Inc. (4)	First Lien - Term Loan		5/30/2031		6.36	%		S + 2.00%		4.36	%		439		438		441		0.8	%
Mermaid Bidco Inc. (Datasite)	First Lien - Term Loan		7/3/2031		7.80	%		S + 3.25%		4.55	%		499		498		502		0.9	%
Nexus Buyer LLC	First Lien - Term Loan		7/31/2031		8.36	%		S + 4.00%		4.36	%		1,197		1,191		1,203		2.2	%
Nielsen Consumer Inc.	First Lien - Term Loan		3/6/2028		8.22	%		S + 3.86%		4.36	%		481		480		482		0.9	%
Phoenix Services International LLC	Equity		—		—			—		—			31		311		123		0.2	%
Pitney Bowes Inc. (4)	First Lien - Term Loan		3/17/2028		8.47	%		S + 4.11%		4.36	%		963		957		970		1.8	%
Sitel Group	First Lien - Term Loan		8/28/2028		8.22	%		S + 3.86%		4.36	%		954		952		646		1.1	%
Skopima Consilio Parent LLC	First Lien - Term Loan		5/15/2028		8.12	%		S + 3.75%		4.37	%		1,470		1,466		1,477		2.7	%
Trans Union LLC (4)	First Lien - Term Loan		6/24/2031		6.11	%		S + 1.75%		4.36	%		842		840		842		1.5	%
TRC Companies LLC	First Lien - Term Loan		12/8/2028		7.97	%		S + 3.61%		4.36	%		853		849		862		1.6	%
UST Global Inc	First Lien - Term Loan		11/20/2028		7.45	%		S + 3.00%		4.45	%		970		968		975		1.8	%
Vestis Corporation (4)	First Lien - Term Loan		2/22/2031		6.76	%		S + 2.25%		4.51	%		507		505		509		0.9	%
Total Services: Business															17,198		16,636		30.3	%

29

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Services: Consumer
Frontdoor, Inc. (4)	First Lien - Term Loan	12/19/2031		6.61	%	S + 2.25%		4.36	%		284		283		285		0.5	%
Prime Security Services Borrower, LLC	First Lien - Term Loan	10/13/2030		6.52	%	S + 2.00%		4.52	%		672		668		674		1.2	%
Southern Veterinary Partners, LLC	First Lien - Term Loan	12/4/2031		7.71	%	S + 3.25%		4.46	%		379		377		382		0.7	%
WW International, Inc. (4)	First Lien - Term Loan	4/13/2028		7.97	%	S + 3.61%		4.36	%		695		694		158		0.3	%
Total Services: Consumer													2,022		1,499		2.7	%

30

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity		Interest Rate (2)			Basis Point Spread Above Index (2)		Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Telecommunications
Aventiv Technologies, LLC	First Lien - Term Loan		7/31/2025		12.09% PIK			S + 7.76%		4.33	%		330		330		326		0.6	%
Cablevision Lightpath LLC	First Lien - Term Loan		11/30/2027		7.76	%		S + 3.36%		4.40	%		440		439		441		0.8	%
Ciena Corporation (4)	First Lien - Term Loan		10/24/2030		6.37	%		S + 2.00%		4.37	%		985		983		990		1.8	%
Guardian US Holdco LLC	First Lien - Term Loan		1/31/2030		7.83	%		S + 3.50%		4.33	%		657		652		659		1.2	%
Iridium Communications Inc. (4)	First Lien - Term Loan		9/20/2030		6.61	%		S + 2.25%		4.36	%		124		124		123		0.2	%
Mavenir Systems, Inc. (5)	First Lien - Term Loan		8/18/2028		9.53	%		S + 5.01%		4.51	%		1,284		1,277		580		1.1	%
PVKG Intermediate Holdings Inc.	First Lien - Term Loan		6/4/2030		10.21	%		S + 5.75%		4.46	%		260		260		251		0.5	%
PVKG Intermediate Holdings Inc.	Equity		—		—			—		—			13		290		137		0.3	%
SBA Senior Finance II LLC	First Lien - Term Loan		1/25/2031		6.11	%		S + 1.75%		4.36	%		615		614		615		1.1	%
Syniverse Holdings, LLC	First Lien - Term Loan		5/13/2027		11.33	%		S + 7.00%		4.33	%		978		956		982		1.8	%
Zayo Group Holdings, Inc.	First Lien - Term Loan		3/9/2027		7.47	%		S + 3.11%		4.36	%		1,000		998		939		1.7	%
Total Telecommunications															6,923		6,043		11.1	%
Transportation: Cargo
Carriage Purchaser, Inc.	First Lien - Term Loan		10/2/2028		8.36	%		S + 4.00%		4.36	%		968		965		972		1.8	%
Echo Global Logistics, Inc.	First Lien - Term Loan		11/23/2028		8.21	%		S + 3.85%		4.36	%		973		972		960		1.8	%
Kenan Advantage Group, Inc., The	First Lien - Term Loan		1/25/2029		7.61	%		S + 3.25%		4.36	%		817		814		823		1.5	%
Total Transportation: Cargo															2,751		2,755		5.1	%
Transportation: Consumer
United AirLines, Inc. (4)	First Lien - Term Loan		2/22/2031		6.63	%		S + 2.00%		4.63	%		307		306		309		0.6	%
Total Transportation: Consumer															306		309		0.6	%

31

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Utilities: Electric
Calpine Construction Finance Company, L.P.	First Lien - Term Loan	7/31/2030		6.36	%	S + 2.00%		4.36	%		900		896		899		1.6	%
Calpine Corporation	First Lien - Term Loan	1/31/2031		6.11	%	S + 1.75%		4.36	%		643		640		642		1.2	%
Total Utilities: Electric													1,536		1,541		2.8	%
Total Investments made in the United States													116,354		112,285		205.3	%
Investments made in Canada
Beverage, Food & Tobacco
1011778 B.C. Unlimited Liability Company (4)	First Lien - Term Loan	9/20/2030		6.11	%	S + 1.75%		4.36	%		993		989		989		1.8	%
Total Beverage, Food & Tobacco													989		989		1.8	%
Transportation: Consumer
Air Canada (4)	First Lien - Term Loan	3/21/2031		6.34	%	S + 2.00%		4.34	%		744		743		749		1.4	%
Total Transportation: Consumer													743		749		1.4	%
Total Investments made in Canada													1,732		1,738		3.2	%

32

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Investments made in Germany
Construction & Building
Minimax Viking GmbH (4)	First Lien - Term Loan	7/31/2028		7.22	%	S + 2.86%		4.36	%		493		492		496		0.9	%
Total Construction & Building													492		496		0.9	%
Total Investments made in Germany													492		496		0.9	%
Investments made in Ireland
Aerospace & Defense
Setanta Aircraft Leasing Designated Activity Company (4)	First Lien - Term Loan	11/5/2028		6.08	%	S + 1.75%		4.33	%		250		249		251		0.5	%
Total Aerospace & Defense													249		251		0.5	%
Hotel, Gaming & Leisure
Flutter Entertainment plc (4)	First Lien - Term Loan	11/30/2030		6.08	%	S + 1.75%		4.33	%		949		947		949		1.7	%
Total Hotel, Gaming & Leisure													947		949		1.7	%
Services: Consumer
Cimpress plc (4)	First Lien - Term Loan	5/17/2028		6.86	%	S + 2.50%		4.36	%		965		960		971		1.8	%
Total Services: Consumer													960		971		1.8	%
Transportation: Consumer
Delos Aircraft Designated Activity Company (4)	First Lien - Term Loan	10/31/2027		6.08	%	S + 1.75%		4.33	%		500		500		503		0.9	%
Total Transportation: Consumer													500		503		0.9	%
Total Investments made in Ireland													2,656		2,674		4.9	%

33

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Investments made in Luxembourg
Containers, Packaging & Glass
Mar Bidco S.a r.l. (4)	First Lien - Term Loan	7/7/2028		8.43	%	S + 4.46%		3.97	%		13		13		13		0.0	%
Total Containers, Packaging & Glass													13		13		0.0	%
Telecommunications
Venga Finance S.a r.l. (4)	First Lien - Term Loan	6/28/2029		9.03	%	S + 4.51%		4.51	%		977		957		985		1.8	%
Total Telecommunications													957		985		1.8	%
Total Investments made in Luxembourg													970		998		1.8	%
Investments made in the Netherlands
Chemicals, Plastics, & Rubber
Nouryon Finance B.V. (4)	First Lien - Term Loan	4/3/2028		7.66	%	S + 3.25%		4.41	%		848		840		856		1.6	%
Total Chemicals, Plastics, & Rubber													840		856		1.6	%
Metals & Mining
AMG Advanced Metallurgical Group N.V. (4)	First Lien - Term Loan	11/30/2028		7.97	%	S + 3.61%		4.36	%		897		896		897		1.6	%
Total Retail													896		897		1.6	%
Retail
Peer Holding III B.V. (4)	First Lien - Term Loan	10/28/2030		7.58	%	S + 3.25%		4.33	%		524		521		528		1.0	%
Total Retail													521		528		1.0	%
Total Investments made in the Netherlands													2,257		2,281		4.2	%

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Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share and per share data)

Description (1)	Investment Type	Maturity	Interest Rate (2)			Basis Point Spread Above Index (2)	Interest Rate Floor / Base Rate (2)			Principal /Shares		Amortized Cost		Fair Value		% of Net Assets(3)
Investments made in Puerto Rico
Services: Business
Evertec Group, LLC	First Lien - Term Loan	10/30/2030		7.11	%	S + 2.75%		4.36	%		475		469		482		0.9	%
Total Services: Business													469		482		0.9	%
Total Investments made in Puerto Rico													469		482		0.9	%
Investments made in the United Kingdom
Chemicals, Plastics, & Rubber
Ineos Quattro Holdings UK Limited (4)	First Lien - Term Loan	4/2/2029		8.71	%	S + 4.35%		4.36	%		496		487		500		0.9	%
Ineos Quattro Holdings UK Limited (4)	First Lien - Term Loan	3/14/2030		8.21	%	S + 3.85%		4.36	%		117		116		118		0.2	%
Total Chemicals, Plastics, & Rubber													603		618		1.1	%
Total Investments made in the United Kingdom													603		618		1.1	%
Total Non-controlled/Non-Affiliated Investments												$	125,533	$	121,572		222.3	%

(1) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940 (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.

(2) All of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”). This index resets monthly or quarterly. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2024. As of December 31, 2024, rates for 1M S, 3M S, 6M S, and 12M S are 4.33%, 4.31%, 4.25%, and 4.18% respectively.

(3) Percentages are based on net assets of $54,684 as of December 31, 2024.

(4) Investment is a non-qualifying asset for RIC reporting purposes, non-qualifying assets represent 21.9% of total assets.

(5) Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole (see Note 4)

The accompanying notes are an integral part of these consolidated financial statements

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Steele Creek Capital Corporation

Notes to the Consolidated Financial Statements

(unaudited)

(in thousands, except share and per share data)

1. ORGANIZATION

Steele Creek Capital Corporation (which is referred to as the “Company”, “we”, “us” and “our”) was originally organized as MSC Capital LLC as a Delaware limited liability company on June 3, 2020. The Company commenced operations as MSC Capital LLC on July 1, 2020. On October 7, 2020, MSC Capital LLC converted to a Maryland corporation. We are a closed-end externally managed, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). The Company has elected for federal income tax purposes to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”).

In September 2020, we formed a wholly-owned special purpose financing vehicle, Steele Creek Funding Capital I, LLC (“Funding I”), a Delaware limited liability company. Funding I was formed to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets were granted to BNP Paribas (“BNP”) and to be used as collateral for the credit facility. On October 18, 2024, the Company began the process of winding down Funding I. As of March 31, 2025 Funding I does not hold any loans but remains open until all loan assignments are complete and accounts are closed.

In August 2024, we formed a wholly-owned special purpose financing vehicle, Steele Creek Capital Funding II, LLC (“Funding II”), a Delaware limited liability company. Funding II was formed to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets were granted to Bank of America (“BoA”) and to be used as collateral for the credit facility. Funding II did not become operational until October 2024.

Steele Creek Investment Management LLC (the “Investment Advisor” or “Administrator”) is our investment adviser and an affiliate of Moelis Asset Management LP (“Moelis Asset”). We entered into an Investment Advisory Agreement with the Investment Advisor who, subject to the supervision of our board of directors (the “Board”), manages the day-to-day operations and provides investment advisory services to the Company. The Company has no paid employees and the Investment Advisor has entered into an agreement (the “Custody Agreement”) to delegate certain administrative and custody functions to US Bank (the “Custodian”).

The Company is a financial services company that primarily invests in syndicated corporate bank loans, bonds, other debt securities, and structured products. The investment objective is to generate high current income by investing primarily in fixed income instruments, including broadly syndicated bank loans, structured products, mezzanine financings and senior secured bonds.

The term “shares” herein refers to membership interest in the Company prior to conversion.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting - The consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its consolidated subsidiaries. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated. Financial statements are prepared in accordance with GAAP for financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the period presented, have been included. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”).

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Use of Estimates - The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Investment Advisor to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from such estimates included in the consolidated financial statements. 

Securities Transactions - Securities transactions are recorded on the trade date. The trade date for loans purchased in the “primary market” and for loans and other investments purchased in the “secondary market” is the date on which the transaction is entered. The cost of an investment includes all costs incurred by the Company as part of the purchase of such investment.

Investment Income - For debt investments, we record interest income on the accrual basis to the extent that such amounts are expected to be collected. Where applicable, original issuance discounts (“OID”) and purchased discounts and premiums are accreted into interest income using the effective interest method. We record prepayment premiums on loans and other investments as interest income when such amounts are received. We stop accruing interest on investments when it is determined that interest is no longer collectible. For the three months ended March 31, 2025 and 2024, there were no loans and two loans on non-accrual status, respectively.

Expenses - Expenses include management fees, incentive fees, administrator fees, custody fees, legal fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Organizational and Offering Costs - Organizational costs include costs relating to the formation and incorporation of the business and are expensed as incurred. Offering costs include legal fees and other costs pertaining to the registration statement and the private placement memorandum. Offering costs are deferred and amortized over a period of twelve months.

Realized Gain or Loss and Unrealized Gain or Loss - Realized gain or loss from an investment is recorded at the time of disposition and calculated using the weighted average cost method. Unrealized gain or loss reflects the changes in fair value of investments as determined in compliance with the Investment Advisor’s valuation policy.

Cash - The Company maintains its cash in a bank account, which, at times, may exceed federally insured limits. As of March 31, 2025, and December 31, 2024, our cash balance exceeded federally insured limits. The Investment Advisor continuously monitors the performance of the bank where the account is held in order to manage any risk associated with such account.

Earnings Per Share - The Company calculates earnings per share by dividing the net increase or decrease in net assets resulting from operations by the weighted average shares for the period.

Paid-in-capital in Excess of Par Value - The Company records the proceeds from the sale of its shares and investors who have opted into the DRIP program on a net basis to capital stock and paid-in capital in excess of par value, excluding all offering costs.

Fair Value of Financial Instruments - Assets and liabilities which qualify as financial instruments under relevant authoritative guidance are carried at fair value or contractual amounts approximating fair value.

Segment Reporting – In accordance with ASC Topic 280 – Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment activity.

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Investment Classification - As required by the 1940 Act, investments are classified by level of control. “Controlled Investments” are defined as investments in portfolio companies that we are deemed to control, as defined in the 1940 Act. “Affiliated Investments” are investments in those companies that are affiliated companies, as defined in the 1940 Act, other than Controlled Investments. “Non-Controlled/Non-Affiliated Investments” are those that are neither Controlled Investments nor Affiliated Investments. Generally, under the 1940 Act, we are deemed to control a company in which we have invested if we own more than 25% of the voting securities of such company. We are deemed to be an affiliate of a company if we own 5% or more of the voting securities of such company. As of March 31, 2025 and December 31, 2024, all of our investments were Non-Controlled/Non-Affiliated investments.

Valuation of Investments - We value our investments in accordance with ASC Topic 820 – Fair Value Measurement and Disclosures, (“ASC Topic 820”) as determined in good faith by our Board who has delegated such responsibility to our Investment Advisor, along with our Independent valuation firms, and the Audit Committee. ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Investments are reflected on the Consolidated Statement of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the accompanying Consolidated Statement of Operations as “net change in unrealized appreciation on non-controlled/non-affiliated company investments.” Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). Publicly-traded investments in active markets are reported at the market closing price. Investment transactions are recorded on a trade date basis (for publicly-traded investments and securities traded through dealer markets) or upon closing of the transaction (for private investments). The cost of an investment includes all costs incurred by the Company as part of the purchase of such investment. The difference between the initially recognized cost and the subsequent fair value measurement of an investment is reflected as “net change in unrealized appreciation on non-controlled/non-affiliated company investments” in the Consolidated Statement of Operations.

We value our investments in accordance with the Investment Advisor’s valuation policy. Valuations are prepared by the Investment Advisor and approved by the CFO of the Company for each accounting close.

Income Taxes – For the three months ended March 31, 2025 and 2024, we have complied with the requirements of Subchapter M of the Code and expect to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740 – Income Taxes (“ASC Topic 740”). Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for federal income tax purposes, we typically do not incur any material federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of an excise tax.

We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC Topic 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the period presented herein. The Company’s determinations regarding ASC Topic 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

The 2021 to 2024 tax years for the Company are not yet closed and remain subject to examination by U.S. Federal, state and local tax authorities.

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Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 10 for more information on the effects of the adoption of ASU 2023-07

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

Pursuant to the investment advisory agreement between the Company and the Investment Advisor (the “Investment Advisory Agreement”), we have agreed to pay a fee for investment advisory and management services consisting of two components, a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by our stockholders.

Our Investment Advisor has agreed to waive its fees (base management and incentive fee), without recourse against or reimbursement by us, for any quarter where net investment income plus net realized capital gains is not sufficient to maintain a targeted annual distribution payment on shares of common stock outstanding on the relevant payment dates of 6.0% based on our net asset value per share.

On August 9, 2024, the Board approved the renewal of the Investment Advisory Agreement which automatically renews for successive one-year periods each September 17th; provided that such continuance is specifically approved at least annually by the vote of the Board or by the vote of a majority of the outstanding voting securities of the Company and the vote of a majority of the Independent Directors, in accordance with the requirements of the 1940 Act. 

Base Management Fee

The base management fee is calculated at a maximum annual rate of 1.0% of the average of the weighted average (based on the number of shares outstanding each day in the quarter) of our gross assets (including uninvested cash and cash equivalents) at the end of each of the two most recently completed calendar quarters. The base management fee for any partial quarter is pro-rated based on the number of days actually elapsed in that quarter relative to the total number of days in such quarter. On August 13, 2021, the Board agreed to make investments rather than gross assets the basis for their fee to be more in line with the waivers implemented for management fees. 

Gross management fees for the three months ended March 31, 2025 were $362 thousand. Net management fees for the three months ended March 31, 2025 were $295 thousand. The Investment Advisor elected to waive a portion of the management fee and charged management fees on investments rather than gross assets.

Gross management fees for the three months ended March 31, 2024 were $455 thousand. Net management fees for the three months ended March 31, 2024 were $349 thousand. The Investment Advisor elected to waive a portion of the management fee and charged management fees on investments rather than gross assets.

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Incentive Fee

The Incentive Fee will consist of an income-based component and a capital gains component.

The portion of the incentive fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the Company’s election to be regulated as a BDC, and equals 15% of the pre-incentive fee net investment income in excess of a 1.5% quarterly (or 6% annually) “hurdle rate.” There are no catch-up provisions applicable to income-based incentive fees under the Investment Advisory Agreement.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Company receives from portfolio companies) that the Company accrues, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) we have entered into with the Administrator, and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee accrued under GAAP). Pre-incentive fee net investment income also includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Advisor is not under any obligation to reimburse the Company for any part of the income-based incentive fees it received that was based on accrued interest that the Company never actually received. Because of the structure of the incentive fee, it is possible that we may pay an incentive fee in a quarter where we incur a loss. For example, if we receive pre-incentive fee net investment income in excess of the Hurdle rate for a quarter, we will pay the applicable incentive fee even if we have incurred a loss in that quarter due to realized and unrealized capital losses.

The portion of the incentive fee based on capital-gains is payable at the end of each calendar year in arrears, equals 15% of cumulative realized capital gains from the date of the Company’s election to be regulated as a BDC to the end of each calendar year, less cumulative net realized capital losses and unrealized capital depreciation. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation. Also, it should be noted that while we accrue the capital incentive fee quarterly, the expense will fluctuate with the Company’s overall investment results and the expense will be finalized at year end.

In determining the capital gains incentive fee payable to the Investment Advisor, we calculate the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses from the date of the Company’s election to be regulated as a BDC, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in our portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the original cost of such investment since our inception. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the original cost of such investment since our inception. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the original cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments. 

For the three months ended March 31, 2025, the Investment Advisor earned a gross income incentive fee of $4 thousand and did not earn a capital incentive fee. For the three months ended March 31, 2024, the Investment Advisor earned a gross income incentive fee of $56 thousand and did not earn a capital incentive fee.

Fee Waivers

On February 18, 2021, the Company and the Investment Advisor executed a Waiver Letter (the “Waiver”), whereby the Investment Advisor agrees to waive all or such portion of the Base Management Fee, the Income Incentive Fee and the Capital Incentive Fee (collectively the “Fees”) that they would otherwise be entitled to receive under the Investment Advisory Agreement, dated as of September 16, 2020 (the ‘Agreement”) for any quarter prior to a Liquidity Event to the extent required in order for the Company to earn a quarterly net investment income plus net realized capital gains to maintain an annual distribution payment of shares of common stock outstanding of 6.0%. The Company’s performance will impact the amount and timing of the fee waivers.

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For the three months ended March 31, 2025 and 2024, the Board agreed upon a fee waiver to reduce the basis for the quarterly management fee from gross assets to investments. For the three months ended March 31, 2025 and 2024 the Investment Advisor waived $67 thousand and $106 thousand of management fees, respectively. This fee waiver will be re-evaluated annually.

The Company’s performance for the three months ended March 31, 2025 and 2024, produced sufficient realized income to meet the 6% distribution payment to investors and charge a full management fee on investments.

Administration Agreement

The Administration Agreement provides that the Administrator will furnish us with office facilities and equipment and will provide us with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. Under the Administration Agreement, the Administrator will perform, or oversee the performance of, our required administrative services, which will include being responsible for the financial and other records that we are required to maintain and preparing reports to our stockholders and reports and other materials filed with the SEC. In addition, the Administrator will assist us in determining and publishing our net asset value, oversee the preparation and filing of our tax returns and the printing and dissemination of reports and other materials to our stockholders, and generally oversee the payment of our expenses and the performance of administrative and professional services rendered to us by others. Under the Administration Agreement, the Administrator will also provide managerial assistance on our behalf to those portfolio companies that have accepted our offer to provide such assistance. 

Under the Administration Agreement, we will reimburse the Administrator based upon our allocable portion (subject to the review and approval of our Board) of the Administrator’s overhead (including rent) in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer, and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment. In addition, if requested to provide significant managerial assistance to our portfolio companies, the Administrator will be paid an additional amount based on the services provided, which shall not exceed the amount we receive from such portfolio companies for providing this assistance. The Administration Agreement had an initial term of two years and thereafter may be renewed annually with the approval of our Board. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. To the extent that the Administrator outsources any of its functions, we will pay the fees associated with such functions on a direct basis without any incremental profit to the Administrator.

On August 9, 2024, the Board approved the renewal of the Administration Agreement which automatically renews for successive one-year periods each September 17th; provided that such continuance is specifically approved at least annually by the vote of the Board or by the vote of a majority of the outstanding voting securities of the Company and the vote of a majority of the members of the Company’s Board who are not parties to this Agreement or “interested persons” (as such term defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the Investment Company Act.

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Related Party Transactions

As of March 31, 2025, affiliates owned approximately 43% of the Company representing approximately $22,846 thousand of the Company’s net assets. As of December 31, 2024, affiliates owned approximately 43% of the Company representing approximately $23,308 thousand of the Company’s net assets. 

The Company may, from time to time, purchase investments from, or sell investments to affiliates of our Investment Advisor at fair value on the trade date. For the three months ended March 31, 2025 and 2024 there were no purchases of investments from or sales of investments to affiliates of our Investment Advisor.

For the three months ended March 31, 2025 and 2024, the Company incurred $20 thousand and $20 thousand in directors’ fees expense, respectively.

The Company carries employment practices liability, directors and officers and errors and omission insurance. For the best interests of the Company, these policies are joint liability policies with Moelis Asset and its affiliates.

4. INVESTMENTS

Fair Value Measurements

We value our investments for each accounting close at fair value in accordance with ASC Topic 820, which defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Due to the uncertainty inherent in the valuation process, estimates of fair value may differ significantly from the values that would have been used had a ready market for our investments existed, and the differences could be material. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on the investments to be different than the valuations currently assigned.

Investments for which observable market prices in active markets do not exist are reported at fair value, as determined by the Investment Advisor using the best information available. The amount determined to be fair value may incorporate the Investment Advisor’s own assumptions (including assumptions that the Investment Advisor believes market participants would use in valuing the investment, and assumptions relating to appropriate risk adjustments for non-performance and lack of marketability).

The fair values assigned to our investments are based upon available information and do not necessarily represent amounts which might ultimately be realized. Due to the absence of readily determinable fair values and the inherent uncertainty of valuations, the estimated fair values may differ significantly from values that would have been used had a ready market for the securities existed, and the differences could be material.

The guidance establishes a framework for measuring fair value, and requires enhanced disclosures about fair value measurements. The fair value hierarchy prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace (including the existence and transparency of transactions between market participants). Investments with readily-available actively quoted prices or for which fair value can be measured from actively-quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1 – Quoted prices (unadjusted) are available in active markets for identical investments that the Company has the ability to access as of the reporting date. The type of investments which would generally be included in Level 1 include listed equity securities and listed derivatives. The Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

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Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. This may include valuations based on executed trades, broker quotations that constitute an executable price, and alternative pricing sources supported by observable inputs which, in each case, are either directly or indirectly observable for the asset in connection with market data at the measurement date.

Level 3 – Pricing inputs are unobservable for the investments and include situations where there is little, if any, market activity for the investments. The inputs into the determination of fair value require significant judgment or estimation by the Investment Advisor. In certain cases, investments classified within Level 3 may include securities for which we have obtained indicative quotes from broker-dealers that do not necessarily represent prices the broker may be willing to trade on.

The valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs. Our loans are predominately valued based on evaluated prices from a nationally recognized independent pricing service or from third-party brokers who make markets in such debt investments. When possible, we make inquiries of third-party pricing sources to understand their use of significant inputs and assumptions. We review the third-party fair value estimates and perform procedures to validate their reasonableness, including an analysis of the range and dispersion of third-party estimates, frequency of pricing updates, comparison of recent trade activity for similar securities, and review for consistency with market conditions observed as of the measurement date.

There may be instances when independent or third-party pricing sources are not available, or cases where we believe that the third-party pricing sources do not provide sufficient evidence to support a market participant’s view of the fair value of the debt investment being valued. These instances may result from an investment in a less liquid loan such as a middle market loan, a mezzanine loan or unitranche loan, or a loan to a company that has become financially distressed. In these instances, we may estimate the fair value based on a combination of a market yield valuation methodology and evaluated pricing discussed above, or solely based on a market yield valuation methodology. Under the market yield valuation methodology, we estimate the fair value based on a discounted cash flow technique using data specific to the individual investment and market level data. For these loans, the unobservable inputs used in the market yield valuation methodology to measure fair value reflect management’s best estimate of assumptions that would be used by market participants when pricing the investment in a hypothetical transaction, including estimated remaining life, current market yield and interest rate spreads of similar loans and securities as of the measurement date. We will estimate the remaining life based on market data for the average life of similar loans. However, if we have information that the loan is expected to be repaid in the near term, we would use an estimated remaining life based on the expected repayment date. The average life to be used to estimate the fair value of our loans may be shorter than the legal maturity of the loans since many loans are prepaid prior to the maturity date. The interest rate spreads used to estimate the fair value of our loans is based on current interest rate spreads of similar loans. If there is a significant deterioration of the credit quality of a loan, we may consider other factors that a hypothetical market participant would use to estimate fair value, including the proceeds that would be received in a liquidation analysis.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the investment.

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The following fair value hierarchy table sets forth our investments by level as of March 31, 2025:

	March 31, 2025
	Total		Level 1		Level 2		Level 3
Term Loans	$	112,013	$	-	$	111,974	$	39
Equity		273		-		273		-
Collateralized Loan Obligations		2,011		-		2,011		-
Total Investments	$	114,297	$	-	$	114,258	$	39

The following fair value hierarchy table sets forth our investments by level as of December 31, 2024:

	December 31, 2024
	Total		Level 1		Level 2		Level 3
Term Loans	$	118,706	$	-	$	118,126	$	580
Equity		310		-		310		-
Collateralized Loan Obligations		2,556		-		2,556		-
Total Investments	$	121,572	$	-	$	120,992	$	580

Unobservable inputs used in the fair value measurement of Level 3 investments as of March 31, 2025, included the following:

Fair

Valuation

Unobservable

Range

Weighted

Type

Value

Technique

Input

Minimum

Maximum

Average

Term Loans

39

Recent Transactions

Transaction Price

0

%

100

%

3

Total

$

39

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input or a relative weighting may result in a change to the value of an investment as follows:

Input	Impact to value if input increases	Impact to value if input decreases
Transaction Price	Increases	Decreases

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2024, included the following:

Fair

Valuation

Unobservable

Range

Weighted

Type

Value

Technique

Input

Minimum

Maximum

Average

Term Loans

580

Discounted Cash Flows

Market Comps

0

%

100

%

45.2

Total

$

580

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input or a relative weighting may result in a change to the value of an investment as follows:

Input	Impact to value if input increases	Impact to value if input decreases
Market Comps	Increases	Decreases

Transfers of investments between levels in the fair value hierarchy are recorded at the end of the period. For the three months ended March 31, 2025 there were no investments that transferred between level 2 and level 3 at quarter end. For the three months ended March 31, 2024 there were two term loans investments that transferred between level 2 and level 3 at quarter end. The transfer between levels was made due to availability of broker quotes and increased trading volume for the three months ended March 31, 2024.

Changes in investments categorized as Level 3 for the three months ended March 31, 2025 were as follows:

	Three months ended March 31, 2025
	Term Loans			Equity		Total Investments
Beginning Balance	$	580		$	-	$	580
Net realized gain (loss)		-			-		-
Net unrealized gain (loss)		(541	)		-		(541	)
Transfers (1)		-			-		-
Acquisitions		-			-		-
Dispositions		-			-		-
Ending Balance	$	39		$	-	$	39

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Changes in investments categorized as Level 3 for the three months ended March 31, 2024 were as follows:

	Three months ended March 31, 2024
	Term Loans			Equity			Total Investments
Beginning Balance	$	1,449		$	24		$	1,473
Net realized gain (loss)		-			-			-
Net unrealized gain (loss)		-			(24	)		(24	)
Transfers (1)		(1,265	)		-			(1,265	)
Acquisitions		-			-			-
Dispositions		-			-			-
Ending Balance	$	184		$	-		$	184

(1) Per ASC 820, leveling for each investment is conducted at each quarter end. Transfers between levels are made in accordance with the Company’s accounting policy.

5. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:

	Three months ended March 31, 2025			Three months ended March 31, 2024
Numerator - net earnings (loss)	$	(1,078	)	$	305
Denominator - weighted average shares		5,883			6,344
Net earnings (loss) per share	$	(0.18	)	$	0.05

6. NET ASSETS

The Company has been actively fundraising since its inception. The table below summarizes the capital the Company has raised (returned), the shares issued (tendered), and the shares reinvested to investors during the three months ended March 31, 2025.

Date Closed	Capital Raised / (Repurchased) (in thousands)			Shares Issued
Balance at December 31, 2024	$	60,949			5,816,048
January 1, 2025		133			14,115
January 2, 2025		343			36,429
January 2, 2025		(232	)		(24,630	)
February 3, 2025		180			18,869
March 1, 2025		407			43,693
March 3, 2025		416			44,620
Balance at March 31, 2025	$	62,196			5,949,144

The table below summarizes the capital the Company has raised (returned), the shares issued (tendered), and the shares reinvested to investors during the three months ended March 31, 2024.

Date Closed	Capital Raised / (Repurchased) (in thousands)			Shares Issued
Balance at December 31, 2023	$	66,290			6,370,722
January 2, 2024		(524	)		(53,915	)
February 1, 2024		44			4,480
March 1, 2024		669			69,303
Balance at March 31, 2024	$	66,479			6,390,590

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During the three months ended March 31, 2025, the Company issued 157,726 shares with an aggregate price of $1,479 thousand and repurchased 24,630 shares with an aggregate tender price of $232 thousand. During the three months ended March 31, 2024, the Company issued 73,783 shares with an aggregate value of $713 thousand and repurchased 53,915 shares with an aggregate tender price of $524 thousand.

In September 2024, the Company adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. When the Company declares a dividend or distribution, the Company’s current stockholders who have “opted in” to the DRIP will have their cash dividend automatically reinvested in additional shares of the Company’s common stock. Existing investors were given the option to be enrolled into the DRIP, any investor that did not enroll will continue to receive their dividends in cash. All new stockholders will automatically be enrolled in the DRIP unless they opt out. Newly issued shares are valued based upon the month end closing price prior to payment of the dividend.

During the three months ended March 31, 2025, 57,808 shares were reinvested.

As of March 31, 2025, and December 31, 2024 the Company had 5,949,144 and 5,816,048 shares of common stock, $0.001 par value per share, outstanding, respectively. 

7. CREDIT FACILITY

BNP Paribas

On October 13, 2020, we entered into a two-year secured revolving Credit Agreement (the “BNP Credit Agreement”) with BNP as lender and administrative agent (the “BNP Credit Facility”) providing a maximum of $45,000 thousand (“Maximum Facility Amount”) to Steele Creek Capital Funding I, LLC (“Funding I”). The Company created a wholly-owned subsidiary, Funding I, which it used to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets were granted to BNP to be used as collateral for the BNP Credit Facility. During the BNP Credit Facility’s revolving period (earlier of the termination by the borrower or twelve-month anniversary of the closing date), it initially bore interest at LIBOR plus 175 basis points. The Company began transferring investments into Funding I, in October 2020.

Under the BNP Credit Agreement Funding I was required to pay an administrative agent fee equal to $25 thousand per annum and a structuring fee equal to 0.25% of the Maximum Facility Amount paid on the twelve-month anniversary of the closing date. Additionally, an unused fee was payable quarterly in arrears in an amount equal to 0.70% on the actual daily unused amount greater than 20% of the Maximum Facility Amount under the BNP Credit Facility from April 13, 2021 to the end of the revolving period.

On April 29, 2021, Funding I executed an amendment to the BNP Credit Facility. The amendment solidified the LIBOR transition to Secured Overnight Financing Rate (“SOFR”) for the planned discontinuation of LIBOR. The amendment also increased the Individual Lender Maximum Facility Amount from $45,000 thousand to $80,000 thousand.

On October 28, 2021, the Company executed an additional amendment to the BNP Credit Agreement. Material amendments included the revolving period being extended 36 months, from 12 months to 48 months and the interest rate being reduced from LIBOR plus 175 basis points to LIBOR plus 140 basis points. The advance rate was increased from 67.5% to 70% and expanded to include a triple C bucket with a 60% advance rate. The structuring fee was increased from 0.25% of the Maximum Facility Amount to 0.50% of the Maximum Facility Amount and was paid in three equal installments (December 2021, December 2022, and December 2023). Updates were made to allow for more flexibility to move capital out of the facility subject to certain covenants.

On March 22, 2022, the Company amended the BNP Credit Agreement. Material amendments to the BNP Credit Agreement included the interest rate being converted from LIBOR plus 140 basis points to SOFR plus 15 basis points. In addition, the Individual Lender Maximum Facility Amount increased from $80,000 thousand to $95,000 thousand and the language and requirements related to the Agreed Upon Procedures provided by independent accountants were amended to be more appropriate for the underlying collateral.

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On August 23, 2022, the Company amended the BNP Credit Agreement. This amendment contained certain conforming changes that were not material.

On July 10, 2023, the Company amended the BNP Credit Agreement. This amendment contained certain conforming changes that were not material.

On October 18, 2024, the Company terminated the existing BNP Credit Facility and the wholly owned subsidiary, Funding I, is in the process of being closed. The collateral assets began moving from Funding I to a newly created wholly owned subsidiary, Steele Creek Capital Funding II LLC (“Funding II”). Funding I will remain open until all assets are moved and accounts are closed.

The BNP Credit Facility was fully repaid on October 18, 2024.

The average debt outstanding and weighted average interest rate for the period October 1, 2024 through October 18, 2024 was $82,686 and 6.15%. For the period October 1, 2024 through October 18, 2024, we incurred interest and debt financing expenses of $388 thousand on the BNP Credit Facility. As of December 31, 2024, there was $0 outstanding or available to be drawn under the BNP Credit Facility. As of December 31, 2024, the BNP Credit Facility did not have a fair value. The fair value of the BNP Credit Facility is determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions and is measured with Level 2 inputs. As of March 31, 2024, Funding I was in compliance with all covenants of the BNP Credit Facility.

Bank of America

On October 18, 2024 the Company entered into a three-year secured revolving Credit Agreement (the “BoA Credit Agreement”) with BoA as lender and administrative agent (the “BoA Credit Facility”) providing a maximum of $80,000 thousand (“BoA Maximum Facility Amount”) to Funding II. Funding II will be used to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets have been granted to BoA to use as collateral for the BoA Credit Facility. The BoA Credit Facility bears interest at Term Secured Overnight Financing Rate (“SOFR”) plus 1.50%.

Funding II was required to pay an upfront fee equal to $400 thousand, calculated as 0.50% of the BoA Maximum Facility Amount. Additionally, an unused fee is payable monthly in arrears commencing in December 2024 in an amount equal to 0.50% until the four-month anniversary of the Closing Date. The unused fee rate after the four-month Closing Date is equal to 1.50%. The unused fee is calculated off the positive daily balance of 80% of the BoA Maximum Facility amount minus the aggregate outstanding amount.

The maturity date of the BoA Credit Facility is October 18, 2027, unless terminated earlier by the Company.

The average debt outstanding and weighted average interest rate as of March 31, 2025 and for the period October 18, 2024 through December 31, 2024 was $73,359 and 5.82% and $73,278 and 6.22%. As of March 31, 2025 and for the period October 18, 2024 through December 31, 2024, we incurred interest and debt financing expenses of $1,100 thousand and $976 thousand, respectively on the BoA Credit Facility. As of March 31, 2025 and December 31, 2024, there was $75,178 thousand and $73,278 thousand outstanding and $4,822 thousand and $6,722 thousand available to be drawn under the BoA Credit Facility. As of March 31, 2025 and December 31, 2024, the BoA Credit Facility had a fair value of $75,178 thousand and $73,278 thousand, respectively. The fair value of the BoA Credit Facility is determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions and is measured with Level 2 inputs. As of both March 31, 2025 and December 31, 2024, Funding II was in compliance with all covenants of the BoA Credit Facility.

In addition, we may enter into additional agreements for a credit facility and/or subscription facility (each, a “Credit Facility”). A Credit Facility may be secured by all of the assets of a wholly-owned subsidiary and special purpose entity, formed in order to establish such Credit Facility. Each Credit Facility will provide for borrowings to make additional investments and for other general corporate purposes. It is anticipated that a Credit Facility will bear interest at floating rates at to be determined spreads over SOFR and will be secured by the Company’s assets. The Credit Facility’s interest rate is subject to change, including as a result of establishment of alternative reference rates.

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8. COMMITMENTS AND CONTINGENCIES

Commitments to extend credit include loan proceeds we are obligated to advance, such as delayed draws. Commitments generally have fixed expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded commitments are recorded in the consolidated financial statements and reflected as an adjustment to the fair value of the related security in the Consolidated Schedule of Investments. As of March 31, 2025 and December 31, 2024, the Company had no unfunded commitments.

In the ordinary course of business, we may be a party to certain legal proceedings, including actions brought against us and others with respect to investment transactions. The outcomes of any such legal proceedings are uncertain and, as a result of these proceedings, the values of the investments to which they relate could decrease. We were not subject to any litigation against us as of March 31, 2025. The debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and neither the Members nor any other person or entity shall be obligated personally for any such debt, obligation or liability of the Company.

9. FINANCIAL HIGHLIGHTS

The following financial highlights are calculated for the shareholders as a whole.

	Three months ended March 31, 2025			Three months ended March 31, 2024			Three months ended March 31, 2023			Three months ended March 31, 2022			Three months ended March 31, 2021
Per share data:
Net asset value at beginning of period	$	9.40		$	9.71		$	8.93		$	10.90		$	10.76
Net investment income (1)		0.14			0.19			0.21			0.14			0.02
Net realized gain /(loss) (1)		0.03			0.00			(0.07	)		0.02			0.28
Net change in unrealized (depreciation) (1)		(0.35	)		(0.15	)		0.29			(0.26	)		-
Net (decrease) increase in net assets resulting from operations (1)		(0.18	)		0.04			0.43			(0.10	)		0.30
Stockholder distributions from income (2)		(0.19	)		(0.19	)		(0.19	)		(0.17	)		(0.16	)
Issuance of common shares		-			-			-			-			0.01
Other (3)		-			-			0.01			0.01			0.02
Net asset value at end of period	$	9.03		$	9.56		$	9.18		$	10.64		$	10.93
Net assets at end of period	$	53,742		$	61,119		$	52,394		$	52,835		$	29,571
Shares outstanding at end of period		5,949,144			6,390,590			5,710,410			4,964,238			2,706,393
Total return (2)		(1.99	)%		0.47	%		4.96	%		(0.88	)%		3.06	%
Ratio/Supplemental data:
Ratio of net expenses excluding waivers and reversals to average net assets (4)		13.98	%		15.07	%		15.76	%		8.71	%		12.00	%
Ratio of net expenses including waivers and reversals to average net assets (4)		13.85	%		14.90	%		15.64	%		8.29	%		11.37	%
Ratio of net investment income to average net assets (4)		5.86	%		7.74	%		9.75	%		3.67	%		1.27	%
Portfolio turnover (5)		36.3	%		63.8	%		39.0	%		42.6	%		183.9	%

(1) The per share data was derived by using the weighted average shares outstanding during the period.

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(2) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized.

(3) Includes the impact of different amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(4) Ratios are annualized.

(5) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

10. SEGMENT REPORTING

The Company operates through a single operating and reporting segment with an investment objective to generate high current income by investing primarily in fixed income instruments, including broadly syndicated bank loans, structured products, mezzanine financings and senior secured bonds. The CODM is comprised of the Company’s chief executive officer, chief financial officer, chief compliance officer and the board of directors. The CODM assesses performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income, portfolio composition and total assets as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses and net increase in net assets resulting from operations are listed on the accompanying consolidated statement of operations.

11. SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

On April 1, 2025, the Company issued and sold 26,014 shares of its common stock to certain investors for an aggregate offering price of $235 thousand. The sale of its common stock was made pursuant to subscription agreements between the Company and the investors, and the issuance of the common stock was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. 

On April 1, 2025, the Company accepted approximately 65,854 shares tendered in the March 2025 tender offer. On April 24, 2025, the Company paid approximately $595 thousand for the tendered shares.

On April 15, 2025, the Company paid its quarterly distribution of approximately $1,110 thousand, of which approximately $407 thousand or approximately 43,693 shares of the regular divided were reinvested into the fund on March 1, 2025. Additionally, approximately $134 thousand or approximately 14,845 shares of the special dividend were reinvested on April 1, 2025.

On May 1, 2025, the Company issued and sold 94,681 shares of its common stock to certain investors for an aggregate offering price of $842 thousand. The sale of its common stock was made pursuant to subscription agreements between the Company and the investors, and the issuance of the common stock was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “we,” “us,” “our,” or the “Company” refer to MSC Capital LLC prior to the Conversion (as defined herein), and Steele Creek Capital Corporation on and after the Conversion.

Forward-Looking Statements

Some of the statements in this report constitute forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Our actual results could differ materially and these statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

● our future operating results;

● our business prospects and the prospects of our portfolio companies;

● the impact of investments that we expect to make;

● changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets;

● the ability of the Steele Creek Investment Management LLC (the “Investment Advisor”) to locate suitable investments for us and to monitor and administer our investments;

● the ability of the Investment Advisor and its affiliates to attract and retain highly talented professionals;

● risk associated with possible disruptions in our operations or the economy generally;

● the timing of cash flows, if any, from the operations of the companies in which we invest;

● the adequacy of our cash resources and working capital;

● the ability of the companies in which we invest to achieve their objectives;

● the dependence of our future success on the general economy and its effect on the industries in which we invest;

● our ability to maintain our qualification as a BDC and as a RIC under the Code;

● the use of borrowed money to finance a portion of our investments;

● the adequacy, availability and pricing of our financing sources and working capital;

● actual or potential conflicts of interest with the Investment Advisor and its affiliates;

● our contractual arrangements and relationships with third parties;

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● our expected financings and investments;

● the economic downturn, interest rate volatility, loss of key personnel, and the illiquid nature of our investments; and

● the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” and elsewhere in this quarterly report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file with the U.S. Securities and Exchange Commission (“SEC”) in the future, including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In addition, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” and elsewhere in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements.

Overview

We are a financial services company that primarily invests in syndicated corporate bank loans, bonds, other debt securities, and structured products. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC and has elected to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a RIC under the Code. We were formed on June 3, 2020 as a Delaware limited liability company under the name MSC Capital LLC. MSC Capital LLC was formed by Steele Creek Investment Management LLC, Moelis Asset and two affiliates. On October 7, 2020, MSC Capital LLC converted to a Maryland corporation (the “Conversion”), named Steele Creek Capital Corporation. On September 3, 2020, we formed a wholly-owned consolidated special purpose financing vehicle, Steele Creek Capital Funding I, LLC (“Funding I”), a Delaware limited liability company. Funding I was formed to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets were granted to BNP Paribas (“BNP”) and to be used as collateral for the credit facility. On August 28, 2024, we formed a wholly-owned special purpose financing vehicle, Steele Creek Capital Funding II, LLC (“Funding II”), a Delaware limited liability company. Funding II was formed to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets were granted to Bank of America (“BoA”) and to be used as collateral for the credit facility. On October 18, 2024, the Company began the process of winding down Funding I. As of March 31, 2025, Funding I does not hold any loans but remains open until all loan assignments are complete and accounts are closed. 

Our investment objective is to generate high current income by investing primarily in fixed income instruments, including broadly syndicated bank loans, structured products, mezzanine financings and senior secured bonds. We provide moderate liquidity to our shareholders by offering a quarterly share repurchase program. As of March 31, 2025, approximately 1,036,549 shares have been tendered through the share repurchase program. Broadly syndicated loans are generally more liquid than directly originated investments and may provide more attractive financing terms than less liquid assets. Mezzanine financings are generally unrated or below investment grade rated investments that have greater credit and liquidity risk than more highly rated debt obligations. Moreover, mezzanine financings are generally unsecured and subordinate to other obligations of the obligor and are subject to many of the same risks as those associated with high-yield debt securities.

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Revenues

We generate revenue primarily in the form of interest and fee income on debt investments we hold and capital gains, if any, on investments. We generally expect our debt investments to bear interest at a floating rate usually determined on the basis of a benchmark such as the Secured Overnight Financing Rate (“SOFR”). Interest on debt securities is generally payable monthly, quarterly or semi-annually. In some instances, we expect to receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments is expected to fluctuate significantly from period to period. Our portfolio activity is also expected to reflect the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of fees to our Investment Advisor under the Investment Advisory Agreement, our allocable portion of overhead and rental expenses under the Administration Agreement and other operating costs described below. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

● our initial organization costs incurred prior to the commencement of our operations;

● operating costs incurred prior to the commencement of our operations;

● the cost of calculating our net asset value, including the cost of any third-party valuation services;

● the cost of effecting sales and repurchases of shares of our common stock and other securities, including in connection with the Private Offering;

● distribution and shareholder servicing fees payable to our dealer manager and financial intermediaries;

● fees payable to third parties relating to making investments, including our Investment Advisor’s or its affiliates’ travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments;

● interest expense and other costs associated with our indebtedness;

● transfer agent and custodial fees;

● out-of-pocket fees and expenses associated with marketing efforts;

● federal and state registration fees and any stock exchange listing fees;

● U.S. federal, state and local taxes;

● Independent Directors’ fees and expenses;

● brokerage commissions and markups;

● fidelity bond, directors’ and officers’ liability insurance and other insurance premiums;

● direct costs, such as printing, mailing, long distance telephone and staff;

● fees and expenses associated with independent audits and outside legal costs;

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● costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws; and

● other expenses incurred by the Administrator or us in connection with administering our business, including payments under the Administration Agreement that will be based upon our allocable portion (subject to the review and approval of our Board) of including overhead expenses.

From time to time, the Administrator or its affiliates may pay third-party providers of goods or services. We will reimburse the Administrator or such affiliates thereof for any such amounts paid on our behalf under the Administration Agreement. All of the foregoing expenses will ultimately be borne by our stockholders.

Our Investment Advisor is authorized to determine the broker to be used for each portfolio transaction. In selecting brokers to execute transactions, the Investment Advisor need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. In selecting brokers, the Investment Advisor may or may not negotiate “execution only” commission rates and thus we may be deemed to be paying for other services provided by the broker that are included in the commission rate. In negotiating commission rates, the Investment Advisor will take into account the financial stability and reputation of the broker and the brokerage, research and other services provided to us, the Investment Advisor and other customers of the Investment Advisor and its affiliates by such broker, even though we may not, in any particular instance, be the direct or indirect beneficiaries of the research or other services provided and the management fee payable to the Investment Advisor is not reduced because it receives such services. In addition, the Investment Advisor may direct commissions to certain brokers that on the foregoing basis may furnish other services to us, the Investment Advisor and other customers of the Investment Advisor and its affiliates, such as telephone lines, news and quotation equipment, electronic office equipment, account record keeping and clerical services, trading software, financial publications and economic consulting services. As a result of the brokerage practices described above, the levels of commission paid, and prices paid or received by us in portfolio transactions may be less favorable than in portfolio transactions effected on a best price and execution basis.

Compensation Paid to the Dealer Manager and Participating Financial Intermediaries

The Company has engaged S2K Financial LLC as dealer manager to assist with the placement of the Company’s shares (“Dealer Manager”). Investors will pay a maximum upfront sales load of up to 5.5% of the Company’s net asset value per share for combined upfront selling commissions and dealer manager fees. Investors will pay a maximum upfront selling commission of 3.0% and a maximum dealer manager fee of 2.5%. The purchase price paid by an investor will be the Company’s net asset value per share plus all upfront selling commissions and dealer manager fees. All or a portion of selling commissions and dealer manager fees may be reduced or eliminated in connection with certain categories of sales such as, without limitation, sales through investment advisers or sales to our affiliates.

The Company will pay to the Dealer Manager a shareholder servicing fee (“Shareholder Servicing Fee”) at a maximum annual rate equal to 0.0% of the Company’s net assets up to $28,200 thousand and of 1.0% of the Company’s net assets over $28,200 thousand. The Shareholder Servicing Fee will be payable on a monthly basis. With respect to each share sold, the Shareholder Servicing Fee will be paid until the third anniversary of the applicable month of purchase. All or a portion of which may be reallowed by the Dealer Manager to participating Financial Intermediaries. The purpose of the Shareholder Servicing Fee is to reimburse our Dealer Manager for costs incurred by selected Financial Intermediaries and investment representatives for providing ongoing shareholder services. The Shareholder Servicing Fee is paid pursuant to a Servicing Plan adopted by the Board, including a majority of the Independent Directors and who have no direct or indirect financial interest in the operation of the Servicing Plan or in any agreements entered into in connection therewith. The Servicing Plan will remain in effect for so long as such continuance is reapproved annually by the Board.

The Investment Advisor or its affiliates, in Investment Advisor’s discretion and from their own resources, will pay additional compensation to our Dealer Manager in connection with the sale and servicing of shares (“Additional Compensation”). In return for the Additional Compensation, the Company may receive certain marketing advantages. Our Dealer Manager may reallow all or a portion of the Additional Compensation to participating Financial Intermediaries. The Additional Compensation will not be paid by our shareholders.

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Current Market Conditions

Loan issuance remained very active heading into the new year with robust issuance volumes coming from M&A and LBO activity along with a continued deluge of reprice/refinancings transactions.  The market optimism quickly evaporated in March as deal volumes slowed considerably due to the uncertainty surrounding tariffs, while the volatility drove elevated trading volumes to levels not seen since the onset of the Pandemic.  Q1 marked the first quarter since Q1 ’22 where loan supply outstripped demand. New issue loan volumes rose 16% QoQ despite the slowdown in March, while CLO issuance slowed 22% to an albeit still very active $35.5BN, retail inflows were down 60% with large outflows racked up in March and repayments were cut in half for the quarter.  The S&P UBS Leveraged Loan Index average bid price fell in Q1 to 95.84 from 96.37 in Q4 and the index remained positive returning 0.614% for the quarter.

Portfolio and Investment Activity

As of March 31, 2025, our portfolio had a fair market value of approximately $114,297 thousand, a cost basis of approximately $120,322 thousand and was comprised of investments, measured at fair value. Our loan portfolio consisted of 187 investments in 27 industries and in 6 domiciled countries. The following table depicts a summary of the portfolio as of March 31, 2025 (in thousands):

	Investments
Cost	$	120,322
Cumulative Net Unrealized Depreciation		(6,025	)
Fair Value	$	114,297
Yield at Cost		7.63	%

As of December 31, 2024, our portfolio had a fair market value of approximately $121,572 thousand, a cost basis of approximately $125,533 thousand and was comprised of investments, measured at fair value. Our loan portfolio consisted of 190 investments in 26 industries and in 7 domiciled countries. The following table depicts a summary of the portfolio as of December 31, 2024 (in thousands):

	Investments
Cost	$	125,533
Cumulative Net Unrealized Depreciation		(3,961	)
Fair Value	$	121,572
Yield at Cost		7.84	%

As of March 31, 2024, 100.0% of the term loan investments in the portfolio bore interest at floating rates, with 37.9% of our loan portfolio (at fair value) and 40.2% of our loan portfolio (at cost) having an interest rate floor above 0.0%. Given the current interest rate environment in the United States SOFR base rates are above the floors in effect as of quarter end. Base rates on 100.0% of the loans in the portfolio exceed the stated floors.

As of December 31, 2024, 100% of the term loan investments in the portfolio bore interest at floating rates, with 46.0% of our loan portfolio (at fair value) and 47.6% of our loan portfolio (at cost) having an interest rate floor above 0.0%. Given the current interest rate environment in the United States SOFR base rates are above the floors in effect as of year end. Base rates on 100% of the loans in the portfolio exceed the stated floors. 

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The portfolio is actively managed, with a turnover ratio of 36.3% and 63.8% for the three months ended March 31, 2025 and 2024, respectively. Our loan portfolio rotation was reflective of the active management style, which seeks to optimize the portfolio based on current market conditions by rotating into positions that have better relative values. The annualized average yield as of March 31, 2025 and 2024 on the investment was 8.03% and 9.45%, respectively. The following tables depict the portfolio activity (in thousands).

	Three months ended March 31, 2025			Three months ended March 31, 2024
Fair Value, Beginning	$	121,572		$	138,533
Purchases		42,769			92,086
Sales and Repayments		(48,273	)		(89,108	)
Payment in-kind interest income		72			4
Non-cash income accrual		67			77
Net realized gains (losses)		155			13
Net unrealized appreciation (depreciation)		(2,065	)		(929	)
Fair Value, Ending	$	114,297		$	140,676

	Three months ended March 31, 2025			Three months ended March 31, 2024
Investments, Beginning		190			205
Purchases (new)		52			79
Complete exit		(55	)		(75	)
Investments, Ending		187			209

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The portfolio was diversified across both issuers and industries with the average investment exposure in our portfolio of $611 thousand at fair value, or 0.5% of the total portfolio, as of the three months ended March 31, 2025. The following table shows the portfolio composition by industry grouping at fair value as a percentage of the total portfolio as of March 31, 2025:

Industry	As of March 31, 2025
Services: Business		15.3	%
Banking, Finance, Insurance & Real Estate		13.3	%
Healthcare & Pharmaceuticals		10.2	%
Construction & Building		6.7	%
Telecommunications		6.4	%
High Tech Industries		5.8	%
Hotel, Gaming & Leisure		4.8	%
Chemicals, Plastics & Rubber		4.2	%
Aerospace & Defense		3.4	%
Automotive		3.3	%
Containers, Packaging & Glass		3.1	%
Retail		3.1	%
Services: Consumer		2.4	%
Media: Broadcasting & Subscription		2.4	%
Energy: Electricity		2.3	%
Energy: Oil & Gas		2.2	%
Consumer goods: Non-durable		2.1	%
Transportation: Cargo		1.6	%
Capital Equipment		1.4	%
Transportation: Consumer		1.4	%
Utilities: Electric		1.4	%
Beverages, Food & Tobacco		0.9	%
Metals & Mining		0.8	%
Consumer Goods: Durable		0.6	%
Media: Advertising, Printing & Publishing		0.4	%
Forest Products & Paper		0.3	%
Utilities: Oil & Gas		0.2	%
		100.0	%

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The portfolio was diversified across both issuers and industries with the average investment exposure in our loan portfolio of $640 thousand at fair value, or 0.5% of the total portfolio, as of the year ended December 31, 2024. The following table shows the loan portfolio composition by industry grouping at fair value as a percentage of total loans as of December 31, 2024:

	As of December 31, 2024
Banking, Finance, Insurance & Real Estate		14.6	%
Services: Business		14.1	%
Healthcare & Pharmaceuticals		9.5	%
Construction & Building		7.1	%
Telecommunications		5.8	%
High Tech Industries		5.6	%
Hotel, Gaming & Leisure		5.4	%
Chemicals, Plastics, & Rubber		4.9	%
Aerospace & Defense		4.0	%
Containers, Packaging & Glass		3.0	%
Retail		2.8	%
Automotive		2.5	%
Transportation: Cargo		2.3	%
Energy: Electricity		2.3	%
Media: Broadcasting & Subscription		2.2	%
Energy: Oil & Gas		2.0	%
Services: Consumer		2.0	%
Capital Equipment		1.8	%
Media: Advertising, Printing & Publishing		1.6	%
Beverage, Food & Tobacco		1.4	%
Transportation: Consumer		1.3	%
Utilities: Electric		1.3	%
Consumer goods: Durable		1.0	%
Metals & Mining		0.7	%
Consumer goods: Non-durable		0.6	%
Forest Products & Paper		0.2	%
		100.0	%

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Results of Operations

Operating results were as follows (in thousands):

	Three months ended March 31, 2025			Three months ended March 31, 2024
Investment income:
Interest income	$	2,563		$	3,449
Payment in-kind interest income		72			4
Other income		-			8
Total investment income		2,635			3,461
Expenses:
Management fees		362			455
Interest and debt financing expenses		1,100			1,485
Professional fees		121			99
Incentive fees		4			56
Administration expenses		53			60
Directors’ fees		20			20
Custody fees		13			12
Other general and administrative expenses		197			159
Total expenses		1,870			2,346
Less: management fees waived		(67	)		(106	)
Net expenses		1,803			2,240
Net investment income		832			1,221
Net realized (loss) gain on investments		155			13
Net unrealized appreciation (depreciation) on investments		(2,065	)		(929	)
Net realized and unrealized gain (loss) on investments		(1,910	)		(916	)
Net increase (decrease) in net assets	$	(1,078	)	$	305

Investment Income

Investment income is recorded on the accrual basis to the extent that such amounts are expected to be collected. Where applicable, OID and purchased discounts and premiums are accreted into interest income using the effective interest method. We record prepayment premiums on loans and other investments as interest income when such amounts are received. Investment income for the three months ended March 31, 2025 and 2024 was approximately $2,635 thousand and $3,461 thousand, respectively.

Total Expenses

Total expenses for the three months ended March 31, 2025 and 2024 of approximately $1,870 thousand and $2,346 thousand, respectively. Total expenses include management, incentive, audit and tax preparation fees, organizational costs, offering costs, interest and debt financing costs, directors’ fees, administration expenses and other general and administrative expenses. Expenses are recognized on an accrual basis.

For the three months ended March 31, 2025, the Investment Advisor waived $67 thousand of management fees and did not waive any income incentive fees. The actions taken by Moelis Asset the Investment Advisor effectively reduced total expenses incurred by the Company for the three months ended March 31, 2025 of approximately $1,870 thousand to approximately $1,803 thousand.

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For the three months ended March 31, 2024, the Investment Advisor waived $106 thousand of management fees and did not waive any income incentive fees. The actions taken by Moelis Asset the Investment Advisor effectively reduced total expenses incurred by the Company for the three months ended March 31, 2024 of approximately $2,346 thousand to approximately $2,240 thousand.

Net Realized Gain and Losses on Investments

Sales and repayments of investments during the three months ended March 31, 2025 totaled approximately $48,273 thousand, resulting in net realized gain of approximately $155 thousand. 

Sales and repayments of investments during the three months ended March 31, 2024 totaled approximately $89,108 thousand, resulting in net realized gain of approximately $13 thousand. 

Net Unrealized Appreciation or Depreciation on Investments

Unrealized depreciation for the three months ended March 31, 2025 and 2024 totaled approximately $2,065 thousand and $929 thousand, respectively. This activity reflects the changes in fair value of investments as determined in compliance with the Investment Advisor’s valuation policy. 

Taxes

We elected to be treated and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, or investment company taxable income, determined without regard to any deduction for dividends paid.

Although not required for us to maintain our RIC tax status, in order to avoid the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for U.S. federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the Excise tax Avoidance Requirement.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gain recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

We have formed and expect to continue to form certain taxable subsidiaries, including the Taxable Subsidiary, which are taxed as corporations. These taxable subsidiaries allow us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of any offering of shares of our common stock and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the Private Offering. Our primary use of cash is investments in portfolio companies, payments of our expenses and payment of cash distributions to our stockholders.

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Capital Contributions

For the three months ended March 31, 2025, the Company issued and sold 157,726 shares of Common Stock with a par value of $0.001 per share for an aggregate offering price of $1,479 thousand. For the three months ended March 31, 2024, the Company issued and sold 73,783 shares of Common Stock with a par value of $0.001 per share for an aggregate offering price of $713 thousand.

The sale of its common stock was made pursuant to subscription agreements between the Company and the investors, and the issuance of the common stock was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder.

Our shares of common stock constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our shares on a national securities exchange. There can be no guarantee that we will conduct a public offering and list our shares on a national securities exchange. Investment in the Company is suitable only for sophisticated investors and requires the financial ability and willingness to be exposed to higher liquidity risk than would be the case were the securities publicly listed and actively traded.

We provide moderate liquidity to our shareholders by offering a quarterly share repurchase program. During the three months ended March 31, 2025, approximately 24,630 shares with an aggregate value of $232 thousand were tendered and accepted by the Company. During the three months ended March 31, 2024, approximately 53,915 shares with an aggregate value of $524 thousand were tendered and accepted by the Company.

In September 2024, the Company adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. When the Company declares a dividend or distribution, the Company’s current stockholders who have “opted in” to the DRIP will have their cash dividend automatically reinvested in additional shares of the Company’s common stock. Existing investors were given the option to be enrolled into the DRIP, any investor that did not enroll will continue to receive their dividends in cash. All new stockholders will automatically be enrolled in the DRIP unless they opt out. Newly issued shares are valued based upon the month end closing price prior to payment of the dividend.

The following table summarizes the Company’s distributions reinvested during the three months ended March 31, 2025.

Reinvestment Date	NAV Per Share		DRIP Shares Issued		DRIP Shares Value
Three months ended March 31, 2025:
January 1, 2025		9.40		14,115		132,715
March 1, 2025		9.32		43,693		407,252
Total distributions reinvested				57,808	$	539,967

For the three months ended March 31, 2024, no shares were reinvested.

As of May 9, 2025, 6,018,831 shares of the Company’s Common Stock was issued and outstanding.

Borrowings

BNP Paribas

On October 13, 2020, we entered into a two-year secured revolving Credit Agreement (the “BNP Credit Agreement”) with BNP as lender and administrative agent (the “BNP Credit Facility”) providing a maximum of $45,000 thousand (“Maximum Facility Amount”) to Steele Creek Capital Funding I, LLC (“Funding I”). The Company created a wholly-owned subsidiary, Funding I, which it used to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets were granted to BNP to be used as collateral for the BNP Credit Facility. During the BNP Credit Facility’s revolving period (earlier of the termination by the borrower or twelve-month anniversary of the closing date), it initially bore interest at LIBOR plus 175 basis points. The Company began transferring investments into Funding I, in October 2020.

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Under the BNP Credit Agreement Funding I was required to pay an administrative agent fee equal to $25 thousand per annum and a structuring fee equal to 0.25% of the Maximum Facility Amount paid on the twelve-month anniversary of the closing date. Additionally, an unused fee was payable quarterly in arrears in an amount equal to 0.70% on the actual daily unused amount greater than 20% of the Maximum Facility Amount under the BNP Credit Facility from April 13, 2021 to the end of the revolving period.

On April 29, 2021, Funding I executed an amendment to the BNP Credit Facility. The amendment solidified the LIBOR transition to Secured Overnight Financing Rate (“SOFR”) for the planned discontinuation of LIBOR. The amendment also increased the Individual Lender Maximum Facility Amount from $45,000 thousand to $80,000 thousand.

On October 28, 2021, the Company executed an additional amendment to the BNP Credit Agreement. Material amendments included the revolving period being extended 36 months, from 12 months to 48 months and the interest rate being reduced from LIBOR plus 175 basis points to LIBOR plus 140 basis points. The advance rate was increased from 67.5% to 70% and expanded to include a triple C bucket with a 60% advance rate. The structuring fee was increased from 0.25% of the Maximum Facility Amount to 0.50% of the Maximum Facility Amount and was paid in three equal installments (December 2021, December 2022, and December 2023). Updates were made to allow for more flexibility to move capital out of the facility subject to certain covenants.

On March 22, 2022, the Company amended the BNP Credit Agreement. Material amendments to the BNP Credit Agreement included the interest rate being converted from LIBOR plus 140 basis points to SOFR plus 15 basis points. In addition, the Individual Lender Maximum Facility Amount increased from $80,000 thousand to $95,000 thousand and the language and requirements related to the Agreed Upon Procedures provided by independent accountants were amended to be more appropriate for the underlying collateral.

On August 23, 2022, the Company amended the BNP Credit Agreement. This amendment contained certain conforming changes that were not material.

On July 10, 2023, the Company amended the BNP Credit Agreement. This amendment contained certain conforming changes that were not material.

On October 18, 2024, the Company terminated the existing BNP Credit Facility and the wholly owned subsidiary, Funding I, is in the process of being closed. The collateral assets began moving from Funding I to a newly created wholly owned subsidiary, Steele Creek Capital Funding II LLC (“Funding II”). Funding I will remain open until all assets are moved and accounts are closed.

The BNP Credit Facility was fully repaid on October 18, 2024.

The average debt outstanding and weighted average interest rate for the period October 1, 2024 through October 18, 2024 was $82,686 and 6.15%. For the period October 1, 2024 through October 18, 2024, we incurred interest and debt financing expenses of $388 thousand on the BNP Credit Facility. As of December 31, 2024, there was $0 outstanding or available to be drawn under the BNP Credit Facility. As of December 31, 2024, the BNP Credit Facility did not have a fair value. The fair value of the BNP Credit Facility is determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions and is measured with Level 2 inputs. As of March 31, 2024, Funding I was in compliance with all covenants of the BNP Credit Facility.

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Bank of America

On October 18, 2024 the Company entered into a three-year secured revolving Credit Agreement (the “BoA Credit Agreement”) with BoA as lender and administrative agent (the “BoA Credit Facility”) providing a maximum of $80,000 thousand (“BoA Maximum Facility Amount”) to Funding II. Funding II will be used to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets have been granted to BoA to use as collateral for the BoA Credit Facility. The BoA Credit Facility bears interest at Term Secured Overnight Financing Rate (“SOFR”) plus 1.50%.

Funding II was required to pay an upfront fee equal to $400 thousand, calculated as 0.50% of the BoA Maximum Facility Amount. Additionally, an unused fee is payable monthly in arrears commencing in December 2024 in an amount equal to 0.50% until the four-month anniversary of the Closing Date. The unused fee rate after the four-month Closing Date is equal to 1.50%. The unused fee is calculated off the positive daily balance of 80% of the BoA Maximum Facility amount minus the aggregate outstanding amount.

The maturity date of the BoA Credit Facility is October 18, 2027, unless terminated earlier by the Company.

The average debt outstanding and weighted average interest rate as of March 31, 2025 and for the period October 18, 2024 through December 31, 2024 was $73,359 and 5.82% and $73,278 and 6.22%. As of March 31, 2025 and for the period October 18, 2024 through December 31, 2024, we incurred interest and debt financing expenses of $1,100 thousand and $976 thousand, respectively on the BoA Credit Facility. As of March 31, 2025 and December 31, 2024, there was $75,178 thousand and $73,278 thousand outstanding and $4,822 thousand and $6,722 thousand available to be drawn under the BoA Credit Facility. As of March 31, 2025 and December 31, 2024, the BoA Credit Facility had a fair value of $75,178 thousand and $73,278 thousand, respectively. The fair value of the BoA Credit Facility is determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions and is measured with Level 2 inputs. As of both March 31, 2025 and December 31, 2024, Funding II was in compliance with all covenants of the BoA Credit Facility.

In addition, we may enter into additional agreements for a credit facility and/or subscription facility (each, a “Credit Facility”). A Credit Facility may be secured by all of the assets of a wholly-owned subsidiary and special purpose entity, formed in order to establish such Credit Facility. Each Credit Facility will provide for borrowings to make additional investments and for other general corporate purposes. It is anticipated that a Credit Facility will bear interest at floating rates at to be determined spreads over SOFR and will be secured by the Company’s assets. The Credit Facility’s interest rate is subject to change, including as a result of establishment of alternative reference rates. 

Distribution Policy

To the extent that we have income available, we intend to distribute quarterly dividends to our stockholders. Our quarterly dividends, if any, will be determined by our Board. Any dividends to our stockholders will be declared out of assets legally available for distribution.

We intend for the Company to elect to be treated, and intend to qualify annually thereafter, as a RIC under the Code. To obtain and maintain RIC tax treatment, among other things, we must distribute dividends to our stockholders in respect of each taxable year of an amount at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses (“investment company taxable income”), determined without regard to any deduction for dividends paid. In order to avoid certain excise taxes imposed on RICs, we currently intend to distribute dividends to our stockholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses (“capital gain net income”), adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) any net ordinary income and capital gain net income for preceding years that were not distributed during such years and on which we previously paid no U.S. federal income tax.

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We currently intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to you. If this happens, you will be treated for U.S. federal income tax purposes as if you had received an actual distribution of the capital gains that we retain and reinvested the net after tax proceeds in us. In this situation, you would be eligible to claim a tax credit equal to your allocable share of the tax we paid on the capital gains deemed distributed to you. We cannot assure you that we will achieve results that will permit us to pay any cash distributions, and if we issue senior securities, we will be prohibited from making distributions if doing so would cause us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if such distributions are limited by the terms of any of our borrowings.

Asset Coverage

In accordance with the 1940 Act, the Company has historically only been allowed to borrow amounts such that its “asset coverage,” as defined in the 1940 Act, is at least 200% after such borrowing, permitting the Company to borrow up to one dollar for investment purposes for every one dollar of investor equity. “Asset coverage” generally refers to a company’s total assets, less all liabilities and indebtedness not represented by “senior securities,” as defined in the 1940 Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. “Senior securities” for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.

On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On October 5, 2020, the Board and the Members of MSC Capital LLC voted to approve the adoption of the reduced asset coverage ratio.

As of March 31, 2025 and December 31, 2024, the Company had total senior securities of $75,178 thousand and $73,278 thousand, respectively, consisting of borrowings under the Credit Facility, and had asset coverage ratios of 171.5% and 174.6%, respectively. For a discussion of certain risks associated with the reduction of the required minimum asset coverage ratio applicable to the Company, see “Risk Factors — Risks Related to Our Business and Structure — The SBCAA allows us to incur additional leverage, which may increase the risk of investing with us.”

Critical Accounting Policies

Valuation Procedures

Under procedures established by our Board and in accordance with the 1940 Act, our Investment Advisor values investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 P.M. eastern time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the mean between the last available bid and ask prices as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value, subject at all times to the oversight and approval of our Board. Such determination of fair values may involve subjective judgments and estimates, although we will also engage independent valuation providers to review the valuation of each portfolio investment that constitutes a material portion of our portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, our Investment Advisor, together with our independent valuation advisors, and subject at all times to the oversight and approval of our Board, will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. We have retained one or more independent providers of financial advisory services to assist the Investment Advisor and the Board by performing certain limited third-party valuation services. We may appoint additional or different third-party valuation firms in the future.

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When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, our Board will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by our Investment Advisor under the supervision of our Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below.

Level 1 – Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2 – Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.

Level 3 – Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

With respect to investments for which market quotations are not readily available, our Investment Advisor will undertake a multi-step valuation process each quarter, as described below: 

● Investments for which no such market prices are available or reliable will be preliminarily valued at such value as the Investment Advisor may reasonably determine, which may include third-party valuations;

● At least once annually, the valuation for each portfolio investment that constitutes a material portion of our portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and

● Our Investment Advisor will then discuss valuations and determine the fair value of each investment in our portfolio in good faith, based on the input of the respective independent valuation firms.

Investment Transactions, Realized/Unrealized Gains or Losses, and Income Recognition

Investment transactions are recorded on a trade date basis (for publicly-traded investments and securities traded through dealer markets) or upon closing of the transaction (for private investments). The cost of an investment includes all costs incurred by the Company as part of the purchase of such investment. The difference between the initially recognized cost and the subsequent fair value measurement of an investment is reflected as “net change in unrealized appreciation on non-controlled/non-affiliated company investments” on the Consolidated Statements of Operations.

Realized gain or loss from an investment is recorded at the time of disposition and calculated using the weighted average cost method. Unrealized gain or loss reflects the changes in fair value of investments as determined in compliance with the Investment Advisor’s valuation policy.

Interest income, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent that we expect to collect such amounts. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

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Management and Incentive Fees

The base management fee and the income-based incentive fees are expensed each quarter and payable in arrears. Additionally, we accrue a capital gains-based incentive fee quarterly that is paid annually in arrears. The accrual for the capital incentive fee includes the recognition of incentive fee on unrealized capital gains, even though such incentive fee is neither earned nor payable to the Adviser until the gains are both realized and in excess of unrealized depreciation on investments. The amount of capital gains incentive fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Company’s portfolio as of period end and the termination of the Advisory Agreement on such date. Also, it should be noted that while we accrue the capital incentive fee quarterly, the expense will fluctuate with the Company’s overall investment results and the expense will be finalized at year end. 

Expenses

For the three months ended March 31, 2025 and 2024, the Company incurred expenses of approximately $1,870 thousand and $2,346 thousand, respectively. The expenses are primarily related to management fees, incentive fees, interest and debt financing expenses, organization expenses, professional fees, directors’ fees, offering costs and administration and custodian fees. Expenses are recognized on an accrual basis.

Federal Income Taxes

We have elected to be treated, and to qualify annually, as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. We intend to distribute sufficient dividends to maintain our RIC status each year and we do not anticipate paying any material federal income taxes in the future. 

Investment Income

For debt investments, we record interest income on the accrual basis to the extent that such amounts are expected to be collected. OID and purchased discounts and premiums are accreted/amortized into interest income using the effective interest method, where applicable. We record prepayment premiums on loans and other investments as interest income when such amounts are received. We stop accruing interest on investments when it is determined that interest is no longer collectible. As of March 31, 2025 and 2024 we had no loans on non-accrual status.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis method for financial reporting.

Contractual Obligations

Commitments to extend credit include loan proceeds we are obligated to advance, such as delayed draws. Commitments generally have fixed expiration dates or other termination clauses. As of March 31, 2025 and December 31, 2024, the Company had no unfunded commitments.

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Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of March 31, 2025 and December 31, 2024, we had no outstanding commitments. These outstanding commitments can be comprised of investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded.

Related Party Transactions

As of March 31, 2025, affiliates owned approximately 43% of the Company representing approximately $22,846 thousand of the Company’s net assets. As of December 31, 2024, affiliates owned approximately 43% of the Company representing approximately $23,308 thousand of the Company’s net assets.

The Company may, from time to time, purchase investments from, or sell investments to affiliates of our Investment Advisor at fair value on the trade date. For the three months ended March 31, 2025 and 2024, there were no purchases of investments from or sales of investments to affiliates of our Investment Advisor.

For the three months ended March 31, 2025 and 2024, the Company incurred $20 thousand and $20 thousand in directors’ fees expense.

The Company carries employment practices liability, directors and officers and errors and omission insurance. For the best interests of the Company, these policies are joint liability policies with Moelis Asset and its affiliates.

Organizational and Offering Expenses

For the three months ended March 31, 2025 and 2024 the Company did not incur organizational or offering expenses. Organizational costs are expensed as incurred and offering cost are amortized over a twelve-month period.

Investment Advisory Agreement

We have initially entered into the Investment Advisory Agreement with the Investment Advisor, an affiliate of Moelis Asset, which was approved by our Board and our sole stockholder for an initial two-year term, under which the Investment Advisor, subject to the overall supervision of our Board manages the day-to-day operations of and provides investment advisory services to us. Subsequent to that two-year term, the Board has approved the Investment Advisory Agreement of Investment Advisor for renewal annually.

On August 9, 2024, the Board approved the renewal of the Investment Advisory Agreement.

Our Investment Advisor has agreed to waive its fees (base management and incentive fee), without recourse against or reimbursement by us, for any quarter where net investment income plus net realized capital gains is not sufficient to maintain a targeted annual distribution payment on shares of common stock outstanding on the relevant payment dates of 6.0% based on our net asset value per share.

The base management fee is calculated at a maximum annual rate of 1.0% of the average of the weighted average (based on the number of shares outstanding each day in the quarter) of our gross assets (including uninvested cash and cash equivalents) at the end of each of the two most recently completed calendar quarters. On August 13, 2021, the Board agreed to make investments rather than gross assets the basis for their fee to be more in line with the waivers implemented for management fees. Net management fees for the three months ended March 31, 2025 and 2024 were $295 thousand and $349 thousand, respectively. The Company elected to waive a portion of the management fee and charged management fees on investments rather than gross assets. The Investment Advisor has agreed to a 6.0% priority dividend to shareholders before receiving a fee for the services it provides to the Company. 

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Administration Agreement

We have initially entered into the Administration Agreement with the Administrator, an affiliate of Moelis Asset, which was approved by our Board and our sole stockholder for an initial two-year term, under which the Administrator, subject to the overall supervision of our Board manages the day-to-day operations of, and provides office space, office services and equipment and other administration services to us. Subsequent to that two-year term, the Board has approved the Administration Agreement of Administrator for renewal annually.

On August 9, 2024 the Board approved the renewal of the Administration Agreement which automatically renews for successive one-year periods each September 17th; provided that such continuance is specifically approved at least annually by the vote of the Board or by the vote of a majority of the outstanding voting securities of the Company and the vote of a majority of the members of the Company’s Board who are not parties to this Agreement or “interested persons” (as such term defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the Investment Company Act.

Recent Developments

Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

On April 1, 2025, the Company issued and sold 26,014 shares of its common stock to certain investors for an aggregate offering price of $235 thousand. The sale of its common stock was made pursuant to subscription agreements between the Company and the investors, and the issuance of the common stock was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. 

On April 1, 2025, the Company accepted approximately 65,854 shares tendered in the March 2025 tender offer. On April 24, 2025, the Company paid approximately $595 thousand for the tendered shares.

On April 15, 2025, the Company paid its quarterly distribution of approximately $1,110 thousand, of which approximately $407 thousand or approximately 43,693 shares of the regular divided were reinvested into the fund on March 1, 2025. Additionally, approximately $134 thousand or approximately 14,845 shares of the special dividend were reinvested on April 1, 2025.

On May 1, 2025, the Company issued and sold 94,681 shares of its common stock to certain investors for an aggregate offering price of $842 thousand. The sale of its common stock was made pursuant to subscription agreements between the Company and the investors, and the issuance of the common stock was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder.

Item 3. Quantitative and Qualitative Disclosures about Market Risks

We are subject to financial market risks, including changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2025, 100% of our loan portfolio bore interest at floating rates with 37.9% (at fair value) having an interest rate floor between 0.50% and 1.00%. The floating rate loans are usually based on a SOFR (or an alternative risk-free floating interest rate index) rate and typically have durations ranging from one to nine months, after which they reset to current market interest rates. Floating rate investments subject to a floor generally reset to the current market index after one to six months if the index exceeds the floor. For positions with an interest rate floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. Recent interest rate increases announced in the United States have driven the SOFR rates above the floors in effect as of quarter end. Base rates on 100% of the portfolio exceeds the stated floors.

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Assuming that the consolidated statement of assets and liabilities as of March 31, 2025 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:

	As of March 31, 2025
Basis Point Changes	Interest Income			Interest Expense			Net Income
Up 300 basis points	$	3,614		$	(2,201	)	$	1,413
Up 200 basis points		2,409			(1,467	)		942
Up 100 basis points		1,205			(734	)		471
Down 100 basis points		(1,204	)		734			(470	)
Down 200 basis points		(2,408	)		1,467			(941	)
Down 300 basis points		(3,613	)		2,201			(1,412	)

Although management believes that this measure is indicative of our sensitivity to interest rates, it does not reflect any potential impact to the fair value of our investments as a result of changes to interest rates, nor does it adjust for potential changes in the credit market, credit quality, size and composition of the assets in our consolidated statement of assets and liabilities and other business developments that could affect the net increase/(decrease) in net assets resulting from operations or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 2025, we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Management Report on Internal Control Over Financial Reporting 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act.

In connection with the preparation of this quarterly report, our management, including our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of March 31, 2025. In making that assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013 framework). Based on its assessment, our management concluded that, as of March 31, 2025, our internal control over financial reporting was effective.

Changes in Internal Control over Financial Reporting

There have been no changes in our “internal control over financial reporting” (as defined in Rule 13a 15(f) of the Exchange Act) that occurred during the period ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Annual Report on Form 10-K”), which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. Other than the risk factors below, during the three months ended March 31, 2025, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K.

Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies.

The United States has recently enacted and proposed to enact significant new tariffs. Additionally, there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs, creating significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Default Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the fiscal quarter ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement. 

Item 6. Exhibits, Financial Statement Schedules

Exhibit Index
3.1	Form of Articles of Incorporation (Incorporated by reference to Exhibit 3.1 to Registrant’s Amendment No. 1 to Registration Statement on Form 10 (File No. 000-56189) filed on November 9, 2020).
3.2	Bylaws (Incorporated by reference to Exhibit 3.2 to Registrant’s Amendment No. 1 to Registration Statement on Form 10 (File No. 000-56189) filed on November 9, 2020).
31.1*	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	Inline XBRL Instance Document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Steele Creek Capital Corporation
Date: May 9, 2025	/s/ Glenn Duffy
	Name:	Glenn Duffy
	Title:	Chief Executive Officer,
		Chief Investment Officer, and President
		(Principal Executive Officer)

Date: May 9, 2025	/s/ Douglas Applegate Jr.
	Name:	Douglas Applegate Jr.
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

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