Princeton Capital Corp (OTC: PIAC) is a Business Development Company (BDC) that invests in private and small public U.S. companies to generate current income and capital appreciation for stockholders. It makes money by deploying capital into debt and equity investments across portfolio companies, targeting returns through interest income on loans and gains on equity positions. House Hanover has served as the external investment advisor since May 31, 2018, under an Investment Advisory Agreement most recently renewed by the Board on May 12, 2025. The portfolio as of December 31, 2025 included control and non-control investments concentrated in the United States, spanning industry sectors that include staffing, energy services, casual dining, and nickel pipe fittings and flanges. The company reported net decreases in net assets from operations for each of fiscal years 2023, 2024, and 2025, and declared no cash dividends in any of those three years. PIAC is regulated under the Investment Company Act of 1940 and must maintain at least 70% of total assets in qualifying assets as defined by that statute.

Revenue model

Investment income from a portfolio of debt instruments (including first lien and second lien loans) and equity securities held in eligible portfolio companies. Returns are intended to come from interest and fee income on loans plus capital appreciation on equity and warrant positions.

Products and services

Debt investments (first lien revolving loans, second lien loans, unsecured loans) and equity investments (common stock, warrants) in private and small public U.S. operating companies. Managerial assistance is offered to portfolio companies as required under the 1940 Act.

Customers and end markets

Portfolio companies across staffing, energy services, casual dining, and nickel pipe fittings and flanges industries, as disclosed in the December 31, 2025 portfolio schedule. Named portfolio companies include Advantis Certified Staffing Solutions, Inc. (Houston, TX), PCC SBH Sub, Inc. (Karnes City, TX, energy services), and Rockfish Seafood Grill, Inc. (Richardson, TX, casual dining).

Value-chain role

External-advisor-managed BDC providing debt and equity capital to middle-market and smaller U.S. companies, with managerial assistance offered to portfolio companies to satisfy 1940 Act qualifying asset requirements.

Geographic exposure

United States only, as disclosed in the December 31, 2025 geographic breakdown of portfolio investments at fair value.

Source: SEC 10-K, filed 2026-03-30

Industry: UNKNOWN Peers: Ashford Inc. Blackstone Inc Logan Ridge Finance Corp. Investcorp Credit Management BDC Inc EQUUS Total Return Inc Rand Capital Corp Teton Advisors, Inc. US Global Investors Inc