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 ~~September~~March 3031, ~~2024~~ 2025

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

Commission File Number 814-00710

PRINCETON CAPITAL CORPORATION

(Exact name of Registrant as specified in its charter)

Maryland		46-3516073
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
800 Turnpike Street, Suite 300 North Andover, Massachusetts		01845
(Address of principal executive offices)		(Zip Code)

800 Turnpike Street, Suite 300 North Andover, Massachusetts		01845
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (978) 794-3366

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

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 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 ☒

The number of shares of the issuer’s Common Stock, $0.001 par value, outstanding as of ~~November~~May 1315, ~~2024~~2025 was 120,486,061.

PRINCETON CAPITAL CORPORATION

TABLE OF CONTENTS

		Page	~~Page~~
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements		1
Item 1. Financial Statements		1
	Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023		1
Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024		1
	Statements of Operations (unaudited) for the three and nine months ended September 30, 2024 and September 30, 2023		2
Statements of Operations (unaudited) for the three months ended March 31, 2025 and March 31, 2024		2
	Statements of Changes in Net Assets (unaudited) for the three and nine months ended September 30, 2024 and September 30, 2023		3
Statements of Changes in Net Assets (unaudited) for the three months ended March 31, 2025 and March 31, 2024		3
	Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and September 30, 2023		4
Statements of Cash Flows (unaudited) for the three months ended March 31, 2025 and March 31, 2024		4
	Schedule of Investments as of September 30, 2024 (unaudited)		5
Schedule of Investments as of March 31, 2025 (unaudited)		5
	Schedule of Investments as of December 31, 2023		8
Schedule of Investments as of December 31, 2024		8
	Notes to Financial Statements (unaudited) as of September 30, 2024		11
Notes to Financial Statements (unaudited) as of March 31, 2025		11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		32
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		43
Item 3. Quantitative and Qualitative Disclosures About Market Risk		43
Item 4.	Controls and Procedures		43
Item 4. Controls and Procedures		43
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings		44
Item 1. Legal Proceedings		44
Item 1A.	Risk Factors		44
Item 1A. Risk Factors		44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		44
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		44
Item 3.	Defaults Upon Senior Securities		44
Item 3. Defaults Upon Senior Securities		44
Item 4.	Mine Safety Disclosures		44
Item 4. Mine Safety Disclosures		44
Item 5.	Other Information		44
Item 5. Other Information		44
Item 6.	Exhibits		44
Item 6. Exhibits		44
SIGNATURES		45	45

- i -

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PRINCETON CAPITAL CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

	September 30, 2024			December 31, 2023
	March 31, 2025 (unaudited)			December 31, 2024
	(unaudited)
ASSETS
Control investments at fair value (cost of $21,675,606 and $27,353,273, respectively)	$	15,415,590		$	18,581,422
Control investments at fair value (cost of $21,690,606 and $21,690,606, respectively)	$	13,786,639		$	15,066,529
Non-control/non-affiliate investments at fair value (cost of $12,281,521 and $12,047,429, respectively)		5,838,750			11,153,531
Non-control/non-affiliate investments at fair value (cost of $12,365,846 and $12,365,846, respectively)		3,729,375			4,151,250
Total investments at fair value (cost of $33,957,127 and $39,400,702, respectively)		21,254,340			29,734,953
Total investments at fair value (cost of $34,056,452 and $34,056,452, respectively)		17,516,014			19,217,779
Cash and cash equivalents		1,~~438~~189,~~998~~839			1,~~937~~290,~~768~~864
Restricted cash		325,~~759~~000			415,~~891~~000
Due from portfolio companies		3133,~~789~~574			2633,~~592~~049
Interest receivable, net of allowance for bad debt of $0 and $16,549, respectively		525,005			525,685
Interest receivable, net of allowance for bad debt of $0 and $0, respectively		585,262			584,769
Prepaid expenses		~~109~~43,~~615~~942			4776,~~306~~418
Total assets		2319,~~392~~373,~~506~~631			3221,~~314~~207,~~195~~879
LIABILITIES
Accrued management fees		58104,~~140~~046			7855,~~889~~286
Accounts payable		~~106~~79,~~361~~080			~~159~~16,~~472~~545
Due to affiliates(1)		64129,~~875~~750			64,875
Taxes expense payable		5,206			64,537
Taxes payable		114			-
Deferred fee income		31,395			-
Accrued expenses and other liabilities		67,544			27,907
Accrued expenses and other liabilities		1,125			41,860
Total liabilities		380,534			164,613
Total liabilities		267,102			409,633
Net assets	$	18,993,097		$	21,043,266
Commitments and contingencies (Note 8)		-			-
Net assets	$	23,125,404		$	31,904,562
NET ASSETS
Common Stock, par value $0.001 per share (250,000,000 shares authorized; 120,486,061 shares issued and outstanding at September 30, 2024 and December 31, 2023)	$	120,486		$	120,486
Common Stock, par value $0.001 per share (250,000,000 shares authorized; 120,486,061 shares issued and outstanding at March 31, 2025 and December 31, 2024)	$	120,486		$	120,486
Paid-in capital		64,868,884			64,868,884
Accumulated deficit		(4145,~~863~~996,~~966~~273	)		(3343,~~084~~946,~~808~~104	)
Total net assets	$	2318,~~125~~993,~~404~~097		$	3121,~~904~~043,~~562~~266
Net asset value per share	$	0.~~192~~158		$	0.~~265~~175

(1) Amounts under Due to ~~affiliates~~Affiliates are for accrued amounts payable to the Company’s investment advisor, House Hanover, LLC, for the reimbursement of administration fees that it incurs on the Company’s behalf. ~~(see~~See Note 7) of the Notes to Financial Statements.

The accompanying notes are an integral part of these unaudited financial statements.

- 1 -

PRINCETON CAPITAL CORPORATION

STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
	2024			2023			2024			2023
	2025			2024
INVESTMENT INCOME
Interest income from non-control/non-affiliate investments	$	~~173~~1,~~452~~973		$	~~172~~170,~~500~~625		$	~~514,917~~		$	~~1,081,875~~
Interest income paid in kind from non-control/non-affiliate investments		81,378			70,641			234,092			93,141
Interest income from control investments		66,584			67,324
Interest income from control investments		68,065			266,292			202,712			781,544
Interest income paid-in-kind from non-control/ non-affiliate investments		-			75,014
Other income from non-control/non-affiliate investments		3,488			3,488			~~10,465~~			~~4,651~~
Other income from non-investment sources		~~315~~17			~~357~~321			~~938~~			~~856~~
Total investment income		~~326~~72,~~698~~062			~~513~~316,~~278~~772			~~963,124~~			~~1,962,067~~
OPERATING EXPENSES
Management fees		5848,~~140~~760			76,~~453~~746			~~202,098~~			~~238,657~~
Administration fees		107,024			104,915			~~316,853~~			~~310,177~~
Tax preparation fees		-			-			14,540			-
Audit fees		98,800			52,000
Audit fees		20,800			20,800			127,920			102,336
Legal fees		41,888			38,728
Legal fees		47,361			37,501			123,037			148,791
Valuation fees		22,500			22,500
Valuation fees		22,500			22,500			67,500			67,500
Directors’ fees		43,125			38,625
Directors’ fees		38,625			38,625			115,875			115,875
Insurance expense		32,476			32,836
Insurance expense		33,198			33,196			84,038			117,996
Other general and administrative expenses		25,779			31,118
Interest expense		-			-			-			207
Total operating expenses		420,352			397,468
Other general and administrative expenses		24,586			20,362			100,292			104,395
Net investment loss before tax		(348,290	)		(80,696	)
Total operating expenses		352,234			354,352			1,152,153			1,205,934
Income tax expense		114			1,402
Net investment income (loss) before income tax expense		(25,536	)		158,926			(189,029	)		756,133
Net investment loss after taxes		(348,404	)		(82,098	)
Income tax expense		1,402			174			3,356			5,630
Net change in unrealized gain (loss) on:
Net investment income (loss) after income tax expense		(26,938	)		158,752			(192,385	)		750,503
Non-control/non-affiliate investments		(421,875	)		(4,112,000	)
Net realized gain (loss) on:
Control investments		(1,279,890	)		(2,439,852	)
Control investments		-			-			(5,549,735	)		-
Net change in unrealized loss on investments		(1,701,765	)		(6,551,852	)
Total net realized gain (loss) on investments		-			-			(5,549,735	)		-
Net decrease in net assets resulting from operations	$	(2,050,169	)	$	(6,633,950	)
Net change in unrealized gain (loss) on:
Net investment income (loss) per share
Non-control/non-affiliate investments		(705,752	)		(186,948	)		(5,548,873	)		(587,373	)
Basic	$	(0.003	)	$	(0.001	)
Control investments		(280,371	)		(755,004	)		2,511,835			512,107
Diluted	$	(0.003	)	$	(0.001	)
Net change in unrealized gain (loss) on investments		(986,123	)		(941,952	)		(3,037,038	)		(75,266	)
Net decrease in net assets resulting from operations per share
Net realized and unrealized loss on investments		(986,123	)		(941,952	)		(8,586,773	)		(75,266	)
Basic	$	(0.017	)	$	(0.055	)
Net increase (decrease) in net assets resulting from operations	$	(1,013,061	)	$	(783,200	)	$	(8,779,158	)	$	675,237
Diluted	$	(0.017	)	$	(0.055	)
Net investment income (loss) per share
Weighted average shares of common stock outstanding
Basic	$	~~0.000~~120,486,061		$	~~0.001~~120,486,061		$	~~(0.002~~	)	$	~~0.006~~
Diluted	$	~~0.000~~120,486,061		$	~~0.001~~120,486,061		$	~~(0.002~~	)	$	~~0.006~~
Net increase (decrease) in net assets resulting from operations per share
Basic	$	(0.008	)	$	(0.007	)	$	(0.073	)	$	0.006
Diluted	$	(0.008	)	$	(0.007	)	$	(0.073	)	$	0.006
Weighted average shares of common stock outstanding
Basic		120,486,061			120,486,061			120,486,061			120,486,061
Diluted		120,486,061			120,486,061			120,486,061			120,486,061

The accompanying notes are an integral part of these unaudited financial statements.

- 2 -

PRINCETON CAPITAL CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	Three and Nine Months Ended September 30,
	Three months ended March 31,
	2024			2023
	2025			2024
Net assets at beginning of year	$	3121,~~904~~043,~~562~~266		$	3231,~~083~~904,~~462~~562
Increase (decrease) in net assets resulting from operations
Decrease in net assets resulting from operations:
Net investment income (loss)		(82,098	)		276,970
Net investment loss		(348,404	)		(82,098	)
Net change in unrealized loss on investments		(61,~~551~~701,~~852~~765	)		(16,~~294~~551,~~032~~852	)
Net Increase (decrease) in net assets resulting from operations		(6,633,950	)		(1,017,062	)
Net decrease in net assets resulting from operations		(2,050,169	)		(6,633,950	)
Total decrease in net assets		(62,~~633~~050,~~950~~169	)		(16,~~017~~633,~~062~~950	)
Net assets at March 31		25,270,612			31,066,400
Net assets at end of period	$	18,993,097		$	25,270,612
Capital share activity:
Common stock
Common stock outstanding at the beginning of period		120,486,061			120,486,061
Common stock outstanding at the end of period		120,486,061			120,486,061

Increase (decrease) in net assets resulting from operations
Net investment income (loss)		(83,349	)		314,781
Net realized gain (loss) on investments		(5,549,735	)		-
Net change in unrealized gain on investments		4,500,937			2,160,718
Net increase (decrease) in net assets resulting from operations		(1,132,147	)		2,475,499
Total increase (decrease) in net assets		(1,132,147	)		2,475,499
Net assets at June 30	$	24,138,465		$	33,541,899

Increase (decrease) in net assets resulting from operations
Net investment income (loss)		(26,938	)		158,752
Net change in unrealized gain (loss) on investments		(986,123	)		(941,952	)
Net increase (decrease) in net assets resulting from operations		(1,013,061	)		(783,200	)
Total decrease in net assets		(1,013,061	)		(783,200	)
Net assets at September 30	$	23,125,404		$	32,758,699
Capital share activity:
Common stock
Common stock outstanding at the beginning of period		120,486,061			120,486,061
Common stock outstanding at the end of period		120,486,061			120,486,061

The accompanying notes are an integral part of these unaudited financial statements.

- 3 -

PRINCETON CAPITAL CORPORATION

STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2024			2023
	2025			2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(8,779,158	)	$	675,237
Net decrease in net assets resulting from operations	$	(2,050,169	)	$	(6,633,950	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Adjustments to reconcile decrease in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized loss on investments		5,549,735			-
Net change in unrealized loss on investments		1,701,765			6,551,852
Net change in unrealized loss on investments		3,037,038			75,266
Increase in investments due to PIK		-			(75,014	)
Purchase of investments		(65,000	)		-
Increase in investments due to PIK		(234,092	)		(93,141	)
Sale of investments		192,932			-
Changes in operating assets and liabilities:
Due from portfolio companies		(~~5,197~~525	)		(~~250~~1,480	)
Interest receivable		~~17,229~~(493	)		~~(222,066~~739	)
Allowance for bad debt		(16,549	)		-
Prepaid expenses		32,476			32,836
Prepaid expenses		(62,309	)		(44,951	)
Accrued management fees		48,760			(2,143	)
Taxes receivable		-			(3,918	)
Accounts payable		62,535			134,160
Accrued management fees		(20,749	)		(15,481	)
Taxes payable		114			1,402
Accounts payable		(53,111	)		(51,048	)
Due to affiliates		64,875			-
Taxes expense payable		(59,331	)		4,092
Accrued expenses and other liabilities		39,637			(3,488	)
Deferred fee income		31,395			45,349
Net cash provided by (used in) operating activities		(101,025	)		4,914
Accrued expenses and other liabilities		(40,735	)		(64,657	)
Net increase (decrease) in cash and restricted cash		(101,025	)		4,914
Net cash provided by (used in) operating activities		(507,902	)		304,432
Cash, cash equivalents and restricted cash at beginning of period		1,295,864			1,979,659
Net increase (decrease) in cash, cash equivalents and restricted cash		(507,902	)		304,432
Cash, cash equivalents and restricted cash at end of period	$	1,194,839		$	1,984,573
Cash, cash equivalents and restricted cash at beginning of period		1,979,659			1,566,546
Cash, cash equivalents and restricted cash at end of period	$	1,471,757		$	1,870,978
Supplemental disclosure of cash flow financing activities:
Interest expense paid	$	-		$	207
Income tax paid	$	62,687		$	1,538

The accompanying notes are an integral part of these unaudited financial statements.

- 4 -

PRINCETON CAPITAL CORPORATION

SCHEDULE OF INVESTMENTS as of ~~September~~March 3031, ~~2024~~2025

(Unaudited)

Investments	Headquarters / Industry	Acquisition Date	Principal Amount/ Shares/ % Ownership			Amortized Cost		Fair Value (1)		% of Net Assets
Portfolio Investments (5)
Control investments
Advantis Certified Staffing Solutions, Inc.	Houston, TX
Second Lien Loan, 12.0% Cash, due 11/30/2021(2) (4) (6)	Staffing	3/13/2015	$	4,500,000		$	4,500,000	$	43,~~194~~866,~~843~~191		1820.1436	%
Unsecured loan 6.33%, due 12/31/2024 (6)		10/01/2019	$	1,381,586			1,381,586		-		-	%
Unsecured loan 6.33%, due 12/31/2027 (6)		10/01/2019		1,381,586			1,381,586		-		-	%
Common Stock – Series A (4) (6)		7/02/2017		225,000			10,150		-		-	%
Common Stock – Series B (4) (6)		7/02/2017		9,500,000			428,571		-		-	%
Warrant for 250,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027 (4) (6)		7/02/2017		1			11,278		-		-	%
Warrant for 700,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027 (4) (6)		12/31/2016		1			-		-		-	%
Total							6,331,585		43,~~194~~866,~~843~~191		1820.1436	%
PCC SBH Sub, Inc.	Karnes City, TX
Common stock (4) (6)	Energy Services	2/06/2017		100			2,525,481		1,~~419~~249,~~355~~376		6.1457	%
First Lien Revolving Loan 10% Cash, due 5/8/2026 (6)		5/08/2024	$	6580,000			6580,000		6580,000		0.2842	%
Total							2,~~590~~605,481		1,~~484~~329,~~355~~376		6.4299	%
Rockfish Seafood Grill, Inc.	Richardson, TX
First Lien Loan, 8% Cash, 6.0% PIK, due 3/31/2018 (2) (3) (4) (6)	Casual Dining	3/13/2015	$	6,352,944			6,352,944		76,~~485~~340,~~392~~072		3233.3738	%
Revolving Loan, 8% Cash, due 12/31/2024(6)		6/29/2015	$	2,251,000			2,251,000		2,251,000		9.73	%
Revolving Loan, 8% Cash, due 12/31/2027 (6)		6/29/2015	$	2,251,000			2,251,000		2,251,000		11.85	%
Rockfish Holdings, LLC
Warrant for Membership Interest, exercise price $0.001 per 1% membership interest, expires 7/28/2028 (4) (6)		3/13/2015		10.0	%		414,960		-		-	%
Membership Interest – Class A (4) (6)		3/13/2015		99.997	%		3,734,636		-		-	%
Total							12,753,540		98,~~736~~591,~~392~~072		4245.1023	%
Total control investments							21,~~675~~690,606		1513,~~415~~786,~~590~~639		6672.6658	%
Non-control/non-affiliate investments
Performance Alloys, LLC	Houston, TX
Second Lien Loan, 10% Cash, due 12/31/2026 (3) (6)	Nickel Pipe, Fittings & Flanges	7/01/2016	$	7,150,431		$	7,150,431	$	5,838,750		25.25	%
Second Lien Loan, 10% Cash, due 12/31/2026 (2) (3) (4) (6)	Nickel Pipe, Fittings & Flanges	7/01/2016	$	7,234,756		$	7,234,756	$	3,729,375		19.64	%
Membership Interest – Class B (4) (6)		7/01/2016		25.97	%		5,131,090		-		-	%
Total							12,~~281~~365,~~521~~846		53,~~838~~729,~~750~~375		2519.2564	%

The accompanying notes are an integral part of these unaudited financial statements.

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PRINCETON CAPITAL CORPORATION

SCHEDULE OF INVESTMENTS as of ~~September~~March 3031, ~~2024~~2025

(Unaudited) (Continued)

Investments

Headquarters / Industry

Acquisition Date

~~Acquisition~~Principal ~~Date~~Amount/ Shares/ % Ownership

~~Principal~~Amortized ~~Amount/ Shares/% Ownership~~Cost

~~Amortized~~Fair ~~Cost~~Value (1)

~~Fair~~% ~~Value~~of ~~(1)~~Net Assets

~~% of Net Assets~~

Non-control/non-affiliate investments (continued)

Total non-control/non-affiliate investments

12,365,846

123,~~281~~729,~~521~~375

~~5,838,750~~19.64

~~25.25~~

Total Portfolio Investments

34,056,452

3317,~~957~~516,~~127~~014

~~21,254,340~~92.22

~~91.91~~

Total Investments

34,056,452

3317,~~957~~516,~~127~~014

~~21,254,340~~92.22

~~91.91~~

(1)

See Note 5 of the Notes to Financial Statements for a discussion of the methodologies used to value securities in the portfolio.

(2)

Investment is on non-accrual status.

(3)

Represents a security with a payment-in-kind component (“PIK”). At the option of the issuer, interest can be paid in cash or cash and PIK. The percentage of PIK shown is the maximum PIK that can be elected by the portfolio company.

(4) Investment is non-income producing as of ~~September~~March 3031, ~~2024~~2025.

(5) Represents an illiquid investment. At ~~September~~March 3031, ~~2024~~2025, 100% of the total fair value of portfolio investments are illiquid. All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities”.

(6)

Represents an investment valued using significant unobservable inputs.

The accompanying notes are an integral part of these unaudited financial statements.

- 6 -

PRINCETON CAPITAL CORPORATION

SCHEDULE OF INVESTMENTS as of ~~September~~March 3031, ~~2024~~2025

(Unaudited) (Continued)

The following tables show the fair value of our portfolio of investments (excluding U.S. Treasury Bills, if any) by geography and industry as of ~~September~~March 3031, ~~2024:~~2025.

	September 30, 2024
	March 31, 2025
Geography	Investments at Fair Value		Percentage of Net Assets
United States	$	2117,~~254~~516,~~340~~014		9192.9122	%
Total	$	2117,~~254~~516,~~340~~014		9192.9122	%

	September 30, 2024
	March 31, 2025
Industry	Investments at Fair Value		Percentage of Net Assets
Casual Dining	$	98,~~736~~591,~~392~~072		4245.1023	%
Nickel Pipe, Fittings and Flanges		53,~~838~~729,~~750~~375		2519.2564
Staffing		43,~~194~~866,~~843~~191		1820.1436
Energy Services		1,~~484~~329,~~355~~376		6.4299
Total	$	2117,~~254~~516,~~340~~014		9192.9122	%

The accompanying notes are an integral part of these unaudited financial statements.

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PRINCETON CAPITAL CORPORATION

SCHEDULE OF INVESTMENTS as of December 31, ~~2023~~2024

Investments	Headquarters / Industry	Acquisition Date	Principal Amount/ Shares/ % Ownership			Amortized Cost		Fair Value (1)		% of Net Assets
Portfolio Investments (5)
Control investments
Advantis Certified Staffing Solutions, Inc.	Houston, TX
Second Lien Loan, 12.0% Cash, due 11/30/2021(2) (4) (6)	Staffing	3/13/2015	$	4,500,000		$	4,500,000	$	43,~~736~~836,~~141~~547		1418.8424	%
Unsecured loan 6.33%, due 12/31/2024 (6)		10/01/2019	$	1,381,586			1,381,586		-		-	%
Unsecured loan 6.33%, due 12/31/2027 (6)		10/01/2019		1,381,586			1,381,586		-		-	%
Common Stock – Series A (4) (6)		7/02/2017		225,000			10,150		-		-	%
Common Stock – Series B (4) (6)		7/02/2017		9,500,000			428,571		-		-	%
Warrant for 250,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027 (4) (6)		7/02/2017		1			11,278		-		-	%
Warrant for 700,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027 (4) (6)		12/31/2016		1			-		-		-	%
Total							6,331,585		43,~~736~~836,~~141~~547		1418.8424	%
Dominion Medical Management, Inc.	Milwaukee, WI
First Lien Loan, 12.0% Cash, 6% PIK due, 3/31/2020 (2) (3) 4)	Medical Business Services	3/22/2018	$	1,516,144			1,516,144		173,399		0.54	%
Integrated Medical Partners, LLC
Preferred Membership, Class A units (4)		3/13/2015		800			4,196,937		-		-	%
Preferred Membership, Class B units (4)		3/13/2015		760			29,586		-		-	%
Common Units (4)		3/13/2015		14,082			-		-		-	%
Total							5,742,667		173,399		0.54	%
PCC SBH Sub, Inc.	Karnes City, TX
Common stock (4) (6)	Energy Services	2/06/2017		100			2,525,481		1,~~543~~379,~~841~~019		46.8455	%
First Lien Revolving Loan 10% Cash, due 5/8/2026 (6)		5/08/2024	$	80,000			80,000		80,000		0.38	%
Total							2,605,481		1,459,019		6.93	%
Rockfish Seafood Grill, Inc.	Richardson, TX
First Lien Loan, 8% Cash, 6.0% PIK, due 3/31/2018 (3) (6)	Casual Dining	3/13/2015	$	6,352,944			6,352,944		97,~~877~~519,~~041~~963		3035.9675	%
Revolving Loan, 8% Cash, due 12/31/2024 (6)		6/29/2015	$	2,251,000			2,251,000		2,251,000		7.06	%
Revolving Loan, 8% Cash, due 12/31/2027 (6)		6/29/2015	$	2,251,000			2,251,000		2,251,000		10.70	%
Rockfish Holdings, LLC
Warrant for Membership Interest, exercise price $0.001 per 1% membership interest, expires 7/28/2028 (4) (6)		3/13/2015		10.0	%		414,960		-		-	%
Membership Interest – Class A (4) (6)		3/13/2015		99.997	%		3,734,636		-		-	%
Total							12,753,540		129,~~128~~770,~~041~~963		3846.0245	%
Total control investments							2721,~~353~~690,~~273~~606		1815,~~581~~066,~~422~~529		5871.2462	%
Non-control/non-affiliate investments
Performance Alloys, LLC	Houston, TX
Second Lien Loan, 10% Cash, due 4% PIK, due 12/31/2026 (3) (6)	Nickel Pipe, Fittings & Flanges	7/01/2016	$	6,916,339		$	6,916,339	$	6,916,339		21.68	%
Second Lien Loan, 10% Cash, due 12/31/2026 (3) (6)	Nickel Pipe, Fittings & Flanges	7/01/2016	$	7,234,756		$	7,234,756	$	4,151,250		19.73	%
Membership Interest – Class B (4) (6)		7/01/2016		25.97	%		5,131,090		~~4,237,192~~-		~~13.28~~-	%
Total							12,~~047~~365,~~429~~846		114,~~153~~151,~~531~~250		3419.9673	%

The accompanying notes are an integral part of these unaudited financial statements.

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PRINCETON CAPITAL CORPORATION

SCHEDULE OF INVESTMENTS as of December 31, ~~2023~~2024

(Continued)

Investments	Headquarters / Industry	Acquisition Date	Principal Amount/ Shares/ % Ownership	~~Amortized Cost~~		Amortized Cost		~~Fair Value (1)~~		Fair Value (1)		~~% of Net Assets~~		% of Net Assets
Non-control/non-affiliate investments (continued)
Total non-control/non-affiliate investments					~~12,047,429~~		12,365,846		~~11,153,531~~		4,151,250		~~34.96~~	%	19.73	%
Total Portfolio Investments					~~39,400,702~~		34,056,452		~~29,734,953~~		19,217,779		~~93.20~~	%	91.35	%
Total Investments				$	~~39,400,702~~	$	34,056,452	$	~~29,734,953~~	$	19,217,779		~~93.20~~	%	91.35	%

(1)

See Note 5 of the Notes to Financial Statements for a discussion of the methodologies used to value securities in the portfolio.

(2)

Investment is on non-accrual status.

(3)

(4) Investment is non-income producing as of December 31, ~~2023~~2024.

(5) Represents an illiquid investment. At December 31, ~~2023~~2024, 100% of the total fair value of portfolio investments are illiquid. All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”

(6)

Represents an investment valued using significant unobservable inputs.

The accompanying notes are an integral part of these unaudited financial statements.

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PRINCETON CAPITAL CORPORATION

SCHEDULE OF INVESTMENTS as of December 31, ~~2023~~2024

(Continued)

The following tables show the fair value of our portfolio of investments (excluding U.S. Treasury Bills) by geography and industry as of December 31, ~~2023:~~2024.

	December 31, 2023
	December 31, 2024
Geography	Investments at Fair Value		Percentage of Net Assets
United States	$	2919,~~734~~217,~~953~~779		9391.2035	%
Total	$	2919,~~734~~217,~~953~~779		9391.2035	%

	December 31, 2023
	December 31, 2024
Industry	Investments at Fair Value		Percentage of Net Assets
Casual Dining	$	129,~~128~~770,~~041~~963		3846.0244	%
Nickel Pipe, Fittings and Flanges		114,~~153~~151,~~531~~250		3419.9673
Staffing		43,~~736~~836,~~141~~547		1418.8424
Energy Services		1,~~543~~459,~~841~~019		46.8494
Medical Business Services		173,399		0.54
Total	$	19,217,779		91.35	%
Total	$	29,734,953		93.20	%

The accompanying notes are an integral part of these unaudited financial statements.

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PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

NOTE 1 – NATURE OF OPERATIONS

References herein to “we”, “us” or “our” refer to Princeton Capital Corporation (the “Company” or “Princeton Capital”), unless the context specifically requires otherwise.

Princeton Capital Corporation, a Maryland corporation, was incorporated under the general laws of the State of Maryland on July 25, 2013. We are a non-diversified, closed-end investment company that has filed an election to be regulated as a business development company (“BDC”), under the Investment Company Act of 1940, as amended (the “1940 Act”). A goal of a BDC is to annually qualify and elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company, however, did not meet the requirements to qualify as a RIC for the ~~2023~~2024 tax year and will be taxed as a corporation under Subchapter C of the Code and does not expect to meet the qualifications of a RIC until such time as certain strategic alternatives are achieved. While we have sought to invest primarily in private small and lower middle-market companies in various industries through first lien loans, second lien loans, unsecured loans, unitranche and mezzanine debt financing, often times with a corresponding equity investment, we are now (with a strategic alternatives process underway and limited resources) investing only in current investments and otherwise conserving cash. Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through debt and related equity investments.

Prior to March 13, 2015, Princeton Capital’s predecessor operated under the name Regal One Corporation (“Regal One”). Regal One had been located in Scottsdale, Arizona, and was a Florida corporation initially incorporated in 1959 as Electro-Mechanical Services Inc. Since inception, Regal One had been involved in several industries. In 1998, Electro-Mechanical Services Inc. changed its name to Regal One Corporation.

On March 7, 2005, Regal One’s board of directors determined it was in the shareholders’ best interest to change the focus of its operations to providing financial consulting services through its network of advisors and professionals, and to be regulated as a BDC under the 1940 Act. On September 16, 2005, Regal One filed a Form N54A (Notification of Election by Business Development Companies) with the Securities and Exchange Commission (“SEC”), which transformed Regal One into a BDC in accordance with ~~sections~~Sections 55 through 65 of the 1940 Act. Regal One reported as an operating BDC from March 31, 2006 until March 13, 2015 and since March 13, 2015 (following Regal One’s reincorporation from Florida to Maryland by merging with and into the Company with the Company continuing as the surviving corporation) Princeton Capital has reported as an operating BDC.

On December 27, 2017, the Board approved (specifically in accordance with Rule 15a-4(b)(1)(ii) of the Investment Company Act) and authorized the Company to enter into an Interim Investment Advisory Agreement between the Company and House Hanover, LLC, a Delaware limited liability company (“House Hanover”) (the “Interim Investment Advisory Agreement”), in accordance with Rule 15a-4 of the Investment Company Act. The effective date of the Interim Investment Advisory Agreement was January 1, 2018.

On April 5, 2018, the Board, including a majority of the independent directors, conditionally approved the Investment Advisory Agreement between the Company and House Hanover (the “House Hanover Investment Advisory Agreement”) subject to the approval of the Company’s stockholders at the 2018 Annual Meeting of Stockholders. The House Hanover Investment Advisory Agreement replaced the Interim Investment Advisory Agreement. On May 30, 2018, the Company’s stockholders approved the House Hanover Investment Advisory Agreement. The effective date of the House Hanover Investment Advisory Agreement was May 31, 2018. The House Hanover Investment Advisory Agreement was last annually renewed by the Board and by a majority of the members of the Board who are not parties to the House Hanover Investment Advisory Agreement or “interested persons” (as such term is defined in the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act and the House Hanover Investment Advisory Agreement on May 912, ~~2024~~2025.

Since January 1, 2018, House Hanover has acted as our investment advisor under the Interim Investment Advisory Agreement (from January 1, 2018 until May 31, 2018) and the House Hanover Investment Advisory Agreement (since May 31, 2018).

On November 15, 2019, our Board announced that the Company has initiated a strategic review process to identify, examine, and consider a range of strategic alternatives available to the Company, including but not limited to, (i) selling the Company’s assets to a business development company or other potential buyer, (ii) merging with another business development company, (iii) liquidating the Company’s assets in accordance with a plan of liquidation, (iv) raising additional funds for the Company, or (v) otherwise entering into another business combination, with the objective of maximizing stockholder value. As of ~~September~~March 3031, ~~2024~~2025 and through the date of filing this Quarterly Report, the Company has not entered into any ~~agreements regarding any~~ strategic alternative and the strategic process remains ongoing.

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PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (“U.S. GAAP”). In accordance with Regulation S-X under the Securities Act of 1933 and Securities Exchange Act of 1934, the Company does not consolidate portfolio company investments. The accounting records of the Company are maintained in U.S. dollars. As an investment company, as defined by the 1940 Act, the Company follows investment company accounting and reporting guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, – “Financial Services - Investment Companies”, which is U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements. The reported amounts for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 may not be indicative of the results ultimately achieved for the year ended December 31, ~~2024~~2025 which will be presented in the Company’s annual report on form 10-K.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Changes in the economic environment, financial markets, creditworthiness of our portfolio companies and any other parameters used in determining these estimates could cause actual results to differ. It is likely that changes in these estimates will occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ materially from such estimates.

Portfolio Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation. Under the 1940 Act, “Affiliated Investments” are defined as those non-control investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the 1940 Act, “Non-affiliated Investments” are defined as investments that are neither Control Investments nor Affiliated Investments. As of ~~September~~March 3031, ~~2024~~2025, the Company had control investments in Advantis ~~Certified~~ Certified Staffing Solutions, Inc., PCC SBH Sub, Inc., Rockfish Holdings, LLC, and Rockfish Seafood Grill, Inc., as defined under the 1940 Act. As of December 31, ~~2023~~2024, the Company had control investments in Advantis Certified Staffing Solutions, Inc., PCC SBH Sub, Inc., Rockfish Holdings, and LLC, Rockfish Seafood Grill, Inc., ~~Integrated Medical Partners, LLC and Dominion Medical Management, Inc.~~ as defined under the 1940 Act.

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains or losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forgo the risks for gains and losses related to that instrument. Specifically, we record all security transactions on a trade- date basis. Investments in other non-security financial instruments, such as limited partnerships or private companies, are recorded on the basis of subscription date or redemption date, as applicable. Amounts for investments recognized or derecognized but not yet settled are reported as receivables for investments sold or payable for investments acquired, respectively, in the Statements of Assets and Liabilities.

Valuation of Investments

In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

In determining fair value, our board of directors uses various valuation approaches. In accordance with U.S. GAAP, ASC 820 establishes a fair value hierarchy for inputs and is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

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PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the board of directors. Unobservable inputs reflect our board of director’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below.:

● Our quarterly valuation process begins with each portfolio company or investment being initially valued by an independent valuation firm ~~unless an internal valuation process is used~~, except for those investments where market quotations are readily available;

●

Preliminary valuation conclusions are then documented and discussed with our senior management and our investment advisor;

● The valuation committee of our board of directors then reviews these preliminary valuations and approves them for recommendation to the board of directors; ~~and~~

●

The board of directors then discusses valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our investment advisor, the independent valuation firm and the valuation committee.

U.S. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.

Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including, the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by the board of directors in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement. For the fair value measurements as of ~~September~~March 3031, ~~2024~~2025, there were no ~~changes~~ changes in the valuation technique for the Company’'s investments from the prior quarter.

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PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

Valuation Processes

The Company establishes valuation processes and procedures to ensure that the valuation techniques for investments that are categorized within Level 3 of the fair value hierarchy are fair, consistent, and verifiable. The Company’s board of directors designates a Valuation Committee (the “Committee”) to oversee the entire valuation process of the Company’s Level 3 investments. The Committee is comprised of independent directors and reports to the Company’s board of directors. The Committee is responsible for developing the Company’s written valuation processes and procedures, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation policies.

The Committee meets on a quarterly basis, or more frequently as needed, to determine the valuations of the Company’s Level 3 investments. Valuations determined by the Committee are required to be supported by market data, third-party pricing sources, industry accepted pricing models, counterparty prices, or other methods that the Committee deems to be appropriate.

The Company will periodically test its valuations of Level 3 investments through performing back testing of the sales of such investments by comparing the amounts realized against the most recent fair values reported, and if necessary, uses the findings to recalibrate its valuation procedures. On a quarterly basis ~~and unless an internal valuation process is used~~, the Company engages the services of a nationally recognized third-party valuation firm to perform an independent valuation of the Company’s Level 3 investments. This valuation firm provides a range of values for selected investments, which is presented to the Valuation Committee to determine the value for each of the selected investments.

Investment Valuation

We expect that most of our portfolio investments will take the form of securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at fair value as determined in good faith by our board of directors, including reflecting significant events affecting the value of our investments. Most, if not all, of our investments (other than cash and cash equivalents) will be classified as Level 3 under FASB ASC 820, “Fair Value Measurements and Disclosures”. This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. We expect that inputs into the determination of fair value of our portfolio investments will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We expect to retain the services of one or more independent service providers to review the valuation of these loans and securities. The types of factors that the board of directors may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities.

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PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

We will adjust the valuation of our portfolio quarterly to reflect our board of directors’ determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our Statements of Operations as net change in unrealized gain or loss on investments.

Debt Securities

The Company’s portfolio consists primarily of first lien loans, second lien loans, and unsecured loans. Investments for which market quotations are readily available (“Level 2 Loans”) are generally valued using market quotations, which are generally obtained from an independent pricing service or broker-dealers. For other debt investments (“Level 3 Loans”), market quotations are not available and other techniques are used to determine fair value. The Company considers its Level 3 Loans to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner, the loan is in covenant compliance or is otherwise not deemed to be impaired. In determining the fair value of the performing Level 3 Loans, the Board considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions, success and prepayment fees, and other relevant factors, both qualitative and quantitative. In the event that a Level 3 Loan instrument is not performing, as defined above, the Board may evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the Level 3 Loan instrument.

Equity Investments

Our equity investments, including common stock, membership interests, and warrants, are generally valued using a market approach and income approach. The income approach utilizes primarily the discount rate to value the investment whereas the primary inputs for the market approach are the earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiple and revenue multiples. The Black-Scholes Option Pricing Model, a valuation technique that follows the income approach, is used to allocate the value of the equity to the investment. The pricing model takes into account the contract terms (including maturity) as well as multiple inputs, including time value, implied volatility, equity prices, risk free rates, and interest rates.

Valuation of Other Financial Instruments

The carrying amounts of the Company’s other, non-investment, financial instruments, consisting of cash, receivables, accounts payable, and accrued expenses, approximate fair value due to their short-term nature.

Cash, Cash Equivalents and Restricted Cash

The Company ~~has~~deposits ~~significant~~its cash ~~balances~~and atrestricted ~~financial~~cash ~~institutions~~in ~~which~~financial ~~throughout~~institutions ~~the~~and, ~~year~~at ~~regularly exceed the federally insured limit of $250~~times,~~000.~~ ~~Any~~such ~~loss~~balances ~~incurred~~may orbe ain ~~lack~~excess of ~~access to~~the ~~such~~Federal ~~funds~~Deposit ~~could~~Insurance ~~have~~Corporation ainsured ~~significant~~limit; ~~adverse~~however, management ~~impact~~does onnot ~~the~~believe ~~Company’s~~it ~~financial~~is ~~condition,~~exposed ~~results~~to ofany ~~operations~~significant ~~and~~credit ~~cash flows~~risk. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and present insignificant risk of changes in value.

The following table provides a reconciliation of cash, ~~cash equivalents~~ and restricted cash reporting within the Statements of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows:

	September 30,		December 31,
	March 31,		December 31,
	2024		2023
	2025		2024
Cash and Cash Equivalents	$	1,~~438~~189,~~998~~839	$	1,~~937~~290,~~768~~864
Restricted Cash		325,~~759~~000		415,~~891~~000
Total Cash, Cash Equivalents and Restricted Cash	$	1,~~471~~194,~~757~~839	$	1,~~979~~295,~~659~~864

As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, ~~restricted~~ restricted cash consisted of cash held for deposit with a law ~~firms~~firm that ~~represented~~represents the Company in ~~its litigation with Great Value Storage, LLC and~~ an appeal on a matter incurred in the normal operating course of business. ~~The deposit held for by the law firm representing the Company in its litigation with Great Value Storage, LLC was returned on October 9, 2024 in the amount of $27,758.~~

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PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

U.S. Treasury Bills

At the end of each fiscal quarter, we may take proactive steps to be in compliance with the RIC diversification requirements under Subchapter M of the Code, which are dependent upon the composition of our total assets at quarter end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions after quarter-end. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company did not purchase any U.S. Treasury Bills. The Company does not expect to meet the qualifications of a RIC nor anticipate buying U.S. Treasury Bills until such time as certain ~~strategic~~ strategic alternatives are achieved.

Revenue Recognition

Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company measures 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.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing and/or commitment fees associated with senior and subordinated secured loans are accreted into interest income over the respective terms of the applicable loans. Upon the prepayment of a senior or subordinated secured loan, any prepayment penalties and unamortized loan origination, closing and commitment fees are recorded as interest income. Generally, when a payment default occurs on a loan in the portfolio, or if the Company otherwise believes that the borrower will not be able to make contractual interest payments, the Company may place the loan on non-accrual status and cease recognizing interest income on the loan until all principal and interest is current through payment, or until a restructuring occurs, and the interest income is deemed to be collectible. The Company may make exceptions to this policy if a loan has sufficient collateral value, is in the process of collection or is viewed to be able to pay all amounts due if the loan were to be collected on through an investment in or sale of the business, the sale of the assets of the business, or some portion or combination thereof.

Dividend income is recorded on the ex-dividend date.

Structuring fees, excess deal deposits, prepayment fees and similar fees are recognized as income as earned, usually when paid.

Other fee income from investment sources, can ~~include~~ include loan fees, annual fees and monitoring fees from our portfolio investments and are included in other income from non-control/non-affiliate investments and other income from affiliate investments. Income from such sources was $3,488 and $3,488 for the three months ended ~~September~~March 3031, ~~2024~~2025, and ~~2023, respectively. Income from such sources was $10,465 and $4,651 for the nine months ended September 30,~~ 2024, ~~and 2023,~~ respectively.

Other income from non-investment sources is generally comprised of interest income earned on cash in the Company’s bank account. Income from such sources was $~~315~~17 and $~~357~~321 for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023, respectively. Income from such sources was $938 and $856 for the nine months ended September 30,~~ 2024 ~~and 2023,~~ respectively.

Payment-in-Kind Interest (“PIK”)

We have investments in our portfolio that contain a PIK interest provision. Any PIK interest is added to the principal balance of such investments and is recorded as income, if the portfolio company valuation indicates that such PIK interest is collectible. For the three ~~and nine~~ months ended ~~September~~March 3031, 2025 and 2024, the Company ~~had~~ had $~~81,378~~0 and $~~234~~75,~~092~~014 of PIK interest, respectively. ~~For~~In ~~the~~order ~~three~~to ~~and~~qualify ~~nine~~as ~~months~~a ~~ended~~RIC, ~~September~~substantially ~~30,~~all ~~2023,~~of ~~the~~this ~~Company~~income ~~had~~must ~~$70,641~~be paid out to stockholders ~~and~~in ~~$93,141~~the form of ~~PIK~~dividends, ~~interest~~even if we have not collected any cash.

Net ~~Realized~~Change in Unrealized Gain ~~and~~or Loss

Net ~~realized~~change in unrealized gain (or loss) onwill ~~investments~~reflect the ischange ~~the difference~~in ~~between~~portfolio investment values during the ~~proceeds~~reporting ~~received~~period, ~~from~~including ~~the~~any ~~dispositions~~reversal of ~~portfolio~~previously ~~investments~~recorded ~~and~~unrealized ~~their~~appreciation or ~~amortized~~depreciation, ~~cost~~when gains or losses are realized.

- 16 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Net Change in Unrealized Gain or Loss

Net change in unrealized gain or loss will reflect 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.

Legal Fees

Legal fees invoiced to the Company for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, were incurred in the normal operating course of business and are included in legal fees on the ~~Statements~~ Statements of Operations.

Federal and State Income Taxes

The Company uses the liability method of accounting for income taxes. Deferred tax assets and liabilities are recorded for tax loss carryforwards and temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company did not meet the qualifications of a RIC for the ~~2023~~2024 tax year and was taxed as a corporation under Subchapter C of the Internal Revenue Code of 1986 (the “Code”). The failure to qualify as a RIC, however, did not impact the ~~2023~~2024 tax year as the Company had net operating losses and no realized gains in the tax year. Further, the Company has net operating losses and capital losses from prior years it can carry forward to offset taxable income.

The Company does not expect to meet the qualifications of a RIC for the ~~2024~~2025 tax year and is likely to be taxed as a corporation under Subchapter C of the Code. However, in the event that the Company does meet the qualifications of a RIC for the ~~2024~~2025 tax year, it may not be in the best interests of the Company’s stockholders to elect to be taxed as a RIC for the ~~2024~~2025 tax year due to the net operating losses and capital loss carryforwards the Company currently has. Management will make a determination that is in the best interests of the Company and its stockholders.

In order to qualify as a RIC, among other things, the Company is required to distribute to its stockholders on a timely basis at least 90% of investment company taxable income, as defined by the Code, for each year. If the Company achieves its status as a RIC, it generally will not pay corporate-level U.S. federal and state income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the Company will represent obligations of the Company’s investors and will not be reflected in the financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken while preparing its financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. The Company recognizes the tax benefits of uncertain tax positions only where the position has met the “more-likely-than-not” threshold. The Company classifies penalties and interest associated with income taxes, if any, as income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

Dividends and Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount, if any, to be paid as a dividend is approved by our board of directors each quarter and is generally based upon our management’s estimate of our earnings for the quarter.

For the ~~nine~~three months ended ~~September~~March 3031, 2025 and 2024 and through the date of issuance of this report, no dividends were declared or distributed to stockholders.

~~For~~Per ~~the~~Share ~~nine months ended September 30, 2023 no dividends were declared or distributed to stockholders.~~Information

Basic and diluted earnings (loss) per common share is calculated using the weighted average number of common shares outstanding for the period presented.

Basic earnings (loss) per share is computed by dividing earnings (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed by dividing earnings (loss) per share by the weighted average number of shares outstanding, plus, any potentially dilutive shares outstanding during the period. For the three months ended March 31, 2025 and 2024, basic and diluted earnings (loss) per share were the same, since there were no potentially dilutive securities outstanding.

- 17 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Per Share Information

Basic and diluted earnings (loss) per common share is calculated using the weighted average number of common shares outstanding for the periods presented.

Basic earnings (loss) per share is computed by dividing earnings (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net earnings (loss) per share is computed by dividing net earnings (loss) per share by the weighted average number of shares outstanding, plus, any potentially dilutive shares outstanding during the period. For the three and nine months ended September 30, 2024 and 2023, basic and diluted earnings (loss) per share were the same, since there were no potentially dilutive securities outstanding.

Capital Accounts

Certain capital accounts including undistributed net investment income, accumulated net realized gain or loss, accumulated net unrealized gain or loss, and paid-in capital in excess of par, are adjusted, at least annually, for permanent differences between book and tax. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP.

Recent Accounting Pronouncements

In March 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-02, “Financial Instruments -– Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”.” The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company has evaluated and will continue to evaluate the impact of the adoption of ASU 2022-02 on its financial statements and disclosures. Presently, the adoption of ASU 2022-02 has no impact on the Company’s financial statements and disclosures.

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which changed the fair value measurement disclosure requirements of ASC Topic 820, “Fair Value Measurements and Disclosures ~~The~~.” The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning ~~after~~ ~~December~~in 152024, ~~2023,~~ including interim periods therein. Early application is permitted. The Company has evaluated and will continue to evaluate ~~the~~ the impact the adoption of this new accounting standard ~~will have on its financial statements~~, but the ~~impact of the~~ adoption ishas not ~~expected to~~had beany ~~material. Presently, the adoption of this new accounting standard has no~~ impact on the Company’s financial statements.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures.” An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses, whose operating results are reviewed regularly by the chief operating decision-maker, and for which discrete financial information is available. The Company operates under one operating segment and reporting unit, investment management. The Company’s chief operating decision-maker is our interim chief executive officer, who is responsible for determining our investment strategy, capital allocation, expense allocation, expense structure and significant transactions. Key metrics include, but are not limited to, net investment income (loss) after income tax expense (benefit) and net increase (decrease) in net assets resulting from operations that is reported on the Statements of Operations, as well as fair value of investments as disclosed on the Schedule of Investments. The Company’s adoption of ASU No. 2023-07 impacted its financial statement disclosures, but did not impact the financial position or results of its operations. This update is effective beginning with our 2024 fiscal year annual reporting period, with early adoption permitted. The Company adopted this update beginning with our 2024 fiscal year annual reporting period.

The following table illustrates key metrics for the three months ended March 31, 2025 and 2024 as reported on the Statements of Operations:

	Three Months Ended March 31,
	2025			2024
	(Unaudited)			(Unaudited)
Net investment loss after taxes	$	(348,404	)	$	(82,098	)
Net decrease in net assets resulting from operations	$	(2,050,169	)	$	(6,633,950	)

The following table illustrates key metrics as of March 31, 2025 and December 31, 2024 as reported on the Schedule of Investments:

	March 31, 2025		December 31, 2024
	(Unaudited)
Fair value of investments	$	17,516,014	$	19,217,779

NOTE 3 – CONCENTRATION OF CREDIT RISK

In the normal course of business, the Company maintains its cash balances in financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. Management monitors the financial condition of such financial institutions and does not anticipate any losses from these counterparties.

- 18 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

NOTE 4 – NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE

The following information sets forth the computation of basic and diluted net increase (decrease) in net assets resulting from operations per common share for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023,~~March ~~and the nine months ended September 30~~31, 2024 ~~and 2023:~~.

	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
	2024			2023			2024			2023
	2025			2024
	(Unaudited)			(Unaudited)			~~(Unaudited)~~			~~(Unaudited)~~
Per Share Data (1):
Net increase (decrease) in net assets resulting from operations	$	(1,013,061	)	$	(783,200	)	$	(8,779,158	)	$	675,237
Net decrease in net assets resulting from operations	$	(2,050,169	)	$	(6,633,950	)
Weighted average shares outstanding for period
Basic		120,486,061			120,486,061			~~120,486,061~~			~~120,486,061~~
Diluted		120,486,061			120,486,061			~~120,486,061~~			~~120,486,061~~
Basic and diluted net increase (decrease) in net assets resulting from operations per common share
Basic	$	(0.~~008~~017	)	$	(0.~~007~~055	)	$	~~(0.073~~	)	$	~~0.006~~
Diluted	$	(0.~~008~~017	)	$	(0.~~007~~055	)	$	~~(0.073~~	)	$	~~0.006~~

⁽¹⁾

Per share data based on weighted average shares outstanding.

NOTE 5 – FAIR VALUE OF INVESTMENTS

The Company’s assets recorded at fair value have been categorized based upon a fair value hierarchy in accordance with ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”). See Note 2 for a discussion of the Company’s policies.

The following tables present information about the Company’s assets measured at fair value as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively:

	As of September 30, 2024
	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Portfolio Investments
First Lien Loans	$	-	$	-	$	98,~~801~~671,~~392~~072	$	98,~~801~~671,~~392~~072
Second Lien Loans		-		-		107,~~033~~595,~~593~~566		107,~~033~~595,~~593~~566
Equity		-		-		1,~~419~~249,~~355~~376		1,~~419~~249,~~355~~376
Unsecured Debt						-		-
Total Portfolio Investments		-		-		17,516,014		17,516,014
Total Portfolio Investments		-		-		21,254,340		21,254,340
Total Investments	$	-	$	-	$	17,516,014	$	17,516,014
Total Investments	$	-	$	-	$	21,254,340	$	21,254,340

As of December 31, 2023

As of December 31, 2024

Level 1

Level 2

Level 3

Total

Portfolio Investments

First Lien Loans

129,~~301~~850,~~440~~963

Second Lien Loans

117,~~652~~987,~~480~~797

Equity

51,~~781~~379,~~033~~019

Total Portfolio Investments

2919,~~734~~217,~~953~~779

Total Investments

2919,~~734~~217,~~953~~779

During the ~~nine~~three months ended ~~September~~March 3031, ~~2024 and~~2025 and the year ended December 31, ~~2023~~2024, there were no transfers between Level 1, Level 2 orand Level 3. ~~During the nine months ended September 30, 2024, the Company made a new first lien loan in the amount of $65,000.~~

The following ~~table~~tables ~~presents~~below present additional information about Level 3 assets measured at fair value. Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.

- 19 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Changes in Level 3 assets measured at fair value for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 are as follows:

	First Lien Loans			Second Lien Loans			Unsecured Loans		Equity			Total
Fair value at beginning of period	$	129,~~301~~850,~~440~~963		$	117,~~652~~987,~~480~~797		$	-	$	51,~~781~~379,~~033~~019		$	2919,~~734~~217,~~953~~779
Purchases of investments		~~65,000~~-			-			-		-			~~65,000~~-
Sales or repayment of investments		~~(192,932~~-	)		-			-		-			~~(192,932~~-	)
Payment-in-kind interest		-			~~234,092~~-			-		-			~~234,092~~-
Change in unrealized gain (loss) on investments		(1,~~048~~179,~~904~~891	)		(1392,~~852,979~~231	)		-		(~~135~~129,~~155~~643	)		(31,~~037~~701,~~038~~765	)
Realized gain (loss) on investments		(1,323,212	)		-			-		(4,226,523	)		(5,549,735	)
Fair value at end of period	$	8,671,072		$	7,595,566		$	-	$	1,249,376		$	17,516,014
Fair value at end of period	$	9,801,392		$	10,033,593		$	-	$	1,419,355		$	21,254,340
Change in unrealized gain (loss) on Level 3 investments still held as of March 31, 2025	$	(1,179,891	)	$	(392,231	)	$	-	$	(129,643	)	$	(1,701,765	)
Change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2024	$	(1,048,904	)	$	(1,852,979	)	$	-	$	(135,155	)	$	(3,037,038	)

Changes in Level 3 assets measured at fair value for the year ended December 31, ~~2023~~2024 are as follows:

	First Lien Loans			Second Lien Loans			Unsecured Loans		Equity			Total
Fair value at beginning of year	$	1312,~~144~~301,~~967~~440		$	1011,~~976~~652,~~647~~480		$	-	$	65,~~442~~781,~~474~~033		$	3029,~~564~~734,~~088~~953
Sales or repayment of investments		-			-			-		-			-
Purchases of investments		80,000			-			-		-			80,000
Payment-in-kind interest		-			166,339			-		-			166,339
Sales or repayment of investments		(192,932	)		-			-		-			(192,932	)
Realized gain (loss) on investments		-			-			-		(1,200	)		(1,200	)
Payment-in-kind interest		-			318,417			-		-			318,417
Change in unrealized gain (loss) on investments		(~~843~~1,~~527~~014,333	)		~~509~~(3,~~494~~983,100	)		-		(~~660~~175,~~241~~491	)		(~~994~~5,~~274~~172,924	)
Transfers in/out		-			-			-		-			-
Realized gain (loss) on investments		(1,323,212	)		-			-		(4,226,523	)		(5,549,735	)
Fair value at end of year	$	129,~~301~~850,~~440~~963		$	117,~~652~~987,~~480~~797		$	-	$	51,~~781~~379,~~033~~019		$	2919,~~734~~217,~~953~~779
Change in unrealized gain (loss) on Level 3 investments still held as of December 31, 2023	$	(843,527	)	$	509,494		$	-	$	(660,241	)	$	(994,274	)
Change in unrealized gain (loss) on Level 3 investments still held as of December 31, 2024	$	(2,357,078	)	$	(3,983,100	)	$	-	$	(4,402,014	)	$	(10,742,192	)

- 20 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

The following table provides quantitative information regarding Level 3 fair value measurements as of ~~September~~March 3031, ~~2024~~2025:

Description	Fair Value		Valuation Technique (1)	Unobservable Inputs	Range (Average (2))
First Lien Loans	$	98,~~736~~591,~~392~~072	Enterprise Value Coverage	EV / ~~STORE~~Store ~~LEVEL~~level EBITDAR Location Value	54.~~00x~~50x-5.~~50x~~005x (54.~~25x~~75x) $1,250,000-$1,450,000 ($1,350,000)
				Location Value	$1,400,000-$1,600,000 ($1,500,000)
		80,000	Appraisal Value Coverage	Cost Approach	$1,251,000-$1,529,000 ($1,390,000)
		65,000	Appraisal Value Coverage	Cost Approach	$1,350,000-$1,650,000 ($1,500,000)
Total		8,671,072		Sales Comparison Approach	$1,377,000-$1,683,000 ($1,530,000)
				Sales Comparison Approach	$1,404,000-$1,716,000 ($1,560,000)
Second Lien Loans		4,798,535	Enterprise Value Coverage	EV / LTM Revenue EV / PF Revenue	0.30x-0.35x (0.33x) 1.05x-1.15x (1.10x)
Total		9,801,392
		2,797,031	Net Orderly Liquidation Value	Total Asset Value Recovery Rate	49%-80% (64%)
Second Lien Loans		7,114,217	Enterprise Value Coverage	EV / LTM Revenue	0.40x-0.45x (0.43x)
Total		7,595,566
				EV / PF Revenue	1.05x-1.15x (1.10x)
Unsecured Loans		-	Enterprise Value Coverage	EV / Run Rate Revenue	0.30x-0.35x (0.33x)
		2,919,376	Net Orderly Liquidation Value	Total Asset Value Recovery Rate	72%-106% (89%)
Total		10,033,593
Unsecured Loans		-	Enterprise Value Coverage	EV / LTM Revenue	0.40x-0.45x (0.43x)
Total		-
Equity		-	Enterprise Value Coverage	EV / LTM Revenue	0.~~40x~~30x-0.~~45x~~35x (0.~~43x~~33x)
				EV / PF Revenue	1.05x-1.15x (1.10x)
				EV / PF EBITDA	1.05x-1.15x (1.10)
				EV / Store level EBITDAR Location Value	5.00x-5.50x (5.25x) $1,400,000-$1,600,000 ($1,500,000)
				EV / Store level EBITDAR	4.50x-5.00x (4.75x)
		-	Net Orderly Liquidation Value	Total Asset Value Recovery Rate	72%-106% (89%)
				Location Value	$1,250,000-$1,450,000 ($1,350,000)
		1,419,355	Appraisal Value Coverage	Cost Approach	$1,350,000-$1,650,000 ($1,500,000)
		-	Net Orderly Liquidation Value	Total Asset Value Recovery Rate	49%-80% (64%)
				Sales Comparison Approach	$1,404,000-$1,716,000 ($1,560,000)
		1,249,376	Appraisal Value Coverage	Cost Approach	$1,251,000-$1,529,000 ($1,390,000)
Total		1,419,355
				Sales Comparison Approach	$1,377,000-$1,683,000 ($1,530,000)
Total Level 3 Investments	$	$21,254,340
Total		1,249,376
Total Level 3 Investments	$	17,516,014

(1) There were no changes in the valuation technique for the Company’'s investments from the prior quarter.

(2)

The average represents the arithmetic average of the unobservable inputs and is not weighted by the relative fair value.

- 21 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

The ~~following~~Company ~~table~~had ~~provides~~no ~~quantitative~~other ~~information regarding~~remaining Level 3 ~~fair value measurements as of December 31, 2023:~~investments.

Description	Fair Value		Valuation Technique (1)	Unobservable Inputs	Range (Average (2))
First Lien Loans	$	12,128,041	Enterprise Value Coverage	EV / Store level EBITDAR	5.25x-5.75x (5.50x)
				Location Value	$1,425,000-$1,625,000 (1,525,000)
Total		12,128,041
Second Lien Loans		11,652,480	Enterprise Value Coverage	EV / Run Rate Revenue	0.37x-0.42x (0.39x)
				EV / PF EBITDA	5.50x-6.50x (6.00x)
Total		11,652,480
Unsecured Loans		-	Enterprise Value Coverage	EV / Run Rate Revenue	0.37x-0.42x (0.39x)
Total		-
Equity		4,237,192	Enterprise Value Coverage	EV / Run Rate Revenue	0.37x-0.42x (0.39x)
				EV / PF EBITDA	5.50x-6.50x (6.00x)
				EV / Store level EBITDAR	5.25x-5.75x (5.50x)
				Location Value	$1,425,000-$1,625,000 ($1,525,000)
				Cost Approach	$1,413,000-$1,727,000 (1,570,000)
		1,543,841	Appraisal Value Coverage	Sales Comparison Approach	$1,440,000-$1,760,000 ($1,600,000)
Total		5,781,033
Total Level 3 Investments	$	29,561,554

The following table provides quantitative information regarding Level 3 fair value measurements as of December 31, 2024:

(3) There were no changes in the valuation technique for the Company’s investments from the prior quarter.

Description	Fair Value		Valuation Technique ⁽¹⁾	Unobservable Inputs	Range (Average ⁽²⁾)

First Lien Loans	$	9,770,963	Enterprise Value Coverage	EV / STORE LEVEL EBITDAR Location Value	4.75x-5.25x(5.00x) $1,300,000-$1,500,000 ($1,400,000)
		80,000	Appraisal Value Coverage	Cost Approach	$1,323,000-$1,617,000 ($1,470,000)
				Sales Comparison Approach	$1,395,000-$1,705,000 ($1,550,000)
Total		9,850,963

Second Lien Loans		4,874,360	Enterprise Value Coverage	EV / LTM Revenue EV / PF Revenue	0.37x-0.42x (0.40) 1.05x-1.15x (1.10x)
		3,113,437	Net Orderly Liquidation Value	Total Asset Value Recovery Rate	54%-86% (70%)
Total		7,987,797

Unsecured Loans		-	Enterprise Value Coverage	EV / LTM Revenue	0.37x-0.42x (0.40x)
Total		-

Equity		-	Enterprise Value Coverage	EV / LTM Revenue	0.37x-0.42x (0.40x)
				EV / PF Revenue	1.05x-1.15x (1.10x)
				EV / Store level EBITDAR Location Value	4.75x-5.25x (5.00x) $1,300,000-$1,500,000 ($1,400,000)
		-	Net Orderly Liquidation Value	Total Asset Value Recovery Rate	54%-86% (70%)
		1,379,019	Appraisal Value Coverage	Cost Approach	$1,323,000-$1,617,000 ($1,470,000)
				Sales Comparison Approach	$1,395,000-$1,705,000 ($1,550,000)
Total		1,379,019
Total Level 3 Investments	$	19,217,779

(41) ~~The~~There ~~average~~were ~~represents~~no ~~the~~changes ~~arithmetic~~in ~~average of~~ the ~~unobservable~~valuation ~~inputs~~technique ~~and~~for isthe ~~not~~Company's ~~weighted~~investments byfrom the ~~relative~~prior ~~fair value~~quarter.

A(2) ~~Level~~The 3average ~~investment,~~represents ~~valued at $173,399, was an investment in a portfolio company that ceased operations in~~ the ~~second~~arithmetic ~~quarter~~average of ~~2022.~~the ~~This value consisted of an estimate of remaining cash available to distribute to priority lienholders. As a result, there were no~~ unobservable inputs ~~that~~and ~~have~~is ~~been~~not ~~internally~~weighted ~~developed~~ by the ~~Company~~relative ~~in determining the~~ fair ~~values of these investments as of December 31, 2023~~value.

As of September 30, 2024 and December 31, 2023, the Company used a market approach to value certain equity investments as the Company felt this approach better reflected the fair value of these investments. By considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. Refer to “Note 2—Significant Accounting Policies” for more detail.

The Company considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases (decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values all else equal. Decreases (increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Company carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies” for more detail.

- 22 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

The ~~primary significant unobservable input used in the fair value measurement of the~~ Company’s ~~debt~~had ~~securities~~no ~~(first~~other ~~lien~~remaining ~~loans,~~Level ~~second~~3 ~~lien loans and unsecured loans), including income-producing~~ investments ~~in funds, is the discount rate~~. Significant increases (decreases) in the discount rate in isolation would result in a significantly lower (higher) fair value measurement. In determining the discount rate, for the income (discounted cash flow) or yield approach, the Company considers current market yields and multiples, portfolio company performance, leverage levels and credit quality, among other factors in its analysis. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate discount rate to use in the income approach.

~~The~~As ~~primary significant unobservable inputs used in the fair value measurement~~ of ~~the~~March ~~Company’s~~31, ~~equity~~2025 ~~investments are the EBITDA multiple~~ and ~~revenue~~December ~~multiple~~31, ~~which~~2024, isthe Company used ~~to determine the Enterprise Value. Significant increases (decreases) in the Enterprise Value in isolation would result in~~ a ~~significantly higher~~market ~~(lower)~~approach ~~fair~~to value ~~measurement.~~certain Toequity ~~determine~~investments ~~the~~as ~~Enterprise Value for~~ the ~~market approach, the~~ Company ~~considers~~felt ~~current~~this ~~market trading~~approach ~~and/or~~better ~~transaction~~reflected ~~multiples,~~the ~~portfolio~~fair ~~company~~value ~~performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more~~ of these ~~factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market approach~~investments.

The primary significant unobservable input used in the fair value measurement of the Company’s debt securities (first lien loans, second lien loans and unsecured loans), when using an income approach, is the discount rate. Significant increases (decreases) in the discount rate in isolation would result in a significantly lower (higher) fair value measurement. In determining the discount rate, for the income (discounted cash flow) or yield approach, the Company considers current market yields and multiples, portfolio company performance, leverage levels and credit quality, among other factors in its analysis. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate discount rate to use in the income approach.

The primary significant unobservable inputs used in the fair value measurement of the Company’s equity investments, when using a market approach, are the EBITDA multiple and revenue multiple, which is used to determine the Enterprise Value. Significant increases (decreases) in the Enterprise Value in isolation would result in a significantly higher (lower) fair value measurement. To determine the Enterprise Value for the market approach, the Company considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market approach.

The primary unobservable inputs used in the fair value measurement of the Company’s equity investments, when using an option pricing model to allocate the equity value to the investment, are the discount rate for lack of marketability and volatility. Significant increases (decreases) in the discount rate in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the volatility in isolation would result in a significantly higher (lower) fair value measurement. Changes in one or more factors can have a similar directional change on other factors in determining the appropriate discount rate or volatility to use in the valuation of equity using an option pricing model.

- 23 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

(Unaudited)

NOTE 6 – RELATED PARTY TRANSACTIONS

House Hanover Investment Advisory Agreement

House Hanover has served as the Company’s investment advisor since January 1, 2018 pursuant to the Interim Investment Advisory Agreement (until May 31, 2018) and the House Hanover Investment Advisory Agreement (since May 31, 2018). ~~The~~ House Hanover Investment Advisory Agreement was last annually renewed by the Board and by a majority of the members of the Board who are not parties to the House Hanover Investment Advisory Agreement or “interested persons” (as such term is ~~defined in the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act and the House Hanover Investment Advisory Agreement on May 9, 2024. House Hanover is~~ registered as an investment advisor under the 1940 Act.

Advisory Services

House Hanover is registered as an investment adviser under the 1940 Act and serves as the Company’s investment advisor pursuant to the House Hanover Investment Advisory Agreement in accordance with the 1940 Act. House Hanover is owned by and an affiliate of Mr. Mark DiSalvo, the Company’s Interim President, Interim Chief Executive Officer, and a director of the Company.

Subject to supervision by the Company’s Board, House Hanover oversees the Company’s day-to-day operations and provides the Company with investment advisory services. Under the terms of the House Hanover Investment Advisory Agreement, House Hanover, among other things,: (i) determines the composition and allocation of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the Company’s investments; (iv) determines the securities and other assets that the Company shall purchase, retain, or sell; (v) performs due diligence on prospective portfolio companies; (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds; and (vii) if directed by the Board, assists in the execution and closing of the sale of the Company’s assets or a sale of the equity of the Company in one or more transactions. House Hanover’s services under the House Hanover Investment Advisory Agreement may not be exclusive and it is free to furnish similar services to other entities so long as its services to the Company are not impaired. At the request of the Company, House Hanover, upon any transition of the Company’s investment advisory relationship to another investment advisor or upon any internalization, shall provide reasonable transition assistance to the Company and any successor investment advisor.

-Management ~~23 -~~Fee

Pursuant to the House Hanover Investment Advisory Agreement, the Company pays House Hanover a base management fee for investment advisory and management services. The cost of the base management fee is ultimately borne by the Company’s stockholders. The House Hanover Investment Advisory Agreement does not contain an incentive fee component.

The base management fee is calculated at an annual rate of 1.00% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents net of all indebtedness of the Company for borrowed money and other liabilities of the Company. The base management fee is payable quarterly in arrears, and determined as set forth in the preceding sentence at the end of the two most recently completed calendar quarters. The Board may retroactively adjust the valuation of the Company’s assets and the resulting calculation of the base management fee in the event the Company or any of its assets are sold or transferred to an independent third party or the Company or House Hanover receives an audit report or other independent third party valuation of the Company. To the extent that any such adjustment increases or decreases the base management fee of any prior period, the Company will be obligated to pay the amount of increase to House Hanover or House Hanover will be obligated to refund the decreased amount, as applicable.

Management fees earned by House Hanover for the three months ended March 31, 2025 and March 31, 2024 were $48,760 and $76,746, respectively.

As of March 31, 2025 and December 31, 2024, management fees of $104,046 and $55,286, respectively, were payable to House Hanover.

- 24 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Management Fee

The base management fee is calculated at an annual rate of 1.00% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents net of all indebtedness of the Company for borrowed money and other liabilities of the Company. The base management fee is payable quarterly in arrears, and determined as set forth in the preceding sentence at the end of the two most recently completed calendar quarters. The Board may retroactively adjust the valuation of the Company’s assets and the resulting calculation of the base management fee in the event the Company or any of its assets are sold or transferred to an independent third-party or the Company or House Hanover receives an audit report or other independent third party valuation of the Company. To the extent that any such adjustment increases or decreases the base management fee of any prior period, the Company will be obligated to pay the amount of increase to House Hanover or House Hanover will be obligated to refund the decreased amount, as applicable.

Management fees earned by House Hanover for the three months ended September 30, 2024 and September 2023 were $58,140 and $76,453, respectively. Management fees earned by House Hanover for the nine months ended September 30, 2024 and 2023 were $202,098 and $238,657, respectively.

As of September 30, 2024 and December 31, 2023, management fees of $58,140 and $78,889, respectively, were payable to House Hanover.

Incentive Fee

The Company is not obligated to pay House Hanover an incentive fee. Incentive fees are a typical component of investment advisory agreements with business development companies.

Payment of Expenses

House Hanover bears all compensation expense (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and bears the costs of any salaries or directors’ fees of any officers or directors of the Company who are affiliated persons (as defined in the 1940 Act) of House Hanover. However, House Hanover, subject to approval by the Board of the Company, is entitled to reimbursement for the portion of any compensation expense and the costs of any salaries of any such employees to the extent attributable to services performed by such employees for the Company. During the term of the House Hanover Investment Advisory Agreement, House Hanover will also bear all of its costs and expenses for office space rental, office equipment, utilities and other non-compensation related overhead allocable to performance of its obligations under the House Hanover Investment Advisory Agreement.

Except as provided in the preceding paragraph the Company reimburses House Hanover all direct and indirect costs and expenses incurred by it during the term of the House Hanover Investment Advisory Agreement for: (i) due diligence of potential investments of the Company, (ii) monitoring performance of the Company’s investments, (iii) serving as officers of the Company, (iv) serving as directors and officers of portfolio companies of the Company, (v) ~~providing~~ providing managerial assistance to portfolio companies of the Company, and (vi) enforcing the Company’s rights in respect of its ~~investments~~ investments and disposing of its investments; provided, however, that, any third- party expenses incurred by House Hanover in excess of $50,000 in the aggregate in any calendar quarter will require advance approval by the Board of the Company.

In addition to the foregoing, the Company will also be responsible for the payment of all of the Company’s other expenses, including the payment of the following fees and expenses:

● organizational and offering expenses; ● expenses incurred in valuing the Company’s assets and computing its net asset value per share (including the cost and expenses of any independent valuation firm); ● subject to the guidelines approved by the Board of Directors, expenses incurred by House Hanover that are payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in monitoring the Company’s investments and performing due diligence on the Company’s prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments;

-● 24expenses -incurred in valuing the Company’s assets and computing its net asset value per share (including the cost and expenses of any independent valuation firm);

●

subject to the guidelines approved by the Board of Directors, expenses incurred by House Hanover that are payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in monitoring the Company’s investments and performing due diligence on the Company’s prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments;

●

interest payable on debt, if any, incurred to finance the Company’s investments and expenses related to unsuccessful portfolio acquisition efforts;

●

offerings of the Company’s common stock and other securities;

●

administration fees;

●

transfer agent and custody fees and expenses;

●

U.S. federal and state registration fees of the Company (but not House Hanover);

●

all costs of registration and listing the Company’s shares on any securities exchange;

●

U.S. federal, state and local taxes;

●

independent directors’ fees and expenses;

- 25 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

● interest payable on debt, if any, incurred to finance the Company’s investments and expenses related to unsuccessful portfolio acquisition efforts; ● offerings of the Company’s common stock and other securities; ● administration fees; ● transfer agent and custody fees and expenses; ● U.S. federal and state registration fees of the Company (but not House Hanover); ● all costs of ~~registration and listing the Company’s shares on any securities exchange; ● U.S. federal, state and local taxes; ● independent directors’ fees and expenses; ● costs of~~ preparing and filing reports or other documents required of the Company (but not House Hanover) by the SEC or other regulators; ● costs of any reports, proxy statements or other notices to stockholders, including printing costs; ● the costs associated with individual or group stockholders; ● the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; ● direct costs and expenses of administration and operation of the Company, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and ● all other non-investment advisory expenses incurred by the Company regarding administering the Company’s business.

●

costs of any reports, proxy statements or other notices to stockholders, including printing costs;

●

the costs associated with individual or group stockholders;

●

the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

●

direct costs and expenses of administration and operation of the Company, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and

●

all other non-investment advisory expenses incurred by the Company regarding administering the Company’s business.

Duration and Termination

Unless terminated earlier as described below, the House Hanover Investment Advisory Agreement will continue in effect for a period of one (1) year from its effective date. It will remain in effect from year to year thereafter if approved annually by the Company’s Board or by the affirmative vote of the holders of a majority of the Company’s outstanding voting securities, and, in either case, if also approved by a majority of Company’s directors who are neither parties to the House Hanover Investment Advisory Agreement nor “interested persons” (as defined under the 1940 Act) of any such party. The House Hanover Investment Advisory Agreement was last annually renewed by the Board and by a majority of the members of the Board who are not parties to the House Hanover Investment Advisory Agreement or “interested persons” (as such term is defined in the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act and the House Hanover Investment Advisory Agreement on May 912, ~~2024~~2025.

The House Hanover Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, (i) upon written notice, effective on the date set forth in such notice, by the vote of a majority of the outstanding voting securities of the Company or by the vote of the Company’s directors, or (ii) upon 60 days’ written notice, by House Hanover. The House Hanover Investment Advisory Agreement automatically terminates in the event of its “assignment,” as defined in the 1940 Act.

- 25 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

September 30, 2024

(Unaudited)

Indemnification

The House Hanover Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or negligence in the performance of their duties, or by reason of the material breach or reckless disregard of their duties and obligations under the House Hanover Investment Advisory Agreement, House Hanover and its officers, managers, employees and members are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of House Hanover’s services under the House Hanover Investment Advisory Agreement or otherwise as the Company’s investment advisor. The amounts payable for indemnification will be calculated net of payments recovered by the indemnified party under any insurance policy with respect to such losses.

At all times during the term of the House Hanover Investment Advisory Agreement and for one year thereafter, House Hanover is obligated to maintain directors and officers/errors and omission liability insurance in an amount and with a provider reasonably acceptable to the Board of the Company.

Administration Services and Service Agreement

House Hanover is entitled to reimbursement of expenses under the House Hanover Investment Advisory Agreement for administrative services performed for the Company.

On January 1, 2018, Princeton Capital Corporation directly entered into a service agreement with SS&C Technologies Holdings, Inc. (the “Sub-Administrator”) to provide certain administrative services to the Company. In exchange for providing services, the Company pays the Sub-Administrator an asset-based fee with a $168,596 annual minimum as adjusted for any reimbursement of expenses. This annual minimum was amended in the service agreement on April 20, 2019 and has increased annually by the US Consumer Price Index – All Urban Consumers per the service agreement on July 1st of each year beginning on July 1, 2020. This asset-based fee will vary depending upon our gross assets, as adjusted, as follows:

Gross Assets		Fee
first $150 million of gross assets		20 basis points (0.20%)
next $150 million of gross assets		15 basis points (0.15%)
next $200 million of gross assets		10 basis points (0.10%)
in excess of $500 million of gross assets		5 basis points (0.05%)

Administration fees were $64,875 and fees to the Sub-Administrator were $42,149 for the three months ended September 30, 2024, as shown on the Statements of Operations under administration fees. Administration fees were $194,625 and fees to the Sub-Administrator were $122,228 for the nine months ended September 30, 2024, as shown on the Statements of Operations under administration fees.

Administration fees were $64,875 and fees to the Sub-Administrator were $40,040 for the three months ended September 30, 2023, as shown on the Statements of Operations under administration fees. Administration fees were $194,625 and fees to the Sub-Administrator were $115,552 for the nine months ended September 30, 2023, as shown on the Statements of Operations under administration fees.

Managerial Assistance

As a BDC, we offer, and must provide upon request, managerial assistance to our portfolio companies. This assistance could involve monitoring the operations of our portfolio companies, participating in board of directors and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. As of September 30, 2024, none of the portfolio companies had accepted our offer for such services, except for Advantis Certified Staffing Solutions, Inc. (“Advantis”). On May 1, 2022, Advantis requested one of its directors, Gregory J. Cannella who also serves as our Chief Financial Officer, become the Executive Chair of Advantis to provide executive authority and leadership in the absence of their former president, who resigned in March 2022. Mr. Cannella has agreed to take this position and in return will be compensated by Advantis in the amount of $5,000 per month. The title and benefits of this position can be removed at any time by the board of directors of Advantis.

- 26 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

On January 1, 2018, Princeton Capital Corporation directly entered into a service agreement with SS&C Technologies Holdings, Inc. (the “Sub-Administrator”) to provide certain administrative services to the Company. In exchange for providing services, the Company pays the Sub-Administrator an asset-based fee with a $168,597 annual minimum as adjusted for any reimbursement of expenses. This annual minimum was amended in the service agreement on April 20, 2019 and has increased annually by the US Consumer Price Index – All Urban Consumers per the service agreement on July 1^st of each year beginning on July 1, 2020. This asset-based fee will vary depending upon our gross assets, as adjusted, as follows:

Gross Assets		Fee
first $150 million of gross assets		20 basis points (0.20%)
next $150 million of gross assets		15 basis points (0.15%)
next $200 million of gross assets		10 basis points (0.10%)
in excess of $500 million of gross assets		5 basis points (0.05%)

Administration fees were $64,875 and fees to the Sub-Administrator were $42,149 for the three months ended March 31, 2025, as shown on the Statements of Operations under administration fees. Administration fees were $64,875 and fees to the Sub-Administrator were $40,040 for the three months ended March 31, 2024, as shown on the Statements of Operations under administration fees.

As of March 31, 2025 and December 31, 2024, administration fees of $129,750 and $64,875, respectively, were payable to House Hanover and are recorded as Due to affiliates on the Statements of Assets and Liabilities.

Managerial Assistance

As a BDC, we offer, and must provide upon request, managerial assistance to our portfolio companies. This assistance could involve monitoring the operations of our portfolio companies, participating in board of directors and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. As of March 31, 2025, none of the portfolio companies had accepted our offer for such services, except for Advantis Certified Staffing Solutions, Inc. (“Advantis”). On May 1, 2022, Advantis requested one of its directors, Gregory J. Cannella who also serves as our Chief Financial Officer, become the Executive Chair of Advantis to provide executive authority and leadership in the absence of their former president, who resigned in March 2022. Mr. Cannella has agreed to take this position and in return will be compensated by Advantis in the amount of $5,000 per month. The title and benefits of this position can be removed at any time by the board of directors of Advantis.

NOTE 7 – FINANCIAL HIGHLIGHTS

	Three Months Ended			Three Months Ended
	September 30, 2024			September 30, 2023
	March 31, 2025			March 31, 2024
	(Unaudited)			(Unaudited)
Per Share Data (1):
Net asset value at beginning of period	$	0.~~200~~175		$	0.~~278~~265
Net investment gain (loss)		-(0.003	)		(0.001	)
Change in unrealized loss		(0.~~008~~014	)		(0.~~007~~054	)
Realized gain (loss)		-			-
Net asset value at end of period	$	0.158		$	0.210
Net asset value at end of period	$	0.192		$	0.272
Total return based on net asset value (2)		(9.7	)%		(20.8	)%
Total return based on net asset value (2)		(4.00	)%		(2.2	)%
Weighted average shares outstanding for period, basic		120,486,061			120,486,061
Ratio/Supplemental Data:
Net assets at end of period	$	2318,~~125~~993,~~404~~097		$	3225,~~758~~270,~~699~~612
Average net assets	$	2421,~~127~~020,~~453~~486		$	3331,~~533~~831,~~386~~661
Ratio of net operating expenses to average net assets (3)		5.8.1	%		45.20	%
Ratio of net operating expenses excluding management fees, incentive fees, and interest expense to average net assets (3)		47.82	%		34.30	%
Ratio of net investment income (loss) to average net assets (3)		(06.47	)%		(1.90	)%
Ratio of net investment income (loss) to average net assets, excluding other income from non-investment sources (3)		(06.47	)%		(1.90	)%
Ratio of net decrease in net assets resulting from operations to average net assets (3)		(1639.76	)%		(983.36	)%
Portfolio Turnover		0.230	%		0.0	%

	Nine Months Ended			Nine Months Ended
	September 30, 2024			September 30, 2023
	(Unaudited)			(Unaudited)
Per Share Data (1):
Net asset value at beginning of period	$	0.265		$	0.266
Net investment income (loss)		(0.002	)		0.006
Change in unrealized gain (loss)		(0.025	)		-
Realized gain (loss)		(0.046	)		-
Net asset value at end of period	$	0.192		$	0.272
Total return based on net asset value (2)		(27.5	)%		2.3	%
Weighted average shares outstanding for period, basic		120,486,061			120,486,061
Ratio/Supplemental Data:
Net assets at end of period	$	23,125,404		$	32,758,699
Average net assets	$	27,061,680		$	32,238,403
Ratio of net operating expenses to average net assets (3)		5.7	%		5.0	%
Ratio of net operating expenses excluding management fees, incentive fees, and interest expense to average net assets (3)		4.7	%		4.0	%
Ratio of net investment income (loss) to average net assets (3)		(0.9	)%		3.1	%
Ratio of net investment income (loss) to average net assets, excluding other income from non-investment sources (3)		(1.0	)%		3.1	%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets (3)		(43.2	)%		2.8	%
Portfolio Turnover		0.27	%		0.00	%

- 27 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

	Year Ended December 31,
	2023			2022			2021			2020			2019
	2024			2023			2022			2021			2020
Per Share Data (1):
Net asset value at beginning of period	$	0.~~266~~265		$	0.~~286~~266		$	0.~~187~~286		$	0.~~276~~187		$	0.~~345~~276
Net investment income (loss)		(0.~~007~~001	)		(0.~~006~~007	)		(0.~~007~~006	)		(0.~~005~~007	)		(0.~~009~~005	)
Change in unrealized gain (loss)		(0.~~008~~043	)		(0.~~025~~008	)		0.~~106~~025			(0.~~022~~106	)		(0.~~060~~022	)
Realized gain (loss)		-(0.046	)		~~0.036~~-			-0.036			~~(0.062~~-	)		-(0.062	)
Dividend distribution		-			~~(0.075~~-	)		-(0.075	)		-			-
Net asset value at end of period	$	0.~~265~~175		$	0.~~266~~265		$	0.~~286~~266		$	0.~~187~~286		$	0.~~276~~187
Total return based on net asset value (2)		(034.40	)%		(7.0.4	)%		52(7.90	)%		~~(32~~52.609	)%		(2032.060	)%
Weighted average shares outstanding for period, basic		120,486,061			120,486,061			120,486,061			120,486,061			120,486,061
Ratio/Supplemental Data:
Net assets at end of period	$	3121,~~904~~043,~~562~~266		$	3231,~~083~~904,~~462~~562		$	3432,~~472~~083,~~992~~462		$	2234,~~479~~472,~~540~~992		$	3322,~~280~~479,~~329~~540
Average net assets	$	3226,~~367~~066,~~368~~545		$	3532,~~317~~367,~~720~~368		$	2935,~~126~~317,~~862~~720		$	2529,~~276~~126,~~013~~862		$	3825,~~504~~276,~~249~~013
Total operating expenses to average net assets		45.98	%		64.69	%		6.06	%		6.20	%		56.82	%
Net operating expenses to average net assets		45.98	%		64.69	%		6.06	%		6.20	%		56.82	%
Net operating expenses excluding management fees, incentive fees, and interest expense to average net assets		4.08	%		54.60	%		5.16	%		5.21	%		45.92	%
Net investment income (loss) to average net assets		2(0.5	)%		(2.25	)%		(32.02	)%		(23.70	)%		(2.87	)%
Net investment income (loss) to average net assets, excluding other income from non-investment sources		2(0.59	)%		(2.35	)%		(32.03	)%		(3.0	)%		(23.80	)%
Net increase (decrease) in net assets resulting from operations to average net assets		(041.6	)%		18(0.86	)%		4118.28	%		~~(42~~41.72	)%		(2142.57	)%
Portfolio Turnover		0.0	%		320.30	%		032.43	%		0.4	%		0.74	%

(1) Financial highlights are based on weighted average shares outstanding.

(1)	Financial highlights are based on weighted average shares outstanding.
(2)	Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period. The total returns are not annualized.

(2) Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period. The total returns are not annualized.

(3) Financial Highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Non-recurring expenses are not annualized. For the three months ended March 31, 2022 and 2021, the Company did not exclude any nonrecurring expenses. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

NOTE 8 – COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. The Company maintains sufficient assets to provide adequate cover to allow it to satisfy its unfunded commitment amount as of ~~September~~March 3031, ~~2024~~2025. The unfunded commitment is accounted for under ASC 820. As of the date of this report, all commitments ~~have~~ have been funded.

~~Legal~~On ~~Proceedings~~December 24, 2024, the Company entered into a Corporate Guaranty Agreement with a new food vendor of Rockfish Seafood Grill, Inc. (“Rockfish”) that should provide significant savings to Rockfish. This guaranty is limited to $90,000 and expires on June 1, 2025. As of March 31, 2025, the entire guaranty of $90,000 is still outstanding. The Company does not believe that this guaranty will get called by its expiration date, as Rockfish will pay outstanding invoices out of its own operations.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. The Company is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

Risks and Uncertainties

Russia/Belarus Action with Ukraine

Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics) may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Specifically, the rising conflict between Russia and Ukraine, and resulting market volatility could adversely affect the Company’s operations. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, may materially impact the valuation of the portfolio investments and in turn, the net asset value of the Company. The specific impact on the Company’s financial condition, results of operations, and cash flows is not determinable as of the date of these financial statements.

- 28 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Legal Proceedings

Risks and Uncertainties

Russia/Belarus Action with Ukraine

Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Specifically, the rising conflict between Russia and Ukraine, and resulting market volatility could adversely affect the Company's operations. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, may materially impact the valuation of the portfolio investments and in turn, the net asset value of the Company. The specific impact on the Company's financial condition, results of operations, and cash flows is not determinable as of the date of these financial statements.

NOTE 9 – UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

The Company’s investments are primarily in private small and lower middle-market companies. In accordance with Rules 3.09 and 4.08(g) of Regulation S-X, the Company must determine which of its unconsolidated controlled portfolio companies are considered “significant subsidiaries”, if any. On May 21, 2020, the ~~SEC~~U.S. Securities and Exchange Commission adopted rule amendments to be effective on January 1, 2021. Under the new rules, a new definition of “significant subsidiary” was adopted.

In evaluating these investments, there are now two tests utilized to determine if any of the Company’s control investments are considered significant subsidiaries; the investment and the income significant tests. The asset significant test was eliminated under the new rules. Rule 3.09 of Regulation S-X, as interpreted by the SEC, requires the Company to include separate audited financial statements of any unconsolidated majority-owned subsidiary in an annual report if the subsidiary investment value exceeds 20% of the Company’s total investments at fair value, the income from the subsidiary investment exceeds 80% of the Company’s change in net assets resulting from operations, or the income from the subsidiary investment exceeds 20% of the Company’s change in net assets resulting from operations and the subsidiary investment value exceeds 5% of the Company’s total investments at fair value. Rule 4.08(g) of Regulation S-X requires summarized financial information of an unconsolidated subsidiary in an annual report where the Company owns more than 25% of the voting securities or is otherwise controlled by the Company if it does not qualify under Rule 3.09 of Regulation S-X and if the subsidiary investment value exceeds 10% of the Company’s total investments at fair value, the income from the subsidiary investment exceeds 80% of the Company’s change in net assets resulting from operations, or the income from the subsidiary investment exceeds 10% of the Company’s change in net assets resulting from operations and the subsidiary investment value exceeds 5% of the Company’s total investments at fair value.

Rule 10-01(b)(1) of Regulation S-X requires summarized financial information for interim financial statements, if the Company owns more than 25% of the voting securities or is otherwise controlled by the Company and if the subsidiary investment value exceeds 10% of the Company’s total investments at fair value, the income from the subsidiary investment exceeds 80% of the Company’s change in net assets resulting from operations, or the income from the subsidiary investment exceeds 10% of the Company’s change in net assets resulting from operations and the subsidiary investment value exceeds 5% of the Company’s total investments at fair value.

The Company has determined that Rockfish Seafood Grill, Inc., and Advantis Certified Staffing Solutions, Inc., two of the Company’s four majority owned or controlled portfolio companies, were considered a significant subsidiary at ~~September~~March 3031, ~~2024~~2025 as prescribed under Rule 10-01(b)(1) of Regulation S-X.

- 29 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

(Unaudited)

The following tables show the summarized financial information for Rockfish Seafood Grill, Inc. and Advantis Certified Staffing Solutions, Inc. (numbers in thousands):

Rockfish Seafood Grill, Inc.

Advantis Certified Staffing Solutions, Inc.

Nine Months Ended September 30, 2024

Nine Months Ended September 30, 2023

Nine Months Ended September 30, 2024

Nine Months Ended September 30, 2023

Three months Ended March 31, 2025

Three months Ended March 31, 2024

Three months Ended March 31, 2025

Three months Ended March 31, 2024

(unaudited)

Income Statement

Net Revenue

123,~~296~~826

113,~~940~~808

41,~~129~~411

51,~~820~~383

Gross Profit

82,~~715~~665

82,~~479~~639

~~931~~326

~~1,356~~302

Net Income (Loss)

(~~1,480~~371

)

(~~227~~625

)

(~~739~~37

)

~~1,418~~(320

)

NOTE 10 – SUBSEQUENT EVENTS

OnSubsequent ~~October~~to ~~9, 2024,~~ the ~~deposit~~quarter ~~held~~ended ~~for~~March by31, ~~the law~~2025 ~~firm~~and ~~representing~~through the ~~Company~~date of inthis ~~its litigation with Great Value Storage~~filing, ~~LLC~~there was ~~returned~~no inportfolio ~~the~~activity ~~amount~~or ofother ~~$27,758~~events to report.

~~Other~~- ~~than the event listed above, subsequent to the quarter ended September~~ 30, ~~2024 and through the date of this filing, there was no portfolio activity or other events to report.~~-

- 29 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

Schedule 12-14

The table below represents the fair value of control and affiliate investments at December 31, ~~2023~~2024 and any amortization, purchases, sales, and realized and change in unrealized gain (loss) made to such investments, as well as the ending fair value as of ~~September~~March 3031, ~~2024~~2025.

Portfolio Company/Type of Investment (1)	Principal Amount/Shares/ Ownership % at ~~September~~March 3031, ~~2024~~2025			Amount of Interest and Dividends Credited in Income		Fair Value at December 31, ~~2023~~2024		Purchases(2)		Sales			Transfers from Restructuring/ Transfers into Control Investments		Change in Unrealized Gains/(Losses)			Fair Value at ~~September~~March 3031, ~~2024~~2025
Control Investments
Advantis Certified Staffing Solutions, Inc.
Second Lien Loan, 12.0% Cash, due 11/30/2021 (3)	$	4,500,000		$	-	$	4,736,141	$	-	$	-		$	-	$	(541,298	)	$	4,194,843
Second Lien Loan, 12.0% Cash, due 11/30/2021(3)	$	4,500,000		$	-	$	3,836,547	$	-	$	-			-	$	29,644		$	3,866,191
Unsecured loan Consolidated BL Note 6.33% due 12/31/2024	$	1,381,586			65,651		-		-		-			-		-			-
Unsecured loan Consolidated BL Note 6.33% due 12/31/2027	$	1,381,586			21,564		-		-		-			-		-			-
Common Stock – Series A (3)		225,000			-		-		-		-			-		-			-
Common Stock – Series B (3)		9,500,000			-		-		-		-			-		-			-
Warrant for 250,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027 (3)		1			-		-		-		-			-		-			-
Warrant for 250,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027(3)		1			-		-		-		-			-		-			-
Warrant for 700,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027 (3)		1			-		-		-		-			-		-			-
Warrant for 700,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027(3)		1			-		-		-		-			-		-			-
Dominion Medical Management, Inc.
First Lien Loan, 12.0% Cash, 6% PIK due, 3/31/2020 (2) (3)	$	-1,516,144			-		~~173,399~~-		-		~~(5,742,667~~-	)		-		~~5,569,268~~-			-
Integrated Medical Partners, LLC
Preferred Membership – Class A units (3)		-800			-		-		-		-			-		-			-
Preferred Membership – Class B units (3)		-760			-		-		-		-			-		-			-
Common Units (3)		-14,082			-		-		-		-			-		-			-
PCC SBH Sub, Inc.
Common Stock (3)		100			-		1,~~543~~379,~~841~~019		-		-			-		(~~124~~129,~~486~~643	)		1,~~419~~249,~~355~~376
First Lien Revolving Loan 10%, due 5/8/2026		65,000			-		-		65,000		-			-		-			65,000
First lien Revolving Loan 10%, due 5/8/2026 (4)		80,000					80,000		-							-			80,000
Rockfish Seafood Grill, Inc.
First Lien Loan, 8% Cash, 6.0% PIK, due 3/31/2018 (2) (3)	$	6,352,944			-		97,~~877~~519,~~041~~963		-		-			-		(21,~~391~~179,~~649~~891	)		76,~~485~~340,~~392~~072
Revolving Loan, 8% Cash, due 12/31/2024	$	2,251,000			137,061		2,251,000		-		-			-		-			2,251,000
Revolving Loan, 8% PIK, due 12/31/2027	$	2,251,000			45,020		2,251,000		-		-			-		-			2,251,000
Rockfish Holdings, LLC
Warrant for Membership Interest, exercise price $0.001 per 1% membership interest, expires 7/28/2028 (3)		10.0	%		-		-		-		-			-		-			-
Membership Interest – Class A (3)		99.997	%		-		-		-		-			-		-			-
Total Control Investments				$	~~202~~66,~~712~~584	$	1815,~~581~~066,~~422~~529	$	~~65,000~~-	$	~~(5,742,667~~-	)	$	-	$	2(1,~~511~~279,~~835~~890	)	$	1513,~~415~~786,~~590~~639

⁽¹⁾

Represents an illiquid investment.

⁽²⁾

Includes PIK interest.

⁽³⁾

Non-income producing security.

- 3031 -

PRINCETON CAPITAL CORPORATION

NOTES TO FINANCIAL STATEMENTS

~~September~~March 3031, ~~2024~~2025

(Unaudited)

The table below represents the fair value of control and affiliate investments at December 31, ~~2022~~2023 and any amortization, purchases, sales, and realized and change in unrealized gain (loss) made to such investments, as well as the ending fair value as of ~~September~~March 3031, ~~2023~~2024.

Portfolio Company/Type of Investment (1)	Principal Amount/Shares/ Ownership % at ~~September~~March 3031, ~~2023~~2024			Amount of Interest and Dividends Credited in Income		Fair Value at December 31, ~~2022~~2023		Purchases (2)		Sales		Transfers from Restructuring/ Transfers into Control Investments		Change in Unrealized Gains/(Losses)			Fair Value at ~~September~~March 3031, ~~2023~~2024
Control Investments
Advantis Certified Staffing Solutions, Inc.
Second Lien Loan, 12.0% Cash, due 11/30/2021(3)	$	4,500,000		$	-	$	3,656,647	$	-	$	-	$	-	$	1,259,626		$	4,916,273
Second Lien Loan, 12.0% Cash, due 11/30/2021 (3)	$	4,500,000		$	-	$	4,736,141	$	-	$	-		-	$	(279,741	)	$	4,456,400
Unsecured loan Consolidated BL Note 6.33% due 12/31/2023	$	1,381,586			65,411		-		-		-		-		-			-
Unsecured loan Consolidated BL Note 6.33% due 12/31/2024	$	1,381,586			21,804		-		-		-		-		-			-
Common Stock – Series A (3)		225,000			-		-		-		-		-		-			-
Common Stock – Series B (3)		9,500,000			-		-		-		-		-		-			-
Warrant for 250,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027(3)		1			-		-		-		-		-		-			-
Warrant for 250,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027 (3)		1			-		-		-		-		-		-			-
Warrant for 700,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027(3)		1			-		-		-		-		-		-			-
Warrant for 700,000 Shares of Series A Common Stock, exercise price $0.01 per share, expires 1/1/2027 (3)		1			-		-		-		-		-		-			-
Dominion Medical Management, Inc.
First Lien Loan, 12.0% Cash, 6% PIK due, 3/31/2020 (2) (3)	$	1,516,144			-		~~184~~173,~~999~~399		-		-		-		~~(10~~19,~~977~~934	)		~~174~~193,~~022~~333
Integrated Medical Partners, LLC
Preferred Membership – Class A units (3)		800			-		-		-		-		-		-			-
Preferred Membership – Class B units (3)		760			-		-		-		-		-		-			-
Common Units (3)		14,082			-		-		-		-		-		-			-
PCC SBH Sub, Inc.
Common Stock (3)		100			-		1,~~698~~543,~~329~~841		-		-		-		(~~106~~34,~~143~~535	)		1,~~592~~509,~~186~~306
Rockfish Seafood Grill, Inc.
First Lien Loan, 8% Cash, 6.0% PIK, due 3/31/2018	$	6,352,944			579,572		10,708,968		-		-		-		(630,399	)		10,078,569
First Lien Loan, 8% Cash, 6.0% PIK, due 3/31/2018 (2) (3)	$	6,352,944			-		9,877,041		-		-		-		(2,145,510	)		7,731,531
Revolving Loan, 8% PIK, due 12/31/2023	$	2,251,000			136,561		2,251,000		-		-		-		-			2,251,000
Revolving Loan, 8% Cash, due 12/31/2024	$	2,251,000			45,520		2,251,000		-		-		-		-			2,251,000
Rockfish Holdings, LLC
Warrant for Membership Interest, exercise price $0.001 per 1% membership interest, expires 7/28/2028 (3)		10.0	%		-		-		-		-		-		-			-
Membership Interest – Class A (3)		99.997	%		-		-		-		-		-		-			-
Total Control Investments				$	~~781~~67,~~544~~324	$	18,~~499~~581,~~943~~422	$	-	$	-	$	-	$	~~512~~(2,~~107~~439,852	)	$	1916,~~012~~141,~~050~~570

⁽¹⁾

Represents an illiquid investment.

⁽²⁾

Includes PIK interest.

(3) Non-income 31producing -security.

- 32 -

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References herein to “we”, “us” or “our” refer to Princeton Capital Corporation (the “Company” or “Princeton Capital”), unless the context specifically requires otherwise.

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including statements as to:

●

our future operating results;

●

our business prospects and the prospects of our portfolio companies;

●

the effect of investments that we expect to make;

●

our contractual arrangements and relationships with third parties;

●

actual and potential conflicts of interest with our investment advisor;

●

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

●

the ability of our portfolio companies to achieve their objectives;

●

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

●

the adequacy of our financing sources and working capital;

●

the timing of cash flows, if any, from the operations of our portfolio companies;

●

the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments;

●

the ability of our investment advisor to attract and retain highly talented professionals;

●

our ability to qualify and maintain our qualification as a regulated investment company and as a business development company;

●

the effect of future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies or regulated investment companies.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q, and we assume no obligation to update any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law or Securities and Exchange Commission (“SEC”) rule or regulation. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

- 33 -

Overview

We are an externally managed, non-diversified, closed-end investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act” or “Investment Company Act”). While we have sought to invest primarily in private small and lower middle-market companies in various industries, we are now (with a strategic alternatives process underway and limited resources) investing only in current investments and otherwise conserving cash. Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through debt and related equity investments in private small and lower middle-market companies. Since January 1, 2018, we have been managed by House Hanover, LLC (“House Hanover”).

- 32 -

As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million, in each case organized in the United States.

Corporate History

In order to expedite the ramp-up of our investment activities and further our ability to meet our investment objectives on March 13, 2015, we (i) acquired approximately $11.2 million in cash, $43.5 million in equity and debt investments, and $1.9 million in restricted cash escrow deposits of Capital Point Partners, L.P. (“CPP”) and Capital Point Partners II, L.P. (“CPPII”) (together, the “Partnerships”), and (ii) issued approximately 115.5 million shares of our common stock based on a pre-valuation presumed fair value of $60.9 million and on a price of approximately $0.53 per share. While we have sought to invest primarily in private small and lower middle-market companies in various industries, we are now (with a strategic alternatives process underway and limited resources) investing only in current investments and otherwise conserving cash.

On an annual basis and in general, BDCs intend to elect to be treated for tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “Code”). To qualify as a RIC, a BDC must, among other things, meet certain source-of-income and asset diversification requirements. As a RIC, BDCs generally will not have to pay corporate-level taxes on any income they distribute to their stockholders. We did not meet the qualifications of a RIC for the ~~2023~~2024 tax year and will be taxed as a corporation under Subchapter C of the Code. Further, we do not expect to meet the qualifications of a RIC until such time as certain strategic alternatives are achieved.

Portfolio Composition and Investment Activity

Portfolio Composition

We originate and invest primarily in private small and lower middle-market companies through first lien loans, second lien loans, unsecured loans, unitranche and mezzanine debt financing, and corresponding equity investments. United States Treasury securities may be purchased and temporarily held in connection with complying with RIC diversification requirements under Subchapter M of the Code.

At- ~~September 30, 2024, the Company had investments in 4 portfolio companies. The total cost and fair value of the total investments were approximately $~~34.0 ~~million and $21.3 million, respectively. The composition of our investments by asset class as of September 30, 2024 is as follows:~~-

Investments	Cost		Fair Value		Percentage of Total Portfolio
Portfolio Investments
First Lien Loans	$	8,668,944	$	9,801,392		46.11	%
Second Lien Loans		11,650,431		10,033,593		47.21
Unsecured Loans		1,381,586		-		-
Equity		12,256,166		1,419,355		6.68
Total Portfolio Investments	$	33,957,127	$	21,254,340		100.0	%

At March 31, 2025, the Company had investments in 4 portfolio companies. The total cost and fair value of the total investments were approximately $34.1 million and $17.5 million, respectively. The composition of our investments by asset class as of March 31, 2025 is as follows:

- 33 -

Investments	Cost		Fair Value		Percentage of Total Portfolio
Portfolio Investments
First Lien Loans	$	8,683,944	$	8,671,072		49.5	%
Second Lien Loans		11,734,756		7,595,566		43.4
Unsecured Loans		1,381,586		-		-
Equity		12,256,166		1,249,376		7.1
Total Portfolio Investments	$	34,056,452	$	17,516,014		100.0	%

At December 31, ~~2023~~2024, the Company had investments in 54 portfolio companies. The total cost and fair value of the total investments were approximately $3934.41 million and $2919.72 million, respectively. The composition of our investments by asset class as of December 31, ~~2023~~2024 is as follows:

Investments	Cost		Fair Value		Percentage of Total Portfolio
Portfolio Investments
First Lien Loans	$	108,~~120~~683,~~088~~944	$	129,~~301~~850,~~440~~963		4151.372	%
Second Lien Loans		11,~~416~~734,~~339~~756		117,~~652~~987,~~480~~797		3941.196
Unsecured Loans		1,381,586		-		-0.0
Equity		1612,~~482~~256,~~689~~166		51,~~781~~379,~~033~~019		197.442
Total Portfolio Investments		3934,~~400~~056,~~702~~452		2919,~~734~~217,~~953~~779		100.00
Total Investments	$	3934,~~400~~056,~~702~~452	$	2919,~~734~~217,~~953~~779		100.00	%

At ~~September~~March 3031, ~~2024~~2025, our weighted average yield of our portfolio investments, based upon cost and excluding non-yielding assets, was approximately 117.944% of which approximately 97.314% is current cash interest, all bearing a fixed rate of interest except for one debt investment bearing interest at a variable rate. At December 31, ~~2023~~2024, our weighted average yield based upon cost of our portfolio investments was approximately 1112.8604% of which approximately 10 9.2340% is current cash interest.

At ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, we ~~held~~ held no United States Treasury securities. United States Treasury securities may be purchased and temporarily held in connection with ~~complying~~ complying with RIC diversification requirements under Subchapter M of the Code.

Investment Activity

Our level of investment activity can vary substantially from period to period depending on many factors, including the amount of debt and equity capital to middle market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

~~The~~On ~~primary~~March ~~portfolio~~13, ~~investment~~2025, ~~activities~~the Company entered into an amendment with Performance Alloys, LLC to waive the existing defaults and amend the minimum fixed charge coverage ratio covenants for the ~~nine~~2025 ~~months~~fiscal ~~ended~~year. The Company ~~September~~will ~~30,~~not ~~2024~~receive ~~are~~interest until such time as ~~follows:~~Performance Alloys is back in compliance with its original covenants.

●- On35 May 8, 2024, the Company entered into a loan agreement with PCC SBH Sub, Inc. to loan up to $100,000 in advances as the Company sees fit for operating capital. Any funds advanced will accrue interest at the rate of 10% for the first year of the agreement, then interest only will be payable quarterly in arrears. The agreement has a maturity date of May 8, 2026 and is secured by a first lien on all entity assets.-

● On May 10, 2024, the Company advanced $15,000 under its loan agreement with PCC SBH Sub, Inc.

● On June 27, 2024, the Company received a final distribution in the amount of $192,932 of the remaining funds in Dominion Medical Management, Inc. (“Dominion”). This amount will be applied to the Company’s first lien loan to Dominion. The Company will take a capital loss for any remaining balance in its first lien loan to Dominion and to any equity investments in Integrated Medical Partners, LLC.

● On August 19, 2024, the Company advanced $50,000 under its loan agreement with PCC SBH Sub, Inc.

- 34 -

Asset Quality

In addition to various risk management and monitoring tools, our investment advisor used an investment rating system to characterize and monitor the quality of our debt investment portfolio. Equity securities and Treasury Bills are not graded. This debt investment rating system uses a five-level numeric scale. The following is a description of the conditions associated with each investment rating:

Investment Rating		Summary Description

1		Investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment.
2		Investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. All new loans will initially be rated 2.
3		Investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. Portfolio companies with a rating of 3 may be out of compliance with financial covenants.
4		Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often in work out. Investments with a rating of 4 will be those for which some loss of return but no loss of principal is expected.
5		Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments almost always in work out. Investments with a rating of 5 are those for which some loss of return and principal is expected.

The following table shows the investment ratings of our debt investments at fair value as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024:

	As of September 30, 2024										As of December 31, 2023
	As of March 31, 2025									As of December 31, 2024
Investment Rating	Fair Value		% of Total Portfolio	~~% of Total Portfolio~~			Number of Portfolio Companies	~~Number of Portfolio Companies~~		Fair Value	~~Fair Value~~		% of % Total Portfolio	~~% of Total Portfolio~~			Number of Portfolio Companies	~~Number of Portfolio Companies~~
1	$	—		—	—%	%		—	—	$	$—	—		—	—%	%		—	—
2		6580,000		0.49	~~0.33~~			1	1		80,000	~~6,916,339~~		0.45	~~28.88~~			1	1
3		~~5,838,750~~—		—	~~29.44~~			—	1		—	~~12,128,041~~		—	~~50.63~~			—	1
4		1316,~~931~~186,~~235~~638		99.51	~~70.23~~			3	2		17,758,760	~~4,736,141~~		99.55	~~19.77~~			3	1
5		—		—	—			—	—		—	~~173,399~~		—	~~0.72~~			—	1
	$	1916,~~834~~266,~~985~~638		100.00	~~100.00~~%	%		4	4	$	$17,838,760	~~23,953,920~~		100.00	~~100.00~~%	%		4	4

Loans and Debt Securities on Non-Accrual Status

We will not accrue interest on loans and debt securities if we have reason to doubt our ability to collect such interest. As of ~~September~~March 3031, ~~2024,~~2025 we had 23 loans on non-accrual status. As of December 31, ~~2023~~2024, we had 32 loans on non-accrual status.

- 36 -

Results of Operations

An important measure of our financial performance is net increase (decrease) in net assets resulting from operations, which includes net investment income (loss), net realized gain (loss) and net change in unrealized gain (loss). Net investment income (loss) is the difference between our income from interest, dividends, fees and other investment income and our operating expenses including interest on borrowed funds. Net realized gain (loss) on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost. Net change in unrealized gain (loss) on investments is the net change in the fair value of our investment portfolio.

Revenues

We generate revenue in the form of interest income on debt investments and capital gains and distributions, if any, on investment securities that we may acquire in portfolio companies. Our debt investments typically have a term of five to seven years and bear interest at a fixed or floating rate. Interest on our debt securities is generally payable quarterly. Payments of principal on our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments may pay interest in-kind, or PIK. Any outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the maturity date. The level of interest income we receive is directly related to the balance of interest-bearing investments multiplied by the weighted average yield of our investments. We expect that the dollar amount of interest and any dividend income that we earn to increase as the size of our investment portfolio increases. In addition, we may generate revenue in the form of prepayment fees, commitment, loan origination, structuring or due diligence fees, fees for providing managerial assistance and possibly consulting fees. These fees will be reorganized as they are earned.

- 35 -

Expenses

Our primary operating expenses include the payment of fees to House Hanover and our allocable portion of overhead expenses under the investment advisory agreement and other operating costs described below. We bear all other out-of-pocket costs and expenses of our operations and transactions, which may include:

●

organizational and offering expenses;

●

expenses incurred in valuing the Company’s assets and computing its net asset value per share (including the cost and expenses of any independent valuation firm);

●

subject to the guidelines approved by the Board of Directors, expenses incurred by our investment advisor that are payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Company and in monitoring the Company’s investments and performing due diligence on the Company’s prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments;

●

interest payable on debt, if any, incurred to finance the Company’s investments and expenses related to unsuccessful portfolio acquisition efforts;

●

offerings of the Company’s common stock and other securities;

●

administration fees;

●

transfer agent and custody fees and expenses;

●

U.S. federal and state registration fees of the Company (but not our investment advisor);

●

all costs of registration and listing the Company’s shares on any securities exchange;

- 37 -

●

U.S. federal, state and local taxes;

●

independent directors’ fees and expenses;

●

costs of preparing and filing reports or other documents required of the Company (but not our investment advisor) by the SEC or other regulators;

●

costs of any reports, proxy statements or other notices to stockholders, including printing costs;

●

the costs associated with individual or group stockholders;

●

the Company’s allocable portion of the fidelity bond, directors’ and officers’/errors and omissions liability insurance, and any other insurance premiums;

●

all other non-investment advisory expenses incurred by the Company in connection with administering the Company’s business.

-Comparison 36of -the Three Months Ended March 31, 2025 and March 31, 2024

Comparison of the Three Months Ended September 30, 2024 and September 30, 2023

	Three Months Ended March 31, 2025 (unaudited)						Three Months Ended March 31, 2024 (unaudited)
	Total			Per Share ⁽¹⁾			Total			Per Share ⁽¹⁾

Investment income
Interest income	$	68,557		$	0.000		$	312,963		$	0.003
Other income		3,505			0.000			3,809			0.000
Total investment income		72,062			0.000			316,772			0.003

Operating expenses
Management fees		48,760			0.000			76,746			0.001
Administration fees		107,024			0.002			104,915			0.001
Audit fees		98,800			0.001			52,000			0.000
Legal fees		41,888			0.000			38,728			0.000
Valuation fees		22,500			0.000			22,500			0.000
Directors’ fees		43,125			0.000			38,625			0.000
Insurance expense		32,476			0.000			32,836			0.000
Other general and administrative expenses		25,779			0.000			31,118			0.000
Total net operating expenses		420,352			0.003			397,468			0.002

Net investment loss before tax		(348,290	)		(0.003	)		(80,696	)		(0.001	)
Income tax expense		114			0.0000			1,402			-
Net investment loss after tax	$	(348,404	)	$	(0.003	)	$	(82,098	)	$	(0.001	)
Net change in unrealized loss	$	(1,701,765	)	$	(0.015	)	$	(6,551,852	)	$	(0.054	)
Net increase decrease in net assets resulting from operations	$	(2,050,169	)	$	(0.018	)	$	(6,633,950	)	$	(0.055	)

	Three Months Ended September 30, 2024 (unaudited)						Three Months Ended September 30, 2023 (unaudited)
	Total			Per Share (1)			Total			Per Share (1)
Investment income
Interest income	$	322,895		$	0.003		$	509,433		$	0.004
Other income		3,803			0.000			3,845			0.000
Total investment income		326,698			0.003			513,278			0.004
Operating expenses
Management fees		58,140			0.001			76,453			0.001
Administration fees		107,024			0.001			104,915			0.001
Audit fees		20,800			0.000			20,800			0.000
Legal fees		47,361			0.001			37,501			0.000
Valuation fees		22,500			0.000			22,500			0.000
Directors’ fees		38,625			0.000			38,625			0.000
Insurance expense		33,198			0.000			33,196			0.000
Other general and administrative expenses		24,586			0.000			20,362			0.000
Total net operating expenses		352,234			0.003			354,352			0.003
Net investment income (loss) before tax		(25,536	)		0.000			158,926			0.001
Income tax expense		1,402			0.000			174			0.000
Net investment income (loss) after tax	$	(26,938	)	$	0.000		$	158,752		$	0.001
Net change in unrealized gain (loss)	$	(986,123	)	$	(0.008	)	$	(941,952	)	$	(0.008	)
Realized Gain (Loss) on Investments		-			-			-			-
Net increase (decrease) in net assets resulting from operations	$	(1,013,061	)	$	(0.008	)	$	(783,200	)	$	(0.007	)

(1)

The basic per share figures noted above are based on a weighted average of 120,486,061 shares outstanding for both the three months ended March 31, 2025 and March 31, 2024, except where such amounts need to be adjusted to be consistent with what is disclosed in the financial highlights of our financial statements.

~~(1)~~- ~~The~~38 basic per share figures noted above are based on a weighted average of 120,486,061 shares outstanding for both the three months ended September 30, 2024 and September 30, 2023, except where such amounts need to be adjusted to be consistent with what is disclosed in the financial highlights of our financial statements.-

(2) Interest income includes PIK interest of $81,378 and $70,641 for the three months ended September 30, 2024 and 2023, respectively.

Operating Expenses

Total net operating expenses ~~decreased~~increased from $~~354~~397,~~352~~468 for the three months ended ~~September~~March 3031, ~~2023~~2024 to $~~352~~420,~~234~~352 for the three months ended ~~September~~March 3031, ~~2024~~2025. The ~~decrease~~increase is primarily due to aan ~~decrease~~ increase in ~~management~~administrative fees, audit fees and director fees expense for the three months ended ~~September~~March 3031, ~~2024~~2025.

Total operating expenses per share ~~was~~increased from $0.~~003~~ 002 per share for the three months ended ~~September~~March 3031, ~~2023~~2024 ~~and~~to $0.003 per share for the three months ended ~~September~~March 3031, ~~2024~~2025.

Net Investment ~~Income (~~Loss) after tax

Net investment ~~income (~~loss) (after tax) ~~decreased~~ increased from ~~income~~loss of $~~158~~(82,~~752~~098) for the three months ended ~~September~~March 3031, ~~2023~~2024 to loss of $ (26348,~~938~~404) for the three months ended ~~September~~March 3031, ~~2024~~2025. ~~This~~ ~~decrease~~The increase in ~~income~~net investment loss was ~~primarily~~ due to athe decrease in interest income.

Net investment ~~income (~~loss) (after tax) per share ~~decreased~~ increased from $(0.001) to $(0.~~000~~003) for the three months ended ~~September~~March 3031, ~~2023~~2024 and ~~2024~~2025, respectively.

Net Realized ~~Gain (~~Loss)

We measure realized losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized.

For the three months ended ~~September~~March 3031, ~~2024 and~~2025 ~~2023~~and 2024, we did not recognize any realized gain or loss.

Net Change in Unrealized ~~Gain (~~Loss)

Net change in unrealized ~~gain (~~loss) primarily ~~reflects~~ reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded appreciation or depreciation when gains or losses are realized.

Net change in unrealized ~~gain (~~loss) on investments ~~totaled~~ totaled a loss of $(~~986~~1,~~123~~701,765) for the three months ended ~~September~~March 3031, ~~2024~~2025 primarily in connection by losses of $(~~705~~1,~~752~~179,891), $(129,643) and $(~~248~~421,~~933~~875) on ~~Performance~~Rockfish ~~Alloys~~Seafood Grill, ~~LLC~~Inc., ~~and~~PCC ~~Rockfish~~SBH ~~Seafood Grill~~Sub, Inc. and Performance Alloys, LLC, respectively.

Net change in unrealized ~~gain (~~loss) on investments ~~totaled~~ totaled a loss of $(~~941~~6,~~952~~551,852) for the three months ended ~~September~~March 3031, ~~2023~~2024 primarily in connection by losses of $(~~288~~2,~~599~~145,510), $(~~451~~279,~~095~~741) and $(~~186~~4,~~948~~112,000) on ~~Advantis~~Rockfish ~~Certified~~Seafood ~~Staffing Solutions~~Grill, Inc., ~~Rockfish~~Advantis ~~Seafood~~Certified ~~Grill~~Staffing Solutions, Inc. and Performance Alloys, ~~Inc.~~LLC, respectively.

- 37 -

Comparison of the Nine Months Ended September 30, 2024 and September 30, 2023

	Nine Months Ended September 30, 2024 (unaudited)						Nine Months Ended September 30, 2023 (unaudited)
	Total			Per Share (1)			Total			Per Share (1)
Investment income
Interest income (2)	$	951,721		$	0.008		$	1,956,560		$	0.016
Other income		11,403			0.000			5,507			0.000
Total investment income		963,124			0.008			1,962,067			0.016
Operating expenses
Management fees		202,098			0.002			238,657			0.002
Administration fees		316,853			0.003			310,177			0.002
Professional services expense		14,540			0.000			-			0.000
Audit fees		127,920			0.001			102,336			0.001
Legal fees		123,037			0.001			148,791			0.001
Valuation fees		67,500			0.000			67,500			0.001
Directors’ fees		115,875			0.001			115,875			0.001
Insurance expense		84,038			0.001			117,996			0.001
Interest expense		-			0.000			207			0.000
Other general and administrative expenses		100,292			0.001			104,395			0.001
Total net operating expenses		1,152,153			0.010			1,205,934			0.010
Net investment income (loss) before tax		(189,029	)		(0.002	)		756,133			0.006
Income tax expense		3,356			0.0000			5,630			0.000
Net investment income (loss) after tax	$	(192,385	)	$	(0.002	)	$	750,503		$	0.006
Net change in unrealized gain (loss)	$	(3,037,038	)	$	(0.025	)	$	(75,266	)	$	(0.000	)
Realized Gain (Loss) on Investments		(5,549,735	)		(0.046	)		-			-
Net increase (decrease) in net assets resulting from operations	$	(8,779,158	)	$	(0.073	)	$	675,237		$	0.006

(1) The basic per share figures noted above are based on a weighted average of 120,486,061 shares outstanding for both the nine months ended September 30, 2024 and September 30, 2023, except where such amounts need to be adjusted to be consistent with what is disclosed in the financial highlights of our financial statements.

(2) Interest income includes PIK interest of $234,092 and $93,141 for the nine months ended September 30, 2024 and 2023, respectively.

Operating Expenses

Total net operating expenses decreased from $1,205,934 for the nine months ended September 30, 2023 to $1,152,153 for the nine months ended September 30, 2024. The decrease is primarily due to a decrease in management fees, insurance fees and legal fees for the nine months ended September 30, 2024.

Total operating expenses per share was $0.010 per share for the nine months ended September 30, 2023 and for the nine months ended September 30, 2024.

Net Investment Income (Loss) after tax

Net investment income (loss) (after tax) decreased from income of $750,503 for the nine months ended September 30, 2023 to a loss of $(192,385) for the nine months ended September 30, 2024. This decrease in income was primarily due to a decrease in total investment income explained above, which was offset by a decrease in net operating expenses.

Net investment income (loss) (after tax) per share decreased from $0.006 to $(0.002) for the nine months ended September 30, 2023 and 2024, respectively.

Net Realized Gain (Loss)

For the nine months ended September 30, 2024 there was net realized losses of $(5,549,735) relating to sales of investments. In September 2023, we did not recognize any realized gain or loss.

- 38 -

Net Change in Unrealized Gain (Loss)

Net change in unrealized gain (loss) primarily reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded appreciation or depreciation when gains or losses are realized.

Net change in unrealized gain (loss) on investments totaled a loss of $(3,037,038) for the nine months ended September 30, 2024 primarily due to gains of $1,342,745 and $4,226,523 on Dominion Capital Management and Integrated Medical Partners which was offset by losses of $(5,548,873) and $(2,391,649) on Performance Alloys, LLC and Rockfish Seafood Grill, Inc., respectively.

Net change in unrealized gain (loss) on investments totaled a loss of $(75,266) for the nine months ended September 30, 2023 primarily due to a gain of $1,259,626 on Advantis Certified Staffing Solutions, Inc. which was offset by losses of $(587,373) and $(630,399) on Performance Alloys, LLC and Rockfish Seafood Grill, Inc., respectively.

Financial Condition, Liquidity and Capital Resources

We intend to continue to generate cash from future offerings of securities and cash flows from operations, including earnings on investments in our portfolio and future investments, as well as interest earned from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less. We may, if permitted by regulation, seek various forms of leverage and borrow funds to make investments.

As of ~~September~~March 3031, ~~2024~~2025, we had $1,~~438~~189,~~998~~839 in cash and cash equivalents and $325,~~759~~000 in restricted cash, and our net assets totaled $2318,~~125~~993,~~404~~097. We believe that our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

- 39 -

Contractual Obligations

As of ~~September~~March 3031, ~~2024~~2025, we did not have any ~~contractual~~ contractual obligations that would trigger the tabular disclosure of contractual obligations under Section 303(a)(5) of Regulation S-K.

We have entered into one contract under which we have material future commitments, the House Hanover Investment Advisory Agreement, pursuant to which House Hanover serves as our investment adviser. Payments under the House Hanover Investment Advisory Agreement in future periods will be equal to a percentage of the value of our net assets.

The House Hanover Investment Advisory Agreement is terminable by either party without penalty upon written notice by the Company or 60 days’ written notice by House Hanover. If this agreement is terminated, the costs we incur under a new agreement may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our investment advisory agreement. Any new investment advisory agreement would also be subject to approval by our stockholders.

Distributions

For the three months ended ~~September~~March 3031, ~~2024 and~~2025 ~~2023~~and 2024, no dividends have been declared or distributed to stockholders.

In order to qualify as a RIC and to avoid U.S. federal corporate level income tax on the income we distribute to our stockholders, we are required to distribute at least 90% of our net ordinary income and our net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders on an annual basis. Additionally, we must distribute an amount at least equal to the sum of 98% of our net ordinary income (during the calendar year) plus 98.2% of our net capital gain income (during each 12-month period ending on October 31) plus any net ordinary income and capital gain net income for preceding years that were not distributed during such years and on which we paid no U.S. federal income tax to avoid a U.S. federal excise tax. To the extent that we have income available, we intend to make quarterly distributions to our stockholders. Our stockholder distributions, if any, will be determined by our board of directors on a quarterly basis. Any distribution to our stockholders will be declared out of assets legally available for distribution. The Company did not meet the requirements to qualify as a RIC for the ~~2023~~2024 tax year and will be taxed as a corporation under Subchapter C of the Code. It may not be in the best interests of the Company’s stockholders to elect to be taxed as a RIC at the present time due to the net operating losses and capital loss carryforwards the Company currently has. Management will make a determination that is in the best interests of the Company and its stockholders. While the Company does not expect to meet the qualifications of a RIC until such time as certain strategic alternatives are achieved, it can still declare a dividend even though it is not required to do so.

- 39 -

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of our distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage requirements applicable to us as a BDC under the 1940 Act. If we do not distribute a certain percentage of our income annually, we could suffer adverse tax consequences, including the possible failure to qualify as a RIC. We cannot assure stockholders that they will receive any distributions.

To the extent our taxable earnings fall below the total amount of our distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our income or gains. Stockholders should read any written disclosure accompanying any stockholder distribution carefully and should not assume that the source of any distribution is our ordinary income or capital gains.

At the initial meeting of the Board of Directors (the “Board”) held on March 13, 2015, the Board adopted an “opt out” dividend reinvestment plan for our common stockholders. On October 17, 2022, the Board terminated the “opt out” dividend reinvestment plan, as disclosed in the Company’s 8-K filed on October 19, 2022. Written notice of such termination was mailed to the Company’s stockholders on October 21, 2022, with an effective date of November 20, 2022. As a result, any distributions declared for stockholders of record after November 20, 2022, will be paid in cash.

- 40 -

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Related Party Transactions

Management Fees

Management fees earned by House Hanover for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024 were $5848,~~140~~760 and $76,~~453~~746, respectively. ~~Management fees earned by House Hanover for the nine months ended September 30, 2024 and September 30, 2023 were $202,098 and $238,657, respectively.~~

As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, ~~management~~ management fees of $58104,~~140~~046 and $7855,~~889~~286, respectively, were payable to House Hanover.

Incentive Fees

The Company is not obligated to pay House Hanover an incentive fee. Incentive fees are a typical component of investment advisory agreements with business development companies.

Administration Fees

House Hanover is entitled to reimbursement of expenses under the House Hanover Investment Advisory Agreement for administrative services performed for the Company. Administration fees were $~~107~~64,~~024~~875, and $~~104~~64,~~915~~875 for the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, respectively, ~~as shown on the Statements of Operations under administration fees. Administration fees were $316,853,~~ and ~~$310,177~~are ~~for~~not ~~the~~directly ~~nine months ended September 30, 2024 and 2023, respectively, as~~ shown on the Statements of Operations ~~under administration fees. As of September 30~~, ~~2024~~but ~~and~~are ~~December~~included ~~31,~~in ~~2023 there were $64,875 and $64,875, respectively, of~~ administration fees ~~owed to House Hanover, as~~ shown on the Statements of ~~Assets and Liabilities under Due to affiliates~~Operations.

As of March 31, 2025 and December 31, 2024 there were $129,750 and $64,875, respectively, of administration fees owed to House Hanover, as shown on the Statements of Assets and Liabilities under Due to affiliates.

On May 1, 2022, Advantis Certified Staffing Solutions, Inc. (“Advantis”) requested one of its directors, Gregory J. Cannella who also serves as our Chief Financial Officer, become the Executive Chair of Advantis to provide executive authority and leadership in the absence of their former president, who resigned in March 2022. Mr. Cannella has agreed to take this position and in return will be compensated by Advantis in the amount of $5,000 per month. The title and benefits of this position can be removed at any time by the board of directors of Advantis.

- 40 -

Recent Accounting Pronouncements

See Note 2 of the financial statements for a description of recent accounting pronouncements, if any, including the expected dates of adoption and the anticipated impact on the financial statements.

Critical Accounting Estimates

The preparation of our financial statements and related disclosures in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, our significant accounting policies are further described in the notes to the financial statements.

- 41 -

Valuation of Portfolio Investments

As a BDC, we generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Under procedures established by our board of directors, we value investments for which market quotations are readily available at such market quotations. We obtain these market values from an independent pricing service or at the mean between the bid and ask prices obtained from at least two brokers or dealers (if available, otherwise by a principal market maker or a primary market dealer). Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by our board of directors. Such determination of fair values may involve subjective judgments and estimates, although we engage independent valuation providers to review the valuation of each portfolio investment that does not have a readily available market quotation quarterly. Investments purchased within 60 days of maturity are valued at cost plus accreted discount, or minus amortized premium, which approximate fair value. With respect to unquoted securities, our board of directors values each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors, which are provided by a nationally recognized independent valuation firm. This valuation firm provides a range of values for selected investments, which is presented to the Valuation Committee to determine the value for each of the selected investments.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, our board of directors uses the pricing indicated by the external event to corroborate and/or assist us in our valuation. Because there is not a readily available market for substantially all of the investments in our portfolio, we value our portfolio investments at fair value as determined in good faith by our board of directors 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 a readily available market value existed for such investments, and the differences could be material.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

●

Our quarterly valuation process begins with each portfolio company or investment being initially valued by an independent valuation firm, except for those investments where market quotations are readily available;

●

Preliminary valuation conclusions are then documented and discussed with our senior management, our investment advisor, and our auditors;

●

The valuation committee of our board of directors then reviews these preliminary valuations and approves them for recommendation to the board of directors;

●

- 41 -

Revenue Recognition

Realized gain (loss) on the sale of investments is the difference between the proceeds received from dispositions of portfolio investments and their stated costs. Realized gains or losses on the sale of investments are calculated using the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the loan balance that generally becomes due at maturity, we do not accrue PIK interest if the portfolio company valuation indicates that such PIK interest is not collectible. Generally, we will not accrue interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and we then accrete or amortize such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination is recorded as interest income. We record prepayment premiums on loans and debt securities as interest income.

Dividend income, if any, will be recognized on the ex-dividend date.

Generally, when a payment default occurs on a loan in the portfolio, or if the Company otherwise believes that the borrower will not be able to make contractual interest payments, the Company may place the loan on non-accrual status and cease recognizing interest income on the loan until all principal and interest is current through payment, or until a restructuring occurs, and the interest income is deemed to be collectible. The Company may make exceptions to this policy if a loan has sufficient collateral value, is in the process of collection or is viewed to be able to pay all amounts due if the loan were to be collected on through an investment in or sale of the business, the sale of the assets of the business, or some portion or combination thereof.

Recent Developments

Other than the event listed above, subsequent to the quarter ended September 30, 2024 and through the date of this filing, there was no portfolio activity or other events to report.

- 42 -

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including credit risk, illiquidity of investments in our portfolio and changes in interest rates.

Credit risk is the primary market risk associated with our business. Credit risk originates from the fact that some of our portfolio companies may become unable or unwilling to fulfill their contractual payment obligations to us and may eventually default on those obligations. These contractual payment obligations arise under the debt securities and other investments that we hold. They include payment of interest, principal, dividends, fees and payments under guarantees and similar instruments.

We primarily invest in illiquid debt and other securities of small and mid-sized private companies. In some cases these investments include additional equity components. Our investments may have no established trading market or are generally subject to restrictions on resale. The illiquidity of our investments may adversely affect our ability to dispose of debt and equity securities at times when it may be otherwise advantageous for us to liquidate such investments. As of ~~September~~March 3031, ~~2024~~2025, all of our debt investments are fixed rate.

Item 4. CONTROLS AND PROCEDURES

~~(a)~~Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures ~~(as~~that ~~defined~~are indesigned ~~Rules~~to ~~13a-15(e)~~provide ~~and~~reasonable ~~15d-15(e)~~assurance ~~of the Securities Exchange Act of 1934, as amended, or the Exchange Act) designed to ensure~~ that information required to be disclosed in ~~our~~the reports ~~that~~ we file or submit under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our ~~Interim~~ Interim Chief Executive Officer and ~~our~~ Chief Financial Officer, to allow for timely decisions regarding required ~~disclosures~~disclosure. In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.

InAs ~~connection with the preparation~~ of ~~this~~March ~~Quarterly Report on Form 10-Q~~31, ~~as of the end of the fiscal period covered by this Quarterly Report on Form 10-Q (September 30~~2025, ~~2024),~~ we ~~performed~~ carried out an evaluation, under the supervision and with the participation of ~~management, including~~ our Interim Chief Executive Officer and ~~our~~ Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures ~~pursuant~~(as todefined in Rules 13a-15(be) and 15d-15(be) ofunder the Exchange Act). Based on this evaluation, our Interim Chief Executive Officer and ~~our~~ Chief Financial Officer concluded that, asdue to the identification of ~~September~~ ~~30,~~the ~~2024~~material weakness in our internal control over financial reporting as described below, our disclosure controls and procedures were not effective inas ~~providing~~of ~~reasonable~~March ~~assurance~~31, ~~(i)~~2025. ~~that information~~Notwithstanding ~~required~~the tomaterial beweakness ~~disclosed~~ in ~~the~~our ~~reports~~internal wecontrol ~~file~~over orfinancial ~~submit~~reporting, ~~under~~management believes the ~~Exchange~~condensed ~~Act~~consolidated isfinancial ~~recorded,~~statements ~~processed,~~included ~~summarized~~in ~~and~~this ~~reported within~~Quarterly ~~the~~Report ~~time~~on ~~periods~~Form ~~specified~~10-Q fairly present, in ~~the~~all ~~rules~~material respects, our financial position, results of operations and ~~forms~~cash flows as of the ~~SEC~~dates presented, and ~~(ii)~~for ~~that~~the ~~such~~periods ~~information~~ended ison ~~accumulated~~such ~~and~~dates, in ~~communicated~~conformity ~~to management~~with inaccounting aprinciples ~~manner~~generally ~~that~~accepted ~~allows~~in ~~timely~~the ~~decisions~~United ~~regarding~~States ~~required~~of ~~disclosure~~America (GAAP).

~~(b)~~Remediation ~~Changes~~of inPreviously ~~Internal~~Identified ~~Control over Financial Reporting~~Material Weakness

NoA ~~changes~~material toweakness ~~our~~is ~~internal~~a ~~control~~deficiency, ~~over~~or ~~financial~~a combination ~~reporting~~of ~~occurred~~deficiencies, ~~during~~in ~~the~~internal ~~quarter~~control ~~ended~~over ~~September~~financial 30reporting, ~~2024~~such that ~~have~~there ~~materially~~is ~~affected,~~a orreasonable ~~are~~possibility ~~reasonably~~that ~~likely~~a tomaterial ~~materially affect,~~misstatement of our ~~internal~~annual ~~control~~or ~~over~~interim ~~financial~~condensed ~~reporting~~consolidated ~~(as~~financial ~~defined~~statements inwill ~~Rules~~not ~~13a-15(f)~~be ~~and~~prevented ~~15d-15(f)~~or ofdetected ~~the~~on ~~Exchange~~a ~~Act)~~timely basis.

As previously described in Part II, Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, Management identified deficiencies in the design and operating effectiveness of internal control over financial reporting related to the verification of material information from unconsolidated significant subsidiaries that constitutes a material weakness.

Subsequent to the identification of the material weakness, management under the oversight of the Audit Committee has been implementing measures and taking steps to address the underlying causes of the material weakness. Specifically, the following remediation efforts are planned or ongoing to ensure adequate review and approval of journal entries, including:

●

Implementing proper procedures at all levels, including hired outside administrators, to properly review and verify information from our unconsolidated significant subsidiaries in order to ensure proper disclosure for the Notes to Financial Statements.

While we believe these efforts have improved our internal controls and address the underlying cause of the material weakness, the material weakness will not be remediated until our remediation plan has been fully implemented and tested and we have concluded that following the improvements to our internal controls, our control environment is operating effectively for a sufficient period of time. In particular, the enhanced procedures will require time to test and assess. We cannot be certain that the steps we are taking will be sufficient to remediate the control deficiencies that led to the material weakness in our internal control over financial reporting or prevent future material weaknesses or control deficiencies from occurring. In addition, we cannot be certain that we have identified all material weaknesses in our internal control over financial reporting, or that in the future we will not have additional material weaknesses in our internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

Except for the identified material weakness, there were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2025, that materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

- 43 -

PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

As of ~~September~~March 3031, ~~2024~~2025, there were no material ~~legal~~ legal proceedings against the Company or any of its officers or directors.

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, ~~2023~~2024, 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 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.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit		Description
31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32*		Certification of Chief Executive Officer and the 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.INS*		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Filed herewith.

- 44 -

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

Dated: November 13, 2024	Princeton Capital Corporation
Dated: May 15, 2025	Princeton Capital Corporation
	By:	/s/ Mark S. DiSalvo
		Mark S. DiSalvo
		Interim Chief Executive Officer and Director (Principal Executive Officer)

Dated: November 13, 2024	Princeton Capital Corporation
Dated: May 15, 2025	Princeton Capital Corporation
	By:	/s/ Gregory J. Cannella
		Gregory J. Cannella
		Chief Financial Officer (Principal Financial and Accounting Officer)

- 45 -

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