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 30, 2025

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

Commission File Number: 814-01351

STEELE CREEK CAPITAL CORPORATION

Maryland		85-1327288
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

210 S. College Street, Suite 1690, Charlotte, North Carolina		28244
(Address of principal executive offices)		(Zip Code)

(704) 343-6011

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

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

As of November 14, 2025, the registrant had 6,129,854 shares of common stock, $0.001 par value per share, outstanding.

STEELE CREEK CAPITAL CORPORATION

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION		1

Item 1.	Consolidated Financial Statements	1

	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024	1

	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)	2

	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (unaudited)	3

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	4

	Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024	5

	Notes to Consolidated Financial Statements (unaudited)	36

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	70

Item 4.	Controls and Procedures	70

PART II. OTHER INFORMATION		71

Item 1.	Legal Proceedings	71

Item 1A.	Risk Factors	71

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71

Item 3.	Defaults Upon Senior Securities	71

Item 4.	Mine Safety Disclosures	71

Item 5.	Other Information	71

Item 6.	Exhibits	71

Signatures		72

Part I. Financial Information

Item 1. Consolidated Financial Statements

Steele Creek Capital Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

	September 30, 2025			December 31, 2024
	(unaudited)
Assets
Investments:
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $123,927 and $125,533, respectively)	$	119,798		$	121,572
Cash		10,850			2,612
Receivable for investments sold		2,993			18,374
Prepaid expenses and other assets		542			573
Interest receivable		490			648
Total assets	$	134,673		$	143,779

Liabilities
Credit facility		71,889			73,278
Payable for investments purchased		6,492			14,209
Management fees payable		295			310
Interest payable		124			143
Accounts payable and accrued expenses		445			448
Distributions payable		428			707
Total liabilities		79,673			89,095

Commitments and contingencies (Note 8)

Net Assets:
Common shares, $0.001 par value, 450,000,000 shares authorized and 6,156,455 and 5,816,048 shares issued and outstanding, respectively	$	6		$	6
Paid-in-capital in excess of par value		65,202			62,091
Total distributable (deficit) earnings		(10,208	)		(7,413	)
Total net assets	$	55,000		$	54,684

Total liabilities and net assets	$	134,673		$	143,779

Net asset value per share	$	8.93		$	9.40

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

Steele Creek Capital Corporation

Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)

	Three months ended September 30, 2025			Nine months ended September 30, 2025			Three months ended September 30, 2024			Nine months ended September 30, 2024

Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	2,314		$	7,131		$	3,263		$	10,099
Payment in-kind interest income		70			203			56			134
Other income		-			-			3			62
Total investment income		2,384			7,334			3,322			10,295

Expenses:
Management fees		339			1,054			460			1,385
Interest and debt financing expenses		1,080			3,249			1,556			4,600
Professional fees		139			367			124			333
Incentive fees		-			4			40			96
Administration expenses		102			235			52			202
Directors’ fees		20			60			20			60
Legal fees – paid by Moelis Asset		-			-			11			11
Custody fees		27			61			12			35
Other general and administrative expenses		113			453			123			493
Total expenses		1,820			5,483			2,398			7,215
Less: management fees waived		(45	)		(465	)		(129	)		(705	)
Net expenses		1,775			5,018			2,269			6,510
Net investment income		609			2,316			1,053			3,785

Realized and unrealized (loss) gain on investments:
Net realized (loss) gain on non-controlled/non-affiliated company investments		360			(2,186	)		(53	)		(1,682	)
Net change in unrealized (depreciation) appreciation on non-controlled/non-affiliated company investments		(1,410	)		(169	)		(402	)		385

Total net realized and unrealized (loss) gain on investments		(1,050	)		(2,355	)		(455	)		(1,297	)

Net (decrease) increase in net assets resulting from operations	$	(441	)	$	(39	)	$	598		$	2,488

Per share data:
Net investment income per share - basic and diluted	$	0.10		$	0.39		$	0.18		$	0.61
Net (decrease) increase in net assets resulting from operations per share - basic and diluted	$	(0.07	)	$	(0.01	)	$	0.10		$	0.40
Weighted average shares outstanding - basic and diluted		6,117			6,002			5,772			6,157

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

Steele Creek Capital Corporation

Consolidated Statements of Changes in Net Assets

(unaudited)

(in thousands)

	Three months ended September 30, 2025			Nine months ended September 30, 2025			Three months ended September 30, 2024			Nine months ended September 30, 2024
Operations
Net investment income	$	609		$	2,316		$	1,053		$	3,785
Net realized (loss) gain on investments		360			(2,186	)		(53	)		(1,682	)
Net change in unrealized appreciation (depreciation) on investments		(1,410	)		(169	)		(402	)		385
Net increase (decrease) in net assets resulting from operations		(441	)		(39	)		598			2,488

Contributions for Expenses
Contributions for legal fees		-			-			11			11

Distributions to Stockholders
Distributions of realized income		(843	)		(2,756	)		(1,120	)		(3,583	)

Capital Share Transactions
Issuance of common shares		779			2,794			265			1,534
Common shares issued from reinvestment of distributions		415			1,481			-			-
Repurchase of common shares		(337	)		(1,164	)		(6,059	)		(7,154	)
Total Capital Share Transactions		857			3,111			(5,794	)		(5,620	)

Net Assets
Net increase (decrease) in net assets during the period		(427	)		316			(6,305	)		(6,704	)
Net assets at beginning of period		55,427			54,684			61,459			61,858
Net assets at end of period		55,000			55,000			55,154			55,154

Capital Share Activity
Issuance of common shares		85			306			28			160
Common shares issued from reinvestment of distributions		46			162			-			-
Repurchase of common shares		(37	)		(128	)		(630	)		(744	)
Shares issued and outstanding at beginning of period		6,062			5,816			6,389			6,371
Shares issued and outstanding at end of period		6,156			6,156			5,787			5,787

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

Steele Creek Capital Corporation

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

	Nine months ended September 30, 2025			Nine months ended September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(39	)	$	2,488

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments (1)		(81,941	)		(233,425	)
Proceeds from sales of investments and paydowns (1)		81,704			244,590
Payment in-kind interest income		(203	)		(134	)
Amortization of premium/accretion of discount, net		(141	)		(181	)
Net realized loss (gain) on investments		2,186			1,682
Net change in unrealized depreciation (appreciation) on investments		169			(385	)
Changes in operating assets and liabilities:
Receivable for investments sold		15,381			(2,877	)
Prepaid expenses and other assets		31			139
Interest receivable		158			105
Payable for investments purchased		(7,717	)		797
Management fees payable		(15	)		(12	)
Interest payable		(19	)		(36	)
Incentive fees payable		-			(40	)
Accounts payable and accrued expenses		(3	)		126
Directors’ fees payable		-			20
Net cash provided by (used in) operating activities		9,551			12,857

Cash flows from financing activities:
Proceeds from issuance of common shares		2,794			1,534
Repurchase of common shares		(1,164	)		(7,154	)
Proceeds from issuance of debt		12,211			8,870
Repayments on debt		(13,600	)		(10,500	)
Contributions from Moelis Asset for legal fees		-			11
Stockholder distributions paid		(1,554	)		(4,544	)
Net cash provided by (used in) financing activities		(1,313	)		(11,783	)

Net increase in Cash		8,238			1,074
Cash, beginning of period		2,612			9,325
Cash, end of period	$	10,850		$	10,399

Supplemental disclosure of Cash Flow Information:
Operating Activities:
Interest paid	$	3,269		$	4,635
Supplemental non-cash information:
Reinvestment of shareholder distribution	$	1,481		$	-

(1)

Of the amount reported for the nine months ended September 30, 2025 and 2024, $500 thousand and $1,073 thousand, respectively, represent non-cash transactions.

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

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Non-controlled/Non-Affiliated Investments -218.2% of Shareholder’s Equity (3)
Investments made in the United States
Aerospace & Defense
Amentum Holdings, Inc. (4)	First Lien - Term Loan	9/29/2031		6.41	%	S + 2.25%		4.16	%		870	$	869	$	871		1.6	%
HDT Holdco, Inc.	First Lien - Term Loan	1/7/2028		10.76	%	S + 1.26% +5.50% PIK		4.00	%		551		545		368		0.7	%
KBR, Inc. (4)	First Lien - Term Loan	1/17/2031		6.16	%	S + 2.00%		4.16	%		208		208		208		0.4	%
MAG DS Corp.	First Lien - Term Loan	4/1/2027		9.60	%	S + 5.60%		4.00	%		853		838		853		1.6	%
TransDigm Inc. (4)	First Lien - Term Loan	1/19/2032		6.50	%	S + 2.50%		4.00	%		990		988		991		1.8	%
Vertex Aerospace Services LLC	First Lien - Term Loan	12/6/2030		6.41	%	S + 2.25%		4.16	%		246		246		246		0.4	%
Total Aerospace & Defense													3,694		3,537		6.5	%

Automotive
Adient US LLC	First Lien - Term Loan	1/31/2031		6.41	%	S + 2.25%		4.16	%		94		93		94		0.2	%
American Axle & Manufacturing, Inc.	First Lien - Term Loan	2/24/2032		7.38	%	S + 3.25%		4.13	%		250		249		249		0.5	%
Autokiniton US Holdings, Inc.	First Lien - Term Loan	4/6/2028		8.28	%	S + 4.11%		4.16	%		824		821		817		1.5	%
First Brands Group, LLC	First Lien - Term Loan	3/30/2027		9.57	%	S + 5.26%		4.31	%		753		753		274		0.5	%
Holley Inc. (4)	First Lien - Term Loan	11/17/2028		8.03	%	S + 3.86%		4.16	%		867		845		858		1.6	%
Paint Intermediate III, LLC	First Lien - Term Loan	10/9/2031		7.24	%	S + 3.00%		4.24	%		481		478		481		0.9	%
Thor Industries, Inc. (4)	First Lien - Term Loan	11/15/2030		6.41	%	S + 2.25%		4.16	%		100		100		100		0.2	%
Total Automotive													3,339		2,873		5.4	%

Banking, Finance, Insurance & Real Estate
Apollo Commercial Real Estate Finance, Inc. (4)	First Lien - Term Loan	6/13/2030		7.40	%	S + 3.25%		4.15	%		309		307		312		0.6	%
Baldwin Insurance Group Holdings, LLC, The (4)	First Lien - Term Loan	5/26/2031		6.64	%	S + 2.50%		4.14	%		815		813		817		1.5	%
Broadstreet Partners, Inc.	First Lien - Term Loan	6/13/2031		6.91	%	S + 2.75%		4.16	%		726		726		727		1.3	%
BRTPT 2023-1A (4)	Collateralized Loan Obligation	7/26/2038		11.41	%	S + 7.10%		4.31	%		500		500		509		0.9	%
Citadel Securities LP	First Lien - Term Loan	10/31/2031		6.16	%	S + 2.00%		4.16	%		700		697		703		1.3	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Clipper Acquisitions Corp.	First Lien - Term Loan	3/3/2028		6.04	%	S + 1.86%		4.18	%		422		419		414		0.8	%
CPI Holdco B, LLC	First Lien - Term Loan	5/17/2031		6.16	%	S + 2.00%		4.16	%		399		396		399		0.7	%
Cushman & Wakefield U.S. Borrower, LLC (4)	First Lien - Term Loan	1/31/2030		6.91	%	S + 2.75%		4.16	%		420		414		422		0.8	%
EIG Management Company, LLC	First Lien - Term Loan	5/17/2029		9.17	%	S + 5.00%		4.17	%		959		944		959		1.7	%
FinCo I LLC	First Lien - Term Loan	6/27/2029		5.91	%	S + 1.75%		4.16	%		735		733		734		1.3	%
Franklin Square Holdings, L.P.	First Lien - Term Loan	4/25/2031		6.41	%	S + 2.25%		4.16	%		841		840		843		1.5	%
GIH Borrower, LLC (4)	First Lien - Term Loan	11/26/2031		6.50	%	S + 2.50%		4.00	%		538		536		540		1.0	%
Greystar Real Estate Partners, LLC (4)	First Lien - Term Loan	8/21/2030		6.81	%	S + 2.50%		4.31	%		518		512		519		0.9	%
Hudson River Trading LLC	First Lien - Term Loan	3/18/2030		7.15	%	S + 3.00%		4.15	%		868		861		871		1.6	%
Jane Street Group, LLC	First Lien - Term Loan	12/15/2031		6.20	%	S + 2.00%		4.20	%		738		737		734		1.3	%
Lakeview Loan Servicing, LLC (4)	First Lien - Term Loan	6/21/2029		7.55	%	S + 3.36%		4.19	%		980		977		980		1.8	%
Nexus Buyer LLC	First Lien - Term Loan	7/31/2031		7.66	%	S + 3.50%		4.16	%		892		888		891		1.6	%
OFSBS 2022-11A (4)	Collateralized Loan Obligation	10/18/2035		7.83	%	S + 3.50%		4.33	%		1,000		1,000		1,008		1.8	%
OFSI Fund LTD (4)	Collateralized Loan Obligation	3/31/2038		10.78	%	S + 6.50%		4.28	%		500		500		511		0.9	%
Osaic Holdings, Inc. (4)	First Lien - Term Loan	7/30/2032		7.16	%	S + 3.00%		4.16	%		414		414		414		0.8	%
Osttra Group Ltd.	First Lien - Term Loan	5/20/2032		7.43	%	S + 3.50%		3.93	%		550		548		553		1.0	%
Paysafe Group Holdings II Limited	First Lien - Term Loan	6/28/2028		7.03	%	S + 2.86%		4.16	%		942		926		941		1.7	%
Resolute Investment Managers, Inc.(4)	First Lien - Term Loan	10/30/2028		10.76	%	S + 6.76%		4.00	%		450		450		396		0.7	%
Resolute Investment Managers, Inc. (4)	Equity	—		—		—		—			3		—		11		0.0	%
Russell Investments US Institutional Holdco, Inc.	First Lien - Term Loan	5/30/2027		10.81	%	S + 5.00% +1.50% PIK		4.31	%		1,125		1,122		1,083		2.0	%
Starwood Property Mortgage, L.L.C. (4)	First Lien - Term Loan	1/2/2030		6.16	%	S + 2.00%		4.16	%		305		304		305		0.6	%
Starwood Property Mortgage, L.L.C. (4)	First Lien - Term Loan	9/24/2032		6.41	%	S + 2.25%		4.16	%		300		299		301		0.5	%
USI, Inc.	First Lien - Term Loan	11/21/2029		6.25	%	S + 2.25%		4.00	%		519		519		519		0.9	%
Victory Capital Holdings, Inc. (4)	First Lien - Term Loan	9/23/2032		6.10	%	S + 2.10%		4.00	%		875		874		875		1.6	%
Total Banking, Finance, Insurance & Real Estate													18,256		18,291		33.1	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Beverage, Food & Tobacco
Golden State Foods LLC	First Lien - Term Loan	12/4/2031		8.00	%	S + 4.00%		4.00	%		206		206		207		0.4	%
JBT Marel Corporation	First Lien - Term Loan	1/2/2032		5.91	%	S + 1.75%		4.16	%		618		617		619		1.1	%
Total Beverage, Food & Tobacco													823		826		1.5	%

Capital Equipment
Chart Industries, Inc. (4)	First Lien - Term Loan	3/15/2030		6.79	%	S + 2.50%		4.29	%		843		840		849		1.5	%
Columbus McKinnon Corporation	First Lien - Term Loan	5/14/2028		6.50	%	S + 2.50%		4.00	%		597		594		598		1.1	%
Crown Equipment Corporation	First Lien - Term Loan	10/10/2031		6.53	%	S + 2.25%		4.28	%		627		627		629		1.1	%
Mirion Technologies (US Holdings), Inc.	First Lien - Term Loan	6/4/2032		6.25	%	S + 2.25%		4.00	%		750		750		751		1.4	%
Project Aurora Holdco 1 Limited	First Lien - Term Loan	9/30/2032		6.88	%	S + 2.75%		4.13	%		131		131		131		0.2	%
Watlow Electric Manufacturing Company	First Lien - Term Loan	3/2/2028		7.31	%	S + 3.00%		4.31	%		756		753		758		1.4	%
Total Capital Equipment													3,695		3,716		6.7	%

Chemicals, Plastics, & Rubber
Albaugh, LLC	First Lien - Term Loan	4/6/2029		7.91	%	S + 3.75%		4.16	%		973		969		975		1.8	%
H.B. Fuller Company (4)	First Lien - Term Loan	2/15/2030		5.91	%	S + 1.75%		4.16	%		417		417		419		0.8	%
Ineos US Finance LLC (4)	First Lien - Term Loan	2/18/2030		7.41	%	S + 3.25%		4.16	%		674		670		612		1.1	%
Koppers Inc.	First Lien - Term Loan	4/10/2030		6.66	%	S + 2.50%		4.16	%		145		145		146		0.3	%
Solstice Advanced Materials Inc	First Lien - Term Loan	9/17/2032		5.59	%	S + 1.75%		3.84	%		258		258		259		0.5	%
Sparta U.S. Holdco LLC	First Lien - Term Loan	8/2/2030		7.28	%	S + 3.00%		4.28	%		497		488		492		0.9	%
Tronox Finance LLC	First Lien - Term Loan	4/4/2029		6.25	%	S + 2.25%		4.00	%		993		992		906		1.6	%
Total Chemicals, Plastics, & Rubber													3,939		3,809		7.0	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Construction & Building
APi Group DE, Inc. (4)	First Lien - Term Loan	1/3/2029		5.91	%	S + 1.75%		4.16	%		512		512		512		0.9	%
Core & Main LP	First Lien - Term Loan	2/9/2031		6.17	%	S + 2.00%		4.17	%		691		688		691		1.3	%
Crown Subsea Communications Holding, Inc.	First Lien - Term Loan	1/30/2031		7.66	%	S + 3.50%		4.16	%		622		618		627		1.1	%
Janus International Group, LLC	First Lien - Term Loan	8/3/2030		6.70	%	S + 2.50%		4.20	%		560		555		562		1.0	%
Quikrete Holdings, Inc.	First Lien - Term Loan	4/14/2031		6.41	%	S + 2.25%		4.16	%		740		739		741		1.3	%
SiteOne Landscape Supply Holding, LLC (4)	First Lien - Term Loan	3/23/2030		5.93	%	S + 1.75%		4.18	%		738		736		740		1.3	%
Smyrna Ready Mix Concrete, LLC	First Lien - Term Loan	4/2/2029		7.17	%	S + 3.00%		4.17	%		630		619		631		1.1	%
TAMKO Building Products LLC	First Lien - Term Loan	9/20/2030		6.75	%	S + 2.75%		4.00	%		983		979		987		1.8	%
White Cap Supply Holdings, LLC	First Lien - Term Loan	10/19/2029		7.42	%	S + 3.25%		4.17	%		210		210		211		0.4	%
Total Construction & Building													5,656		5,702		10.2	%

Consumer Goods: Durable
MillerKnoll, Inc.	First Lien - Term Loan	8/9/2032		6.41	%	S + 2.25%		4.16	%		517		515		517		0.9	%
Pelican Products, Inc.	First Lien - Term Loan	12/29/2028		8.51	%	S + 4.51%		4.00	%		527		526		452		0.8	%
Resideo Funding Inc.	First Lien - Term Loan	8/13/2032		6.04	%	S + 2.00%		4.04	%		500		499		501		0.9	%
Total Consumer Goods: Durable													1,540		1,470		2.6	%

Consumer Goods: Non-Durable
ABG Intermediate Holdings 2 LLC	First Lien - Term Loan	2/13/2032		6.41	%	S + 2.25%		4.16	%		746		744		746		1.4	%
Conair Holdings LLC	First Lien - Term Loan	5/17/2028		8.03	%	S + 3.86%		4.16	%		811		810		516		0.9	%
Total Consumer Goods: Non-Durable													1,554		1,262		2.3	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Containers, Packaging & Glass
Altium Packaging LLC	First Lien - Term Loan	6/11/2031		6.66	%	S + 2.50%		4.16	%		726		726		713		1.3	%
Closure Systems International Group Inc.	First Lien - Term Loan	3/22/2029		7.16	%	S + 3.00%		4.16	%		741		738		742		1.3	%
Plastipak Holdings, Inc.	First Lien - Term Loan	9/10/2032		6.66	%	S + 2.50%		4.16	%		827		823		828		1.5	%
PLZ Corp.	First Lien - Term Loan	8/3/2026		7.91	%	S + 3.75%		4.16	%		642		639		603		1.1	%
Ring Container Technologies Group, LLC	First Lien - Term Loan	9/15/2032		6.66	%	S + 2.50%		4.16	%		437		436		437		0.8	%
Sabert Corporation	First Lien - Term Loan	12/10/2026		7.28	%	S + 3.11%		4.16	%		755		754		758		1.4	%
Technimark Holdings LLC	First Lien - Term Loan	4/14/2031		7.39	%	S + 3.25%		4.14	%		716		716		717		1.3	%
Total Containers, Packaging & Glass													4,832		4,798		8.7	%

Energy: Electricity
Compass Power Generation, L.L.C.	First Lien - Term Loan	4/14/2029		7.41	%	S + 3.25%		4.16	%		202		201		204		0.4	%
Hamilton Projects Acquiror, LLC	First Lien - Term Loan	5/30/2031		6.66	%	S + 2.50%		4.16	%		245		244		246		0.4	%
Vistra Operations Company LLC	First Lien - Term Loan	12/20/2030		5.91	%	S + 1.75%		4.16	%		362		362		363		0.7	%
Total Energy: Electricity													807		813		1.5	%

Energy: Oil & Gas
AL GCX Fund VIII Holdings LLC	First Lien - Term Loan	1/30/2032		6.22	%	S + 2.00%		4.22	%		188		187		188		0.3	%
AL NGPL Holdings, LLC	First Lien - Term Loan	12/9/2030		6.53	%	S + 2.25%		4.28	%		603		605		604		1.1	%
BCP Renaissance Parent L.L.C.	First Lien - Term Loan	10/31/2028		6.50	%	S + 2.50%		4.00	%		178		177		178		0.3	%
Buckeye Partners, L.P.	First Lien - Term Loan	11/22/2032		5.95	%	S + 1.85%		4.10	%		257		257		257		0.5	%
CQP Holdco LP	First Lien - Term Loan	12/31/2030		6.00	%	S + 2.00%		4.00	%		720		719		721		1.3	%
GIP Pilot Acquisition Partners, L.P.	First Lien - Term Loan	10/4/2030		6.29	%	S + 2.00%		4.29	%		189		189		189		0.3	%
ITT Holdings LLC	First Lien - Term Loan	10/11/2030		6.64	%	S + 2.48%		4.16	%		670		659		671		1.2	%
M6 ETX Holdings II Midco LLC	First Lien - Term Loan	4/1/2032		6.63	%	S + 2.50%		4.13	%		310		310		311		0.6	%
Total Energy: Oil & Gas													3,103		3,119		5.6	%

Environmental Industries
Reworld Holding Corporation	First Lien - Term Loan	1/15/2031		6.41	%	S + 2.25%		4.16	%		207		206		207		0.4	%
Total Environmental Industries													206		207		0.4	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Forest Products & Paper
Mativ Holdings, Inc. (4)	First Lien - Term Loan	4/20/2028		8.03	%	S + 3.86%		4.16	%		313		312		312		0.6	%
Total Forest Products & Paper													312		312		0.6	%

Healthcare & Pharmaceuticals
Amneal Pharmaceuticals LLC	First Lien - Term Loan	8/1/2032		7.66	%	S + 3.50%		4.16	%		827		825		828		1.5	%
Athletico Management, LLC	First Lien - Term Loan	2/15/2029		8.51	%	S + 4.35%		4.16	%		242		237		180		0.3	%
Camelot U.S. Acquisition LLC	First Lien - Term Loan	1/31/2031		6.91	%	S + 2.75%		4.16	%		451		450		448		0.8	%
Camelot U.S. Acquisition LLC	First Lien - Term Loan	1/31/2031		7.41	%	S + 3.25%		4.16	%		207		206		207		0.4	%
Confluent Health, LLC	First Lien - Term Loan	11/30/2028		8.28	%	S + 4.11%		4.16	%		926		925		873		1.6	%
Ensemble RCM, LLC	First Lien - Term Loan	8/1/2029		7.31	%	S + 3.00%		4.31	%		705		701		708		1.3	%
Golden State Buyer, Inc.	First Lien - Term Loan	3/21/2027		9.01	%	S + 4.85%		4.16	%		914		913		916		1.7	%
ImageFirst Holdings, LLC	First Lien - Term Loan	3/12/2032		7.31	%	S + 3.25%		4.06	%		499		498		501		0.9	%
Ingenovis Health, Inc.	First Lien - Term Loan	3/6/2028		8.71	%	S + 4.51%		4.20	%		955		953		325		0.6	%
Iqvia Inc.	First Lien - Term Loan	1/2/2031		5.75	%	S + 1.75%		4.00	%		246		246		247		0.4	%
Mamba Purchaser, Inc.	First Lien - Term Loan	10/14/2031		6.89	%	S + 2.75%		4.14	%		327		326		329		0.6	%
Onex TSG Intermediate Corp.	First Lien - Term Loan	8/6/2032		8.00	%	S + 3.75%		4.25	%		620		617		624		1.1	%
Option Care Health, Inc.	First Lien - Term Loan	9/16/2032		5.89	%	S + 1.75%		4.14	%		207		206		207		0.4	%
Phoenix Guarantor Inc.	First Lien - Term Loan	2/21/2031		6.66	%	S + 2.50%		4.16	%		985		977		987		1.8	%
QuidelOrtho Corporation	First Lien - Term Loan	8/20/2032		8.00	%	S + 4.00%		4.00	%		413		405		412		0.7	%
Sonrava Health Holdings, LLC	First Lien - Term Loan	8/18/2028		10.78	%	S + 1.26% +5.50% PIK		4.02	%		1,592		1,590		361		0.7	%
U.S. Anesthesia Partners, Inc.	First Lien - Term Loan	10/1/2028		8.64	%	S + 4.36%		4.28	%		1,069		1,067		1,069		1.9	%
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.)	First Lien - Term Loan	12/15/2027		8.75	%	S + 4.75%		4.00	%		100		99		100		0.2	%
Waystar Technologies, Inc.	First Lien - Term Loan	10/22/2029		6.16	%	S + 2.00%		4.16	%		358		358		358		0.7	%
Zelis Cost Management Buyer, Inc.	First Lien - Term Loan	11/26/2031		7.41	%	S + 3.25%		4.16	%		752		749		753		1.4	%
Total Healthcare & Pharmaceuticals													12,348		10,433		19.0	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
High Tech Industries
Connect Wise, LLC	First Lien - Term Loan	9/29/2028		7.76	%	S + 3.76%		4.00	%		549		548		551		1.0	%
Gen Digital Inc. (4)	First Lien - Term Loan	4/16/2032		5.91	%	S + 1.75%		4.16	%		998		993		995		1.8	%
Genesys Cloud Services Holdings I, LLC	First Lien - Term Loan	1/30/2032		6.66	%	S + 2.50%		4.16	%		584		583		581		1.1	%
Ivanti Security Holdings LLC	First Lien - Term Loan	6/1/2029		10.05	%	S + 5.75%		4.30	%		998		988		1028		1.9	%
Precisely Software Incorporated	First Lien - Term Loan	4/24/2028		8.57	%	S + 4.26%		4.31	%		959		958		929		1.7	%
Rocket Software, Inc.	First Lien - Term Loan	11/28/2028		7.91	%	S + 3.75%		4.16	%		736		729		738		1.3	%
SS&C Technologies Holdings, Inc. (4)	First Lien - Term Loan	5/9/2031		6.16	%	S + 2.00%		4.16	%		578		578		580		1.1	%
UKG Inc.	First Lien - Term Loan	2/10/2031		6.81	%	S + 2.50%		4.31	%		500		500		500		0.9	%
Ultra Clean Holdings, Inc. (4)	First Lien - Term Loan	2/25/2028		6.91	%	S + 2.75%		4.16	%		278		277		279		0.5	%
VeriFone Systems, Inc.	First Lien - Term Loan	8/18/2028		9.82	%	S + 5.51%		4.31	%		1,212		1,211		1,176		2.1	%
Total High Tech Industries													7,365		7,357		13.4	%

Hotel, Gaming & Leisure
Alterra Mountain Company	First Lien - Term Loan	5/31/2030		6.66	%	S + 2.50%		4.16	%		496		496		498		0.9	%
Arcis Golf LLC	First Lien - Term Loan	11/24/2028		6.91	%	S + 2.75%		4.16	%		498		493		500		0.9	%
Creative Artists Agency, LLC	First Lien - Term Loan	10/1/2031		6.66	%	S + 2.50%		4.16	%		249		249		250		0.5	%
Herschend Entertainment Company, LLC	First Lien - Term Loan	5/27/2032		7.41	%	S + 3.25%		4.16	%		249		249		251		0.5	%
Hilton Domestic Operating Company Inc.	First Lien - Term Loan	11/8/2030		5.91	%	S + 1.75%		4.16	%		750		749		752		1.4	%
PCI Gaming Authority	First Lien - Term Loan	7/18/2031		6.16	%	S + 2.00%		4.16	%		926		926		926		1.7	%
Sabre GLBL Inc.	First Lien - Term Loan	11/15/2029		10.26	%	S + 6.10%		4.16	%		156		156		148		0.3	%
Seaworld Parks & Entertainment, Inc. (4)	First Lien - Term Loan	12/4/2031		6.16	%	S + 2.00%		4.16	%		739		739		739		1.3	%
Six Flags Entertainment Corporation (4)	First Lien - Term Loan	5/1/2031		6.16	%	S + 2.00%		4.16	%		497		497		495		0.9	%
Station Casinos LLC	First Lien - Term Loan	3/14/2031		6.16	%	S + 2.00%		4.16	%		217		216		217		0.4	%
TKO Worldwide Holdings, LLC	First Lien - Term Loan	11/21/2031		6.04	%	S + 2.00%		4.04	%		155		154		155		0.3	%
Wasserman Media Group, LLC	First Lien - Term Loan	6/23/2032		7.16	%	S + 3.00%		4.16	%		250		249		251		0.5	%
Total Hotel, Gaming & Leisure													5,173		5,182		9.6	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Media: Advertising, Printing & Publishing
McGraw-Hill Education, Inc.	First Lien - Term Loan	8/6/2031		6.91	%	S + 2.75%		4.16	%		103		103		103		0.2	%
Oceankey (U.S.) II Corp.	First Lien - Term Loan	12/15/2028		7.76	%	S + 3.60%		4.16	%		199		198		200		0.4	%
Outfront Media Capital LLC (Outfront Media Capital Corporation)	First Lien - Term Loan	9/24/2032		6.16	%	S + 2.00%		4.16	%		207		207		207		0.4	%
Total Media: Advertising, Printing & Publishing													508		510		1.0	%

Media: Broadcasting & Subscription
Charter Communications Operating, LLC	First Lien - Term Loan	12/7/2030		6.29	%	S + 2.00%		4.29	%		983		979		982		1.8	%
LCPR Loan Financing LLC	First Lien - Term Loan	10/16/2028		8.22	%	S + 4.18%		4.04	%		294		295		172		0.3	%
Sinclair Television Group, Inc.	First Lien - Term Loan	12/31/2030		8.36	%	S + 4.20%		4.16	%		728		714		660		1.2	%
Univision Communications Inc.	First Lien - Term Loan	1/31/2029		7.78	%	S + 3.61%		4.16	%		741		735		739		1.3	%
Total Media: Broadcasting & Subscription													2,723		2,553		4.6	%

Media: Diversified & Production
TouchTunes Music Group, LLC	First Lien - Term Loan	4/2/2029		8.75	%	S + 4.75%		4.00	%		310		308		307		0.6	%
Total Media: Diversified & Production													308		307		0.6	%

Retail
Apro, LLC	First Lien - Term Loan	7/9/2031		7.94	%	S + 3.75%		4.19	%		644		642		644		1.2	%
Evergreen Acqco 1 LP	First Lien - Term Loan	9/17/2032		7.03	%	S + 3.00%		4.03	%		258		257		259		0.5	%
Flynn Restaurant Group LP	First Lien - Term Loan	1/28/2032		7.91	%	S + 3.75%		4.16	%		746		743		748		1.4	%
Great Outdoors Group, LLC	First Lien - Term Loan	1/23/2032		7.41	%	S + 3.25%		4.16	%		865		863		865		1.6	%
Upbound Group, Inc. (4)	First Lien - Term Loan	8/13/2032		6.88	%	S + 2.75%		4.13	%		538		538		539		1.0	%
Total Retail													3,043		3,055		5.7	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Services: Business
Acuren Delaware Holdco, Inc.	First Lien - Term Loan	7/30/2031		6.91	%	S + 2.75%		4.16	%		150		150		150		0.3	%
Ahead DB Holdings, LLC	First Lien - Term Loan	2/1/2031		6.75	%	S + 2.75%		4.00	%		497		495		499		0.9	%
AlixPartners, LLP	First Lien - Term Loan	8/12/2032		6.16	%	S + 2.00%		4.16	%		620		618		617		1.1	%
Aragorn Parent Corporation	First Lien - Term Loan	12/15/2028		7.66	%	S + 3.50%		4.16	%		416		413		419		0.8	%
Aramark Intermediate HoldCo Corporation	First Lien - Term Loan	6/22/2030		6.16	%	S + 2.00%		4.16	%		737		737		740		1.3	%
Ascend Learning, LLC	First Lien - Term Loan	12/11/2028		7.16	%	S + 3.00%		4.16	%		249		249		249		0.5	%
Boost Newco Borrower, LLC	First Lien - Term Loan	1/31/2031		6.00	%	S + 2.00%		4.00	%		744		741		746		1.4	%
Brand Industrial Services, Inc.	First Lien - Term Loan	8/1/2030		8.80	%	S + 4.50%		4.30	%		501		501		455		0.8	%
Centuri Group, Inc.	First Lien - Term Loan	7/9/2032		6.42	%	S + 2.25%		4.17	%		500		499		502		0.9	%
Citco Funding LLC	First Lien - Term Loan	4/27/2028		6.81	%	S + 2.75%		4.06	%		735		733		738		1.3	%
Clearwater Analytics, LLC (4)	First Lien - Term Loan	4/21/2032		6.46	%	S + 2.25%		4.21	%		500		500		502		0.9	%
Congruex Group LLC	First Lien - Term Loan	5/3/2029		10.96	%	S + 1.65% +5.00% PIK		4.31	%		1,032		1,018		877		1.6	%
Corpay Technologies Operating Company, LLC	First Lien - Term Loan	4/28/2028		5.91	%	S + 1.75%		4.16	%		742		740		742		1.3	%
Corporation Service Company	First Lien - Term Loan	11/2/2029		6.16	%	S + 2.00%		4.16	%		576		571		571		1.0	%
DTI Holdco, Inc.	First Lien - Term Loan	4/26/2029		8.16	%	S + 4.00%		4.16	%		606		599		541		1.0	%
First Advantage Holdings, LLC (4)	First Lien - Term Loan	10/31/2031		6.91	%	S + 2.75%		4.16	%		710		707		695		1.3	%
GTCR Everest Borrower, LLC	First Lien - Term Loan	9/5/2031		6.75	%	S + 2.75%		4.00	%		496		494		497		0.9	%
Iron Mountain Information Management, LLC	First Lien - Term Loan	1/31/2031		6.16	%	S + 2.00%		4.16	%		415		412		415		0.8	%
Maximus, Inc. (4)	First Lien - Term Loan	5/30/2031		6.16	%	S + 2.00%		4.16	%		435		435		437		0.8	%
Mermaid Bidco Inc.	First Lien - Term Loan	7/3/2031		7.57	%	S + 3.25%		4.32	%		495		495		495		0.9	%
Nielsen Consumer, Inc.	First Lien - Term Loan	10/31/2030		6.66	%	S + 2.50%		4.16	%		479		478		478		0.9	%
Priority Holdings, LLC	First Lien - Term Loan	7/30/2032		7.91	%	S + 3.75%		4.16	%		500		499		502		0.9	%
Prometric Holdings Inc.	First Lien - Term Loan	6/25/2032		7.91	%	S + 3.75%		4.16	%		500		498		503		0.9	%
Sitel Group	First Lien - Term Loan	8/28/2028		8.03	%	S + 3.86%		4.16	%		946		945		482		0.9	%
Skopima Consilio Parent LLC	First Lien - Term Loan	5/12/2028		7.91	%	S + 3.75%		4.16	%		715		713		609		1.1	%
Tempo Acquisition, LLC	First Lien - Term Loan	8/31/2028		5.91	%	S + 1.75%		4.16	%		249		248		244		0.4	%
Trans Union LLC (4)	First Lien - Term Loan	6/24/2031		5.91	%	S + 1.75%		4.16	%		577		576		577		1.0	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
TRC Companies LLC	First Lien - Term Loan	12/8/2028		7.16	%	S + 3.00%		4.16	%		847		844		849		1.5	%
UST Global Inc	First Lien - Term Loan	11/20/2028		7.14	%	S + 3.00%		4.14	%		963		961		956		1.7	%
Vestis Corporation	First Lien - Term Loan	2/22/2031		6.45	%	S + 2.25%		4.20	%		507		505		479		0.9	%
Total Services: Business													17,374		16,566		30.0	%

Services: Consumer
Prime Security Services Borrower, LLC	First Lien - Term Loan	3/7/2032		6.00	%	S + 1.75%		4.25	%		995		990		987		1.8	%
Southern Veterinary Partners, LLC	First Lien - Term Loan	12/4/2031		6.82	%	S + 2.50%		4.32	%		628		626		628		1.1	%
Wash Bidco Inc.	First Lien - Term Loan	9/10/2032		7.44	%	S + 3.25%		4.19	%		250		249		251		0.5	%
WW International, Inc. (4)	First Lien - Term Loan	6/24/2030		10.80	%	S + 6.80%		4.00	%		200		206		183		0.3	%
WW International, Inc. (4)	Equity	—		—		—		—			—		—		11		0.0	%
Total Services: Consumer													2,071		2,060		3.7	%

Telecommunications
Aventiv Technologies, LLC	First Lien - Term Loan	3/25/2026		11.76	%	S + 7.76%		4.00	%		358		358		361		0.7	%
Cablevision Lightpath LLC	First Lien - Term Loan	11/30/2027		7.15	%	S + 3.00%		4.15	%		437		436		438		0.8	%
Ciena Corporation (4)	First Lien - Term Loan	10/24/2030		5.89	%	S + 1.75%		4.14	%		978		977		981		1.8	%
Guardian US Holdco LLC	First Lien - Term Loan	1/31/2030		7.50	%	S + 3.50%		4.00	%		652		648		653		1.2	%
Iridium Communications Inc. (4)	First Lien - Term Loan	9/20/2030		6.41	%	S + 2.25%		4.16	%		264		263		250		0.5	%
PVKG Intermediate Holdings Inc.	Equity	—		—		—		—			13		290		60		0.1	%
SBA Senior Finance II LLC	First Lien - Term Loan	1/25/2031		5.92	%	S + 1.75%		4.17	%		495		494		497		0.9	%
Syniverse Holdings, LLC	First Lien - Term Loan	5/13/2027		11.00	%	S + 7.00%		4.00	%		970		955		949		1.7	%
Vertiv Group Corporation	First Lien - Term Loan	8/12/2032		6.03	%	S + 1.75%		4.28	%		481		481		482		0.9	%
Zayo Group Holdings, Inc.	First Lien - Term Loan	3/11/2030		7.77	%	S + 3.61%		4.16	%		737		737		718		1.3	%
Total Telecommunications													5,639		5,389		9.9	%

Transportation: Cargo
Carriage Purchaser, Inc.	First Lien - Term Loan	10/2/2028		7.66	%	S + 3.50%		4.16	%		960		959		964		1.8	%
Kenan Advantage Group, Inc., The	First Lien - Term Loan	1/25/2029		7.41	%	S + 3.25%		4.16	%		811		809		802		1.5	%
Total Transportation: Cargo													1,768		1,766		3.3	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Transportation: Consumer
Brown Group Holding, LLC	First Lien - Term Loan	7/1/2031		6.91	%	S + 2.75%		4.16	%		102		102		103		0.2	%
First Student Bidco Inc.	First Lien - Term Loan	8/15/2030		6.71	%	S + 2.50%		4.21	%		845		844		847		1.5	%
First Student Bidco Inc.	First Lien - Term Loan	8/15/2030		6.71	%	S + 2.50%		4.21	%		155		154		155		0.3	%
United AirLines, Inc. (4)	First Lien - Term Loan	2/22/2031		6.20	%	S + 2.00%		4.20	%		305		304		306		0.6	%
Total Transportation: Consumer													1,404		1,411		2.6	%

Utilities: Electric
Calpine Construction Finance Company, L.P.	First Lien - Term Loan	7/31/2030		6.16	%	S + 2.00%		4.16	%		900		896		901		1.6	%
Calpine Corporation	First Lien - Term Loan	1/31/2031		5.91	%	S + 1.75%		4.16	%		643		640		643		1.2	%
Cogentrix Finance Holdco I, LLC	First Lien - Term Loan	2/26/2032		6.41	%	S + 2.25%		4.16	%		236		236		237		0.4	%
Tiger Acquisition, LLC	First Lien - Term Loan	8/23/2032		6.64	%	S + 2.50%		4.14	%		746		744		744		1.4	%
Total Utilities: Electric													2,516		2,525		4.6	%

Total Investments made in the United States													113,996		109,849		200.1	%

Investments made in Canada
Beverage, Food & Tobacco
1011778 B.C. Unlimited Liability Company (4)	First Lien - Term Loan	9/20/2030		5.91	%	S + 1.75%		4.16	%		985		982		983		1.8	%
Total Beverage, Food & Tobacco													982		983		1.8	%

Transportation: Consumer
Air Canada (4)	First Lien - Term Loan	3/21/2031		6.17	%	S + 2.00%		4.17	%		739		737		740		1.3	%
Total Transportation: Consumer													737		740		1.3	%

Total Investments made in Canada													1,719		1,723		3.1	%

Investments made in France
Healthcare & Pharmaceuticals
Curium BidCo S.a r.l. (4)	First Lien - Term Loan	8/4/2031		7.00	%	S + 3.00%		4.00	%		413		412		414		0.8	%
Opal Bidco SAS (4)	First Lien - Term Loan	4/28/2032		7.25	%	S + 3.25%		4.00	%		500		501		502		0.9	%
Total Healthcare & Pharmaceuticals													913		916		1.7	%

Total Investments made in France													913		916		1.7	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Investments made in Ireland
Aerospace & Defense
Delos Aircraft Designated Activity Company (4)	First Lien - Term Loan	10/31/2027		5.75	%	S + 1.75%		4.00	%		333		333		335		0.6	%
Setanta Aircraft Leasing Designated Activity Company (4)	First Lien - Term Loan	11/5/2028		5.75	%	S + 1.75%		4.00	%		175		174		176		0.3	%
Total Aerospace & Defense													507		511		0.9	%

Hotel, Gaming & Leisure
Flutter Entertainment plc (4)	First Lien - Term Loan	11/30/2030		5.75	%	S + 1.75%		4.00	%		942		940		941		1.7	%
Total Hotel, Gaming & Leisure													940		941		1.7	%

Services: Consumer
Cimpress plc (4)	First Lien - Term Loan	5/17/2028		6.66	%	S + 2.50%		4.16	%		958		954		962		1.7	%
Total Services: Consumer													954		962		1.7	%

Total Investments made in Ireland													2,401		2,414		4.3	%

Investments made in Luxembourg
Containers, Packaging & Glass
Mar Bidco S.a r.l. (4)	First Lien - Term Loan	7/7/2028		8.58	%	S + 4.46%		4.12	%		13		13		11		0.0	%
Total Containers, Packaging & Glass													13		11		0.0	%

Telecommunications
Venga Finance S.a r.l. (4)	First Lien - Term Loan	6/28/2029		8.21	%	S + 4.01%		4.20	%		970		952		976		1.8	%
Total Telecommunications													952		976		1.8	%

Total Investments made in Luxembourg													965		987		1.8	%

Investments made in the Netherlands
Chemicals, Plastics, & Rubber
Nouryon Finance B.V. (4)	First Lien - Term Loan	4/3/2028		7.50	%	S + 3.25%		4.25	%		834		827		836		1.5	%
Total Chemicals, Plastics, & Rubber													827		836		1.5	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Metals & Mining
AMG Advanced Metallurgical Group N.V. (4)	First Lien - Term Loan	11/30/2028		7.78	%	S + 3.61%		4.16	%		890		884		892		1.6	%
Total Metals & Mining													884		892		1.6	%

Telecommunications
Sunrise Financing Partnership (4)	First Lien - Term Loan	2/15/2032		6.69	%	S + 2.50%		4.19	%		638		636		637		1.2	%
Telecommunications													636		637		1.2	%

Total Investments made in the Netherlands													2,347		2,365		4.3	%

Investments made in Puerto Rico
Services: Business
Evertec Group, LLC	First Lien - Term Loan	10/30/2030		6.41	%	S + 2.25%		4.16	%		475		470		477		0.9	%
Total Services: Business													470		477		0.9	%

Total Investments made in Puerto Rico													470		477		0.9	%

Investments made in Switzerland
Services: Business
Speed Midco 3 S.a r.l. (4)	First Lien - Term Loan	9/23/2032		6.29	%	S + 2.50%		3.79	%		310		309		310		0.6	%
Total Services: Business													309		310		0.6	%

Total Investments made in Switzerland													309		310		0.6	%

Investments made in the United Kingdom
Chemicals, Plastics, & Rubber
Ineos Quattro Holdings UK Limited (4)	First Lien - Term Loan	4/2/2029		8.51	%	S + 4.35%		4.16	%		493		485		447		0.8	%
Ineos Quattro Holdings UK Limited (4)	First Lien - Term Loan	3/14/2030		8.01	%	S + 3.85%		4.16	%		116		115		103		0.2	%
Total Chemicals, Plastics, & Rubber													600		550		1.0	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Hotel, Gaming & Leisure
Entain plc (4)	First Lien - Term Loan	7/31/2032		6.25	%	S + 2.25%		4.00	%		207		207		207		0.4	%
Total Hotel, Gaming & Leisure													207		207		0.4	%

Total Investments made in the United Kingdom													807		757		1.4	%

Total Non-controlled/Non-Affiliated Investments												$	123,927	$	119,798		218.2	%

(1)

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

(2)

All of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”). This index resets monthly or quarterly. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 2025. As of September 30, 2025, rates for 1M S, 3M S, 6M S, and 12M S are 4.13%, 3.98%, 3.85%, and 3.66% respectively.

(3)	Percentages are based on net assets of $55,000 as of September 30, 2025.

(4)	Investment is a non-qualifying asset for RIC reporting purposes, non-qualifying assets represent 23.0% of total assets.

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

STEELE CREEK CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Non-controlled/Non-Affiliated Investments -222.3% of Shareholder’s Equity (3)
Investments made in the United States
Aerospace & Defense
Amentum Holdings, Inc. (4)	First Lien - Term Loan	9/29/2031		6.61	%	S + 2.25%		4.36	%		1,088	$	1,086	$	1,085		2.0	%
Barnes Group Inc. (4)	First Lien - Term Loan	9/3/2030		6.86	%	S + 2.50%		4.36	%		874		874		876		1.6	%
HDT Holdco, Inc.	First Lien - Term Loan	1/7/2028		5.59	%	S + 1.26%		4.33	%		529		521		329		0.6	%
KBR, Inc. (4)	First Lien - Term Loan	1/17/2031		6.36	%	S + 2.00%		4.36	%		209		209		210		0.4	%
MAG DS Corp.	First Lien - Term Loan	4/1/2027		9.93	%	S + 5.60%		4.33	%		860		840		809		1.5	%
TransDigm Inc. (4)	First Lien - Term Loan	1/19/2032		7.32	%	S + 2.50%		4.82	%		998		995		1,001		1.8	%
Vertex Aerospace Services Corp.	First Lien - Term Loan	12/6/2030		7.11	%	S + 2.75%		4.36	%		248		248		249		0.5	%
Total Aerospace & Defense													4,773		4,559		8.4	%

Automotive
Adient US LLC	First Lien - Term Loan	1/31/2031		6.61	%	S + 2.25%		4.36	%		94		94		95		0.2	%
Autokiniton US Holdings, Inc.	First Lien - Term Loan	4/6/2028		8.47	%	S + 4.11%		4.36	%		958		954		954		1.7	%
Dealer Tire Financial, LLC	First Lien - Term Loan	7/2/2031		7.86	%	S + 3.50%		4.36	%		479		477		480		0.9	%
First Brands Group, LLC	First Lien - Term Loan	3/30/2027		9.85	%	S + 5.26%		4.59	%		757		757		712		1.3	%
Paint Intermediate III, LLC	First Lien - Term Loan	10/9/2031		7.52	%	S + 3.00%		4.52	%		483		481		486		0.9	%
Thor Industries, Inc. (4)	First Lien - Term Loan	11/15/2030		6.61	%	S + 2.25%		4.36	%		342		340		343		0.6	%
Total Automotive													3,103		3,070		5.6	%

STEELE CREEK CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, 2024

(in thousands , except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Banking, Finance, Insurance & Real Estate
AmWINS Group, Inc.	First Lien - Term Loan	2/19/2028		6.72	%	S + 2.36%		4.36	%		392		389		394		0.7	%
Baldwin Insurance Group Holdings, LLC, The (4)	First Lien - Term Loan	5/26/2031		7.61	%	S + 3.25%		4.36	%		821		819		828		1.5	%
Broadstreet Partners, Inc.	First Lien - Term Loan	6/13/2031		7.36	%	S + 3.00%		4.36	%		731		731		735		1.3	%
Citadel Securities LP	First Lien - Term Loan	10/31/2031		6.33	%	S + 2.00%		4.33	%		994		989		998		1.8	%
Clipper Acquisitions Corp.	First Lien - Term Loan	3/3/2028		6.39	%	S + 1.86%		4.53	%		909		901		908		1.7	%
Cushman & Wakefield U.S. Borrower, LLC (4)	First Lien - Term Loan	1/31/2030		7.36	%	S + 3.00%		4.36	%		495		487		497		0.9	%
EIG Management Company, LLC	First Lien - Term Loan	5/17/2029		9.36	%	S + 5.00%		4.36	%		961		943		966		1.8	%
FinCo I LLC	First Lien - Term Loan	6/27/2029		6.61	%	S + 2.25%		4.36	%		741		738		744		1.4	%
Franklin Square Holdings, L.P.	First Lien - Term Loan	4/25/2031		6.61	%	S + 2.25%		4.36	%		848		846		854		1.6	%
Greystar Real Estate Partners, LLC (4)	First Lien - Term Loan	8/21/2030		7.09	%	S + 2.75%		4.34	%		521		515		526		1.0	%
Guggenheim Partners Investment Management Holdings, LLC	First Lien - Term Loan	11/26/2031		6.83	%	S + 2.50%		4.33	%		542		540		544		1.0	%
Hudson River Trading LLC	First Lien - Term Loan	3/18/2030		7.48	%	S + 3.00%		4.48	%		875		866		879		1.6	%
Jane Street Group, LLC	First Lien - Term Loan	12/15/2031		6.40	%	S + 2.00%		4.40	%		1,995		1,990		1,991		3.6	%
Lakeview Loan Servicing, LLC (4)	First Lien - Term Loan	6/21/2029		7.74	%	S + 3.36%		4.38	%		988		984		988		1.8	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands , except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
LendingTree, Inc. (4)	First Lien - Term Loan	9/15/2028		8.47	%	S + 4.11%		4.36	%		470		470		470		0.9	%
OFSBS 2022-11A (4)	Collateralized Loan Obligation	10/18/2035		8.13	%	S + 3.50%		4.63	%		1,000		1,000		1,019		1.9	%
OFSI BSL CLO XII, Ltd.	Collateralized Loan Obligation	1/20/2035		13.47	%	S + 8.85%		4.62	%		1,000		983		1,018		1.9	%
Paysafe Group Holdings II Limited	First Lien - Term Loan	6/28/2028		7.22	%	S + 2.86%		4.36	%		967		948		975		1.8	%
Resolute Investment Managers, Inc.	First Lien - Term Loan	4/30/2027		11.09	%	S + 6.76%		4.33	%		449		449		442		0.8	%
Resolute Investment Managers, Inc.	Equity	—		—		—		—			6		—		50		0.1	%
Russell Investments US Institutional Holdco, Inc.	First Lien - Term Loan	5/30/2027		9.59	%	S + 3.50% + 1.50% PIK		4.59	%		1,126		1,122		1,081		2.0	%
Sound Point CLO Ltd	Collateralized Loan Obligation	7/26/2036		13.43	%	S + 8.81%		4.62	%		500		469		519		0.9	%
Starwood Property Mortgage, L.L.C. (4)	First Lien - Term Loan	12/12/2029		6.59	%	S + 2.25%		4.34	%		307		306		307		0.6	%
Total Banking, Finance, Insurance & Real Estate													17,485		17,733		32.6	%

Beverage, Food & Tobacco
Flynn Restaurant Group LP	First Lien - Term Loan	12/1/2028		8.72	%	S + 4.36%		4.36	%		740		736		744		1.4	%
Total Beverage, Food & Tobacco													736		744		1.4	%

Capital Equipment
Chart Industries, Inc. (4)	First Lien - Term Loan	3/15/2030		7.09	%	S + 2.50%		4.59	%		885		882		890		1.6	%
Generac Power Systems, Inc. (4)	First Lien - Term Loan	7/3/2031		6.34	%	S + 1.75%		4.59	%		482		481		485		0.9	%
Watlow Electric Manufacturing Company	First Lien - Term Loan	3/2/2028		8.09	%	S + 3.50%		4.59	%		774		771		784		1.4	%
Total Capital Equipment													2,134		2,159		3.9	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands , except per share data)

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

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands , except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Consumer Goods: Durable
Mannington Mills, Inc.	First Lien - Term Loan	8/6/2026		8.34	%	S + 4.01%		4.33	%		660		659		661		1.2	%
Pelican Products, Inc.	First Lien - Term Loan	12/29/2028		8.84	%	S + 4.51%		4.33	%		707		705		638		1.2	%
Total Consumer Goods: Durable													1,364		1,299		2.4	%

Consumer Goods: Non-Durable
Conair Holdings LLC	First Lien - Term Loan	5/17/2028		8.22	%	S + 3.86%		4.36	%		818		815		738		1.3	%
Total Consumer Goods: Non-Durable													815		738		1.3	%

Containers, Packaging & Glass
Altium Packaging LLC	First Lien - Term Loan	6/11/2031		6.86	%	S + 2.50%		4.36	%		731		731		732		1.3	%
Closure Systems International Group Inc.	First Lien - Term Loan	3/22/2029		7.86	%	S + 3.50%		4.36	%		746		743		754		1.4	%
Plaze, Inc.	First Lien - Term Loan	8/3/2026		8.22	%	S + 3.86%		4.36	%		647		642		593		1.1	%
Sabert Corporation	First Lien - Term Loan	12/10/2026		7.45	%	S + 3.11%		4.34	%		775		774		782		1.4	%
Technimark Holdings LLC	First Lien - Term Loan	4/14/2031		7.63	%	S + 3.25%		4.38	%		723		722		723		1.3	%
Total Containers, Packaging & Glass													3,612		3,584		6.5	%

Energy: Electricity
Astoria Energy LLC	First Lien - Term Loan	12/10/2027		7.61	%	S + 3.25%		4.36	%		854		852		862		1.6	%
Compass Power Generation, LLC	First Lien - Term Loan	4/14/2029		8.11	%	S + 3.75%		4.36	%		223		222		226		0.4	%
Invenergy Thermal Operating I LLC	First Lien - Term Loan	8/14/2029		8.05	%	S + 3.75%		4.30	%		733		721		742		1.4	%
Invenergy Thermal Operating I LLC	First Lien - Term Loan	8/14/2029		8.06	%	S + 3.75%		4.31	%		71		70		72		0.1	%
Vistra Operations Company LLC	First Lien - Term Loan	12/20/2030		6.11	%	S + 1.75%		4.36	%		837		832		839		1.5	%
Total Energy: Electricity													2,697		2,741		5.0	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands , except per share data)

Description ⁽¹⁾	Investment Type	Maturity	Interest Rate ⁽²⁾			Basis Point Spread Above Index ⁽²⁾	Interest Rate Floor / Base Rate ⁽²⁾			Principal / Shares		Amortized Cost		Fair Value		% of Net Assets ⁽³⁾
Energy: Oil & Gas
AL NGPL Holdings, LLC	First Lien - Term Loan	4/17/2028		7.09	%	S + 2.50%		4.59	%		618		620		621		1.1	%
BCP Renaissance Parent L.L.C.	First Lien - Term Loan	10/31/2028		7.33	%	S + 3.00%		4.33	%		184		184		186		0.3	%
CQP Holdco LP	First Lien - Term Loan	12/31/2030		6.33	%	S + 2.00%		4.33	%		724		722		726		1.3	%
GIP Pilot Acquisition Partners, L.P.	First Lien - Term Loan	10/4/2030		7.09	%	S + 2.50%		4.59	%		193		192		195		0.4	%
ITT Holdings LLC	First Lien - Term Loan	10/11/2030		7.11	%	S + 2.75%		4.36	%		675		663		680		1.2	%
Total Energy: Oil & Gas													2,381		2,408		4.3	%

Forest Products & Paper
Mativ Holdings, Inc. (4)	First Lien - Term Loan	4/20/2028		8.22	%	S + 3.86%		4.36	%		313		311		312		0.6	%
Total Forest Products & Paper													311		312		0.6	%

Healthcare & Pharmaceuticals
Athletico Management, LLC	First Lien - Term Loan	2/15/2029		8.73	%	S + 4.40%		4.33	%		244		238		189		0.3	%
Aveanna Healthcare LLC (4)	First Lien - Term Loan	7/17/2028		8.36	%	S + 3.85%		4.51	%		420		420		417		0.8	%
Confluent Health, LLC	First Lien - Term Loan	11/30/2028		8.47	%	S + 4.11%		4.36	%		933		932		913		1.7	%
DaVita Inc. (4)	First Lien - Term Loan	5/9/2031		6.36	%	S + 2.00%		4.36	%		440		438		441		0.8	%

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands , except per share data)

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

Steele Creek Capital Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands , except per share data)

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

Hotel, Gaming & Leisure
Alterra Mountain Company	First Lien - Term Loan	5/31/2030		7.36	%	S + 3.00%		4.36	%		499		499		504			0.9	%
Arcis Golf LLC	First Lien - Term Loan	11/24/2028		8.21	%	S + 3.86%		4.34	%		975		969		989			1.8	%
Herschend Entertainment Company, LLC	First Lien - Term Loan	8/27/2028		7.36	%	S + 3.00%		4.36	%		195		194		196	&nb

Steele Creek Capital Corp 10-Q