Steele Creek Capital's $6.2020 Dividend: What the Filings Show

What the October 30 filing says, and what it leaves out

The 8-K is filed under Item 8.01, Other Events, and signed by the chief financial officer. Its operative sentence is short: “The Dividend is payable on November 2, 2026 to holders of record as of the close of business on September 30, 2026.” Everything else a holder would want to know has to come from other documents.

The plan itself does contemplate dividends of this kind. Section 10 of the plan says that, if necessary, the company shall by the liquidation date “have declared and paid a dividend or dividends” that distribute its investment company taxable income and net capital gain, and that such dividends “may be paid either prior to or at the same time as the liquidating distributions.” The proxy adds that the company intends to keep its regulated investment company (RIC) status for the final period. Our reading is that the $6.2020 is a pre-liquidation distribution under that section. The 8-K does not say so, so treat that as our reading and not as the company's statement.

How big $6.2020 is

Everything in this table is our arithmetic from the filing figures. The share count is the September 28 count, because no filing gives the September 30 count.

The NAV that stockholders see on a statement has been sliding for years. The 10-Q financial highlights show $9.21 at June 30, 2022, $9.40 in 2023, $9.62 in 2024, $9.14 in 2025 and $8.48 at June 30, 2026. The company reported $8.65 at December 31, 2025 and $8.58 at April 30, 2026, the price basis for its tender filing fee.

Where the cash comes from

On August 18, 2026 the adviser sold 164 loans, 75.8% of the portfolio at June 30 fair value, to over 22 dealers for gross proceeds of about $73 million, with a net realized loss of $1.7 million. About $65 million went to pay off the Bank of America credit facility, which had commitments of up to $80,000,000. The company also suspended the sale of its shares.

The August 25 8-K attached unaudited pro forma statements as if the sale had closed on June 30. They are the latest balance sheet the company has published.

The bridge is simple. After the sale settles and the facility is repaid, the company has roughly $15.2 million of net liquid assets and $34.4 million of loans (our arithmetic). A $35.6 million dividend therefore needs about $20.4 million from selling or being repaid on the remaining loans, or cash that came in after June 30. That is a gap in what the filings disclose, not a finding that something is wrong: the company may well have sold more loans since August. The September 30 10-Q is where it would show, if the company files one.

The plan, the vote and the holders

The board adopted the plan of liquidation on September 21, 2026, subject to stockholder approval. On October 13, 2026, at a virtual special meeting, 3,811,722.51 votes were cast for the liquidation and the same number for authorizing the board to withdraw the BDC election. The 8-K shows “N/A” for votes against, abstentions and broker non-votes. Against 5,735,114.44 shares outstanding, the votes for are 66.5% of the shares (our arithmetic), above the majority the proxy required.

What the plan says, in the order it matters to a holder:

• Effective date December 1, 2026. Section 3 says that on that date the company “shall be closed to new and existing stockholders.”
• Record date for the liquidating distribution. Section 7 sets it at the close of business on the business day before the liquidation date, which is Monday, November 30, 2026 (our arithmetic). The record date for the $6.2020 was September 30, so the two payments are measured on different holder lists.
• Timing. The proxy expects the final liquidating distribution by year-end and no later than one day before two years after the effective date. Section 7 allows more than one liquidating payment.
• Cost. About $200,000, borne by the company.
• Tax. Section 2 liquidates the company under Section 331 of the Internal Revenue Code. The proxy says a stockholder is generally viewed as having sold his or her shares for the cash received, with gain or loss against adjusted basis, long-term if held more than one year.
• Form 966. Section 14 directs the officers to file Form 966 with the IRS “within 30 days of adoption of this Plan.” That is October 21, 2026 if counted from the board's September 21 action and November 12, 2026 if counted from the vote (our arithmetic). It is not an SEC filing, so we cannot check it.

The holder base is small. The proxy reports 190 beneficial owners as of the record date and cites that number as the reason it may terminate its registration under Rule 12g-4. Directors and executive officers as a group hold 47.80%, and one beneficial owner listed in the table holds 2,653,530 shares. Concentration like this is common in small private BDCs and does not by itself say anything about the fairness of the plan. It does mean the dividend dollars are concentrated too: that single block would take about $16.5 million of the $35.6 million (our arithmetic).

For context on the other BDC wind-downs this year, and how Hancock Park's plan differs, see our roundup of BDC liquidation plans, written on October 20, 2026, before this dividend was declared. The non-traded BDC list shows Steele Creek's $49.8 million of net assets at June 30, and the Q3 tender offer results show the 133,226.458 shares bought in July at NAV.

What happens next, with dates

If the company files Form N-54C and Form 15 before November 16, the 10-Q may never appear, and the next documents you see will be letters and tax forms. Our 1099-DIV due-date guide for non-traded REITs and BDCs covers when the form should reach you, and the Form 8949 and Schedule D guide covers how a sale-like liquidating payment is reported.

What a reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. What the filings let you check:

• Find out how many shares you held at the close of business on September 30, 2026. That, times $6.2020, is your dividend. Your transfer agent or custodian holds the record.
• Look for the tax character on your payment notice. The 8-K does not give it. A split between income, capital gain and return of capital changes both your 2026 tax and your remaining basis.
• Keep your cost basis by lot. A final liquidating payment is measured against basis, and the $6.2020 may reduce it if any part is treated as return of capital.
• Do not read $2.358 as a forecast. It is the pro forma NAV minus the dividend, before costs of about $200,000, July's tender payout, October's $0.1287 dividend and any price change since June 30.
• Ask the company in writing: whether the $6.2020 is a Section 10 dividend or a liquidating distribution, why the record date is September 30, whether the dividend was paid in cash, and when it expects to file Form 15.
• Watch EDGAR under CIK 1817825. After a Form 15 the filings stop.

For what an adviser costs on a position like this, see what a financial advisor costs for real estate investing.

FAQ

All figures are from SEC filings read on October 30, 2026. Steele Creek Capital Corporation (CIK 1817825): Form 8-K of October 30, 2026 (accession 0001213900-26-114092); Form 8-K of October 14, 2026 on the October 13 vote (0001213900-26-109301); DEF 14A of October 2, 2026 including the plan of liquidation in Appendix A (0001213900-26-106203); Form 8-K of August 25, 2026 with the stockholder letter and pro forma financial statements (0001213900-26-093450); Form 8-K of August 21, 2026 on the $0.1287 dividend (0001213900-26-092451); Form 10-Q for June 30, 2026 (0001213900-26-089899); Schedule TO final amendment of July 2, 2026 (0001213900-26-074885). Percentages, dollar totals across shares, the pro forma liquidity bridge and deadlines are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.