Sprott Focus Trust, Inc. (FUND) Balance Sheet
FUND balance sheet, 2025
December 31, 2025 · U.S. dollars$291.0M assets = $3.7M liabilities + $287.3M equity
Both columns are drawn to the same scale: what FUND owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FUND financial health
Equity / assets98.7%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
FUND balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $216.5M2016 | $291.0M2025 | +3.3%/yr | |
| Total liabilities | $19.2M2016 | $3.7M2025 | −16.8%/yr | |
| Shareholders’ equity | $197.3M2016 | $287.3M2025 | +4.3%/yr | |
| Cash & short-term investments | $2592016 | $3.4M2025 | +187.0%/yr | |
| Total debt | $18.9M2016 | $6.0M2018 | −43.7%/yr | |
| Net cash (debt) | −$18.9M2016 | −$6.0M2018 | +$12.9M | |
| Working capital | $02016 | $948,2622023 | +$948,262 | |
| Book value per share | $8.072016 | $9.612025 | +2.0%/yr | |
| Debt / equity | 0.102016 | 0.032018 | −0.06 | |
| Shares outstanding | 24.4M2016 | 29.9M2025 | +2.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FUND assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FUND liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FUND debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FUND balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.4M | $107,881 | $110,056 | $25,000 | $25,000 | $73,427 | $445 | $213 | $698 | $259 |
| Cash & equivalents | $3.4M | $107,881 | $110,056 | $25,000 | $25,000 | $73,427 | $445 | $213 | $698 | $259 |
| Short-term investments | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Receivables | $240,666 | $695,053 | $838,541 | $962,157 | $330,217 | $253,981 | $328,583 | $405,708 | $328,021 | $251,062 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $180,554 | $0 | $405,920 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $48,679 |
| Total current assets | $3.7M | $107,881 | $948,597 | $987,157 | $355,217 | $253,981 | $329,028 | $405,921 | $328,719 | $300,000 |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $290.6M | $250.7M | $259.0M | $247.4M | $266.7M | $244.3M | $249.1M | $187.9M | $260.8M | $181.8M |
| Other non-current assets | $0 | $697,473 | $6.4M | $7.5M | $2.0M | $2.6M | $2,720 | $2,481 | $3,461 | $34.3M |
| Total assets | $291.0M | $251.5M | $266.3M | $255.9M | $269.1M | $247.2M | $249.4M | $188.3M | $261.1M | $216.5M |
| Liabilities | ||||||||||
| Accounts payable | — | — | $335 | $536,275 | $89 | $128 | $192,708 | $144,278 | $176,994 | $0 |
| Short-term debt | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total current liabilities | — | — | $335 | $536,275 | $89 | $128 | $192,708 | $144,278 | $176,994 | $300,000 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Other long-term liabilities | $3.7M | $199,908 | $386,138 | $1.1M | $394,691 | $4.3M | $14.1M | $6.6M | $32.6M | $18.9M |
| Total liabilities | $3.7M | $600,043 | $386,473 | $1.7M | $89 | $4.3M | $14.1M | $6.6M | $33.1M | $19.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $193.6M | $194.2M | $193.3M | $194.4M | $192.2M | $196.1M | $186.0M | $177.8M | $167.0M | $158.9M |
| Retained earnings (deficit) | $93.7M | $56.7M | $72.6M | $59.8M | $76.5M | $46.8M | $49.3M | $3.9M | $2.1M | $1.9M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | $0 | $58.8M | $36.5M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $287.3M | $250.9M | $265.9M | $254.2M | $268.7M | $242.9M | $235.3M | $181.7M | $228.0M | $197.3M |
| Key figures | ||||||||||
| Total debt | — | — | — | — | — | — | — | $6.0M | $32.6M | $18.9M |
| Net cash (debt) | — | — | — | — | — | — | — | −$6.0M | −$32.6M | −$18.9M |
| Working capital | — | — | $948,262 | $450,882 | $355,128 | $253,853 | $136,320 | $261,643 | $151,725 | $0 |
| Tangible book value | $287.3M | $250.9M | $265.9M | $254.2M | $268.7M | $242.9M | $235.3M | $181.7M | $228.0M | $197.3M |
| Book value per share | $9.61 | $7.64 | $8.91 | $8.49 | $9.07 | $8.08 | $8.30 | $6.97 | $9.11 | $8.07 |
| Shares outstanding | 29.9M | 32.8M | 29.8M | 29.9M | 29.6M | 30.1M | 28.3M | 26.1M | 25.0M | 24.4M |
| Current ratio | — | — | 2,831.63 | 1.84 | 3,991.20 | 1,984.23 | 1.71 | 2.81 | 1.86 | 1.00 |
| Quick ratio | — | — | 2,831.63 | 1.84 | 3,991.20 | 2,557.88 | 1.71 | 2.81 | 1.86 | 0.84 |
| Debt / equity | — | — | — | — | — | — | — | 0.03 | 0.14 | 0.10 |
| Equity / assets | 98.7% | 99.8% | 99.9% | 99.3% | 99.9% | 98.3% | 94.3% | 96.5% | 87.3% | 91.1% |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Jun '23 | Dec '22 | Jun '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $48,251 | $3.4M | $1.7M | $107,881 | $365,386 | $110,056 | $25,000 | $25,000 | $25,000 | $25,000 |
| Cash & equivalents | $48,251 | $3.4M | $1.7M | $107,881 | $365,386 | $110,056 | $25,000 | $25,000 | $25,000 | $25,000 |
| Receivables | $1.0M | $240,666 | $343,950 | $695,053 | $475,028 | $838,541 | $223,245 | $962,157 | $774,758 | $330,217 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $340,640 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $1.1M | $3.7M | $2.0M | $107,881 | $365,386 | $948,597 | $248,245 | $987,157 | $799,758 | $355,217 |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $290.6M | $239.1M | $250.7M | $256.1M | $259.0M | $242.8M | $247.4M | $231.7M | $266.7M |
| Other non-current assets | $312.8M | $0 | $9.6M | $697,473 | $489,270 | $6.4M | $9.9M | $7.5M | $3.8M | $2.0M |
| Total assets | $313.9M | $291.0M | $250.8M | $251.5M | $256.9M | $266.3M | $252.9M | $255.9M | $236.3M | $269.1M |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | — | $1.6M | $335 | $157 | $536,275 | $653,977 | $89 |
| Total current liabilities | — | — | — | — | $1.6M | $335 | $157 | $536,275 | $653,977 | $89 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $2.1M | $3.7M | $1.9M | $199,908 | $322,044 | $386,138 | $288,303 | $536,275 | $653,977 | $89 |
| Total liabilities | $2.1M | $3.7M | $1.9M | $600,043 | $2.0M | $386,473 | $157 | $1.7M | $1.1M | $394,691 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $191.9M | $193.6M | $192.0M | $194.2M | $193.4M | $193.3M | $192.2M | $194.4M | $192.0M | $192.2M |
| Retained earnings (deficit) | $119.9M | $93.7M | $56.9M | $56.7M | $61.6M | $72.6M | $60.4M | $59.8M | $43.1M | $76.5M |
| Total shareholders' equity | $311.8M | $287.3M | $248.9M | $250.9M | $255.0M | $265.9M | $252.6M | $254.2M | $235.1M | $268.7M |
| Key figures | ||||||||||
| Working capital | — | — | — | — | −$1.3M | $948,262 | $248,088 | $450,882 | $145,781 | $355,128 |
| Tangible book value | $311.8M | $287.3M | $248.9M | $250.9M | $255.0M | $265.9M | $252.6M | $254.2M | $235.1M | $268.7M |
| Book value per share | $10.44 | $9.61 | $8.38 | $8.38 | $8.54 | $8.91 | $8.50 | $8.49 | $7.93 | $9.00 |
| Shares outstanding | 29.9M | 29.9M | 29.7M | 29.9M | 29.9M | 29.8M | 29.7M | 29.9M | 29.6M | 29.8M |
| Current ratio | — | — | — | — | 0.22 | 2,831.63 | 1,581.18 | 1.84 | 1.22 | 3,991.20 |
| Quick ratio | — | — | — | — | 0.52 | 2,831.63 | 1,581.18 | 1.84 | 1.22 | 3,991.20 |
| Equity / assets | 99.3% | 98.7% | 99.2% | 99.8% | 99.2% | 99.9% | 99.9% | 99.3% | 99.5% | 99.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
FUND financial position
At the end of fiscal 2025 (December 31, 2025), Sprott Focus had total assets of $291.0 million (up 15.7% from a year earlier), total liabilities of $3.7 million and shareholders' equity of $287.3 million. In the latest quarter (ended June 30, 2026) total assets were $313.9 million and equity $311.8 million.
Related: FUND income statement, FUND cash flow statement, FUND key metrics. See the FUND stock overview for the latest quote and news.
FUND balance sheet FAQ
What are Sprott Focus's total assets?
Sprott Focus reported total assets of $291.0 million at the end of fiscal 2025 (December 31, 2025), compared with $251.5 million a year earlier.
How much cash does Sprott Focus have?
Sprott Focus held $3.4 million in cash and short-term investments at the end of fiscal 2025.
What is Sprott Focus's book value?
Sprott Focus's shareholders' equity (book value) was $287.3 million at the end of fiscal 2025, or $9.61 per share.