Stellus Capital Investment Corporation Reports Results for its Third Fiscal Quarter Ended September 30, 2025
Stellus Capital Investment Corporation (NYSE: SCM) reported results for the fiscal quarter ended September 30, 2025. The company reported U.S. GAAP net investment income of $0.32 per share, core net investment income of $0.34 per share, and net realized income of $0.42 per share. During the quarter the firm funded $64 million of new investments and received $39 million of repayments, leaving its portfolio at $1.01 billion fair value and net assets of $377.7 million (NAV per share $13.05).
The company declared distributions of $0.40 per share for the quarter and reported cumulative distributions to investors of $318 million ($17.75 per share) since inception. The Credit Facility allows up to $335 million; borrowings were $167.6 million at quarter end. The company issued 531,106 shares under its ATM program for gross proceeds of $7.4 million.
Stellus Capital Investment Corporation (NYSE: SCM) ha riportato i risultati del trimestre fiscale terminato 30 settembre 2025. L'azienda ha riportato un reddito netto da investimenti US GAAP di 0,32 dollari per azione, un reddito netto da investimenti di base di 0,34 dollari per azione e un reddito netto realizzato di 0,42 dollari per azione. Durante il trimestre la società ha finanziato nuovi investimenti per 64 milioni di dollari e ha ricevuto rimborsi per 39 milioni di dollari, lasciando il portafoglio a una valutazione equa di 1,01 miliardi di dollari e attività nette di 377,7 milioni di dollari (NAV per azione 13,05 dollari).
La società ha dichiarato distribuzioni di 0,40 dollari per azione per il trimestre e ha riportato distribuzioni cumulate agli investitori di 318 milioni di dollari (17,75 dollari per azione) dall'inception. Il Credit Facility consente fino a 335 milioni di dollari; i prestiti erano di 167,6 milioni di dollari al termine del trimestre. La società ha emesso 531.106 azioni nell'ambito del suo programma ATM per proventi lordi di 7,4 milioni di dollari.
Stellus Capital Investment Corporation (NYSE: SCM) informó resultados para el trimestre fiscal terminado el 30 de septiembre de 2025. La empresa reportó ingresos netos por inversión según US GAAP de 0,32 dólares por acción, ingresos netos por inversión centrales de 0,34 dólares por acción y ingresos netos realizados de 0,42 dólares por acción. Durante el trimestre la firma financió 64 millones de dólares en nuevas inversiones y recibió 39 millones de dólares en reembolsos, dejando su cartera con un valor razonable de 1,01 mil millones de dólares y activos netos de 377,7 millones de dólares (NAV por acción 13,05 dólares).
La empresa declaró distribuciones de 0,40 dólares por acción para el trimestre y reportó distribuciones acumuladas a los inversionistas de 318 millones de dólares (17,75 dólares por acción) desde su inicio. La Facility de crédito permite hasta 335 millones de dólares; los préstamos eran de 167,6 millones de dólares al cierre del trimestre. La empresa emitió 531,106 acciones bajo su programa ATM por una recaudación bruta de 7,4 millones de dólares.
Stellus Capital Investment Corporation (NYSE: SCM)은 2025년 9월 30일로 종료된 회계 분기에 대한 실적을 발표했습니다. 회사는 미국 GAAP 기준 순 투자 수익 1주당 0.32달러, 핵심 순 투자 수익 1주당 0.34달러, 실현 순이익 1주당 0.42달러를 보고했습니다. 분기 동안 회사는 신규 투자에 6,400만 달러를 조달했고, 3900만 달러의 상환을 받았으며, 포트폴리오의 공정가치를 10.1억 달러로, 순자산가치를 3,777만 달러로 남겼습니다(NAV per share 13.05달러).
회사는 이번 분기에 분배를 주당 0.40달러로 선언했고, 시초 이래 투자자들에게 누적 분배액 3억 1800만 달러(주당 17.75달러)를 보고했습니다. 크레딧 Facility는 최대 3.35억 달러를 허용하며, 분기 말 기준 차입은 1.676억 달러였습니다. 회사는 ATM 프로그램을 통해 총 53만 1106주를 발행하여 총 740만 달러의 총수익을 얻었습니다.
Stellus Capital Investment Corporation (NYSE: SCM) a annoncé les résultats du trimestre fiscal terminé le 30 septembre 2025. La société a enregistré un revenu net d'investissement selon les normes US GAAP de 0,32 USD par action, un revenu net d'investissement principal de 0,34 USD par action, et un revenu net réalisé de 0,42 USD par action. Au cours du trimestre, l'entreprise a financé de nouveaux investissements pour 64 millions USD et a reçu des remboursements pour 39 millions USD, laissant son portefeuille à une valeur équitable de 1,01 milliard USD et des actifs nets de 377,7 millions USD ( NAV par action 13,05 USD).
La société a déclaré des distributions de 0,40 USD par action pour le trimestre et a reporté des distributions cumulées aux investisseurs de 318 millions USD (17,75 USD par action) depuis la création. La Facility de crédit permet jusqu'à 335 millions USD ; les emprunts s'élevaient à 167,6 millions USD à la fin du trimestre. La société a émis 531 106 actions dans le cadre de son programme ATM pour des produits bruts de 7,4 millions USD.
Stellus Capital Investment Corporation (NYSE: SCM) hat die Ergebnisse für das am 30. September 2025 endende Geschäftsjahr berichtet. Das Unternehmen meldete US GAAP Nettoinvestitionsrendite von 0,32 USD pro Aktie, Kernnettobetrag der Investitionsrendite von 0,34 USD pro Aktie und realisierte Nettorendite von 0,42 USD pro Aktie. Im Quartal finanzierte das Unternehmen 64 Mio. USD an neuen Investitionen und erhielt 39 Mio. USD an Rückzahlungen, wodurch das Portfolio einen beizulegenden Zeitwert von 1,01 Mrd. USD und Nettovermögen von 377,7 Mio. USD (NAV pro Aktie 13,05 USD) aufweist.
Das Unternehmen kündigte Ausschüttungen von 0,40 USD pro Aktie für das Quartal an und meldete kumulierte Ausschüttungen an Investoren von 318 Mio. USD (17,75 USD pro Aktie) seit der Gründung. Die Kreditfazilität erlaubt bis zu 335 Mio. USD; die Verschuldung betrug zum Quartalsende 167,6 Mio. USD. Das Unternehmen emittierte 531.106 Aktien im Rahmen seines ATM-Programms für Bruttoerlöse von 7,4 Mio. USD.
Stellus Capital Investment Corporation (NYSE: SCM) أبلغت عن النتائج للربع المالي المنتهي في 30 سبتمبر 2025. أبلغت الشركة عن دخل صافي من الاستثمارات وفق US GAAP بمقدار 0.32 دولار للسهم، دخل صافي من الاستثمار الأساسي بمقدار 0.34 دولار للسهم، و<دخل صافي محقق بمقدار 0.42 دولار للسهم. خلال الربع مولت الشركة استثمارات جديدة بقيمة 64 مليون دولار وتلقّت سداداً بقيمة 39 مليون دولار، مما ترك محفظتها بقيمة عادلة قدرها 1.01 مليار دولار وأصول صافية قدرها 377.7 مليون دولار (القيمة الاسمية للسهم 13.05 دولار).
وأعلنت الشركة توزيعات قدرها 0.40 دولار للسهم للربع وذكرت توزيعات إجمالية للمستثمرين تبلغ 318 مليون دولار (17.75 دولاراً للسهم) منذ التأسيس. تسمح تسهيلات الائتمان حتى 335 مليون دولار؛ وكانت القروض 167.6 مليون دولار بنهاية الربع. وأصدرت الشركة 531,106 سهماً ضمن برنامج ATM لإيرادات إجمالية قدرها 7.4 ملايين دولار.
- Portfolio at $1.01 billion fair value
- Cumulative distributions of $318 million ( $17.75/share)
- Net realized gains of $2.86 million for the quarter
- Issued 531,106 shares via ATM for $7.4 million
- Net investment income down 10.9% YoY to $9.14M
- Core net investment income per share down 15% YoY to $0.34
- Net unrealized depreciation of investments of $5.14 million
Insights
Quarter showed steady portfolio growth but slight yield and NAV pressure; results are mixed for stakeholders.
Business generated net investment income of
Dependencies and risks are explicit in the reported figures: a net unrealized depreciation of
Concrete items to watch include quarter-end NAV and unrealized valuation changes at the next reporting point, trends in weighted average yield and fee/interest expense that drive net investment income, and utilization of the Credit Facility plus further ATM issuance; expect meaningful updates over the next quarter and by
Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report solid operating results for the quarter ended September 30, 2025, in which we earned
FINANCIAL HIGHLIGHTS
($ in millions, except data relating to per share amounts and shares outstanding)
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Three Months Ended |
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Nine Months Ended |
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September 30, 2025 |
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September 30, 2024 |
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September 30, 2025 |
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September 30, 2024 |
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Amount |
Per Share |
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Amount |
Per Share |
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Amount |
Per Share |
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Amount |
Per Share |
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Net investment income |
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Core net investment income(1) |
9.65 |
0.34 |
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10.62 |
0.40 |
|
29.93 |
1.06 |
|
33.59 |
1.34 |
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Net realized gain (loss) on investments |
2.86 |
0.10 |
|
(3.30) |
(0.13) |
|
(3.96) |
(0.14) |
|
(21.69) |
(0.87) |
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Net realized loss on foreign currency translation |
(0.01) |
— |
|
(0.02) |
— |
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(0.06) |
— |
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(0.08) |
— |
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Loss on debt extinguishment |
(0.16) |
(0.01) |
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— |
— |
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(0.16) |
(0.01) |
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— |
— |
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Total realized income(2) |
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Distributions |
(11.43) |
(0.40) |
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(10.63) |
(0.40) |
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(33.89) |
(1.20) |
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(30.32) |
(1.21) |
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Net unrealized change in (depreciation) appreciation on investments |
(5.14) |
(0.18) |
|
8.51 |
0.33 |
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(2.51) |
(0.08) |
|
26.44 |
1.05 |
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Net unrealized change in appreciation on foreign currency translation |
— |
— |
|
0.01 |
— |
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0.04 |
— |
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— |
— |
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Benefit for taxes on unrealized depreciation on investments in taxable subsidiaries |
— |
— |
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— |
— |
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— |
— |
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0.19 |
0.01 |
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Net increase in net assets resulting from operations |
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Weighted average shares outstanding |
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28,480,472 |
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26,326,426 |
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28,168,527 |
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25,066,626 |
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(1) |
Core net investment income, as presented, excludes the impact of capital gains incentive fees (reversal) and income taxes, the majority of which are excise taxes. The Company believes presenting core net investment income and the related per share amount is a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is a non- |
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(2) |
Total realized income is the sum of net investment income, net realized gains (losses) on investments, net realized gains (losses) on foreign currency, and losses on debt extinguishment, all |
PORTFOLIO ACTIVITY
($ in millions, except data relating to per share amounts, shares outstanding, and number of portfolio companies)
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As of |
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As of |
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September 30, 2025 |
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December 31, 2024 |
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Investments at fair value |
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Total assets |
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Net assets |
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Shares outstanding |
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28,947,254 |
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27,481,118 |
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Net asset value per share |
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Three Months Ended |
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Nine Months Ended |
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September 30, 2025 |
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September 30, 2024 |
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September 30, 2025 |
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September 30, 2024 |
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New investments |
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Repayments of investments |
|
(39.0) |
|
(15.5) |
|
(85.6) |
|
(87.3) |
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Net activity |
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As of |
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As of |
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September 30, 2025 |
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December 31, 2024 |
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Number of portfolio company investments |
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115 |
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105 |
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Number of debt investments |
|
100 |
|
92 |
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Weighted average yield of debt and other |
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Cash |
|
9.0 % |
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9.5 % |
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Payment-in-kind ("PIK") |
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0.6 % |
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0.4 % |
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Fee amortization |
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0.4 % |
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0.4 % |
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Total |
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10.0 % |
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10.3 % |
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Weighted average yield of total investments(4) |
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Cash |
|
8.4 % |
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8.9 % |
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PIK |
|
0.6 % |
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0.4 % |
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Fee amortization |
|
0.4 % |
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0.4 % |
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Total |
|
9.4 % |
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9.7 % |
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(3) |
The dollar-weighted average annualized effective yield is computed using the effective interest rate for our debt investments and other income producing investments, including cash and PIK interest, as well as the accretion of deferred fees. The individual investment yields are then weighted by the respective cost of the investments (as of the date presented) in calculating the weighted average effective yield of the portfolio. The dollar-weighted average annualized yield on the Company's investments for a given period will generally be higher than what investors in the Company's common stock would realize in a return over the same period because the dollar-weighted average annualized yield does not reflect the Company's expenses or any sales load that may be paid by investors. |
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(4) |
The dollar-weighted average yield on total investments takes the same yields as calculated in the footnote above but weights them to determine the weighted average effective yield as a percentage of the Company's total investments, including non-income producing equity positions and debt investments on non-accrual status. |
Results of Operations
Investment income for the three months ended September 30, 2025 and 2024 totaled
Gross operating expenses for the three months ended September 30, 2025 and 2024 totaled
Net investment income was
For the three months ended September 30, 2025 and 2024, the Company's investment portfolio had a net change in unrealized (depreciation) appreciation of
Net increase in net assets resulting from operations totaled
Liquidity and Capital Resources
As of September 30, 2025, the Company's amended senior secured revolving credit agreement with certain bank lenders and Zions Bancorporation, N.A. dba Amegy Bank, as administrative agent (as amended from time to time, the "Credit Facility") provided for borrowings in an aggregate amount of up to
As of September 30, 2025 and December 31, 2024, the Company had
The Company issued 531,106 shares during the three months ended September 30, 2025 under the at-the-market equity program ("ATM Program") for gross proceeds of
Distributions
For both the three months ended September 30, 2025 and 2024, the Company declared aggregate distributions of
Recent Portfolio Activity
The Company invested in the following portfolio companies during the three months ended September 30, 2025:
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Activity Type |
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Date |
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Company Name |
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Company Description |
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Investment Amount |
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Instrument Type |
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Add-On Investment |
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July 28, 2025 |
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Equine Network, LLC* |
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Hosts competitions and provides services for the |
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$ |
2,122,453 |
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Senior Secured – First Lien |
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New Investment |
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July 31, 2025 |
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The Millennium Alliance, LLC |
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Facilitator of peer-to-peer events connecting companies with |
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$ |
11,500,000 |
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Senior Secured – First Lien |
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$ |
100,000 |
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Revolver Commitment |
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$ |
515,556 |
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Equity |
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New Investment |
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July 31, 2025 |
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Elder Care Opco LLC |
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Provider of homecare services |
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$ |
7,785,007 |
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Senior Secured – First Lien |
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$ |
2,500,000 |
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Delayed Draw Term Loan Commitment |
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$ |
100,000 |
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Revolver Commitment |
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$ |
910,966 |
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Equity |
|
Add-On Investment |
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August 4, 2025 |
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Guidant Corp.* |
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Provider of liquid metering products and integrated solutions to the |
|
$ |
66,030 |
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Equity |
|
Add-On Investment |
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August 5, 2025 |
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MedLearning Group, LLC* |
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Provider of continuing medical education services |
|
$ |
1,000,000 |
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Senior Secured – First Lien |
|
Add-On Investment |
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August 21, 2025 |
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Invincible Boat Company LLC* |
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Manufacturer and marketer of ultra-premium saltwater fishing boats |
|
$ |
531,915 |
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Revolver Commitment |
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New Investment |
|
August 22, 2025 |
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DMD Systems Recovery, LLC |
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Provider of IT asset disposition services |
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$ |
6,100,000 |
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Senior Secured – First Lien |
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$ |
1,000,000 |
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Delayed Draw Term Loan Commitment |
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$ |
100,000 |
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Revolver Commitment |
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$ |
180,000 |
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Equity |
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Add-On Investment |
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August 29, 2025 |
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Compost 360 Acquisition, LLC* |
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Organic waste recycler and producer of compost, mulch, and |
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$ |
27,630 |
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Equity |
|
New Investment |
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September 19, 2025 |
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Champion Services Acquireco LLC |
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Provider of commercial re-roofing and restoration services |
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$ |
12,000,000 |
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Senior Secured – First Lien |
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|
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|
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$ |
100,000 |
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Revolver Commitment |
|
|
|
|
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$ |
268,889 |
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Equity |
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New Investment |
|
September 22, 2025 |
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DFO Enterprises, LLC |
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Manufacturer of fiber optic cable assembly equipment, consumables, |
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$ |
11,580,474 |
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Senior Secured – First Lien |
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$ |
100,000 |
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Revolver Commitment |
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$ |
412,252 |
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Equity |
|
*Existing portfolio company |
The Company realized investments in the following portfolio companies during the three months ended September 30, 2025:
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Activity Type |
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Date |
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Company Name |
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Company Description |
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Proceeds Received |
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Realized Gain (Loss) |
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Instrument Type |
||
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Full Realization |
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July 3, 2025 |
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EOS Fitness Holdings, LLC |
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Gym franchise operator |
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$ |
2,799,098 |
|
$ |
2,799,098 |
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Equity |
|
Full Repayment |
|
July 31, 2025 |
|
Rogers Mechanical Contractors, |
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HVAC and plumbing designer, |
|
$ |
8,272,652 |
|
$ |
— |
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Senior Secured – First Lien |
|
Full Repayment |
|
August 21, 2025 |
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CompleteCase, LLC |
|
Provider of online uncontested |
|
$ |
6,287,212 |
|
$ |
— |
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Senior Secured – First Lien |
|
Full Repayment |
|
September 18, 2025 |
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Cafe Valley, Inc. |
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Wholesale bakery serving the |
|
$ |
15,284,524 |
|
$ |
— |
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Senior Secured – First Lien |
|
*Existing portfolio company |
Events Subsequent to September 30, 2025
The Company's management has evaluated subsequent events through November 10, 2025. There have been no subsequent events that require recognition or disclosure except for the following described below.
Investment Portfolio
The Company invested in the following portfolio companies subsequent to September 30, 2025:
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Activity Type |
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Date |
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Company Name |
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Company Description |
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Investment Amount |
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Instrument Type |
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|
Add-On Investment |
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October 1, 2025 |
|
The Hardenbergh Group, Inc.* |
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Provider of patient safety, clinical risk mitigation, and |
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$ |
500,000 |
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Senior Secured – First Lien |
|
Add-On Investment |
|
October 3, 2025 |
|
EH Real Estate Services, LLC* |
|
Offers residential property brokerage, title & |
|
$ |
183,470 |
|
Senior Secured – First Lien |
|
Add-On Investment |
|
October 17, 2025 |
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J.R. Watkins, LLC* |
|
Manufacturer and distributor of home and personal |
|
$ |
18,000 |
|
Priority Revolver Commitment |
|
New Investment |
|
October 17, 2025 |
|
Fidus Systems Inc. |
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Provider of outsourced electronic product |
|
$ |
4,759,099 |
|
Senior Secured – First Lien |
|
|
|
|
|
|
|
|
|
$ |
3,172,733 |
|
Delayed Draw Term Loan Commitment |
|
|
|
|
|
|
|
|
|
$ |
100,000 |
|
Revolver Commitment |
|
|
|
|
|
|
|
|
|
$ |
267,728 |
|
Equity |
|
Add-On Investment |
|
November 6, 2025 |
|
Mobotrex Acquisition, LLC* |
|
Distributor and manufacturer of intelligent traffic |
|
$ |
3,523,787 |
|
Senior Secured – First Lien |
|
|
|
|
|
|
|
|
|
$ |
1,549,698 |
|
Delayed Draw Term Loan Commitment |
|
|
|
|
|
|
|
|
|
$ |
73,776 |
|
Revolver Commitment |
|
Add-On Investment |
|
November 6, 2025 |
|
Ad.Net Acquisition, LLC* |
|
A digital marketing company that targets |
|
$ |
1,896,568 |
|
Senior Secured – First Lien |
|
|
|
|
|
|
|
|
|
$ |
85,027 |
|
Equity |
|
*Existing portfolio company |
The Company realized investments in the following portfolio companies subsequent to September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Activity Type |
|
Date |
|
Company Name |
|
Company Description |
|
Proceeds Received |
|
Realized Gain |
|
Instrument Type |
||
|
Full Repayment |
|
October 25, 2025 |
|
Heartland Business Systems, LLC |
|
End-to-end information technologies |
|
$ |
9,725,000 |
|
$ |
— |
|
Senior Secured – First Lien |
|
|
|
|
|
|
|
|
|
$ |
48,875 |
|
$ |
— |
|
Delayed Draw Term Loan |
|
Full Repayment |
|
November 3, 2025 |
|
NuSource Financial Acquisition, Inc. |
|
Provider of technology integration |
|
$ |
7,014,746 |
|
$ |
— |
|
Unsecured |
|
Full Realization |
|
|
|
|
|
|
|
$ |
1,066,715 |
|
$ |
1,066,715 |
|
Warrants |
Credit Facility
The outstanding balance under the Credit Facility as of November 10, 2025 was
Distributions Declared
On October 8, 2025, the Board of Directors of the Company declared a regular monthly dividend for each of October 2025, November 2025, and December 2025 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ex-Dividend |
|
Record |
|
Payment |
|
Amount per |
|
|
Declared |
|
Date |
|
Date |
|
Date |
|
Share |
|
|
10/8/2025 |
|
10/31/2025 |
|
10/31/2025 |
|
11/14/2025 |
|
$ |
0.1333 |
|
10/8/2025 |
|
11/28/2025 |
|
11/28/2025 |
|
12/15/2025 |
|
$ |
0.1333 |
|
10/8/2025 |
|
12/31/2025 |
|
12/31/2025 |
|
1/15/2026 |
|
$ |
0.1333 |
Conference Call Information
Stellus Capital Investment Corporation will host a conference call to discuss these results on Wednesday, November 12, 2025 at 10:00 AM, Central Time. The conference call will be led by Robert T. Ladd, Chief Executive Officer, and W. Todd Huskinson, Chief Financial Officer, Chief Compliance Officer, Treasurer, and Secretary.
For those wishing to participate by telephone, please dial (888) 506-0062. Use passcode 118871. Starting approximately two hours after the conclusion of the call, a replay will be available through Wednesday, November 26, 2025 by dialing (877) 481-4010 and entering passcode 53167. The replay will also be available on the Company's website.
For those wishing to participate via Live Webcast, connect via the Public (SCIC) section of our website at www.stelluscapital.com, under the Events tab. A replay of the conference will be available on our website for approximately 90 days.
About Stellus Capital Investment Corporation
The Company is an externally managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private lower middle-market companies (typically those with
Forward-Looking Statements
Statements included herein may contain "forward-looking statements" which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts
Stellus Capital Investment Corporation
W. Todd Huskinson, Chief Financial Officer
(713) 292-5414
thuskinson@stelluscapital.com
|
STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
|
||
|
|
|
(unaudited) |
|
December 31, 2024 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
Controlled investments at fair value (amortized cost of |
|
$ |
13,568,095 |
|
$ |
7,652,436 |
|
|
Non-controlled, non-affiliated investments, at fair value (amortized cost of |
|
|
996,641,541 |
|
|
945,845,252 |
|
|
Cash and cash equivalents |
|
|
9,024,020 |
|
|
20,058,594 |
|
|
Receivable for sales and repayments of investments |
|
|
437,552 |
|
|
335,689 |
|
|
Interest receivable |
|
|
7,047,686 |
|
|
4,947,765 |
|
|
Income tax receivable |
|
|
1,522,198 |
|
|
1,301,965 |
|
|
Other receivables |
|
|
99,111 |
|
|
87,995 |
|
|
Related party receivable |
|
|
22,500 |
|
|
3,687 |
|
|
Prepaid expenses |
|
|
281,634 |
|
|
666,866 |
|
|
Total Assets |
|
$ |
1,028,644,337 |
|
$ |
980,900,249 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Notes Payable |
|
$ |
172,522,707 |
|
$ |
99,444,355 |
|
|
Credit Facility payable |
|
|
163,995,602 |
|
|
172,314,315 |
|
|
SBA-guaranteed debentures |
|
|
295,805,634 |
|
|
321,251,939 |
|
|
Dividends payable |
|
|
3,858,669 |
|
|
3,663,233 |
|
|
Management fees payable |
|
|
4,401,305 |
|
|
4,034,109 |
|
|
Income incentive fees payable |
|
|
2,642,033 |
|
|
3,109,560 |
|
|
Interest payable |
|
|
5,912,375 |
|
|
5,281,343 |
|
|
Related party payable |
|
|
136,535 |
|
|
— |
|
|
Unearned revenue |
|
|
640,637 |
|
|
548,626 |
|
|
Administrative services payable |
|
|
507,139 |
|
|
393,513 |
|
|
Other accrued expenses and liabilities |
|
|
491,374 |
|
|
937,316 |
|
|
Total Liabilities |
|
$ |
650,914,010 |
|
$ |
610,978,309 |
|
|
Commitments and contingencies (Note 7) |
|
|
|
|
|
|
|
|
Net Assets |
|
$ |
377,730,327 |
|
$ |
369,921,940 |
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
Common stock, par value |
|
$ |
28,947 |
|
$ |
27,481 |
|
|
Paid-in capital |
|
|
399,410,630 |
|
|
379,549,272 |
|
|
Total distributable loss |
|
|
(21,709,250) |
|
|
(9,654,813) |
|
|
Net Assets |
|
$ |
377,730,327 |
|
$ |
369,921,940 |
|
|
Total Liabilities and Net Assets |
|
$ |
1,028,644,337 |
|
$ |
980,900,249 |
|
|
Net Asset Value Per Share |
|
$ |
13.05 |
|
$ |
13.46 |
|
|
STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the nine months ended |
|
||||||||
|
|
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
||||
|
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From controlled investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
81,636 |
|
|
From non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
23,634,587 |
|
|
24,403,375 |
|
|
69,923,357 |
|
|
72,969,302 |
|
|
Payment-in-kind interest income |
|
|
1,378,166 |
|
|
934,986 |
|
|
3,870,717 |
|
|
2,490,854 |
|
|
Other income |
|
|
1,262,956 |
|
|
1,159,898 |
|
|
3,129,895 |
|
|
3,579,415 |
|
|
Total Investment Income |
|
$ |
26,275,709 |
|
$ |
26,498,259 |
|
$ |
76,923,969 |
|
$ |
79,121,207 |
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
$ |
4,401,305 |
|
$ |
3,959,554 |
|
$ |
12,735,472 |
|
$ |
11,664,020 |
|
|
Valuation fees |
|
|
172,364 |
|
|
151,535 |
|
|
368,760 |
|
|
343,753 |
|
|
Administrative services expenses |
|
|
592,409 |
|
|
469,274 |
|
|
1,515,991 |
|
|
1,441,436 |
|
|
Income incentive fees |
|
|
2,166,047 |
|
|
2,564,922 |
|
|
6,460,613 |
|
|
7,616,562 |
|
|
Professional fees |
|
|
395,098 |
|
|
312,034 |
|
|
1,125,937 |
|
|
847,866 |
|
|
Directors' fees |
|
|
93,250 |
|
|
93,250 |
|
|
297,750 |
|
|
315,750 |
|
|
Insurance expense |
|
|
99,248 |
|
|
126,362 |
|
|
295,006 |
|
|
376,840 |
|
|
Interest expense and other fees |
|
|
8,949,075 |
|
|
7,956,403 |
|
|
25,892,109 |
|
|
23,840,473 |
|
|
Income tax expense |
|
|
515,686 |
|
|
360,192 |
|
|
1,444,184 |
|
|
1,304,948 |
|
|
Other general and administrative expenses |
|
|
227,037 |
|
|
245,043 |
|
|
945,690 |
|
|
908,185 |
|
|
Total Operating Expenses |
|
$ |
17,611,519 |
|
$ |
16,238,569 |
|
$ |
51,081,512 |
|
$ |
48,659,833 |
|
|
Income incentive fee waiver |
|
|
(471,251) |
|
|
— |
|
|
(2,643,020) |
|
|
(1,826,893) |
|
|
Total Operating Expenses, net of fee waivers |
|
$ |
17,140,268 |
|
$ |
16,238,569 |
|
$ |
48,438,492 |
|
$ |
46,832,940 |
|
|
Net Investment Income |
|
$ |
9,135,441 |
|
$ |
10,259,690 |
|
$ |
28,485,477 |
|
$ |
32,288,267 |
|
|
Net realized loss on controlled investments |
|
$ |
— |
|
$ |
— |
|
$ |
(1,132,576) |
|
$ |
— |
|
|
Net realized gain (loss) on non-controlled, non-affiliated |
|
|
2,867,155 |
|
|
(3,297,615) |
|
|
(2,827,517) |
|
|
(21,689,864) |
|
|
Net realized loss on foreign currency translations |
|
|
(9,422) |
|
|
(22,095) |
|
|
(59,080) |
|
|
(76,990) |
|
|
Loss on debt extinguishment |
|
|
(164,762) |
|
|
— |
|
|
(164,762) |
|
|
— |
|
|
Net change in unrealized appreciation on controlled |
|
|
51,367 |
|
|
248,746 |
|
|
1,397,134 |
|
|
923,505 |
|
|
Net change in unrealized (depreciation) appreciation on |
|
|
(5,187,426) |
|
|
8,255,272 |
|
|
(3,906,233) |
|
|
25,512,422 |
|
|
Net change in unrealized (depreciation) appreciation on |
|
|
(325) |
|
|
14,588 |
|
|
38,540 |
|
|
5,099 |
|
|
Benefit for taxes on net unrealized depreciation on investments |
|
|
— |
|
|
— |
|
|
— |
|
|
188,893 |
|
|
Benefit for taxes on net realized loss on investments |
|
|
— |
|
|
2,221 |
|
|
— |
|
|
2,221 |
|
|
Net Increase in Net Assets Resulting from Operations |
|
$ |
6,692,028 |
|
$ |
15,460,807 |
|
$ |
21,830,983 |
|
$ |
37,153,553 |
|
|
Net Investment Income Per Share—basic and diluted |
|
$ |
0.32 |
|
$ |
0.39 |
|
$ |
1.01 |
|
$ |
1.29 |
|
|
Net Increase in Net Assets Resulting from Operations |
|
$ |
0.23 |
|
$ |
0.59 |
|
$ |
0.78 |
|
$ |
1.48 |
|
|
Weighted Average Shares of Common Stock |
|
|
28,480,472 |
|
|
26,326,426 |
|
|
28,168,527 |
|
|
25,066,626 |
|
|
Distributions Per Share—basic and diluted |
|
$ |
0.40 |
|
$ |
0.40 |
|
$ |
1.20 |
|
$ |
1.21 |
|
|
STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
Total |
|
|
|
||||
|
|
|
Number |
|
Par |
|
Paid-in |
|
distributable |
|
|
|
|||
|
|
|
of shares |
|
value |
|
capital |
|
(loss) |
|
Net Assets |
||||
|
Balances at December 31, 2023 |
|
24,125,642 |
|
$ |
24,125 |
|
$ |
335,918,984 |
|
$ |
(16,003,321) |
|
$ |
319,939,788 |
|
Net investment income |
|
— |
|
|
— |
|
|
— |
|
|
10,235,916 |
|
|
10,235,916 |
|
Net realized loss on investments |
|
— |
|
|
— |
|
|
— |
|
|
(20,384,731) |
|
|
(20,384,731) |
|
Net realized loss on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
(25,106) |
|
|
(25,106) |
|
Net change in unrealized appreciation on investments |
|
— |
|
|
— |
|
|
— |
|
|
23,518,590 |
|
|
23,518,590 |
|
Net change in unrealized depreciation on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
(3,602) |
|
|
(3,602) |
|
Provision for taxes on unrealized appreciation on investments |
|
— |
|
|
— |
|
|
— |
|
|
(192,607) |
|
|
(192,607) |
|
Distributions from net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(9,647,844) |
|
|
(9,647,844) |
|
Balances at March 31, 2024 |
|
24,125,642 |
|
$ |
24,125 |
|
$ |
335,918,984 |
|
$ |
(12,502,705) |
|
$ |
323,440,404 |
|
Net investment income |
|
— |
|
|
— |
|
|
— |
|
|
11,792,661 |
|
|
11,792,661 |
|
Net realized gain on investments |
|
— |
|
|
— |
|
|
— |
|
|
1,992,482 |
|
|
1,992,482 |
|
Net realized loss on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
(29,789) |
|
|
(29,789) |
|
Net change in unrealized depreciation on investments |
|
— |
|
|
— |
|
|
— |
|
|
(5,586,681) |
|
|
(5,586,681) |
|
Net change in unrealized depreciation on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
(5,887) |
|
|
(5,887) |
|
Benefit for taxes on unrealized depreciation on investments |
|
— |
|
|
— |
|
|
— |
|
|
381,500 |
|
|
381,500 |
|
Distributions from net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(10,049,073) |
|
|
(10,049,073) |
|
Issuance of common stock, net of offering costs(1) |
|
1,855,356 |
|
|
1,856 |
|
|
25,248,020 |
|
|
— |
|
|
25,249,876 |
|
Balances at June 30, 2024 |
|
25,980,998 |
|
$ |
25,981 |
|
$ |
361,167,004 |
|
$ |
(14,007,492) |
|
$ |
347,185,493 |
|
Net investment income |
|
— |
|
|
— |
|
|
— |
|
|
10,259,690 |
|
|
10,259,690 |
|
Net realized loss on investments |
|
— |
|
|
— |
|
|
— |
|
|
(3,297,615) |
|
|
(3,297,615) |
|
Net realized loss on foreign currency translation |
|
— |
|
|
— |
|
|
— |
|
|
(22,095) |
|
|
(22,095) |
|
Net change in unrealized appreciation on investments |
|
— |
|
|
— |
|
|
— |
|
|
8,504,018 |
|
|
8,504,018 |
|
Net change in unrealized appreciation on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
14,588 |
|
|
14,588 |
|
Benefit for taxes on net realized loss on investments |
|
— |
|
|
— |
|
|
— |
|
|
2,221 |
|
|
2,221 |
|
Distributions from net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(10,625,512) |
|
|
(10,625,512) |
|
Issuance of common stock, net of offering costs(1) |
|
1,058,366 |
|
|
1,058 |
|
|
14,263,441 |
|
|
— |
|
|
14,264,499 |
|
Balances at September 30, 2024 |
|
27,039,364 |
|
$ |
27,039 |
|
$ |
375,430,445 |
|
$ |
(9,172,197) |
|
$ |
366,285,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at December 31, 2024 |
|
27,481,118 |
|
$ |
27,481 |
|
$ |
379,549,272 |
|
$ |
(9,654,813) |
|
$ |
369,921,940 |
|
Net investment income |
|
— |
|
|
— |
|
|
— |
|
|
9,788,809 |
|
|
9,788,809 |
|
Net realized loss on investments |
|
— |
|
|
— |
|
|
— |
|
|
(5,967,221) |
|
|
(5,967,221) |
|
Net realized loss on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
(29,655) |
|
|
(29,655) |
|
Net change in unrealized appreciation on investments |
|
— |
|
|
— |
|
|
— |
|
|
1,193,293 |
|
|
1,193,293 |
|
Net change in unrealized depreciation on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
8,319 |
|
|
8,319 |
|
Distributions from net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(11,087,389) |
|
|
(11,087,389) |
|
Issuance of common stock, net of offering costs(1) |
|
656,085 |
|
|
656 |
|
|
8,937,430 |
|
|
— |
|
|
8,938,086 |
|
Balances at March 31, 2025 |
|
28,137,203 |
|
$ |
28,137 |
|
$ |
388,486,702 |
|
$ |
(15,748,657) |
|
$ |
372,766,182 |
|
Net investment income |
|
— |
|
|
— |
|
|
— |
|
|
9,561,227 |
|
|
9,561,227 |
|
Net realized loss on investments |
|
— |
|
|
— |
|
|
— |
|
|
(860,027) |
|
|
(860,027) |
|
Net realized loss on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
(20,003) |
|
|
(20,003) |
|
Net change in unrealized appreciation on investments |
|
— |
|
|
— |
|
|
— |
|
|
1,433,667 |
|
|
1,433,667 |
|
Net change in unrealized appreciation on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
30,546 |
|
|
30,546 |
|
Distributions from net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(11,363,618) |
|
|
(11,363,618) |
|
Issuance of common stock, net of offering costs(1) |
|
278,945 |
|
|
279 |
|
|
3,822,637 |
|
|
— |
|
|
3,822,916 |
|
Balances at June 30, 2025 |
|
28,416,148 |
|
$ |
28,416 |
|
$ |
392,309,339 |
|
$ |
(16,966,865) |
|
$ |
375,370,890 |
|
Net investment income |
|
— |
|
|
— |
|
|
— |
|
|
9,135,441 |
|
|
9,135,441 |
|
Net realized gain on investments |
|
— |
|
|
— |
|
|
— |
|
|
2,867,155 |
|
|
2,867,155 |
|
Net realized loss on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
(9,422) |
|
|
(9,422) |
|
Loss on debt extinguishment |
|
— |
|
|
— |
|
|
— |
|
|
(164,762) |
|
|
(164,762) |
|
Net change in unrealized depreciation on investments |
|
— |
|
|
— |
|
|
— |
|
|
(5,136,059) |
|
|
(5,136,059) |
|
Net change in unrealized depreciation on foreign currency translations |
|
— |
|
|
— |
|
|
— |
|
|
(325) |
|
|
(325) |
|
Distributions from net investment income |
|
— |
|
|
— |
|
|
— |
|
|
(11,434,413) |
|
|
(11,434,413) |
|
Issuance of common stock, net of offering costs(1) |
|
531,106 |
|
|
531 |
|
|
7,101,291 |
|
|
— |
|
|
7,101,822 |
|
Balances at September 30, 2025 |
|
28,947,254 |
|
$ |
28,947 |
|
$ |
399,410,630 |
|
$ |
(21,709,250) |
|
$ |
377,730,327 |
|
STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
||||||
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended |
||||
|
|
|
September 30, 2025 |
|
September 30, 2024 |
||
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
$ |
21,830,983 |
|
$ |
37,153,553 |
|
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |
|
|
|
|
|
|
|
Purchases of investments |
|
|
(141,983,167) |
|
|
(112,624,812) |
|
Proceeds from sales and repayments of investments |
|
|
85,635,632 |
|
|
87,308,914 |
|
Net change in unrealized depreciation (appreciation) on investments |
|
|
2,509,099 |
|
|
(26,435,927) |
|
Net change in unrealized appreciation on foreign currency translations |
|
|
(37,811) |
|
|
(5,099) |
|
Increase in investments due to PIK |
|
|
(3,870,717) |
|
|
(2,490,856) |
|
Amortization of premium and accretion of discount, net |
|
|
(2,172,972) |
|
|
(2,045,992) |
|
Deferred tax benefit |
|
|
— |
|
|
(188,893) |
|
Amortization of loan structure fees |
|
|
954,033 |
|
|
825,891 |
|
Amortization of deferred financing costs |
|
|
447,751 |
|
|
335,345 |
|
Amortization of discount on Notes Payable |
|
|
63,395 |
|
|
— |
|
Amortization of loan fees on SBA-guaranteed debentures |
|
|
553,695 |
|
|
784,763 |
|
Net realized loss on investments |
|
|
3,960,093 |
|
|
21,689,864 |
|
Loss on debt extinguishment |
|
|
164,762 |
|
|
— |
|
Changes in other assets and liabilities |
|
|
|
|
|
|
|
Increase in interest receivable |
|
|
(2,099,921) |
|
|
(1,389,856) |
|
Increase in income tax receivable |
|
|
(220,233) |
|
|
(228,663) |
|
Increase in other receivables |
|
|
(11,116) |
|
|
(25,000) |
|
Increase in related party receivables |
|
|
(18,813) |
|
|
— |
|
Decrease in prepaid expenses |
|
|
385,232 |
|
|
349,950 |
|
Increase in management fees payable |
|
|
367,196 |
|
|
1,041,018 |
|
(Decrease) increase in income incentive fees payable |
|
|
(467,527) |
|
|
269,396 |
|
Increase (decrease) in administrative services payable |
|
|
113,626 |
|
|
(1,118) |
|
Increase (decrease) in interest payable |
|
|
631,032 |
|
|
(3,988,133) |
|
Increase in related party payable |
|
|
136,535 |
|
|
1,898,854 |
|
Increase in unearned revenue |
|
|
92,011 |
|
|
152,623 |
|
(Decrease) increase in other accrued expenses and liabilities |
|
|
(445,942) |
|
|
718,139 |
|
Net Cash (Used) Provided in Operating Activities |
|
$ |
(33,483,144) |
|
$ |
3,103,961 |
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
Proceeds from the issuance of common stock |
|
$ |
20,588,960 |
|
$ |
40,370,901 |
|
Sales load for common stock issued |
|
|
(308,998) |
|
|
(606,145) |
|
Offering costs paid for common stock issued |
|
|
(417,138) |
|
|
(243,067) |
|
Stockholder distributions paid |
|
|
(33,689,984) |
|
|
(26,718,082) |
|
Proceeds from issuance of Notes Payable |
|
|
125,000,000 |
|
|
— |
|
Repayment of Notes Payable |
|
|
(50,000,000) |
|
|
— |
|
Premium from issuance of Notes Payable |
|
|
648,000 |
|
|
— |
|
Discount from issuance of Notes Payable |
|
|
(770,250) |
|
|
— |
|
Financing costs paid on Notes Payable |
|
|
(2,475,306) |
|
|
— |
|
Repayments of SBA-guaranteed debentures |
|
|
(26,000,000) |
|
|
— |
|
Financing costs paid on Credit Facility |
|
|
(1,525,014) |
|
|
(101,348) |
|
Borrowings under Credit Facility |
|
|
198,900,000 |
|
|
122,400,000 |
|
Repayments of Credit Facility |
|
|
(207,501,700) |
|
|
(125,751,700) |
|
Net Cash Provided by Financing Activities |
|
$ |
22,448,570 |
|
$ |
9,350,559 |
|
Net (Decrease) Increase in Cash and Cash Equivalents |
|
$ |
(11,034,574) |
|
$ |
12,454,520 |
|
Cash and Cash Equivalents Balance at Beginning of Period |
|
$ |
20,058,594 |
|
$ |
26,125,741 |
|
Cash and Cash Equivalents Balance at End of Period |
|
$ |
9,024,020 |
|
$ |
38,580,261 |
|
Supplemental and Non-Cash Activities |
|
|
|
|
|
|
|
Cash paid for interest expense |
|
$ |
24,940,287 |
|
$ |
25,882,607 |
|
Income and excise tax paid |
|
|
1,664,417 |
|
|
1,533,611 |
|
Exchange of investments |
|
|
1,663,301 |
|
|
8,256,411 |
|
Reconciliation of Core Net Investment Income (1) (Unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
Net investment income |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
515,686 |
|
360,192 |
|
1,444,184 |
|
1,304,948 |
|
Core net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
|
|
Net investment income per share |
|
|
|
|
|
|
|
|
|
Core net investment income per share |
|
|
|
|
|
|
|
|
|
Reconciliation of Realized Net Investment Income (2) (Unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
Net investment income |
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments |
|
2,867,155 |
|
(3,297,615) |
|
(3,960,093) |
|
(21,689,864) |
|
Net realized loss on foreign currency translation |
|
(9,422) |
|
(22,095) |
|
(59,080) |
|
(76,990) |
|
Benefit for taxes on net realized loss on investments |
|
— |
|
2,221 |
|
— |
|
2,221 |
|
Loss on debt extinguishment |
|
(164,762) |
|
— |
|
(164,762) |
|
— |
|
Total realized net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
|
|
Net investment income per share |
|
|
|
|
|
|
|
|
|
Realized net investment income per share |
|
|
|
|
|
|
|
|
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SOURCE Stellus Capital Investment Corporation
FAQ
What did Stellus Capital (SCM) report for net investment income in Q3 2025?
How large was Stellus Capital's investment portfolio at September 30, 2025 (SCM)?
What distributions did Stellus Capital (SCM) declare for Q3 2025 and cumulative since inception?
How much did Stellus Capital (SCM) fund and receive in repayments during Q3 2025?
What was Stellus Capital's NAV per share and shares outstanding at September 30, 2025 (SCM)?
What was the status of Stellus Capital's credit facility and borrowings as of September 30, 2025 (SCM)?
