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  4. [10-Q] Stellus Capital Investment Corp Quarterly Earnings Report

[10-Q] Stellus Capital Investment Corp Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
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Class I Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class H Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class G Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class F Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class E Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class D Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class C Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class B Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class A Shares2025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class 2 Ordinary Shares2025-09-300001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds Two2025-09-300001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds One2025-09-300001551901Monarch Behavioral Therapy, LLC, BI Investors, LLC Class A Units2025-09-300001551901MOM Enterprises, LLC MBliss SPC Holdings, LLC Units2025-09-300001551901Michelli, LLC, SP MWM Holdco LLC Class A Units2025-09-300001551901MBH Management LLC, MBH Parent, LLC Common Units2025-09-300001551901Madison Logic Holdings, Inc.BC Partners Glengarry Co-Investment LP Class 1 Interests2025-09-300001551901MacKenzie Childs Acquisition Inc, MacKenzie-Childs Investment, LP Partnership Interests2025-09-300001551901Lightning Intermediate II, LLC Gauge Vimergy Coinvest, LLC Units2025-09-300001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class C Units (SBIC)2025-09-300001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units (SBIC)2025-09-300001551901J.R. Watkins, LLC Term Loan (SBIC) One2025-09-300001551901J.R. Watkins, LLC Term Loan (SBIC)2025-09-300001551901J.R. Watkins, LLC Priority Revolver (SBIC)2025-09-300001551901J.R. 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Class A Units2025-09-300001551901EH Real Estate Services, LLC, Term Loan A52025-09-300001551901EH Real Estate Services, LLC, Term Loan A42025-09-300001551901EH Real Estate Services, LLC, Term Loan A32025-09-300001551901EH Real Estate Services, LLC, Term Loan A22025-09-300001551901EH Real Estate Services, LLC, Term Loan A12025-09-300001551901EH Real Estate Services, LLC, Revolver2025-09-300001551901EH Real Estate Services, LLC, EH Holdco, LLC Common Units2025-09-300001551901EH Real Estate Services, LLC EH Holdco, LLC Series A Preferred Units2025-09-300001551901DTE Holding Company, LLC Class AA Units2025-09-300001551901DTE Holding Company, LLC Class A-2 Units2025-09-300001551901DMD Systems Recovery, LLC Phoenix Parent LLC Common Units2025-09-300001551901DFO Enterprises, LLC DFO Ultimate Holding, LP Class A Units2025-09-300001551901Curion Holdings, LLC SP CS Holdings LLC Class A Units2025-09-300001551901Craftable Intermediate II Inc, Gauge Craftable LP Partnership Interests2025-09-300001551901COPILOT Provider Support Services, LLC QHP Project Captivate Blocker, Inc. Common Stock2025-09-300001551901Compost 360 Investments, LLC Class A Units2025-09-300001551901Compost 360 Acquisition, LLC, Preferred Units2025-09-300001551901CompleteCase, LLC CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)2025-09-300001551901CompleteCase, LLC CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)2025-09-300001551901Complete Case LLC Complete Case Holdings Inc. Series C Preferred Stock2025-09-300001551901Complete Case LLC Complete Case Holdings Inc. Class A Common Stock2025-09-300001551901Champion Services Acquireco LLC, Champion Services Holdings LLC Class A-1 Units2025-09-300001551901CF512, Inc. StellPen Holdings, LLC Membership Interests2025-09-300001551901CF Arch Holdings LLC Class A Units2025-09-300001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series B Partner Interests2025-09-300001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series A Partner Interests2025-09-300001551901CEATI International Inc. 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Series B Preferred Interests2025-09-300001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Partner Interests2025-09-300001551901ADS Group Topco, LLC Class Z Units2025-09-300001551901ADS Group Topco, LLC Class Y Units2025-09-300001551901ADS Group Topco, LLC Class D Units2025-09-300001551901ADS Group Topco, LLC Class B Units2025-09-300001551901ADS Group Topco, LLC Class A Units2025-09-300001551901ADS Group Opco, LLC, Priority Revolver (SBIC II)2025-09-300001551901ADS Group Opco, LLC Term Loan (SBIC II)2025-09-300001551901AdCellerant Holdings, LLC Series A Units2025-09-300001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II)2025-09-300001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Common Stock (SBIC II)2025-09-3000015519012X LLC Investors LP Class A Units2025-09-300001551901us-gaap:RetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberscm:ChannelPartnersIntermediatecoLlcMember2024-12-310001551901Xanitos, Inc. Pure TopCo, LLC Class A Units2024-12-310001551901Whisps Holdings LP Class A-1 Units2024-12-310001551901Whisps Holdings LP Class A Units2024-12-310001551901WER Holdings, LLC Blade Landscape Investments, LLC Class A Units2024-12-310001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Convertible Term Loan2024-12-310001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Common Units2024-12-310001551901USDTL AcquisitionCo, Inc. USDTL Holdings, LLC Preferred Units2024-12-310001551901Unicat Catalyst Holdings, LLC Unicat Catalyst, LLC Class A-1 Units2024-12-310001551901Unicat Catalyst Holdings, LLC Unicat Catalyst, LLC Class A Units2024-12-310001551901U.S. Expediters, LLC Cathay Hypnos LLC Units2024-12-310001551901TriplePoint Acquisition Holdings LLC TriplePoint Holdco LLC Class A Units2024-12-310001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A-1 Units2024-12-310001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A Units2024-12-310001551901Trade Education Acquisition, L.L.C. Trade Education Holdings, L.L.C. Class A Units2024-12-310001551901Trade Education Acquisition, L.L.C. Term Loan (SBIC)2024-12-310001551901Tiger 21, LLC Tiger 21 Blocker, Inc. Class A-3 Common Stock2024-12-310001551901The Hardenbergh Group, Inc, BV HGI Holdings, L.P. Class A Units2024-12-310001551901Teckrez, LLC, HH-Teckrez Parent, LP Preferred Units2024-12-310001551901TAC LifePort Holdings, LLC, Common Units2024-12-310001551901Sales Benchmark Index, LLC, SBI Holdings Investments LLC Class A Units2024-12-310001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Series A Preferred Shares2024-12-310001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Class A Common Shares2024-12-310001551901RIA Advisory Borrower, LLC, RIA Products Aggregator, LLC Class A Units2024-12-310001551901RIA Advisory Borrower, LLC, RIA Advisory Aggregator, LLC ClassA Units2024-12-310001551901Red's All Natural, LLC Centeotl Co-Invest B, LP Common Units2024-12-310001551901Premiere Digital Services, Inc.,Premiere Digital Holdings, Inc. Common Stock2024-12-310001551901Peltram Group Holdings LLC Class A units2024-12-310001551901PCS Software, Inc. PCS Software Parent LLC Class A Common Units2024-12-310001551901PCP MT Aggregator Holdings, L.P. Common Units2024-12-310001551901Onpoint Industrial Services, LLC, Spearhead Topco, LLC Class A Units2024-12-310001551901NuSource Financial Acquisition, Inc. Nusourse Holdings Inc. Warrants (SBIC II)2024-12-310001551901NS412, LLC NS Group Holding Company, LLC Class A Units2024-12-310001551901Norplex Micarta Acquisition, Inc., Norplex Micarta Parent, LP Preferred Units2024-12-310001551901NINJIO, LLC, NINJIO Holdings, LLC Units2024-12-310001551901NINJIO, LLC Gauge NINJIO Blocker LLC Preferred Units2024-12-310001551901Naumann Hobbs Holdings, L.P. Class B Units2024-12-310001551901Naumann Hobbs Holdings, L.P. Class A-2 Units2024-12-310001551901Naumann Hobbs Holdings, L.P. Class A-1 Units2024-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc. Morgan Electrical Group Holdings, LLC Series A-2 Preferred Units2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class I Shares2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class H Shares2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class G Shares2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class F Shares2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class E Shares2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class D Shares2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class C Shares2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class B Shares2024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class A Shares2024-12-310001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds Two2024-12-310001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds One2024-12-310001551901Monitorus Holding Llc Sapphire Aggregator S A R L Convertible Bonds Three2024-12-310001551901Monarch Behavioral Therapy, LLC BI Investors, LLC Class A Units2024-12-310001551901MOM Enterprises, LLC MBliss SPC Holdings, LLC Units2024-12-310001551901Michelli, LLC, SP MWM Holdco LLC Class A Units2024-12-310001551901MBH Management LLC MBH Parent, LLC Common Units2024-12-310001551901Madison Logic Holdings Inc BC Partners Glengarry Co-Investment LP Class 1 Interests2024-12-310001551901MacKenzie Childs Acquisition Inc, MacKenzie-Childs Investment, LP Partnership Interests2024-12-310001551901Lightning Intermediate II, LLC Gauge Vimergy Coinvest, LLC Units2024-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class C Units (SBIC)2024-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units (SBIC)2024-12-310001551901J.R. Watkins, LLC Term Loan (SBIC)2024-12-310001551901J.R. Watkins, LLC Revolver (SBIC)2024-12-310001551901J.R. Watkins, LLC J.R. Watkins Holdings, Inc. Class A Preferred Stock2024-12-310001551901Invincible Boat Company LLC Warbird Parent Holdco, LLC Class A Units2024-12-310001551901Inoapps Bidco, LLC Inoapps Holdings, LLC Series A-1 Preferred Units2024-12-310001551901Informativ, LLC, Credit Connection Holdings, LLC Series A Units2024-12-310001551901Infolinks Media Buyco, LLC Tower Arch Infolinks Media, LP LP Interests2024-12-310001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A-1 Units2024-12-310001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A Units2024-12-310001551901I2P Holdings, LLC Series A Preferred Units2024-12-310001551901HV Watterson Holdings, LLC, Delayed Draw Term Loan2024-12-310001551901HV Watterson Holdings, LLC Term Loan2024-12-310001551901HV Watterson Holdings, LLC Revolver2024-12-310001551901HV Watterson Holdings, LLC HV Watterson Parent, LLC Class A Units2024-12-310001551901HV GS Acquisition, LP Class A Interests2024-12-310001551901Husk AcquireCo Inc, SK Spectra Holdings LP Class A Units2024-12-310001551901Heartland Business Systems, LLC, AMCO HBS Holdings, LP Class A Units2024-12-310001551901Guidant Corp Titan Meter Topco LP Class A Units2024-12-310001551901Green Intermediateco II, Inc, Green Topco Holdings, LLC Class A Units2024-12-310001551901Florachem Corporation SK FC Holdings, L.P. Class A Units2024-12-310001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Series A Preferred Shares2024-12-310001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Class A Common Shares2024-12-310001551901FairWave Holdings, LLC, GRC Java Holdings, LLC Class A Units2024-12-310001551901Exigo, LLC Gauge Exigo Coinvest, LLC Common Units2024-12-310001551901Exacta Land Surveyors, LLC SP ELS Holdings LLC Class A Units2024-12-310001551901Exacta Land Surveyors LLC Term Loan Two SBIC2024-12-310001551901Exacta Land Surveyors LLC Term Loan2024-12-310001551901Evriholder Acquisition, Inc. KEJ Holdings LP Class A Units2024-12-310001551901evolv Consulting, LLC evolv Holdco, LLC Preferred Units2024-12-310001551901Eskola LLC, Eskola Holdings, LLC Class A Units2024-12-310001551901EOS Fitness Holdings, LLC Class B Common Units2024-12-310001551901EOS Fitness Holdings, LLC Class A Preferred Units2024-12-310001551901Elliott Aviation, LLC Term Loan2024-12-310001551901Elliott Aviation, LLC SP EA Holdings LLC Class A Units2024-12-310001551901EHI Buyer, Inc, EHI Group Holdings, L.P. Class A Units2024-12-310001551901EH Real Estate Services, LLC, Term Loan A52024-12-310001551901EH Real Estate Services, LLC, Term Loan A4 (SBIC)2024-12-310001551901EH Real Estate Services, LLC, Term Loan A42024-12-310001551901EH Real Estate Services, LLC, Term Loan A3 (SBIC)2024-12-310001551901EH Real Estate Services, LLC, Term Loan A32024-12-310001551901EH Real Estate Services, LLC, Term Loan A2 (SBIC)2024-12-310001551901EH Real Estate Services, LLC, Term Loan A22024-12-310001551901EH Real Estate Services, LLC, Term Loan A1 (SBIC)2024-12-310001551901EH Real Estate Services, LLC, Term Loan A12024-12-310001551901EH Real Estate Services, LLC, Revolver2024-12-310001551901EH Real Estate Services, LLC, EH Holdco, LLC Common Units2024-12-310001551901EH Real Estate Services, LLC EH Holdco, LLC Series A Preferred Units2024-12-310001551901DTE Holding Company, LLC Class AA Units2024-12-310001551901DTE Holding Company, LLC Class A-2 Units2024-12-310001551901Curion Holdings, LLC SP CS Holdings LLC Class A Units2024-12-310001551901Craftable Intermediate II Inc, Gauge Craftable LP Partnership Interests2024-12-310001551901COPILOT Provider Support Services, LLC QHP Project Captivate Blocker, Inc. Common Stock2024-12-310001551901Compost 360 Investments, LLC Class A Units2024-12-310001551901CompleteCase, LLC CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)2024-12-310001551901CompleteCase, LLC CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)2024-12-310001551901Complete Case LLC Complete Case Holdings Inc. Series C Preferred Stock2024-12-310001551901Complete Case LLC Complete Case Holdings Inc. Class A Common Stock2024-12-310001551901CF512, Inc. StellPen Holdings, LLC Membership Interests2024-12-310001551901CF Arch Holdings LLC Class A Units2024-12-310001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series B Partner Interests2024-12-310001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series A Partner Interests2024-12-310001551901CEATI International Inc. CEATI Holdings, LP Class A Units2024-12-310001551901Carolinas Buyer, Inc. Carolinas Holdings, L.P. Class A Units2024-12-310001551901Camp Profiles LLC CIVC VI-A 829 Blocker, LLC Units2024-12-310001551901Cafe Valley Inc. CF Topco LLC Units2024-12-310001551901BL Products Parent, L.P. Class A Units2024-12-310001551901Bart And Associates, LLC, Bamp;A Partners Holding, LLC Series A Preferred Units2024-12-310001551901Baker Manufacturing Company, LLC BSC Blue Water Holdings, LLC Series A Units (SBIC II)2024-12-310001551901Axis Portable Air, LLC Axis Air Parent, LLC Preferred Units2024-12-310001551901Atmosphere Aggregator Holdings II, L.P. Stratose Aggregator Holdings, L.P. Common Units2024-12-310001551901Atmosphere Aggregator Holdings II, L.P. Common Units2024-12-310001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units2024-12-310001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units2024-12-310001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Common Units2024-12-310001551901ArborWorks Acquisition LLC Revolver2024-12-310001551901APE Holdings, LLC Class A Units2024-12-310001551901Anne Lewis Strategies, LLC, SG AL Investment, LLC Common-A Units2024-12-310001551901Anne Lewis Strategies, LLC SG AL Investment, LLC Common Units2024-12-310001551901Amika OpCo LLC, Oshun Co-Invest-B LP Partnership Interests2024-12-310001551901Amika OpCo LLC, Ishtar Co-Invest-B LP Partnership Interests2024-12-310001551901AMII Acquisition, LLC, AMII Holdings, LP Class B Units2024-12-310001551901American Refrigeration, LLC, AR-USA Holdings, LLC Class A Units2024-12-310001551901Advanced Barrier Extrusions, LLC Term Loan (SBIC)2024-12-310001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Series B Preferred Interests2024-12-310001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Partner Interests2024-12-310001551901ADS Group Topco LLC Pluto Aggregator LLC Class D Units2024-12-310001551901ADS Group Opco, LLC, Revolver (SBIC II)2024-12-310001551901ADS Group Opco, LLC Term Loan (SBIC II)2024-12-310001551901ADS Group Opco, LLC Pluto Aggregator, LLC Class Z Units2024-12-310001551901ADS Group Opco, LLC Pluto Aggregator, LLC Class B Units2024-12-310001551901ADS Group Opco, LLC Pluto Aggregator, LLC Class A Units2024-12-310001551901ADS Group Opco LLC Pluto Aggregator LLC Class Y Units2024-12-310001551901AdCellerant Holdings, LLC Series A Units2024-12-310001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II)2024-12-310001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Common Stock (SBIC II)2024-12-3100015519012X LLC Investors LP Class A Units2024-12-310001551901Xanitos, Inc. Term Loan (SBIC)2025-09-300001551901Xanitos, Inc. Revolver Two2025-09-300001551901Xanitos, Inc. Revolver One2025-09-300001551901Xanitos, Inc. Revolver2025-09-300001551901Xanitos, Inc. Delayed Draw Term Loan2025-09-300001551901WER Holdings, LLC Term Loan (SBIC) One2025-09-300001551901WER Holdings, LLC Term Loan (SBIC)2025-09-300001551901WER Holdings, LLC Revolver Two2025-09-300001551901WER Holdings, LLC Revolver Three2025-09-300001551901WER Holdings, LLC Revolver One2025-09-300001551901WER Holdings, LLC Revolver2025-09-300001551901WER Holdings, LLC Delayed Draw Term Loan Two2025-09-300001551901WER Holdings, LLC Delayed Draw Term Loan One2025-09-300001551901WER Holdings, LLC Delayed Draw Term Loan2025-09-300001551901USDTL AcquisitionCo, Inc. Term Loan (SBIC)2025-09-300001551901Unicat Catalyst Holdings, LLC Term Loan2025-09-300001551901U.S. Expediters, LLC Term Loan2025-09-300001551901TriplePoint Acquisition Holdings LLC Term Loan, One2025-09-300001551901TriplePoint Acquisition Holdings LLC Term Loan2025-09-300001551901TradePending OpCo Aggregator, LLC Term Loan (SBIC II) One2025-09-300001551901TradePending OpCo Aggregator, LLC Term Loan (SBIC II)2025-09-300001551901TradePending OpCo Aggregator, LLC Revolver2025-09-300001551901TradePending OpCo Aggregator, LLC Delayed Draw Term Loan2025-09-300001551901Tilley Distribution, Inc. Term Loan One2025-09-300001551901Tilley Distribution, Inc. Term Loan2025-09-300001551901Tilley Distribution, Inc. Revolver2025-09-300001551901Tiger 21, LLC Term Loan2025-09-300001551901The Millennium Alliance LLC Term Loan (SBIC II)2025-09-300001551901The Hardenbergh Group, Inc, Term Loan (SBIC II)2025-09-300001551901The Hardenbergh Group Inc Term Loan (SBIC II) One2025-09-300001551901Teckrez, LLC, Term Loan2025-09-300001551901Teckrez, LLC, Revolver One2025-09-300001551901Teckrez, LLC, Revolver2025-09-300001551901Strategus, LLC Term Loan2025-09-300001551901Solid Surface Holdco, LLC Term Loan2025-09-300001551901Said Intermediate, LLC, Term Loan2025-09-300001551901RIA Advisory Borrower, LLC, Term Loan2025-09-300001551901RIA Advisory Borrower, LLC, Revolver2025-09-300001551901Red's All Natural, LLC Term Loan (SBIC II)2025-09-300001551901Premiere Digital Services, Inc., Term Loan2025-09-300001551901Plus Delta Buyer LLC Term Loan2025-09-300001551901Pearl Media Holdings, LLC Term Loan(SBIC II)2025-09-300001551901PCS Software, Inc.Term Loan (SBIC)2025-09-300001551901PCS Software, Inc.Term Loan2025-09-300001551901PCS Software, Inc.Delayed Draw Term Loan2025-09-300001551901PCS Software, Inc. Revolver2025-09-300001551901Pacific Shoring Holdings, LLC, Term Loan2025-09-300001551901Onpoint Industrial Services, LLC, Term Loan (SBIC)2025-09-300001551901NS412, LLC Term Loan2025-09-300001551901Norplex Micarta Acquisition, Inc., Term Loan (SBIC II)2025-09-300001551901Norplex Micarta Acquisition, Inc. Revolver2025-09-300001551901NINJIO, LLC Delayed Draw Term Loan2025-09-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan (SBIC II)2025-09-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan2025-09-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Revolver2025-09-300001551901Morgan Electrical Group Intermediate Holdings, Inc Term Loan2025-09-300001551901Morgan Electrical Group Intermediate Holdings, Inc Delayed Draw Term Loan2025-09-300001551901Monitorus Holding, LLC, Delayed Draw Term Loan2025-09-300001551901Monitorus Holding, LLC Term Loan One2025-09-300001551901Monitorus Holding, LLC Term Loan2025-09-300001551901Monitorus Holding, LLC Revolver Two2025-09-300001551901Monitorus Holding, LLC Revolver One2025-09-300001551901Monarch Behavioral Therapy, LLC, Term Loan (SBIC)2025-09-300001551901Monarch Behavioral Therapy, LLC, Revolver Two2025-09-300001551901Monarch Behavioral Therapy, LLC, Revolver Three2025-09-300001551901Monarch Behavioral Therapy, LLC, Revolver One2025-09-300001551901Monarch Behavioral Therapy, LLC, Revolver Four2025-09-300001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan Two2025-09-300001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan Three2025-09-300001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan One2025-09-300001551901MOM Enterprises, LLC Term Loan (SBIC II)2025-09-300001551901Mobotrex Acquisition, LLC, Term Loan2025-09-300001551901Mobotrex Acquisition, LLC, Delayed Draw Term Loan2025-09-300001551901Microbe Formulas LLC Term Loan (SBIC II) One2025-09-300001551901Microbe Formulas LLC Term Loan (SBIC II)2025-09-300001551901Michelli, LLC, Term Loan (SBIC II)2025-09-300001551901Michelli, LLC Delayed Draw Term Loan2025-09-300001551901MedLearning Group, LLC, Term Loan Two2025-09-300001551901MedLearning Group, LLC, Term Loan Three2025-09-300001551901MedLearning Group, LLC, Term Loan One2025-09-300001551901MedLearning Group, LLC, Term Loan Four2025-09-300001551901MedLearning Group, LLC, Delayed Draw Term Loan2025-09-300001551901MBH Management LLC, Term Loan (SBIC II)2025-09-300001551901Madison Logic, Inc. Term Loan One2025-09-300001551901Madison Logic, Inc. Term Loan2025-09-300001551901MacKenzie Childs Acquisition Inc, Term Loan2025-09-300001551901MacKenzie Childs Acquisition Inc, Revolver Two2025-09-300001551901MacKenzie Childs Acquisition Inc, Revolver Three2025-09-300001551901MacKenzie Childs Acquisition Inc, Revolver One2025-09-300001551901Luxium Solutions, LLC, Term Loan (SBIC)2025-09-300001551901Luxium Solutions, LLC Delayed Draw Term Loan2025-09-300001551901Lightning Intermediate II, LLC Term Loan (SBIC)2025-09-300001551901Ledge Lounger, Inc. Term Loan A (SBIC)2025-09-300001551901Ledge Lounger Inc. Revolver2025-09-300001551901Invincible Boat Company LLC Revolver2025-09-300001551901International Cybernetics Acquisition, LLC, Term Loan2025-09-300001551901iNovex Information Systems Incorporated, Term Loan SBIC II2025-09-300001551901Inoapps Bidco, LLC, Term Loan B2025-09-300001551901Inoapps Bidco, LLC, Revolver2025-09-300001551901Inoapps Bidco, LLC, Delayed Draw Term Loan2025-09-300001551901Informativ, LLC, Term Loan (SBIC II), Two2025-09-300001551901Informativ, LLC, Term Loan (SBIC II), One2025-09-300001551901Infolinks Media Buyco, LLC, Term Loan2025-09-300001551901Infolinks Media Buyco, LLC, Delayed Draw Term Loan2025-09-300001551901Infolinks Media Buyco, LLC Term Loan (SBIC II)2025-09-300001551901Impact Home Services LLC, Term Loan (SBIC) Two2025-09-300001551901Impact Home Services LLC, Term Loan (SBIC) Three2025-09-300001551901Impact Home Services LLC, Term Loan (SBIC) One2025-09-300001551901Impact Home Services LLC, Revolver2025-09-300001551901Identity Theft Guard Solutions, Inc. Term Loan2025-09-300001551901Husk AcquireCo Inc, Term Loan2025-09-300001551901Heartland Business Systems, LLC, Delayed Draw Term Loan2025-09-300001551901Heartland Business Systems LLC, Term Loan (SBIC II)2025-09-300001551901Guidant Corp Revolver2025-09-300001551901GSF Buyer, LLC Term Loan2025-09-300001551901GS HVAM Intermediate, LLC Term Loan2025-09-300001551901GS HVAM Intermediate, LLC Revolver2025-09-300001551901General LED OPCO, LLC Term Loan2025-09-300001551901FiscalNote Boards LLC Term Loan2025-09-300001551901FairWave Holdings, LLC, Revolver2025-09-300001551901FairWave Holdings, LLC, Delayed Draw Term Loan2025-09-300001551901FairWave Holdings, LLC Term Loan (SBIC)2025-09-300001551901Exigo, LLC Term Loan2025-09-300001551901Exacta Land Surveyors, LLC Term Loan (SBIC)2025-09-300001551901Exacta Land Surveyors LLC Term Loan Two SBIC2025-09-300001551901Evriholder Acquisition, Inc. Term Loan (SBIC II)2025-09-300001551901evolv Consulting, LLC Term Loan (SBIC)2025-09-300001551901Eskola LLC, Term Loan2025-09-300001551901Eskola LLC, Delayed Draw Term Loan2025-09-300001551901Equine Network, LLC, Term A Loan (SBIC)2025-09-300001551901Equine Network, LLC, Revolver2025-09-300001551901Equine Network, LLC, Delayed Draw Term Loan2025-09-300001551901Equine Network, LLC Term A Loan2025-09-300001551901Environmental Remedies, LLC, Term Loan2025-09-300001551901Elliott Aviation, LLC Term Loan One2025-09-300001551901Elliott Aviation, LLC Revolver C (Priority)2025-09-300001551901Elliott Aviation, LLC Revolver B2025-09-300001551901Elliott Aviation, LLC Revolver A2025-09-300001551901Elder Care Opco LLC Term Loan (SBIC II)2025-09-300001551901DMD Systems Recovery, LLC Term Loan2025-09-300001551901DFO Enterprises, LLC Term Loan2025-09-300001551901Curion Holdings, LLC Term Loan (SBIC II)2025-09-300001551901Curion Holdings, LLC Revolver2025-09-300001551901Craftable Intermediate II Inc, Term Loan (SBIC II)2025-09-300001551901COPILOT Provider Support Services, LLC Term Loan2025-09-300001551901Compost 360 Investments, LLC, Revolver One2025-09-300001551901Compost 360 Acquisition, LLC, Term Loan (SBIC II)2025-09-300001551901Compost 360 Acquisition, LLC, Revolver2025-09-300001551901Compost 360 Acquisition, LLC, Delayed Draw Term Loan2025-09-300001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), Two2025-09-300001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), One2025-09-300001551901Channel Partners Intermediateco, LLC, Revolver Two2025-09-300001551901Channel Partners Intermediateco, LLC, Revolver Three2025-09-300001551901Channel Partners Intermediateco, LLC, Revolver One2025-09-300001551901Channel Partners Intermediateco, LLC, Revolver2025-09-300001551901Champion Services Acquireco LLC, Term Loan2025-09-300001551901CF512, Inc. Term Loan (SBIC)2025-09-300001551901CF512, Inc. Revolver2025-09-300001551901CF512, Inc. Delayed Draw Term Loan2025-09-300001551901Cerebro Buyer, LLC Term Loan2025-09-300001551901CEATI International Inc. Term Loan One2025-09-300001551901CEATI International Inc. Term Loan2025-09-300001551901Carolinas Buyer, Inc. Term Loan2025-09-300001551901Camp Profiles LLC Term Loan (SBIC) One2025-09-300001551901Camp Profiles LLC Term Loan (SBIC)2025-09-300001551901Bart And Associates, LLC, Term Loan (SBIC)2025-09-300001551901Bart And Associates Llc, Delayed Draw Term Loan2025-09-300001551901Axis Portable Air, LLC Term Loan (SBIC II)2025-09-300001551901Axis Portable Air, LLC Delayed Draw Term Loan2025-09-300001551901Axis Portable Air LLC, Revolver2025-09-300001551901Axis Portable Air L L C Term Loan (SBIC II) One2025-09-300001551901Arctiq, Inc. Term Loan One2025-09-300001551901Arctiq, Inc. Term Loan2025-09-300001551901Arctiq, Inc. Delayed Draw Term Loan2025-09-300001551901ArborWorks Acquisition LLC Term Loan2025-09-300001551901Amika OpCo LLC, Term Loan, Investment Date, December 5, 20232025-09-300001551901Amika OpCo LLC, Term Loan2025-09-300001551901AMII Acquisition, LLC, Term Loan (SBIC II )2025-09-300001551901American Refrigeration, LLC Term Loan (SBIC)2025-09-300001551901American Refrigeration, LLC Delay Draw Term Loan2025-09-300001551901AGT Robotique Inc Term Loan2025-09-300001551901Advanced Barrier Extrusions, LLC, Revolver (SBIC)2025-09-300001551901Advanced Barrier Extrusions, LLC Term Loan B (SBIC)2025-09-300001551901Advanced Barrier Extrusions, LLC Term Loan A (SBIC)2025-09-300001551901AdCellerant LLC Term A Loan (SBIC II)2025-09-300001551901Ad.Net Acquisition, LLC, Term Loan (SBIC II)2025-09-300001551901Ad.Net Acquisition, LLC Revolver2025-09-3000015519012xLLC, Term Loan, Investment Date, October 31, 20232025-09-3000015519012xLLC, Term Loan, Investment Date, December 02, 20242025-09-3000015519012X LLC, Revolver2025-09-3000015519012X LLC Term Loan2025-09-300001551901Xanitos, Inc. Term Loan (SBIC)2024-12-310001551901Xanitos, Inc. Revolver2024-12-310001551901Xanitos, Inc. Delayed Draw Term Loan2024-12-310001551901WER Holdings, LLC Term Loan (SBIC)2024-12-310001551901WER Holdings, LLC Revolver2024-12-310001551901WER Holdings, LLC Delayed Draw Term Loan2024-12-310001551901Venbrook Buyer, LLC Term Loan B (SBIC)2024-12-310001551901Venbrook Buyer, LLC Term Loan B2024-12-310001551901Venbrook Buyer, LLC Revolver2024-12-310001551901Venbrook Buyer, LLC Delayed Draw Term Loan2024-12-310001551901USDTL AcquisitionCo, Inc. Term Loan (SBIC)2024-12-310001551901USDTL AcquisitionCo, Inc. Revolver2024-12-310001551901Unicat Catalyst Holdings, LLC Term Loan2024-12-310001551901U.S. Expediters, LLC Term Loan2024-12-310001551901TriplePoint Acquisition Holdings LLC Term Loan2024-12-310001551901TradePending OpCo Aggregator, LLC Term Loan (SBIC II) One2024-12-310001551901TradePending OpCo Aggregator, LLC Term Loan (SBIC II)2024-12-310001551901TradePending OpCo Aggregator, LLC Revolver2024-12-310001551901TradePending OpCo Aggregator, LLC Delayed Draw Term Loan2024-12-310001551901Trade Education Acquisition, L.L.C., Revolver2024-12-310001551901Tilley Distribution, Inc. Term Loan2024-12-310001551901Tiger 21, LLC Term Loan2024-12-310001551901The Hardenbergh Group, Inc, Term Loan (SBIC II)2024-12-310001551901The Hardenbergh Group Inc Term Loan (SBIC II) One2024-12-310001551901Teckrez, LLC, Term Loan2024-12-310001551901Teckrez, LLC, Revolver2024-12-310001551901Service Minds Company, LLC, Revolver2024-12-310001551901Service Minds Company, LLC Term Loan2024-12-310001551901Service Minds Company, LLC Delayed Draw Term Loan2024-12-310001551901Service Minds Company Llc Revolver Two2024-12-310001551901Service Minds Company Llc Revolver Three2024-12-310001551901Service Minds Company Llc Revolver One2024-12-310001551901Sales Benchmark Index, LLC Term Loan2024-12-310001551901Said Intermediate, LLC, Term Loan2024-12-310001551901Rogers Mechanical Contractors, LLC Term Loan2024-12-310001551901RIA Advisory Borrower, LLC, Term Loan2024-12-310001551901RIA Advisory Borrower, LLC, Revolver2024-12-310001551901Red's All Natural, LLC Term Loan (SBIC II)2024-12-310001551901Premiere Digital Services, Inc., Term Loan2024-12-310001551901Pearl Media Holdings, LLC Term Loan(SBIC II)2024-12-310001551901PCS Software, Inc.Term Loan (SBIC)2024-12-310001551901PCS Software, Inc.Term Loan2024-12-310001551901PCS Software, Inc.Delayed Draw Term Loan2024-12-310001551901PCS Software, Inc. Revolver2024-12-310001551901Onpoint Industrial Services, LLC, Term Loan (SBIC)2024-12-310001551901NuSource Financial Acquisition, Inc. Term Loan (SBICII)2024-12-310001551901Norplex Micarta Acquisition, Inc., Term Loan (SBIC II)2024-12-310001551901NINJIO, LLC, Term Loan2024-12-310001551901NINJIO, LLC, Revolver2024-12-310001551901NINJIO, LLC Delayed Draw Term Loan2024-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan (SBIC II)2024-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan2024-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. 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Term Loan Two2024-12-310001551901Green Intermediateco II, Inc. Delayed Draw Term Loan2024-12-310001551901Green Intermediateco II, Inc, Term Loan2024-12-310001551901General LED OPCO, LLC Term Loan2024-12-310001551901Florachem Corporation Term Loan (SBIC)2024-12-310001551901Florachem Corporation Revolver2024-12-310001551901Florachem Corporation Delayed Draw Term Loan2024-12-310001551901FiscalNote Boards LLC Term Loan2024-12-310001551901FairWave Holdings, LLC, Revolver2024-12-310001551901FairWave Holdings, LLC, Delayed Drew Term Loan2024-12-310001551901FairWave Holdings, LLC Term Loan2024-12-310001551901Exigo, LLC Term Loan2024-12-310001551901Exacta Land Surveyors, LLC Term Loan (SBIC)2024-12-310001551901Evriholder Acquisition, Inc. Term Loan (SBIC II)2024-12-310001551901evolv Consulting, LLC Term Loan (SBIC)2024-12-310001551901Eskola LLC, Last Out Term Loan2024-12-310001551901Eskola LLC, Last Out Delayed Draw Term Loan2024-12-310001551901Equine Network, LLC, Term A Loan (SBIC)2024-12-310001551901Equine Network, LLC, Revolver2024-12-310001551901Equine Network, LLC, Delayed Draw Term Loan2024-12-310001551901Elliott Aviation, LLC Term Loan One2024-12-310001551901Elliott Aviation, LLC Revolver B2024-12-310001551901Elliott Aviation, LLC Revolver A2024-12-310001551901DRS Holdings III, Inc. Term Loan2024-12-310001551901Curion Holdings, LLC Term Loan (SBIC II)2024-12-310001551901Curion Holdings, LLC Revolver2024-12-310001551901Craftable Intermediate II Inc, Term Loan (SBIC II)2024-12-310001551901COPILOT Provider Support Services, LLC Term Loan2024-12-310001551901COPILOT Provider Support Services, LLC Revolver2024-12-310001551901Compost 360 Acquisition, LLC, Term Loan (SBIC II)2024-12-310001551901Compost 360 Acquisition, LLC, Revolver2024-12-310001551901Compost 360 Acquisition, LLC, Delayed Draw Term Loan2024-12-310001551901CompleteCase, LLC Term Loan (SBIC II)2024-12-310001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), Two2024-12-310001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), One2024-12-310001551901Channel Partners Intermediateco, LLC, Revolver2024-12-310001551901CF512, Inc. Term Loan (SBIC)2024-12-310001551901CF512, Inc. Delayed Draw Term Loan2024-12-310001551901Cerebro Buyer, LLC Term Loan Term Loan2024-12-310001551901CEATI International Inc. Term Loan One2024-12-310001551901CEATI International Inc. Term Loan2024-12-310001551901Carolinas Buyer, Inc. Term Loan2024-12-310001551901Camp Profiles LLC Term Loan (SBIC) One2024-12-310001551901Camp Profiles LLC Term Loan (SBIC)2024-12-310001551901Cafe Valley Inc. 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Term Loan (SBIC)2025-01-012025-09-300001551901Xanitos, Inc. Revolver Two2025-01-012025-09-300001551901Xanitos, Inc. Revolver One2025-01-012025-09-300001551901Xanitos, Inc. Revolver2025-01-012025-09-300001551901Xanitos, Inc. Pure TopCo, LLC Class A Units2025-01-012025-09-300001551901Xanitos, Inc. Delayed Draw Term Loan2025-01-012025-09-300001551901Whisps Holdings LP Class A-1 Units2025-01-012025-09-300001551901Whisps Holdings LP Class A Units2025-01-012025-09-300001551901WER Holdings, LLC Term Loan (SBIC) One2025-01-012025-09-300001551901WER Holdings, LLC Term Loan (SBIC)2025-01-012025-09-300001551901WER Holdings, LLC Revolver Two2025-01-012025-09-300001551901WER Holdings, LLC Revolver Three2025-01-012025-09-300001551901WER Holdings, LLC Revolver One2025-01-012025-09-300001551901WER Holdings, LLC Revolver2025-01-012025-09-300001551901WER Holdings, LLC Delayed Draw Term Loan Two2025-01-012025-09-300001551901WER Holdings, LLC Delayed Draw Term Loan One2025-01-012025-09-300001551901WER Holdings, LLC Delayed Draw Term Loan2025-01-012025-09-300001551901WER Holdings, LLC Blade Landscape Investments, LLC Class A Units2025-01-012025-09-300001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Convertible Term Loan2025-01-012025-09-300001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Common Units2025-01-012025-09-300001551901Venbrook Buyer, LLC Term Loan B (SBIC)2025-01-012025-09-300001551901Venbrook Buyer, LLC Term Loan B2025-01-012025-09-300001551901Venbrook Buyer, LLC Revolver2025-01-012025-09-300001551901Venbrook Buyer, LLC Delayed Draw Term Loan2025-01-012025-09-300001551901USDTL AcquisitionCo, Inc. USDTL Holdings, LLC Preferred Units2025-01-012025-09-300001551901USDTL AcquisitionCo, Inc. Term Loan (SBIC)2025-01-012025-09-300001551901Unicat Catalyst Holdings, LLC Unicat Catalyst, LLC Class A-1 Units2025-01-012025-09-300001551901Unicat Catalyst Holdings, LLC Unicat Catalyst, LLC Class A Units2025-01-012025-09-300001551901Unicat Catalyst Holdings, LLC Term Loan2025-01-012025-09-300001551901U.S. Expediters, LLC Term Loan2025-01-012025-09-300001551901U.S. Expediters, LLC Cathay Hypnos LLC Units2025-01-012025-09-300001551901TriplePoint Acquisition Holdings LLC TriplePoint Holdco LLC Class A Units2025-01-012025-09-300001551901TriplePoint Acquisition Holdings LLC Term Loan, One2025-01-012025-09-300001551901TriplePoint Acquisition Holdings LLC Term Loan2025-01-012025-09-300001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A-1 Units2025-01-012025-09-300001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A Units2025-01-012025-09-300001551901TradePending OpCo Aggregator, LLC Term Loan (SBIC II) One2025-01-012025-09-300001551901TradePending OpCo Aggregator, LLC Term Loan (SBIC II)2025-01-012025-09-300001551901TradePending OpCo Aggregator, LLC Revolver2025-01-012025-09-300001551901TradePending OpCo Aggregator, LLC Delayed Draw Term Loan2025-01-012025-09-300001551901Tilley Distribution, Inc. Term Loan One2025-01-012025-09-300001551901Tilley Distribution, Inc. Term Loan2025-01-012025-09-300001551901Tilley Distribution, Inc. Revolver2025-01-012025-09-300001551901Tiger 21, LLC Tiger 21 Blocker, Inc. Class A-3 Common Stock2025-01-012025-09-300001551901Tiger 21, LLC Term Loan2025-01-012025-09-300001551901The Millennium Alliance LLC Term Loan (SBIC II)2025-01-012025-09-300001551901The Millennium Alliance LLC BV MA Blocker, Inc. Class A-2 Common Stock2025-01-012025-09-300001551901The Hardenbergh Group, Inc, Term Loan (SBIC II)2025-01-012025-09-300001551901The Hardenbergh Group, Inc, BV HGI Holdings, L.P. Class A Units2025-01-012025-09-300001551901The Hardenbergh Group Inc Term Loan (SBIC II) One2025-01-012025-09-300001551901Teckrez, LLC, Term Loan2025-01-012025-09-300001551901Teckrez, LLC, Revolver One2025-01-012025-09-300001551901Teckrez, LLC, Revolver2025-01-012025-09-300001551901Teckrez, LLC, HH-Teckrez Parent, LP Preferred Units2025-01-012025-09-300001551901TAC LifePort Holdings, LLC, Common Units2025-01-012025-09-300001551901Strategus, LLC Term Loan2025-01-012025-09-300001551901Strategus, LLC CIVC Strategus Blocker, LLC Class A Units2025-01-012025-09-300001551901Solid Surface Holdco, LLC Term Loan2025-01-012025-09-300001551901Solid Surface Holdco, LLC Carolina Topco Holdings, LP Class A-1 Units2025-01-012025-09-300001551901Simpler Trading, LLC, Simpler Ultimate Holdings, LLC Class A Units (SBIC)2025-01-012025-09-300001551901Simpler Trading, LLC Term Loan (SBIC)2025-01-012025-09-300001551901Simpler Trading, LLC Preferred Units (SBIC)2025-01-012025-09-300001551901Service Minds Company, LLC, Revolver2025-01-012025-09-300001551901Service Minds Company, LLC, Priority Revolver Two2025-01-012025-09-300001551901Service Minds Company, LLC, Priority Revolver Three2025-01-012025-09-300001551901Service Minds Company, LLC, Priority Revolver One2025-01-012025-09-300001551901Service Minds Company, LLC, Priority Revolver Four2025-01-012025-09-300001551901Service Minds Company, LLC, Priority Revolver Five2025-01-012025-09-300001551901Service Minds Company, LLC Term Loan2025-01-012025-09-300001551901Service Minds Company, LLC Delayed Draw Term Loan2025-01-012025-09-300001551901Sales Benchmark Index, LLC, SBI Holdings Investments LLC Class A Units2025-01-012025-09-300001551901Sales Benchmark Index, LLC Term Loan2025-01-012025-09-300001551901Sales Benchmark Index, LLC Revolver2025-01-012025-09-300001551901Said Intermediate, LLC, Term Loan2025-01-012025-09-300001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Series A Preferred Shares2025-01-012025-09-300001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Class A Common Shares2025-01-012025-09-300001551901RIA Advisory Borrower, LLC, Term Loan2025-01-012025-09-300001551901RIA Advisory Borrower, LLC, RIA Products Aggregator, LLC Class A Units2025-01-012025-09-300001551901RIA Advisory Borrower, LLC, RIA Advisory Aggregator, LLC ClassA Units2025-01-012025-09-300001551901RIA Advisory Borrower, LLC, Revolver2025-01-012025-09-300001551901Red's All Natural, LLC Term Loan (SBIC II)2025-01-012025-09-300001551901Red's All Natural, LLC Centeotl Co-Invest B, LP Common Units2025-01-012025-09-300001551901Premiere Digital Services, Inc.,Premiere Digital Holdings, Inc. Common Stock2025-01-012025-09-300001551901Premiere Digital Services, Inc., Term Loan2025-01-012025-09-300001551901Plus Delta Buyer LLC, Plus Delta Parent LLC Class A Units2025-01-012025-09-300001551901Plus Delta Buyer LLC Term Loan2025-01-012025-09-300001551901Peltram Group Holdings LLC Class A units2025-01-012025-09-300001551901Pearl Media Holdings, LLC Term Loan(SBIC II)2025-01-012025-09-300001551901PCS Software, Inc.Term Loan (SBIC)2025-01-012025-09-300001551901PCS Software, Inc.Term Loan2025-01-012025-09-300001551901PCS Software, Inc.Delayed Draw Term Loan2025-01-012025-09-300001551901PCS Software, Inc. Revolver2025-01-012025-09-300001551901PCS Software, Inc. PCS Software Parent LLC Class A Common Units2025-01-012025-09-300001551901PCP MT Aggregator Holdings, L.P. Common Units2025-01-012025-09-300001551901Pacific Shoring Holdings, LLC, Term Loan2025-01-012025-09-300001551901Pacific Shoring Holdings, LLC, PSP Ultimate Holdings, LP Class A Units2025-01-012025-09-300001551901Onpoint Industrial Services, LLC, Term Loan (SBIC)2025-01-012025-09-300001551901Onpoint Industrial Services, LLC, Spearhead Topco, LLC Class A Units2025-01-012025-09-300001551901NuSource Financial Acquisition, Inc. Term Loan (SBICII)2025-01-012025-09-300001551901NuSource Financial Acquisition, Inc. Nusourse Holdings Inc. Warrants (SBIC II)2025-01-012025-09-300001551901NS412, LLC Term Loan2025-01-012025-09-300001551901NS412, LLC NS Group Holding Company, LLC Class A Units2025-01-012025-09-300001551901Norplex Micarta Acquisition, Inc., Term Loan (SBIC II)2025-01-012025-09-300001551901Norplex Micarta Acquisition, Inc., Norplex Micarta Parent, LP Preferred Units2025-01-012025-09-300001551901Norplex Micarta Acquisition, Inc. Revolver2025-01-012025-09-300001551901NINJIO, LLC, Term Loan2025-01-012025-09-300001551901NINJIO, LLC, NINJIO Holdings, LLC Units2025-01-012025-09-300001551901NINJIO, LLC Gauge NINJIO Blocker LLC Preferred Units2025-01-012025-09-300001551901NINJIO, LLC Delayed Draw Term Loan2025-01-012025-09-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan (SBIC II)2025-01-012025-09-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan2025-01-012025-09-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Revolver2025-01-012025-09-300001551901Naumann Hobbs Holdings, L.P. Class W-2 Units2025-01-012025-09-300001551901Naumann Hobbs Holdings, L.P. Class W-1 Units2025-01-012025-09-300001551901Naumann Hobbs Holdings, L.P. Class B Units2025-01-012025-09-300001551901Naumann Hobbs Holdings, L.P. Class A-2 Units2025-01-012025-09-300001551901Naumann Hobbs Holdings, L.P. Class A-1 Units2025-01-012025-09-300001551901Morgan Electrical Group Intermediate Holdings, Inc. Morgan Electrical Group Holdings, LLC Series A-2 Preferred Units2025-01-012025-09-300001551901Morgan Electrical Group Intermediate Holdings, Inc Term Loan2025-01-012025-09-300001551901Morgan Electrical Group Intermediate Holdings, Inc Delayed Draw Term Loan2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l.Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class I Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class H Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class G Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class F Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class E Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class D Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class C Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class B Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class A Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class 2 Ordinary Shares2025-01-012025-09-300001551901Monitorus Holding, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901Monitorus Holding, LLC Term Loan One2025-01-012025-09-300001551901Monitorus Holding, LLC Term Loan2025-01-012025-09-300001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds Two2025-01-012025-09-300001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds One2025-01-012025-09-300001551901Monitorus Holding, LLC Revolver Two2025-01-012025-09-300001551901Monitorus Holding, LLC Revolver One2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, Term Loan (SBIC)2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, Revolver Two2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, Revolver Three2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, Revolver One2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, Revolver Four2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan Two2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan Three2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan One2025-01-012025-09-300001551901Monarch Behavioral Therapy, LLC, BI Investors, LLC Class A Units2025-01-012025-09-300001551901MOM Enterprises, LLC Term Loan (SBIC II)2025-01-012025-09-300001551901MOM Enterprises, LLC MBliss SPC Holdings, LLC Units2025-01-012025-09-300001551901Mobotrex Acquisition, LLC, Term Loan2025-01-012025-09-300001551901Mobotrex Acquisition, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901Microbe Formulas LLC Term Loan (SBIC II) One2025-01-012025-09-300001551901Microbe Formulas LLC Term Loan (SBIC II)2025-01-012025-09-300001551901Michelli, LLC, Term Loan (SBIC II)2025-01-012025-09-300001551901Michelli, LLC, SP MWM Holdco LLC Class A Units2025-01-012025-09-300001551901Michelli, LLC Delayed Draw Term Loan2025-01-012025-09-300001551901MedLearning Group, LLC, Term Loan Two2025-01-012025-09-300001551901MedLearning Group, LLC, Term Loan Three2025-01-012025-09-300001551901MedLearning Group, LLC, Term Loan One2025-01-012025-09-300001551901MedLearning Group, LLC, Term Loan Four2025-01-012025-09-300001551901MedLearning Group, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901MBH Management LLC, Term Loan (SBIC II)2025-01-012025-09-300001551901MBH Management LLC, MBH Parent, LLC Common Units2025-01-012025-09-300001551901Madison Logic, Inc. Term Loan One2025-01-012025-09-300001551901Madison Logic, Inc. Term Loan2025-01-012025-09-300001551901Madison Logic Holdings, Inc.BC Partners Glengarry Co-Investment LP Class 1 Interests2025-01-012025-09-300001551901MacKenzie Childs Acquisition Inc, Term Loan2025-01-012025-09-300001551901MacKenzie Childs Acquisition Inc, Revolver Two2025-01-012025-09-300001551901MacKenzie Childs Acquisition Inc, Revolver Three2025-01-012025-09-300001551901MacKenzie Childs Acquisition Inc, Revolver One2025-01-012025-09-300001551901MacKenzie Childs Acquisition Inc, MacKenzie-Childs Investment, LP Partnership Interests2025-01-012025-09-300001551901Luxium Solutions, LLC, Term Loan (SBIC)2025-01-012025-09-300001551901Luxium Solutions, LLC Delayed Draw Term Loan2025-01-012025-09-300001551901Lightning Intermediate II, LLC Term Loan (SBIC)2025-01-012025-09-300001551901Lightning Intermediate II, LLC Gauge Vimergy Coinvest, LLC Units2025-01-012025-09-300001551901Ledge Lounger, Inc. Term Loan A (SBIC)2025-01-012025-09-300001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class C Units (SBIC)2025-01-012025-09-300001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units (SBIC)2025-01-012025-09-300001551901Ledge Lounger Inc. Revolver2025-01-012025-09-300001551901J.R. Watkins, LLC Term Loan (SBIC) One2025-01-012025-09-300001551901J.R. Watkins, LLC Term Loan (SBIC)2025-01-012025-09-300001551901J.R. Watkins, LLC Priority Revolver (SBIC)2025-01-012025-09-300001551901J.R. Watkins Ultimate Holdings, LLC Class A Units (SBIC)2025-01-012025-09-300001551901Invincible Boat Company LLC Warbird Parent Holdco, LLC Class A Units2025-01-012025-09-300001551901Invincible Boat Company LLC Term Loan (SBIC II), Two2025-01-012025-09-300001551901Invincible Boat Company LLC Term Loan (SBIC II), One2025-01-012025-09-300001551901Invincible Boat Company LLC Term Loan2025-01-012025-09-300001551901Invincible Boat Company LLC Revolver2025-01-012025-09-300001551901International Cybernetics Acquisition, LLC, Term Loan2025-01-012025-09-300001551901International Cybernetics Acquisition, LLC, International Cybernetics Holdings, LP Class B Units2025-01-012025-09-300001551901iNovex Information Systems Incorporated, Term Loan SBIC II2025-01-012025-09-300001551901Inoapps Bidco, LLC, Term Loan B2025-01-012025-09-300001551901Inoapps Bidco, LLC, Revolver2025-01-012025-09-300001551901Inoapps Bidco, LLC, Inoapps Holdings, LLC Series A-1 Preferred Units2025-01-012025-09-300001551901Inoapps Bidco, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901Informativ, LLC, Term Loan (SBIC II), Two2025-01-012025-09-300001551901Informativ, LLC, Term Loan (SBIC II), One2025-01-012025-09-300001551901Informativ, LLC, Credit Connection Holdings, LLC Series A Units2025-01-012025-09-300001551901Infolinks Media Buyco, LLC, Term Loan2025-01-012025-09-300001551901Infolinks Media Buyco, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901Infolinks Media Buyco, LLC Tower Arch Infolinks Media, LP LP Interests2025-01-012025-09-300001551901Infolinks Media Buyco, LLC Term Loan (SBIC II)2025-01-012025-09-300001551901Impact Home Services LLC, Term Loan (SBIC) Two2025-01-012025-09-300001551901Impact Home Services LLC, Term Loan (SBIC) Three2025-01-012025-09-300001551901Impact Home Services LLC, Term Loan (SBIC) One2025-01-012025-09-300001551901Impact Home Services LLC, Revolver2025-01-012025-09-300001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A-1 Units2025-01-012025-09-300001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A Units2025-01-012025-09-300001551901Identity Theft Guard Solutions, Inc. Term Loan2025-01-012025-09-300001551901Identity Theft Guard Solutions, Inc. IDX Parent, LLC Class A-2 Units2025-01-012025-09-300001551901I2P Holdings, LLC Series A Preferred Units2025-01-012025-09-300001551901HV Watterson Holdings, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901HV Watterson Holdings, LLC Term Loan2025-01-012025-09-300001551901HV Watterson Holdings, LLC Revolver2025-01-012025-09-300001551901HV Watterson Holdings, LLC HV Watterson Parent, LLC Class A Units2025-01-012025-09-300001551901Husk AcquireCo Inc, Term Loan2025-01-012025-09-300001551901Husk AcquireCo Inc, SK Spectra Holdings LP Class A Units2025-01-012025-09-300001551901Heartland Business Systems, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901Heartland Business Systems, LLC, AMCO HBS Holdings, LP Class A Units2025-01-012025-09-300001551901Heartland Business Systems LLC, Term Loan (SBIC II)2025-01-012025-09-300001551901Guidant Corp Titan Meter Topco LP Class A Units2025-01-012025-09-300001551901Guidant Corp Term Loan2025-01-012025-09-300001551901Guidant Corp Revolver2025-01-012025-09-300001551901GSF Buyer, LLC Term Loan2025-01-012025-09-300001551901GSF Buyer, LLC GSF Group Holdings, L.P. Class A2 Units2025-01-012025-09-300001551901GS HVAM Intermediate, LLC Term Loan2025-01-012025-09-300001551901GS HVAM Intermediate, LLC Revolver2025-01-012025-09-300001551901GS HVAM Intermediate, LLC HV GS Acquisition, LP Class A Interests2025-01-012025-09-300001551901General LED OPCO, LLC Term Loan2025-01-012025-09-300001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Series A Preferred Shares2025-01-012025-09-300001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Class A Common Shares2025-01-012025-09-300001551901FiscalNote Boards LLC Term Loan2025-01-012025-09-300001551901FairWave Holdings, LLC, Revolver2025-01-012025-09-300001551901FairWave Holdings, LLC, GRC Java Holdings, LLC Class A Units2025-01-012025-09-300001551901FairWave Holdings, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901FairWave Holdings, LLC Term Loan (SBIC)2025-01-012025-09-300001551901Exigo, LLC Term Loan2025-01-012025-09-300001551901Exigo, LLC Gauge Exigo Coinvest, LLC Common Units2025-01-012025-09-300001551901Exacta Land Surveyors, LLC Term Loan (SBIC)2025-01-012025-09-300001551901Exacta Land Surveyors, LLC SP ELS Holdings LLC Class A Units2025-01-012025-09-300001551901Exacta Land Surveyors, LLC SP EA Holdings LLC Term Loan2025-01-012025-09-300001551901Exacta Land Surveyors LLC Term Loan Two SBIC2025-01-012025-09-300001551901Evriholder Acquisition, Inc. Term Loan (SBIC II)2025-01-012025-09-300001551901Evriholder Acquisition, Inc. KEJ Holdings LP Class A Units2025-01-012025-09-300001551901evolv Consulting, LLC Term Loan (SBIC)2025-01-012025-09-300001551901evolv Consulting, LLC evolv Holdco, LLC Preferred Units2025-01-012025-09-300001551901Eskola LLC, Term Loan2025-01-012025-09-300001551901Eskola LLC, Eskola Holdings, LLC Class C Units2025-01-012025-09-300001551901Eskola LLC, Eskola Holdings, LLC Class A Units2025-01-012025-09-300001551901Eskola LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901Equine Network, LLC, Term A Loan (SBIC)2025-01-012025-09-300001551901Equine Network, LLC, Revolver2025-01-012025-09-300001551901Equine Network, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901Equine Network, LLC Term A Loan2025-01-012025-09-300001551901Environmental Remedies, LLC, Term Loan2025-01-012025-09-300001551901Environmental Remedies LLC, ERI Parent Holdings, LLC Class A Units2025-01-012025-09-300001551901Elliott Aviation, LLC Term Loan Two2025-01-012025-09-300001551901Elliott Aviation, LLC Term Loan One2025-01-012025-09-300001551901Elliott Aviation, LLC SP EA Holdings LLC Term Loan2025-01-012025-09-300001551901Elliott Aviation, LLC SP EA Holdings LLC Class A Units2025-01-012025-09-300001551901Elliott Aviation, LLC Revolver C (Priority)2025-01-012025-09-300001551901Elliott Aviation, LLC Revolver B2025-01-012025-09-300001551901Elliott Aviation, LLC Revolver A2025-01-012025-09-300001551901Elder Care Opco LLC Term Loan (SBIC II)2025-01-012025-09-300001551901Elder Care Opco LLC Rallyday Elder Care Co-Investors LP Partnership Interests2025-01-012025-09-300001551901EHI Buyer, Inc, EHI Group Holdings, L.P. Class A Units2025-01-012025-09-300001551901EH Real Estate Services, LLC, Term Loan A52025-01-012025-09-300001551901EH Real Estate Services, LLC, Term Loan A42025-01-012025-09-300001551901EH Real Estate Services, LLC, Revolver2025-01-012025-09-300001551901EH Real Estate Services, LLC, EH Holdco, LLC Common Units2025-01-012025-09-300001551901EH Real Estate Services, LLC EH Holdco, LLC Series A Preferred Units2025-01-012025-09-300001551901DTE Holding Company, LLC Class AA Units2025-01-012025-09-300001551901DTE Holding Company, LLC Class A-2 Units2025-01-012025-09-300001551901DMD Systems Recovery, LLC Term Loan2025-01-012025-09-300001551901DMD Systems Recovery, LLC Phoenix Parent LLC Common Units2025-01-012025-09-300001551901DFO Enterprises, LLC Term Loan2025-01-012025-09-300001551901DFO Enterprises, LLC DFO Ultimate Holding, LP Class A Units2025-01-012025-09-300001551901Curion Holdings, LLC Term Loan (SBIC II)2025-01-012025-09-300001551901Curion Holdings, LLC SP CS Holdings LLC Class A Units2025-01-012025-09-300001551901Curion Holdings, LLC Revolver2025-01-012025-09-300001551901Craftable Intermediate II Inc, Term Loan (SBIC II)2025-01-012025-09-300001551901Craftable Intermediate II Inc, Gauge Craftable LP Partnership Interests2025-01-012025-09-300001551901COPILOT Provider Support Services, LLC Term Loan2025-01-012025-09-300001551901COPILOT Provider Support Services, LLC QHP Project Captivate Blocker, Inc. Common Stock2025-01-012025-09-300001551901Compost 360 Investments, LLC, Revolver One2025-01-012025-09-300001551901Compost 360 Investments, LLC Class A Units2025-01-012025-09-300001551901Compost 360 Acquisition, LLC, Term Loan (SBIC II)2025-01-012025-09-300001551901Compost 360 Acquisition, LLC, Revolver2025-01-012025-09-300001551901Compost 360 Acquisition, LLC, Preferred Units2025-01-012025-09-300001551901Compost 360 Acquisition, LLC, Delayed Draw Term Loan2025-01-012025-09-300001551901CompleteCase, LLC CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)2025-01-012025-09-300001551901CompleteCase, LLC CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)2025-01-012025-09-300001551901Complete Case LLC Complete Case Holdings Inc. Series C Preferred Stock2025-01-012025-09-300001551901Complete Case LLC Complete Case Holdings Inc. Class A Common Stock2025-01-012025-09-300001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), Two2025-01-012025-09-300001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), One2025-01-012025-09-300001551901Channel Partners Intermediateco, LLC, Revolver Two2025-01-012025-09-300001551901Channel Partners Intermediateco, LLC, Revolver Three2025-01-012025-09-300001551901Channel Partners Intermediateco, LLC, Revolver One2025-01-012025-09-300001551901Channel Partners Intermediateco, LLC, Revolver2025-01-012025-09-300001551901Champion Services Acquireco LLC, Term Loan2025-01-012025-09-300001551901Champion Services Acquireco LLC, Champion Services Holdings LLC Class A-1 Units2025-01-012025-09-300001551901CF512, Inc. Term Loan (SBIC)2025-01-012025-09-300001551901CF512, Inc. StellPen Holdings, LLC Membership Interests2025-01-012025-09-300001551901CF512, Inc. Revolver2025-01-012025-09-300001551901CF512, Inc. Delayed Draw Term Loan2025-01-012025-09-300001551901CF Arch Holdings LLC Class A Units2025-01-012025-09-300001551901Cerebro Buyer, LLC Term Loan2025-01-012025-09-300001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series B Partner Interests2025-01-012025-09-300001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series A Partner Interests2025-01-012025-09-300001551901CEATI International Inc. Term Loan One2025-01-012025-09-300001551901CEATI International Inc. Term Loan2025-01-012025-09-300001551901CEATI International Inc. CEATI Holdings, LP Class A Units2025-01-012025-09-300001551901Carolinas Buyer, Inc. Term Loan2025-01-012025-09-300001551901Carolinas Buyer, Inc. Carolinas Holdings, L.P. Class A Units2025-01-012025-09-300001551901Camp Profiles LLC Term Loan (SBIC) One2025-01-012025-09-300001551901Camp Profiles LLC Term Loan (SBIC)2025-01-012025-09-300001551901Camp Profiles LLC CIVC VI-A 829 Blocker, LLC Units2025-01-012025-09-300001551901Cafe Valley Inc. CF Topco LLC Units2025-01-012025-09-300001551901BL Products Parent, L.P. Class A Units2025-01-012025-09-300001551901Bart And Associates, LLC, Term Loan (SBIC)2025-01-012025-09-300001551901Bart And Associates, LLC, Bamp;A Partners Holding, LLC Series A Preferred Units2025-01-012025-09-300001551901Bart And Associates Llc, Delayed Draw Term Loan2025-01-012025-09-300001551901Baker Manufacturing Company, LLC BSC Blue Water Holdings, LLC Series A Units (SBIC II)2025-01-012025-09-300001551901Axis Portable Air, LLC Term Loan (SBIC II)2025-01-012025-09-300001551901Axis Portable Air, LLC Delayed Draw Term Loan2025-01-012025-09-300001551901Axis Portable Air, LLC Axis Air Parent, LLC Preferred Units2025-01-012025-09-300001551901Axis Portable Air LLC, Revolver2025-01-012025-09-300001551901Axis Portable Air L L C Term Loan (SBIC II) One2025-01-012025-09-300001551901Atmosphere Aggregator Holdings II, L.P. Stratose Aggregator Holdings, L.P. Common Units2025-01-012025-09-300001551901Atmosphere Aggregator Holdings II, L.P. Common Units2025-01-012025-09-300001551901Arctiq, Inc. Term Loan One2025-01-012025-09-300001551901Arctiq, Inc. Term Loan2025-01-012025-09-300001551901Arctiq, Inc. Green Topco Holdings, LLC Class A Units2025-01-012025-09-300001551901Arctiq, Inc. Delayed Draw Term Loan2025-01-012025-09-300001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units2025-01-012025-09-300001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units2025-01-012025-09-300001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Common Units2025-01-012025-09-300001551901ArborWorks Acquisition LLC Term Loan2025-01-012025-09-300001551901ArborWorks Acquisition LLC Revolver2025-01-012025-09-300001551901APE Holdings, LLC Class A Units2025-01-012025-09-300001551901Anne Lewis Strategies, LLC, SG AL Investment, LLC Common-A Units2025-01-012025-09-300001551901Anne Lewis Strategies, LLC SG AL Investment, LLC Common Units2025-01-012025-09-300001551901Amika OpCo LLC, Term Loan, Investment Date, December 5, 20232025-01-012025-09-300001551901Amika OpCo LLC, Term Loan2025-01-012025-09-300001551901Amika OpCo LLC, Oshun Co-Invest-B LP Partnership Interests2025-01-012025-09-300001551901Amika OpCo LLC, Ishtar Co-Invest-B LP Partnership Interests2025-01-012025-09-300001551901AMII Acquisition, LLC, Term Loan (SBIC II )2025-01-012025-09-300001551901AMII Acquisition, LLC AMII Holdings, LP Class B Units2025-01-012025-09-300001551901American Refrigeration, LLC Term Loan (SBIC)2025-01-012025-09-300001551901American Refrigeration, LLC Delay Draw Term Loan2025-01-012025-09-300001551901American Refrigeration, LLC AR-USA Holdings, LLC Class A Units2025-01-012025-09-300001551901AGT Robotique Inc Term Loan2025-01-012025-09-300001551901Advanced Barrier Extrusions, LLC, Super Priority Term Loan (SBIC) Two2025-01-012025-09-300001551901Advanced Barrier Extrusions, LLC, Super Priority Term Loan (SBIC) One2025-01-012025-09-300001551901Advanced Barrier Extrusions, LLC, Super Priority Term Loan (SBIC)2025-01-012025-09-300001551901Advanced Barrier Extrusions, LLC, Revolver (SBIC)2025-01-012025-09-300001551901Advanced Barrier Extrusions, LLC Term Loan B (SBIC)2025-01-012025-09-300001551901Advanced Barrier Extrusions, LLC Term Loan A (SBIC)2025-01-012025-09-300001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Series B Preferred Interests2025-01-012025-09-300001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Partner Interests2025-01-012025-09-300001551901ADS Group Topco, LLC Class Z Units2025-01-012025-09-300001551901ADS Group Topco, LLC Class Y Units2025-01-012025-09-300001551901ADS Group Topco, LLC Class D Units2025-01-012025-09-300001551901ADS Group Topco, LLC Class B Units2025-01-012025-09-300001551901ADS Group Topco, LLC Class A Units2025-01-012025-09-300001551901ADS Group Opco, LLC, Priority Revolver (SBIC II)2025-01-012025-09-300001551901ADS Group Opco, LLC Term Loan (SBIC II)2025-01-012025-09-300001551901AdCellerant LLC Term A Loan (SBIC II)2025-01-012025-09-300001551901AdCellerant Holdings, LLC Series A Units2025-01-012025-09-300001551901Ad.Net Acquisition, LLC, Term Loan (SBIC II)2025-01-012025-09-300001551901Ad.Net Acquisition, LLC Revolver2025-01-012025-09-300001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II)2025-01-012025-09-300001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Common Stock (SBIC II)2025-01-012025-09-3000015519012xLLC, Term Loan, Investment Date, October 31, 20232025-01-012025-09-3000015519012xLLC, Term Loan, Investment Date, December 02, 20242025-01-012025-09-3000015519012X LLC, Revolver2025-01-012025-09-3000015519012X LLC Term Loan2025-01-012025-09-3000015519012X LLC Investors LP Class A Units2025-01-012025-09-300001551901Xanitos, Inc. Term Loan (SBIC)2024-01-012024-12-310001551901Xanitos, Inc. Revolver2024-01-012024-12-310001551901Xanitos, Inc. 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Revolver2024-01-012024-12-310001551901Unicat Catalyst Holdings, LLC Unicat Catalyst, LLC Class A-1 Units2024-01-012024-12-310001551901Unicat Catalyst Holdings, LLC Unicat Catalyst, LLC Class A Units2024-01-012024-12-310001551901Unicat Catalyst Holdings, LLC Term Loan2024-01-012024-12-310001551901U.S. Expediters, LLC Term Loan2024-01-012024-12-310001551901U.S. Expediters, LLC Cathay Hypnos LLC Units2024-01-012024-12-310001551901TriplePoint Acquisition Holdings LLC TriplePoint Holdco LLC Class A Units2024-01-012024-12-310001551901TriplePoint Acquisition Holdings LLC Term Loan2024-01-012024-12-310001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A-1 Units2024-01-012024-12-310001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A Units2024-01-012024-12-310001551901TradePending OpCo Aggregator, LLC Term Loan (SBIC II) One2024-01-012024-12-310001551901TradePending OpCo Aggregator, LLC Term Loan (SBIC II)2024-01-012024-12-310001551901TradePending OpCo Aggregator, LLC Revolver2024-01-012024-12-310001551901TradePending OpCo Aggregator, LLC Delayed Draw Term Loan2024-01-012024-12-310001551901Trade Education Acquisition, L.L.C., Revolver2024-01-012024-12-310001551901Trade Education Acquisition, L.L.C. Trade Education Holdings, L.L.C. Class A Units2024-01-012024-12-310001551901Trade Education Acquisition, L.L.C. Term Loan (SBIC)2024-01-012024-12-310001551901Tilley Distribution, Inc. Term Loan2024-01-012024-12-310001551901Tiger 21, LLC Tiger 21 Blocker, Inc. Class A-3 Common Stock2024-01-012024-12-310001551901Tiger 21, LLC Term Loan2024-01-012024-12-310001551901The Hardenbergh Group, Inc, Term Loan (SBIC II)2024-01-012024-12-310001551901The Hardenbergh Group, Inc, BV HGI Holdings, L.P. 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Common Stock2024-01-012024-12-310001551901Premiere Digital Services, Inc., Term Loan2024-01-012024-12-310001551901Peltram Group Holdings LLC Class A units2024-01-012024-12-310001551901Pearl Media Holdings, LLC Term Loan(SBIC II)2024-01-012024-12-310001551901PCS Software, Inc.Term Loan (SBIC)2024-01-012024-12-310001551901PCS Software, Inc.Term Loan2024-01-012024-12-310001551901PCS Software, Inc.Delayed Draw Term Loan2024-01-012024-12-310001551901PCS Software, Inc. Revolver2024-01-012024-12-310001551901PCS Software, Inc. PCS Software Parent LLC Class A Common Units2024-01-012024-12-310001551901PCP MT Aggregator Holdings, L.P. Common Units2024-01-012024-12-310001551901Onpoint Industrial Services, LLC, Term Loan (SBIC)2024-01-012024-12-310001551901Onpoint Industrial Services, LLC, Spearhead Topco, LLC Class A Units2024-01-012024-12-310001551901NuSource Financial Acquisition, Inc. Term Loan (SBICII)2024-01-012024-12-310001551901NuSource Financial Acquisition, Inc. Nusourse Holdings Inc. Warrants (SBIC II)2024-01-012024-12-310001551901NS412, LLC Term Loan2024-01-012024-12-310001551901Norplex Micarta Acquisition, Inc., Term Loan (SBIC II)2024-01-012024-12-310001551901Norplex Micarta Acquisition, Inc., Norplex Micarta Parent, LP Preferred Units2024-01-012024-12-310001551901NINJIO, LLC, Term Loan2024-01-012024-12-310001551901NINJIO, LLC, Revolver2024-01-012024-12-310001551901NINJIO, LLC, NINJIO Holdings, LLC Units2024-01-012024-12-310001551901NINJIO, LLC Gauge NINJIO Blocker LLC Preferred Units2024-01-012024-12-310001551901NINJIO, LLC Delayed Draw Term Loan2024-01-012024-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan (SBIC II)2024-01-012024-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan2024-01-012024-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Revolver2024-01-012024-12-310001551901Naumann Hobbs Holdings, L.P. Class B Units2024-01-012024-12-310001551901Naumann Hobbs Holdings, L.P. Class A-2 Units2024-01-012024-12-310001551901Naumann Hobbs Holdings, L.P. Class A-1 Units2024-01-012024-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc. Morgan Electrical Group Holdings, LLC Series A-2 Preferred Units2024-01-012024-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc Term Loan2024-01-012024-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc Delayed Draw Term Loan2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class I Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class H Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class G Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class F Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class E Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class D Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class C Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class B Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class A Shares2024-01-012024-12-310001551901Monitorus Holding, LLC, Delayed Draw Term Loan2024-01-012024-12-310001551901Monitorus Holding, LLC Term Loan2024-01-012024-12-310001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds Two2024-01-012024-12-310001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds One2024-01-012024-12-310001551901Monitorus Holding, LLC Revolver2024-01-012024-12-310001551901Monitorus Holding Llc Sapphire Aggregator S A R L Convertible Bonds Three2024-01-012024-12-310001551901Monarch Behavioral Therapy, LLC Term Loan (SBIC I)2024-01-012024-12-310001551901Monarch Behavioral Therapy, LLC BI Investors, LLC Class A Units2024-01-012024-12-310001551901Monarch Behavioral Therapy Llc Revolver2024-01-012024-12-310001551901Monarch Behavioral Therapy Llc Delay Draw Term Loan2024-01-012024-12-310001551901MOM Enterprises, LLC, Revolver2024-01-012024-12-310001551901MOM Enterprises, LLC Term Loan (SBIC II)2024-01-012024-12-310001551901MOM Enterprises, LLC MBliss SPC Holdings, LLC Units2024-01-012024-12-310001551901Microbe Formulas LLC Term Loan (SBIC II) Two2024-01-012024-12-310001551901Microbe Formulas LLC Term Loan (SBIC II) One2024-01-012024-12-310001551901Michelli, LLC, Term Loan (SBIC II)2024-01-012024-12-310001551901Michelli, LLC, SP MWM Holdco LLC Class A Units2024-01-012024-12-310001551901Michelli, LLC Delayed Draw Term Loan2024-01-012024-12-310001551901MedLearning Group, LLC Term Loan Three March 26, 2024 Two2024-01-012024-12-310001551901MedLearning Group, LLC Term Loan Three March 26, 2024 Three2024-01-012024-12-310001551901MedLearning Group, LLC Term Loan Three March 26, 2024 One2024-01-012024-12-310001551901MedLearning Group, LLC Delayed Draw Term Loan2024-01-012024-12-310001551901MBH Management LLC Term Loan (SBIC II)2024-01-012024-12-310001551901MBH Management LLC MBH Parent, LLC Common Units2024-01-012024-12-310001551901Madison Logic, Inc. Term Loan, One2024-01-012024-12-310001551901Madison Logic, Inc. Term Loan2024-01-012024-12-310001551901Madison Logic Holdings Inc BC Partners Glengarry Co-Investment LP Class 1 Interests2024-01-012024-12-310001551901MacKenzie Childs Acquisition Inc, Term Loan2024-01-012024-12-310001551901MacKenzie Childs Acquisition Inc, MacKenzie-Childs Investment, LP Partnership Interests2024-01-012024-12-310001551901Luxium Solutions, LLC Term Loan (SBIC)2024-01-012024-12-310001551901Luxium Solutions, LLC Delayed Draw Term Loan2024-01-012024-12-310001551901Lightning Intermediate II, LLC Term Loan (SBIC)2024-01-012024-12-310001551901Lightning Intermediate II, LLC Gauge Vimergy Coinvest, LLC Units2024-01-012024-12-310001551901Ledge Lounger, Inc. Term Loan A (SBIC)2024-01-012024-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class C Units (SBIC)2024-01-012024-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units (SBIC)2024-01-012024-12-310001551901Ledge Lounger Inc. Revolver2024-01-012024-12-310001551901J.R. Watkins, LLC Term Loan (SBIC)2024-01-012024-12-310001551901J.R. Watkins, LLC Revolver (SBIC)2024-01-012024-12-310001551901J.R. Watkins, LLC J.R. Watkins Holdings, Inc. Class A Preferred Stock2024-01-012024-12-310001551901Invincible Boat Company LLC Warbird Parent Holdco, LLC Class A Units2024-01-012024-12-310001551901Invincible Boat Company LLC Term Loan (SBIC II), Two2024-01-012024-12-310001551901Invincible Boat Company LLC Term Loan (SBIC II), One2024-01-012024-12-310001551901Invincible Boat Company LLC Term Loan2024-01-012024-12-310001551901Invincible Boat Company LLC Revolver2024-01-012024-12-310001551901iNovex Information Systems Incorporated, Term Loan SBIC II2024-01-012024-12-310001551901iNovex Information Systems Incorporated, Revolver2024-01-012024-12-310001551901Inoapps Bidco, LLC, Delayed Draw Term Loan2024-01-012024-12-310001551901Inoapps Bidco, LLC Term Loan B2024-01-012024-12-310001551901Inoapps Bidco, LLC Revolver2024-01-012024-12-310001551901Inoapps Bidco, LLC Inoapps Holdings, LLC Series A-1 Preferred Units2024-01-012024-12-310001551901Informativ, LLC, Term Loan (SBIC II), Two2024-01-012024-12-310001551901Informativ, LLC, Term Loan (SBIC II), One2024-01-012024-12-310001551901Informativ, LLC, Credit Connection Holdings, LLC Series A Units2024-01-012024-12-310001551901Infolinks Media Buyco, LLC, Term Loan2024-01-012024-12-310001551901Infolinks Media Buyco, LLC, Delayed Draw Term Loan2024-01-012024-12-310001551901Infolinks Media Buyco, LLC Tower Arch Infolinks Media, LP LP Interests2024-01-012024-12-310001551901Infolinks Media Buyco, LLC Term Loan (SBIC II)2024-01-012024-12-310001551901Impact Home Services LLC, Term Loan (SBIC) Two2024-01-012024-12-310001551901Impact Home Services LLC, Term Loan (SBIC) Three2024-01-012024-12-310001551901Impact Home Services LLC, Term Loan (SBIC) One2024-01-012024-12-310001551901Impact Home Services LLC, Revolver2024-01-012024-12-310001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A-1 Units2024-01-012024-12-310001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A Units2024-01-012024-12-310001551901I2P Holdings, LLC Series A Preferred Units2024-01-012024-12-310001551901HV Watterson Holdings, LLC, Delayed Draw Term Loan2024-01-012024-12-310001551901HV Watterson Holdings, LLC Term Loan2024-01-012024-12-310001551901HV Watterson Holdings, LLC Revolver2024-01-012024-12-310001551901HV Watterson Holdings, LLC HV Watterson Parent, LLC Class A Units2024-01-012024-12-310001551901HV GS Acquisition, LP Class A Interests2024-01-012024-12-310001551901Husk AcquireCo Inc, Term Loan2024-01-012024-12-310001551901Husk AcquireCo Inc, SK Spectra Holdings LP Class A Units2024-01-012024-12-310001551901Heartland Business Systems, LLC, Delayed Draw Term Loan2024-01-012024-12-310001551901Heartland Business Systems, LLC, AMCO HBS Holdings, LP Class A Units2024-01-012024-12-310001551901Heartland Business Systems LLC, Term Loan (SBIC II)2024-01-012024-12-310001551901Guidant Corp Titan Meter Topco LP Class A Units2024-01-012024-12-310001551901Guidant Corp Term Loan2024-01-012024-12-310001551901GS HVAM Intermediate, LLC Term Loan2024-01-012024-12-310001551901GS HVAM Intermediate, LLC Revolver2024-01-012024-12-310001551901Green Intermediateco II, Inc. Term Loan Two2024-01-012024-12-310001551901Green Intermediateco II, Inc. Delayed Draw Term Loan2024-01-012024-12-310001551901Green Intermediateco II, Inc, Term Loan2024-01-012024-12-310001551901Green Intermediateco II, Inc, Green Topco Holdings, LLC Class A Units2024-01-012024-12-310001551901General LED OPCO, LLC Term Loan2024-01-012024-12-310001551901Florachem Corporation Term Loan (SBIC)2024-01-012024-12-310001551901Florachem Corporation SK FC Holdings, L.P. Class A Units2024-01-012024-12-310001551901Florachem Corporation Revolver2024-01-012024-12-310001551901Florachem Corporation Delayed Draw Term Loan2024-01-012024-12-310001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Series A Preferred Shares2024-01-012024-12-310001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Class A Common Shares2024-01-012024-12-310001551901FiscalNote Boards LLC Term Loan2024-01-012024-12-310001551901FairWave Holdings, LLC, Revolver2024-01-012024-12-310001551901FairWave Holdings, LLC, GRC Java Holdings, LLC Class A Units2024-01-012024-12-310001551901FairWave Holdings, LLC, Delayed Drew Term Loan2024-01-012024-12-310001551901FairWave Holdings, LLC Term Loan2024-01-012024-12-310001551901Exigo, LLC Term Loan2024-01-012024-12-310001551901Exigo, LLC Gauge Exigo Coinvest, LLC Common Units2024-01-012024-12-310001551901Exacta Land Surveyors, LLC Term Loan (SBIC)2024-01-012024-12-310001551901Exacta Land Surveyors, LLC SP ELS Holdings LLC Class A Units2024-01-012024-12-310001551901Exacta Land Surveyors LLC Term Loan Two SBIC2024-01-012024-12-310001551901Exacta Land Surveyors LLC Term Loan2024-01-012024-12-310001551901Evriholder Acquisition, Inc. Term Loan (SBIC II)2024-01-012024-12-310001551901Evriholder Acquisition, Inc. KEJ Holdings LP Class A Units2024-01-012024-12-310001551901evolv Consulting, LLC Term Loan (SBIC)2024-01-012024-12-310001551901evolv Consulting, LLC evolv Holdco, LLC Preferred Units2024-01-012024-12-310001551901Eskola LLC, Last Out Term Loan2024-01-012024-12-310001551901Eskola LLC, Last Out Delayed Draw Term Loan2024-01-012024-12-310001551901Eskola LLC, Eskola Holdings, LLC Class A Units2024-01-012024-12-310001551901Equine Network, LLC, Term A Loan (SBIC)2024-01-012024-12-310001551901Equine Network, LLC, Revolver2024-01-012024-12-310001551901Equine Network, LLC, Delayed Draw Term Loan2024-01-012024-12-310001551901EOS Fitness Holdings, LLC Class B Common Units2024-01-012024-12-310001551901EOS Fitness Holdings, LLC Class A Preferred Units2024-01-012024-12-310001551901Elliott Aviation, LLC Term Loan One2024-01-012024-12-310001551901Elliott Aviation, LLC Term Loan2024-01-012024-12-310001551901Elliott Aviation, LLC SP EA Holdings LLC Class A Units2024-01-012024-12-310001551901Elliott Aviation, LLC Revolver B2024-01-012024-12-310001551901Elliott Aviation, LLC Revolver A2024-01-012024-12-310001551901EHI Buyer, Inc, EHI Group Holdings, L.P. Class A Units2024-01-012024-12-310001551901EH Real Estate Services, LLC, Term Loan A52024-01-012024-12-310001551901EH Real Estate Services, LLC, Revolver2024-01-012024-12-310001551901EH Real Estate Services, LLC EH Holdco, LLC Series A Preferred Units2024-01-012024-12-310001551901DTE Holding Company, LLC Class AA Units2024-01-012024-12-310001551901DTE Holding Company, LLC Class A-2 Units2024-01-012024-12-310001551901DRS Holdings III, Inc. Term Loan2024-01-012024-12-310001551901Curion Holdings, LLC Term Loan (SBIC II)2024-01-012024-12-310001551901Curion Holdings, LLC SP CS Holdings LLC Class A Units2024-01-012024-12-310001551901Curion Holdings, LLC Revolver2024-01-012024-12-310001551901Craftable Intermediate II Inc, Term Loan (SBIC II)2024-01-012024-12-310001551901Craftable Intermediate II Inc, Gauge Craftable LP Partnership Interests2024-01-012024-12-310001551901COPILOT Provider Support Services, LLC Term Loan2024-01-012024-12-310001551901COPILOT Provider Support Services, LLC Revolver2024-01-012024-12-310001551901COPILOT Provider Support Services, LLC QHP Project Captivate Blocker, Inc. Common Stock2024-01-012024-12-310001551901Compost 360 Investments, LLC Class A Units2024-01-012024-12-310001551901Compost 360 Acquisition, LLC, Term Loan (SBIC II)2024-01-012024-12-310001551901Compost 360 Acquisition, LLC, Revolver2024-01-012024-12-310001551901Compost 360 Acquisition, LLC, Delayed Draw Term Loan2024-01-012024-12-310001551901CompleteCase, LLC Term Loan (SBIC II)2024-01-012024-12-310001551901CompleteCase, LLC CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)2024-01-012024-12-310001551901CompleteCase, LLC CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)2024-01-012024-12-310001551901Complete Case LLC Complete Case Holdings Inc. Series C Preferred Stock2024-01-012024-12-310001551901Complete Case LLC Complete Case Holdings Inc. 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Table of Contents

​

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

OR

☐

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

COMMISSION FILE NUMBER: 814-00971

STELLUS CAPITAL INVESTMENT CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Maryland

    

46-0937320

(State or Other Jurisdiction of
Incorporation or Organization)

​

(I.R.S. Employer
Identification No.)

​

4400 Post Oak Parkway, Suite 2200

Houston, Texas 77027

(Address of Principal Executive Offices) (Zip Code)

(713) 292-5400

(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

Common Stock, par value $0.001 per share

​

SCM

​

New York Stock Exchange

​

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 ☒

The number of shares of the issuer’s Common Stock, par value $0.001 per share, outstanding as of November 10, 2025 was 28,947,254.

​

​

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

TABLE OF CONTENTS

​

​

PART I. FINANCIAL INFORMATION

   

​

Item 1.

    

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-month periods ended September 30, 2025 and 2024 (unaudited)

​

2

​

​

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

​

3

​

​

Consolidated Statements of Cash Flows for the nine-month periods 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 Unaudited Financial Statements

​

35

Item 2.

​

Management’s Discussion and Analysis of Financial Condition and Results of Operations

​

67

Item 3.

​

Quantitative and Qualitative Disclosures About Market Risk

​

86

Item 4.

​

Controls and Procedures

​

87

PART II. OTHER INFORMATION

​

​

Item 1.

​

Legal Proceedings

​

87

Item 1A.

​

Risk Factors

​

87

Item 2.

​

Unregistered Sales of Equity Securities and Use of Proceeds

​

87

Item 3.

​

Defaults Upon Senior Securities

​

87

Item 4.

​

Mine Safety Disclosures

​

88

Item 5.

​

Other Information

​

88

Item 6.

​

Exhibits

​

89

SIGNATURES

​

90

​

​

​

​

​

Table of Contents

PART I — FINANCIAL INFORMATION

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

Item 1.​ ​Financial Statements

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

​

​

    

(unaudited)

    

December 31, 2024

​

ASSETS

 

​

  

 

​

  

​

Controlled investments at fair value (amortized cost of $33,202,703 and $17,934,808, respectively)

​

$

13,568,095

​

$

7,652,436

​

Non-controlled, non-affiliated investments, at fair value (amortized cost of $986,914,541 and $943,853,898, respectively)

​

​

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 $0.001 per share (100,000,000 shares authorized; 28,947,254 and 27,481,118 shares issued and outstanding, respectively)

​

$

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

​

​

​

​

​

1

Table of Contents

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 investments

​

​

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 investments

​

​

51,367

​

​

248,746

​

​

1,397,134

​

​

923,505

​

Net change in unrealized (depreciation) appreciation on non-controlled, non-affiliated investments

​

​

(5,187,426)

​

​

8,255,272

​

​

(3,906,233)

​

​

25,512,422

​

Net change in unrealized (depreciation) appreciation on foreign currency translations

​

​

(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 Per Share – basic and diluted

​

$

0.23

​

$

0.59

​

$

0.78

​

$

1.48

​

Weighted Average Shares of Common Stock Outstanding—basic and diluted

​

 

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

​

​

​

​

​

2

Table of Contents

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

​

(1) See Note 4 to the consolidated financial statements contained herein for more information on offering costs.

3

Table of Contents

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

​

​

​

​

​

4

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK(8)

​

Date

 

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

Control investments (23)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

​

​

  

​

​

  

​

​

  

​

  

​

EH Real Estate Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Skokie, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A-1

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

9/3/2021

​

9/3/2026

​

FIRE: Real Estate

​

$

1,882,226

​

​

1,882,226

​

​

178,811

​

0.05

%

Term Loan A-2

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

4/3/2023

​

9/3/2026

​

​

​

​

650,943

​

​

650,943

​

​

61,840

​

0.02

%

Term Loan A-3

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

6/7/2023

​

9/3/2026

​

​

​

​

230,678

​

​

230,678

​

​

21,914

​

0.01

%

Term Loan A-4

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

7/12/2023

​

9/3/2026

​

​

​

​

1,505,537

​

​

1,505,537

​

​

1,505,537

​

0.40

%

Term Loan A-5

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

1/8/2024

​

9/3/2026

​

​

​

​

5,880,756

​

​

5,880,756

​

​

5,880,756

​

1.56

%

Revolver

​

(16)(22)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

10/3/2023

​

9/3/2026

​

​

​

​

63,597

​

​

63,597

​

​

63,597

​

0.02

%

EH Holdco, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/3/2023

​

​

​

​

​

​

15,356

​

​

3

​

​

-

​

0.00

%

EH Holdco, LLC Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/3/2021

​

​

​

​

​

​

7,892

​

​

7,891,642

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

18,105,382

​

$

7,712,455

​

2.06

%

J.R. Watkins, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Francisco

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(19)

​

First Lien

​

​

4.09

%

​

​

-

%

​

​

12/22/2017

​

12/31/2026

​

Consumer Goods: Non-Durable

​

​

10,034,958

​

​

10,034,958

​

​

2,107,341

​

0.56

%

Term Loan (SBIC)

​

(4)(19)

​

First Lien

​

​

5.00

%

​

​

-

%

​

​

12/22/2017

​

12/31/2026

​

​

​

​

3,562,250

​

​

3,562,250

​

​

748,073

​

0.20

%

Priority Revolver (SBIC)

​

(4)(19)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

5/3/2024

​

12/31/2026

​

​

​

​

1,500,113

​

​

1,500,113

​

​

3,000,226

​

0.79

%

J.R. Watkins Ultimate Holdings, LLC Class A Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

4/9/2025

​

​

​

​

​

​

500

​

​

-

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,097,321

​

$

5,855,640

​

1.55

%

Total Control investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

33,202,703

​

$

13,568,095

​

3.61

%

Non-controlled, non-affiliated investments

​

(4)(5)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

​

​

  

​

​

  

​

​

  

  

  

  

2X LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Berwyn, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

9.00

%

​

​

6/5/2023

​

6/5/2028

​

Services: Business

​

$

5,390,204

​

​

5,306,951

​

​

5,363,253

​

1.42

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

9.00

%

​

​

10/31/2023

​

6/5/2028

​

​

​

​

1,419,420

​

​

1,396,059

​

​

1,412,323

​

0.37

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

9.00

%

​

​

12/2/2024

​

6/5/2028

​

​

​

​

3,822,742

​

​

3,776,972

​

​

3,803,628

​

1.01

%

Revolver

​

(9)(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

9.00

%

​

​

6/5/2023

​

6/5/2028

​

​

​

​

42,500

​

​

42,500

​

​

42,288

​

0.01

%

2X Investors LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/5/2023

​

​

​

  

​

​

43,875

​

​

176,915

​

​

1,275,364

​

0.34

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,699,397

​

$

11,896,856

​

3.15

%

Ad.Net Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.26

%

​

​

5/7/2021

​

5/7/2026

​

Services: Business

​

$

14,925,735

​

​

14,891,318

​

​

14,925,735

​

3.95

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.26

%

​

​

5/7/2021

​

5/7/2026

​

​

​

​

854,217

​

​

854,217

​

​

854,217

​

0.23

%

Ad.Net Holdings, Inc. Series A Common Stock (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/7/2021

​

​

​

​

​

​

7,794

​

​

77,941

​

​

0

​

0.00

%

Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/7/2021

​

​

​

​

​

​

7,015

​

​

701,471

​

​

523,329

​

0.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,524,947

​

$

16,303,281

​

4.32

%

AdCellerant LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Denver, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term A Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

10.16

%

​

​

12/12/2023

​

12/12/2028

​

Media: Advertising, Printing & Publishing

​

$

9,825,000

​

​

9,686,224

​

​

9,775,875

​

2.59

%

AdCellerant Holdings, LLC Series A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/12/2023

​

​

​

​

​

​

728,710

​

​

728,710

​

​

581,560

​

0.15

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,414,934

​

$

10,357,435

​

2.74

%

ADS Group Opco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lakewood, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(25)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

6/4/2021

​

12/31/2027

​

Aerospace & Defense

​

$

12,851,659

​

​

12,806,678

​

​

10,538,360

​

2.79

%

Priority Revolver (SBIC II)

​

(5)(9)(25)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

9/30/2024

​

12/31/2027

​

​

​

​

35,305

​

​

35,305

​

​

70,610

​

0.02

%

ADS Group Topco, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/4/2021

​

​

​

​

​

​

77,626

​

​

288,691

​

​

-

​

0.00

%

ADS Group Topco, LLC Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/4/2021

​

​

​

​

​

​

56,819

​

​

211,309

​

​

-

​

0.00

%

ADS Group Topco, LLC Class D Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/30/2024

​

​

​

​

​

​

432

​

​

-

​

​

-

​

0.00

%

ADS Group Topco, LLC Class Y Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/11/2023

​

​

​

​

​

​

48,216

​

​

165,027

​

​

-

​

0.00

%

ADS Group Topco, LLC Class Z Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/15/2022

​

​

​

​

​

​

72,043

​

​

267,929

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,774,939

​

$

10,608,970

​

2.81

%

Advanced Barrier Extrusions, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rhinelander, WI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan B (SBIC)

​

(4)(11)(13)

​

First Lien

​

1M SOFR+

9.50

%

1.00

%

-

%

-

%

11/30/2020

​

11/30/2026

​

Containers, Packaging, & Glass

​

$

16,843,750

​

​

16,765,188

​

​

-

​

0.00

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

12/6/2024

​

11/30/2026

​

​

​

​

795,882

​

​

970,378

​

​

2,077,252

​

0.55

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

2/5/2025

​

11/30/2026

​

​

​

​

875,000

​

​

875,000

​

​

2,283,750

​

0.60

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

3/26/2025

​

11/30/2026

​

​

​

​

500,000

​

​

500,000

​

​

1,305,000

​

0.35

%

Term Loan A (SBIC)

​

(4)(13)

​

First Lien

​

1M SOFR+

9.50

%

1.00

%

-

%

-

%

3/26/2025

​

11/30/2026

​

​

​

​

2,607,637

​

​

565,204

​

​

-

​

0.00

%

Revolver (SBIC)

​

(4)(13)

​

First Lien

​

1M SOFR+

9.50

%

1.00

%

-

%

-

%

3/26/2025

​

11/30/2026

​

​

​

​

1,558,434

​

​

337,790

​

​

-

​

0.00

%

GP ABX Holdings Partnership, L.P. Partner Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/8/2018

​

​

​

​

​

​

644,737

​

​

528,395

​

​

-

​

0.00

%

GP ABX Holdings Partnership, L.P. Series B Preferred Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/5/2023

​

​

​

​

​

​

1,562

​

​

156,182

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

20,698,137

​

$

5,666,002

​

1.50

%

​

​

5

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

AGT Robotique Inc.

​

(7)(27)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trois Rivieres, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

7.50

%

1.00

%

9.50

%

​

​

6/24/2024

​

6/22/2029

​

Capital Equipment

​

$

10,592,844

​

​

10,423,517

​

​

10,380,987

​

2.75

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,423,517

​

$

10,380,987

​

2.75

%

American Refrigeration, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.25

%

1.50

%

10.25

%

​

​

3/31/2023

​

3/31/2028

​

Capital Equipment

​

$

8,068,786

​

​

7,952,902

​

​

8,068,786

​

2.14

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.50

%

10.25

%

​

​

3/31/2023

​

3/31/2028

​

​

​

​

98,500

​

​

97,677

​

​

98,500

​

0.03

%

AR-USA Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/31/2023

​

​

​

​

​

​

141

​

​

129,350

​

​

230,449

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,179,929

​

$

8,397,735

​

2.23

%

AMII Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coral Gables, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II )

​

(5)(11)

​

First Lien

​

3M SOFR+

4.50

%

1.50

%

8.50

%

​

​

12/4/2024

​

12/4/2029

​

Services: Consumer

​

$

8,753,322

​

​

8,639,426

​

​

8,709,555

​

2.31

%

AMII Holdings, LP Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/3/2024

​

​

​

​

​

​

14,246

​

​

142,460

​

​

167,804

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,781,886

​

$

8,877,359

​

2.35

%

Amika OpCo LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Brooklyn, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.25

%

0.75

%

9.27

%

​

​

7/1/2022

​

7/1/2029

​

Consumer Goods: Non-Durable

​

$

94,638

​

​

93,452

​

​

94,638

​

0.03

%

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.75

%

0.75

%

10.19

%

​

​

12/5/2023

​

7/1/2029

​

​

​

​

9,536,040

​

​

9,393,862

​

​

9,536,040

​

2.52

%

Ishtar Co-Invest-B LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/1/2022

​

​

​

  

​

​

77,778

​

​

38,133

​

​

288,702

​

0.08

%

Oshun Co-Invest-B LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/1/2022

​

​

​

  

​

​

22,222

​

​

21,141

​

​

82,485

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,546,588

​

$

10,001,865

​

2.65

%

Anne Lewis Strategies, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SG AL Investment, LLC Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/5/2021

​

​

​

Washington, DC

​

​

1,000

​

​

327,192

​

​

2,680,825

​

0.71

%

SG AL Investment, LLC Common-A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/22/2023

​

​

​

Services: Business

​

​

239

​

​

482,200

​

​

985,826

​

0.26

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

809,392

​

$

3,666,651

​

0.97

%

APE Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deer Park, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/5/2014

​

​

​

Chemicals, Plastics, & Rubber

​

​

375,000

​

​

375,000

​

​

26,037

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

375,000

​

$

26,037

​

0.01

%

Atmosphere Aggregator Holdings II, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Atlanta, GA

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

1/26/2016

​

​

​

Services: Business

​

​

254,250

​

​

-

​

​

2,374,938

​

0.63

%

Stratose Aggregator Holdings, L.P. Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2015

​

​

​

​

​

​

750,000

​

​

-

​

​

8,708,106

​

2.31

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

11,083,044

​

2.94

%

ArborWorks, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oakhurst, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

-

%

10.75

%

11/6/2023

​

11/6/2028

​

Environmental Industries

​

$

3,885,033

​

​

3,885,033

​

​

3,885,033

​

1.03

%

Revolver

​

(9)

​

First Lien

​

​

15.00

%

​

​

-

%

15.00

%

11/6/2023

​

11/6/2028

​

​

​

​

1,152,118

​

​

1,152,118

​

​

1,152,118

​

0.31

%

ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/6/2023

​

​

​

  

​

​

16,037

​

​

3,610,847

​

​

5,804,957

​

1.54

%

ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/6/2023

​

​

​

  

​

​

16,037

​

​

-

​

​

-

​

0.00

%

ArborWorks Intermediate Holdco, LLC Class A-1 Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/6/2023

​

​

​

  

​

​

1,923

​

​

-

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,647,998

​

$

10,842,108

​

2.88

%

Arctiq, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Irvine, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.00

%

​

​

8/8/2023

​

8/8/2028

​

High Tech Industries

​

$

10,946,847

​

​

10,768,700

​

​

10,892,113

​

2.88

%

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

10.16

%

​

​

11/6/2024

​

8/8/2028

​

​

​

​

1,287,000

​

​

1,266,447

​

​

1,280,565

​

0.34

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.00

%

​

​

8/8/2023

​

8/8/2028

​

​

​

​

400,985

​

​

397,611

​

​

398,980

​

0.11

%

Green Topco Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/8/2023

​

​

​

​

​

​

271,401

​

​

202,628

​

​

307,896

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,635,386

​

$

12,879,554

​

3.41

%

Axis Portable Air, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.50

%

​

​

3/22/2022

​

3/22/2028

​

Capital Equipment

​

$

9,333,750

​

​

9,246,171

​

​

9,333,750

​

2.47

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.50

%

​

​

4/17/2023

​

3/22/2028

​

​

​

​

1,860,472

​

​

1,838,974

​

​

1,860,472

​

0.49

%

Revolver

​

(9)(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.50

%

​

​

3/22/2022

​

3/22/2028

​

​

​

​

15,000

​

​

15,000

​

​

15,000

​

0.00

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.50

%

​

​

3/22/2022

​

3/22/2028

​

​

​

​

98,250

​

​

97,752

​

​

98,250

​

0.03

%

Axis Air Parent, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/22/2022

​

​

​

​

​

​

4,436

​

​

443,636

​

​

1,803,893

​

0.48

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,641,533

​

$

13,111,365

​

3.47

%

Baker Manufacturing Company, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Evansville, IN

​

​

​

​

​

​

​

​

​

​

​

​

BSC Blue Water Holdings, LLC Series A Units (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/5/2022

​

​

​

Capital Equipment

​

​

743,770

​

​

743,770

​

​

999,787

​

0.26

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

743,770

​

$

999,787

​

0.26

%

​

​

​

​

6

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

Bart & Associates, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

McLean, VA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(10)(12)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.67

%

​

​

8/16/2024

​

8/16/2030

​

High Tech Industries

​

$

8,853,273

​

​

8,719,494

​

​

8,853,273

​

2.34

%

Delayed Draw Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.67

%

​

​

8/16/2024

​

8/16/2030

​

​

​

$

1,729,054

​

​

1,714,489

​

​

1,729,054

​

0.46

%

B&A Partners Holding, LLC Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/16/2024

​

​

​

​

​

​

722,411

​

​

722,411

​

​

791,832

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,156,394

​

$

11,374,159

​

3.01

%

BL Products Parent, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/1/2022

​

​

​

Capital Equipment

​

​

879,060

​

​

983,608

​

​

1,248,562

​

0.33

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

983,608

​

$

1,248,562

​

0.33

%

Café Valley, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

CF Topco LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/28/2019

​

​

​

Beverage & Food

​

​

9,160

​

​

916,015

​

​

2,102,347

​

0.56

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

916,015

​

$

2,102,347

​

0.56

%

Camp Profiles LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boston, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.40

%

​

​

9/3/2021

​

9/3/2026

​

Media: Advertising, Printing & Publishing

​

$

9,840,000

​

​

9,795,182

​

​

9,840,000

​

2.61

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.40

%

​

​

12/3/2024

​

9/3/2026

​

​

​

​

2,233,125

​

​

2,214,041

​

​

2,233,125

​

0.59

%

CIVC VI-A 829 Blocker, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/3/2021

​

​

​

​

​

​

250

​

​

250,000

​

​

897,020

​

0.24

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,259,223

​

$

12,970,145

​

3.44

%

Carolinas Buyer, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Charlotte, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

9.00

%

​

​

12/20/2024

​

12/20/2030

​

Beverage & Food

​

$

6,796,831

​

​

6,689,171

​

​

6,660,894

​

1.76

%

Carolinas Holding, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/20/2024

​

​

​

​

​

​

466

​

​

465,637

​

​

478,613

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,154,808

​

$

7,139,507

​

1.89

%

CEATI International Inc.

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Montreal, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.00

%

​

​

2/19/2021

​

12/31/2027

​

Services: Business

​

$

8,371,416

​

​

8,354,781

​

​

8,371,416

​

2.22

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.00

%

​

​

12/20/2024

​

12/31/2027

​

​

​

​

3,174,963

​

​

3,153,097

​

​

3,174,963

​

0.84

%

CEATI Holdings, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/19/2021

​

​

​

​

​

​

250,000

​

​

132,919

​

​

281,049

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,640,797

​

$

11,827,428

​

3.13

%

Cerebro Buyer, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbia, SC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.16

%

​

​

3/15/2023

​

3/15/2029

​

Healthcare & Pharmaceuticals

​

$

4,526,683

​

​

4,451,615

​

​

4,526,683

​

1.20

%

Cerebro Holdings Partnership, L.P. Series A Partner Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/15/2023

​

​

​

​

​

​

62,961

​

​

62,961

​

​

75,984

​

0.02

%

Cerebro Holdings Partnership, L.P. Series B Partner Interests

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/15/2023

​

​

​

​

​

​

341,091

​

​

328,640

​

​

411,638

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,843,216

​

$

5,014,305

​

1.33

%

CF Arch Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/10/2022

​

​

​

Services: Business

​

​

100,000

​

​

88,511

​

​

167,828

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

88,511

​

$

167,828

​

0.04

%

CF512, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Blue Bell, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.36

%

​

​

9/1/2021

​

9/1/2026

​

Media: Advertising, Printing & Publishing

​

$

13,256,558

​

​

13,196,179

​

​

13,190,275

​

3.49

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.19

%

​

​

9/1/2021

​

9/1/2026

​

​

​

​

2,862,695

​

​

2,855,923

​

​

2,848,382

​

0.75

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

1.00

%

10.18

%

​

​

9/1/2021

​

9/1/2026

​

​

​

​

9,000

​

​

9,000

​

​

8,955

​

0.00

%

StellPen Holdings, LLC Membership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2021

​

​

​

​

​

​

220,930

​

​

220,930

​

​

161,651

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,282,032

​

$

16,209,263

​

4.28

%

Champion Services Acquireco LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Round Rock, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.02

%

​

​

9/19/2025

​

9/19/2030

​

Construction & Building

​

$

12,000,000

​

​

11,760,000

​

​

11,760,000

​

3.11

%

Champion Services Holdings LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/19/2025

​

​

​

​

​

​

268,889

​

​

268,889

​

​

268,889

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,028,889

​

$

12,028,889

​

3.18

%

Channel Partners Intermediateco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa Bay, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

11.23

%

​

​

2/24/2022

​

2/7/2027

​

Retail

​

$

13,016,567

​

​

12,974,459

​

​

13,016,567

​

3.46

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

11.23

%

​

​

3/27/2023

​

2/7/2027

​

​

​

​

1,659,782

​

​

1,652,908

​

​

1,659,782

​

0.44

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

11.20

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

53,333

​

​

53,333

​

​

53,333

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

11.23

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

20,000

​

​

20,000

​

​

20,000

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

11.28

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

10,000

​

​

10,000

​

​

10,000

​

0.00

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

11.06

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

6,667

​

​

6,667

​

​

6,667

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,717,367

​

$

14,766,349

​

3.92

%

​

​

7

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

CompleteCase, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Seattle, WA

​

​

​

​

​

​

​

​

​

​

​

​

CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/21/2020

​

​

​

Services: Consumer

​

​

417

​

​

5

​

​

-

​

0.00

%

CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/21/2020

​

​

​

​

​

​

522

​

​

521,734

​

​

167,494

​

0.04

%

CompleteCase Holdings, Inc. Class A Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2023

​

​

​

​

​

​

89

​

​

1

​

​

-

​

0.00

%

CompleteCase Holdings, Inc. Series C Preferred Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2023

​

​

​

​

​

​

111

​

​

111,408

​

​

111,409

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

633,148

​

$

278,903

​

0.07

%

Compost 360 Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

9.00

%

1.50

%

8/2/2023

​

8/2/2028

​

Environmental Industries

​

$

9,445,255

​

​

9,292,194

​

​

8,878,540

​

2.35

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

9.00

%

1.50

%

8/2/2023

​

8/2/2028

​

​

​

​

1,039,830

​

​

1,028,846

​

​

977,440

​

0.26

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.49

%

​

​

8/2/2023

​

8/2/2028

​

​

​

​

5,000

​

​

5,000

​

​

4,700

​

0.00

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.50

%

​

​

8/2/2023

​

8/2/2028

​

​

​

​

301

​

​

301

​

​

283

​

0.00

%

Compost 360 Investments, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/2/2023

​

​

​

​

​

​

3,124

​

​

300,041

​

​

86,180

​

0.02

%

Compost 360 Investments, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/29/2025

​

​

​

​

​

​

614

​

​

27,630

​

​

34,555

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,654,012

​

$

9,981,698

​

2.64

%

COPILOT Provider Support Services, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Maitland, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.40

%

​

​

11/22/2022

​

11/22/2027

​

Healthcare & Pharmaceuticals

​

$

4,850,000

​

​

4,801,124

​

​

4,850,000

​

1.28

%

QHP Project Captivate Blocker, Inc. Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/22/2022

​

​

​

​

​

​

4

​

​

285,714

​

​

376,376

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,086,838

​

$

5,226,376

​

1.38

%

Craftable Intermediate II Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.50

%

9.75

%

​

​

6/30/2023

​

6/30/2028

​

High Tech Industries

​

$

9,907,250

​

​

9,783,558

​

​

9,907,250

​

2.62

%

Gauge Craftable LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2023

​

​

​

  

​

​

626,690

​

​

626,690

​

​

1,098,180

​

0.29

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,410,248

​

$

11,005,430

​

2.91

%

Curion Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chicago, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.40

%

0.25

%

7/29/2022

​

7/29/2027

​

Services: Business

​

$

12,689,339

​

​

12,582,369

​

​

12,562,446

​

3.34

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.40

%

0.25

%

7/29/2022

​

7/29/2027

​

​

​

​

101,578

​

​

101,578

​

​

100,562

​

0.03

%

SP CS Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/29/2022

​

​

​

  

​

​

739,999

​

​

739,999

​

​

640,603

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,423,946

​

$

13,303,611

​

3.54

%

DFO Enterprises, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rochester, MN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.25

%

​

​

9/22/2025

​

9/22/2030

​

Capital Equipment

​

$

11,580,474

​

​

11,377,816

​

​

11,377,816

​

3.01

%

DFO Ultimate Holding, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/22/2025

​

​

​

​

​

​

8,931

​

​

412,252

​

​

412,252

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,790,068

​

$

11,790,068

​

3.12

%

DMD Systems Recovery, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tempe, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.00

%

​

​

8/22/2025

​

8/22/2031

​

High Tech Industries

​

$

6,100,000

​

​

5,994,353

​

​

5,994,353

​

1.59

%

Phoenix Parent LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/19/2025

​

​

​

​

​

​

180,000

​

​

180,000

​

​

180,000

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,174,353

​

$

6,174,353

​

1.64

%

DTE Holding Company, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Roselle, IL

​

​

​

​

​

​

​

​

​

​

​

​

Class A-2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/13/2018

​

​

​

Energy: Oil & Gas

​

​

776,316

​

​

466,204

​

​

-

​

0.00

%

Class AA Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/13/2018

​

​

​

  

​

​

723,684

​

​

723,684

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

1,189,888

​

$

-

​

0.00

%

EHI Buyer, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Grand Prarie, TX

​

​

​

​

​

​

​

​

​

​

​

​

EHI Group Holdings, L.P. Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/31/2023

​

​

​

Environmental Industries

​

​

618

​

​

221,764

​

​

1,243,019

​

0.33

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

221,764

​

$

1,243,019

​

0.33

%

Elder Care Opco LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Scarsdale, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

9.00

%

​

​

7/31/2025

​

7/31/2030

​

Healthcare & Pharmaceuticals

​

$

7,785,007

​

​

7,653,258

​

​

7,652,326

​

2.03

%

Rallyday Elder Care Co-Investors LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/31/2025

​

​

​

​

​

​

910,966

​

​

916,719

​

​

916,719

​

0.24

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,569,977

​

$

8,569,045

​

2.27

%

Elliott Aviation, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Moline, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

12.48

%

1/31/2020

​

12/31/2025

​

Aerospace & Defense

​

$

9,302,742

​

​

9,302,742

​

​

8,605,036

​

2.28

%

SP EA Holdings LLC Term Loan

​

​

​

Unsecured

​

​

15.00

%

-

%

-

%

15.00

%

10/26/2023

​

12/31/2026

​

​

​

​

73,467

​

​

73,467

​

​

-

​

0.00

%

Term Loan

​

​

​

First Lien

​

​

4.31

%

-

%

-

%

4.31

%

4/25/2025

​

12/31/2025

​

​

​

​

59,179

​

​

59,179

​

​

53,261

​

0.01

%

Revolver A

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

12.48

%

1/31/2020

​

12/31/2025

​

​

​

​

1,537,015

​

​

1,537,015

​

​

1,537,015

​

0.41

%

Revolver B

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

12.48

%

3/1/2023

​

12/31/2025

​

​

​

​

723,780

​

​

723,780

​

​

723,780

​

0.19

%

Revolver C (Priority)

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

12.48

%

3/7/2025

​

12/31/2025

​

​

​

​

988,246

​

​

988,246

​

​

988,246

​

0.26

%

SP EA Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2020

​

​

​

  

​

​

105,938,486

​

​

901,594

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,586,023

​

$

11,907,338

​

3.15

%

​

​

​

8

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

​

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

Environmental Remedies, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hayward, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.25

%

​

​

1/15/2025

​

1/15/2030

​

Services: Business

​

$

7,294,108

​

​

7,165,370

​

​

7,148,226

​

1.89

%

ERI Parent Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/15/2025

​

​

​

  

​

​

163,109

​

​

163,109

​

​

150,200

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,328,479

​

$

7,298,426

​

1.93

%

Equine Network, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boulder, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term A Loan (SBIC)

​

(4)(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.78

%

​

​

5/22/2023

​

5/22/2028

​

Hotel, Gaming, & Leisure

​

$

6,966,875

​

​

6,854,372

​

​

6,966,875

​

1.84

%

Term A Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.78

%

​

​

7/28/2025

​

5/22/2028

​

​

​

$

2,122,453

​

​

2,072,036

​

​

2,122,453

​

0.56

%

Revolver

​

(9)(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.78

%

​

​

5/22/2023

​

5/22/2028

​

​

​

​

116,667

​

​

116,667

​

​

116,667

​

0.03

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.78

%

​

​

5/22/2023

​

5/22/2028

​

​

​

​

98,400

​

​

98,400

​

​

98,400

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,141,475

​

$

9,304,395

​

2.46

%

Eskola LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Morristown, TN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

10.23

%

​

​

12/19/2024

​

12/19/2029

​

Construction & Building

​

$

7,501,661

​

​

7,386,009

​

​

7,276,611

​

1.93

%

Delayed Draw Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

10.23

%

​

​

12/19/2024

​

12/19/2029

​

​

​

​

2,777,794

​

​

2,759,457

​

​

2,694,460

​

0.71

%

Eskola Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/19/2024

​

​

​

  

​

​

314

​

​

893,747

​

​

509,173

​

0.13

%

Eskola Holdings, LLC Class C Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/4/2025

​

​

​

  

​

​

28

​

​

56,349

​

​

29,780

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,095,562

​

$

10,510,024

​

2.78

%

evolv Consulting, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.79

%

​

​

12/7/2023

​

12/7/2028

​

Services: Business

​

$

9,825,000

​

​

9,685,044

​

​

9,825,000

​

2.60

%

evolv Holdco, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/7/2023

​

​

​

  

​

​

473,485

​

​

473,485

​

​

498,613

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,158,529

​

$

10,323,613

​

2.73

%

Evriholder Acquisition, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Anaheim, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(9)(11)

​

First Lien

​

1M SOFR+

6.75

%

1.50

%

11.01

%

​

​

1/23/2023

​

1/24/2028

​

Consumer Goods: Durable

​

$

12,185,051

​

​

12,020,223

​

​

12,124,126

​

3.21

%

KEJ Holdings LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/23/2023

​

​

​

​

​

​

873,333

​

​

873,333

​

​

975,775

​

0.26

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,893,556

​

$

13,099,901

​

3.47

%

Exacta Land Surveyors, LLC

​

(20)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cleveland, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

9.90

%

1.00

%

2/8/2019

​

12/31/2025

​

Services: Business

​

$

16,309,329

​

​

16,309,329

​

​

15,575,410

​

4.13

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

9.90

%

1.00

%

7/15/2022

​

12/31/2025

​

​

​

​

991,967

​

​

991,967

​

​

947,328

​

0.25

%

SP EA Holdings LLC Term Loan

​

​

​

Unsecured

​

​

15.00

​

​

​

​

​

15.00

%

4/22/2024

​

6/30/2026

​

​

​

​

100,211

​

​

100,211

​

​

82,674

​

0.02

%

SP ELS Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/8/2019

​

​

​

​

​

​

1,338,661

​

​

1,124,414

​

​

285,594

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

18,525,921

​

$

16,891,006

​

4.48

%

Exigo, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.00

%

10.51

%

​

​

3/16/2022

​

3/16/2027

​

Services: Business

​

$

8,654,024

​

​

8,610,148

​

​

8,654,024

​

2.29

%

Gauge Exigo Coinvest, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/16/2022

​

​

​

  

​

​

377,535

​

​

377,535

​

​

371,512

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,987,683

​

$

9,025,536

​

2.39

%

FairWave Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Kansas City, MO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.75

%

​

​

4/1/2024

​

4/1/2029

​

Beverage & Food

​

$

7,501,036

​

​

7,371,597

​

​

7,501,036

​

1.99

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.75

%

​

​

4/1/2024

​

4/1/2029

​

​

​

​

514,030

​

​

514,030

​

​

514,030

​

0.14

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.75

%

​

​

4/1/2024

​

4/1/2029

​

​

​

​

2,647,795

​

​

2,622,191

​

​

2,647,795

​

0.70

%

GRC Java Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/1/2024

​

​

​

  

​

​

2,985

​

​

304,909

​

​

394,430

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,812,727

​

$

11,057,291

​

2.93

%

FiscalNote Boards LLC

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Toronto, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

9.41

%

​

​

3/11/2024

​

3/12/2029

​

Services: Business

​

$

3,691,304

​

​

3,635,937

​

​

3,654,391

​

0.97

%

FCP-Connect Holdings LLC Class A Common Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/28/2024

​

​

​

​

​

​

284

​

​

-

​

​

-

​

0.00

%

FCP-Connect Holdings LLC Series A Preferred Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/28/2024

​

​

​

​

​

​

284

​

​

190,382

​

​

166,619

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

3,826,319

​

$

3,821,010

​

1.01

%

General LED OPCO, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Antonio, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

Second Lien

​

3M SOFR+

9.00

%

1.50

%

13.10

%

​

​

5/1/2018

​

3/31/2026

​

Services: Business

​

$

4,500,000

​

​

4,493,395

​

​

4,410,000

​

1.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,493,395

​

$

4,410,000

​

1.17

%

GS HVAM Intermediate, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carlsbad, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.85

%

​

​

10/18/2019

​

11/30/2026

​

Beverage & Food

​

$

12,155,917

​

​

12,152,376

​

​

12,155,917

​

3.22

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.76

%

​

​

10/18/2019

​

11/30/2026

​

​

​

$

1,767,677

​

​

1,767,677

​

​

1,767,677

​

0.47

%

HV GS Acquisition, LP Class A Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/2/2019

​

​

​

  

​

​

2,144

​

​

563,209

​

​

4,819,404

​

1.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,483,262

​

$

18,742,998

​

4.97

%

​

​

​

9

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

GSF Buyer, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

North Andover, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.31

%

​

​

4/30/2025

​

4/30/2031

​

Beverage & Food

​

$

4,260,028

​

​

4,199,479

​

​

4,260,028

​

1.13

%

GSF Group Holdings, L.P. Class A2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/30/2025

​

​

​

  

​

​

241

​

​

240,595

​

​

246,256

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,440,074

​

$

4,506,284

​

1.20

%

Guidant Corp.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Erie, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.50

%

​

​

3/11/2024

​

3/12/2029

​

Energy: Oil & Gas

​

$

9,878,780

​

​

9,617,931

​

​

9,878,780

​

2.62

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.50

%

​

​

3/11/2024

​

3/12/2029

​

​

​

​

422,283

​

​

422,283

​

​

422,283

​

0.11

%

Titan Meter Topco LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/11/2024

​

​

​

​

​

​

574,863

​

​

581,608

​

​

807,073

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,621,822

​

$

11,108,136

​

2.94

%

Heartland Business Systems, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Little Chute, WI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.70

%

​

​

8/26/2022

​

8/26/2027

​

Services: Business

​

$

9,725,000

​

​

9,639,048

​

​

9,725,000

​

2.57

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.70

%

​

​

8/26/2022

​

8/26/2027

​

​

​

​

48,875

​

​

48,630

​

​

48,875

​

0.01

%

AMCO HBS Holdings, LP Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/26/2022

​

​

​

​

​

​

2,861

​

​

168,655

​

​

824,744

​

0.22

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,856,333

​

$

10,598,619

​

2.80

%

Husk AcquireCo Inc.

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vaughan, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.75

%

1.50

%

10.00

%

​

​

11/14/2024

​

11/15/2029

​

Beverage & Food

​

$

5,277,346

​

​

5,209,526

​

​

5,224,573

​

1.38

%

SK Spectra Holdings LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/15/2024

​

​

​

  

​

​

298

​

​

297,765

​

​

274,780

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,507,291

​

$

5,499,353

​

1.45

%

HV Watterson Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Schaumburg, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

​

​

First Lien

​

​

12.00

%

-

%

12.00

%

​

​

12/17/2021

​

12/17/2026

​

Services: Business

​

$

13,609,537

​

​

13,534,610

​

​

11,295,916

​

2.99

%

Revolver

​

​

​

First Lien

​

​

12.00

%

-

%

12.00

%

​

​

12/17/2021

​

12/17/2026

​

​

​

​

99,975

​

​

99,975

​

​

82,979

​

0.02

%

Delayed Draw Term Loan

​

​

​

First Lien

​

​

12.00

%

-

%

12.00

%

​

​

12/17/2021

​

12/17/2026

​

​

​

​

330,617

​

​

329,559

​

​

274,412

​

0.07

%

HV Watterson Parent, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/17/2021

​

​

​

  

​

​

1,632

​

​

1,631,591

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,595,735

​

$

11,653,307

​

3.08

%

I2P Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cleveland, OH

​

​

​

​

​

​

​

​

​

​

​

​

Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2018

​

​

​

Services: Business

​

​

750,000

​

​

-

​

​

1,862,581

​

0.49

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

1,862,581

​

0.49

%

Identity Theft Guard Solutions, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Portland, OR

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.50

%

9.66

%

​

​

2/28/2025

​

2/28/2030

​

Services: Business

​

$

8,679,273

​

​

8,521,651

​

​

8,592,480

​

2.27

%

IDX Parent, LLC Class A-2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/28/2025

​

​

​

  

​

​

352,915

​

​

352,915

​

​

625,270

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,874,566

​

$

9,217,750

​

2.44

%

Impact Home Services LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.50

%

​

​

4/28/2023

​

4/28/2028

​

Services: Consumer

​

$

5,819,939

​

​

5,734,091

​

​

5,703,540

​

1.51

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.50

%

​

​

10/11/2023

​

4/28/2028

​

​

​

​

530,438

​

​

522,066

​

​

519,829

​

0.14

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.50

%

​

​

6/30/2023

​

4/28/2028

​

​

​

​

264,543

​

​

260,535

​

​

259,252

​

0.07

%

Revolver

​

(11)(17)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.50

%

​

​

4/28/2023

​

4/28/2028

​

​

​

​

82,500

​

​

82,500

​

​

80,850

​

0.02

%

Impact Holdings Georgia LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/28/2023

​

​

​

  

​

​

375

​

​

375,156

​

​

-

​

0.00

%

Impact Holdings Georgia LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2024

​

​

​

  

​

​

38

​

​

37,962

​

​

41,701

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,012,310

​

$

6,605,172

​

1.75

%

Infolinks Media Buyco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ridgewood, NJ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.50

%

​

​

11/1/2021

​

11/1/2026

​

Media: Advertising, Printing & Publishing

​

$

7,168,033

​

​

7,130,176

​

​

7,168,033

​

1.90

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.50

%

​

​

6/6/2024

​

11/1/2026

​

​

​

​

2,440,641

​

​

2,422,249

​

​

2,440,641

​

0.65

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.50

%

​

​

11/1/2021

​

11/1/2026

​

​

​

​

1,451,588

​

​

1,445,970

​

​

1,451,588

​

0.38

%

Tower Arch Infolinks Media, LP LP Interests

​

(6)(15)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/28/2021

​

​

​

​

​

​

459,200

​

​

205,642

​

​

606,542

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,204,037

​

$

11,666,804

​

3.09

%

Informativ, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fresno, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.65

%

​

​

7/30/2021

​

7/30/2026

​

High Tech Industries

​

$

8,329,705

​

​

8,297,767

​

​

8,329,705

​

2.21

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.65

%

​

​

3/31/2022

​

7/30/2026

​

​

​

​

6,279,817

​

​

6,252,494

​

​

6,279,817

​

1.66

%

Credit Connection Holdings, LLC Series A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/30/2021

​

​

​

​

​

​

804,384

​

​

682,150

​

​

1,474,614

​

0.39

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,232,411

​

$

16,084,136

​

4.26

%

​

​

​

​

10

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

Inoapps Bidco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan B

​

(11)

​

First Lien

​

3M SONIA+

5.75

%

1.00

%

9.88

%

​

​

2/15/2022

​

2/15/2027

​

High Tech Industries

​

£

9,675,000

​

$

13,035,109

​

$

12,942,420

​

3.43

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.75

%

1.00

%

10.03

%

​

​

2/15/2022

​

2/15/2027

​

​

​

​

100,000

​

​

100,000

​

​

99,500

​

0.03

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

10.32

%

​

​

2/15/2022

​

2/15/2027

​

​

​

​

80,833

​

​

80,548

​

​

80,429

​

0.02

%

Inoapps Holdings, LLC Series A-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/15/2022

​

​

​

  

​

​

739,844

​

​

783,756

​

​

1,068,014

​

0.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,999,413

​

$

14,190,363

​

3.76

%

iNovex Information Systems Incorporated

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbia, MD

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.25

%

​

​

12/17/2024

​

12/17/2030

​

Services: Business

​

$

7,465,768

​

​

7,364,414

​

​

7,391,110

​

1.96

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,364,414

​

$

7,391,110

​

1.96

%

International Cybernetics Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Largo, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.25

%

​

​

6/3/2025

​

6/3/2030

​

Services: Business

​

$

4,736,133

​

​

4,657,494

​

​

4,688,772

​

1.24

%

International Cybernetics Holdings, LP Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/2/2025

​

​

​

  

​

​

1,051

​

​

105,113

​

​

83,678

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,762,607

​

$

4,772,450

​

1.26

%

Invincible Boat Company LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Opa Locka, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

​

7.50

%

​

​

8.00

%

3.81

%

8/28/2019

​

3/31/2028

​

Consumer Goods: Durable

​

$

5,301,351

​

​

5,301,351

​

​

4,585,669

​

1.21

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

​

7.50

%

​

​

8.00

%

3.81

%

8/28/2019

​

3/31/2028

​

​

​

​

4,893,555

​

​

4,893,555

​

​

4,232,925

​

1.12

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

​

7.50

%

​

​

8.00

%

3.81

%

6/1/2021

​

3/31/2028

​

​

​

​

1,088,880

​

​

1,088,880

​

​

941,881

​

0.25

%

Revolver

​

(9)(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

11.81

%

​

​

8/28/2019

​

3/31/2028

​

​

​

​

1,063,830

​

​

1,063,830

​

​

920,213

​

0.24

%

Warbird Parent Holdco, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/28/2019

​

​

​

​

​

​

1,362,575

​

​

1,299,691

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,647,307

​

$

10,680,688

​

2.82

%

Ledge Lounger, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Katy, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

7.50

%

1.00

%

-

%

11.95

%

11/9/2021

​

11/9/2027

​

Consumer Goods: Durable

​

$

7,438,972

​

​

7,418,864

​

​

6,749,474

​

1.79

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

7.50

%

1.00

%

-

%

11.95

%

11/9/2021

​

11/9/2027

​

​

​

​

83,865

​

​

84,079

​

​

76,091

​

0.02

%

SP L2 Holdings LLC Class A Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

11/9/2021

​

​

​

  

​

​

375,000

​

​

375,000

​

​

-

​

0.00

%

SP L2 Holdings LLC Class C Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/9/2024

​

​

​

  

​

​

140,834

​

​

34,504

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,912,447

​

$

6,825,565

​

1.81

%

Lightning Intermediate II, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

6M SOFR+

6.00

%

1.00

%

10.17

%

​

​

6/6/2022

​

6/6/2027

​

Consumer Goods: Non-Durable

​

$

11,544,230

​

​

11,453,181

​

​

11,428,788

​

3.03

%

Gauge Vimergy Coinvest, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2022

​

​

​

  

​

​

399

​

​

391,274

​

​

374,206

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,844,455

​

$

11,802,994

​

3.13

%

Luxium Solutions, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deerfield Beach, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.25

%

​

​

5/10/2024

​

12/1/2027

​

High Tech Industries

​

$

8,190,058

​

​

8,108,382

​

​

8,190,058

​

2.17

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.25

%

​

​

5/10/2024

​

12/1/2027

​

​

​

​

1,185,247

​

​

1,179,121

​

​

1,185,247

​

0.31

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,287,503

​

$

9,375,305

​

2.48

%

MacKenzie-Childs Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aurora, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.65

%

​

​

9/2/2022

​

9/2/2027

​

Consumer Goods: Durable

​

$

88,553

​

​

87,953

​

​

88,553

​

0.02

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.96

%

​

​

9/2/2022

​

9/2/2027

​

​

​

​

20,000

​

​

20,000

​

​

20,000

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.57

%

​

​

9/2/2022

​

9/2/2027

​

​

​

​

20,000

​

​

20,000

​

​

20,000

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.65

%

​

​

9/2/2022

​

9/2/2027

​

​

​

​

13,333

​

​

13,333

​

​

13,333

​

0.00

%

MacKenzie-Childs Investment, LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/2/2022

​

​

​

  

​

​

100,000

​

​

100,000

​

​

169,201

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

241,286

​

$

311,087

​

0.08

%

Madison Logic Holdings, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.00

%

1.00

%

11.16

%

​

​

12/30/2022

​

12/30/2028

​

Media: Advertising, Printing & Publishing

​

​

3,615,967

​

​

3,560,030

​

​

3,417,089

​

0.90

%

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.50

%

1.00

%

-

%

7.50

%

12/30/2022

​

12/30/2028

​

​

​

​

903,992

​

​

890,008

​

​

854,272

​

0.23

%

BC Partners Glengarry Co-Investment LP Class 1 Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/7/2023

​

​

​

​

​

​

394,767

​

​

394,767

​

​

137,667

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,844,805

​

$

4,409,028

​

1.17

%

MBH Management LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Washington, DC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.00

%

1.50

%

9.16

%

​

​

11/15/2024

​

11/15/2029

​

Healthcare & Pharmaceuticals

​

$

9,405,667

​

​

9,244,630

​

​

9,311,610

​

2.47

%

MBH Parent, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/15/2024

​

​

​

  

​

​

646,944

​

​

646,944

​

​

898,591

​

0.24

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,891,574

​

$

10,210,201

​

2.71

%

​

​

11

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

MedLearning Group, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.75

%

​

​

3/26/2024

​

12/30/2027

​

Healthcare & Pharmaceuticals

​

$

4,274,241

​

​

4,218,113

​

​

4,210,127

​

1.11

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.75

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,505,173

​

​

2,472,275

​

​

2,467,595

​

0.65

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.75

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,045,737

​

​

2,018,947

​

​

2,015,051

​

0.53

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.75

%

​

​

8/5/2025

​

12/30/2027

​

​

​

​

997,500

​

​

983,449

​

​

982,538

​

0.26

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.75

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,436,635

​

​

2,414,521

​

​

2,400,085

​

0.64

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,107,305

​

$

12,075,396

​

3.19

%

Michelli, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New Orleans, LA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.00

%

​

​

12/21/2023

​

12/21/2028

​

Capital Equipment

​

$

4,912,500

​

​

4,842,383

​

​

4,912,500

​

1.30

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.00

%

​

​

12/21/2023

​

12/21/2028

​

​

​

​

3,847,337

​

​

3,817,316

​

​

3,847,337

​

1.02

%

SP MWM Holdco LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/21/2023

​

​

​

  

​

​

509,215

​

​

509,215

​

​

492,228

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,168,914

​

$

9,252,065

​

2.45

%

Microbe Formulas LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Meridian, ID

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.75

%

1.00

%

10.01

%

​

​

4/4/2022

​

4/3/2028

​

Consumer Goods: Non-Durable

​

$

6,062,357

​

​

6,033,241

​

​

6,062,357

​

1.60

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.75

%

1.00

%

10.01

%

​

​

11/20/2024

​

4/3/2028

​

​

​

​

4,222,431

​

​

4,205,787

​

​

4,222,431

​

1.12

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,239,028

​

$

10,284,788

​

2.72

%

Mobotrex Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Davenport, IA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.00

%

​

​

2/28/2025

​

6/7/2030

​

Wholesale

​

$

5,111,355

​

​

5,041,283

​

​

5,060,241

​

1.34

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.00

%

​

​

2/28/2025

​

6/7/2030

​

​

​

​

45,547

​

​

45,215

​

​

45,092

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,086,498

​

$

5,105,333

​

1.35

%

MOM Enterprises, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Richmond, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.48

%

2.00

%

10.48

%

​

​

5/19/2021

​

5/19/2026

​

Consumer Goods: Non-Durable

​

$

15,232,974

​

​

15,185,259

​

​

15,156,810

​

4.02

%

MBliss SPC Holdings, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/19/2021

​

​

​

​

​

​

933,333

​

​

933,333

​

​

804,755

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,118,592

​

$

15,961,565

​

4.23

%

Monarch Behavioral Therapy, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Addison, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.16

%

​

​

6/6/2024

​

6/6/2030

​

Healthcare & Pharmaceuticals

​

$

6,680,077

​

​

6,568,792

​

​

6,646,677

​

1.76

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.16

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

216,815

​

​

216,815

​

​

215,731

​

0.06

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.19

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

144,543

​

​

144,543

​

​

143,820

​

0.04

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.22

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

72,272

​

​

72,272

​

​

71,911

​

0.02

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.14

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

36,136

​

​

36,136

​

​

35,955

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.16

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

603,326

​

​

597,848

​

​

600,309

​

0.16

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.16

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

158,602

​

​

157,162

​

​

157,809

​

0.04

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.16

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

144,184

​

​

142,875

​

​

143,463

​

0.04

%

BI Investors, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2024

​

​

​

  

​

​

4,286

​

​

424,738

​

​

403,679

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,361,181

​

$

8,419,354

​

2.24

%

Monitorus Holding, LLC

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

London, UK

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.51

%

​

​

5/24/2022

​

5/24/2027

​

Media: Diversified & Production

​

$

105,498

​

​

105,119

​

​

104,443

​

0.03

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.51

%

​

​

6/27/2025

​

5/24/2027

​

​

​

€

1,470,000

​

​

1,677,570

​

​

1,709,730

​

0.45

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.51

%

​

​

5/24/2022

​

5/24/2027

​

​

​

€

53,249

​

​

58,032

​

​

57,452

​

0.02

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.51

%

​

​

5/24/2022

​

5/24/2027

​

​

​

€

53,249

​

​

57,748

​

​

57,171

​

0.02

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.51

%

​

​

5/24/2022

​

5/24/2027

​

​

​

€

105,748

​

​

106,733

​

​

105,666

​

0.03

%

Sapphire Aggregator S.a r.l. Convertible Bonds

​

(14)

​

Unsecured

​

​

8.00

%

-

%

-

%

7.76

%

9/30/2024

​

12/21/2025

​

​

​

€

12,560

​

​

14,041

​

​

14,607

​

0.00

%

Sapphire Aggregator S.a r.l. Convertible Bonds

​

(14)

​

Unsecured

​

​

8.00

%

-

%

-

%

8.00

%

1/31/2025

​

3/31/2026

​

​

​

€

8,977

​

​

9,454

​

​

10,441

​

0.00

%

Sapphire Aggregator S.a r.l. Class A Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,689

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class B Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class C Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class D Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class E Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class F Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class G Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class H Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class I Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

7,693

​

0.00

%

Sapphire Aggregator S.a r.l. Class 2 Ordinary Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/31/2025

​

​

​

​

​

​

1,230,022

​

​

6,651

​

​

15,750

​

0.00

%

Sapphire Aggregator S.a r.l. Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2025

​

​

​

​

​

​

2,713,016

​

​

15,898

​

​

32,062

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

2,151,650

​

$

2,176,559

​

0.56

%

​

​

​

12

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

Morgan Electrical Group Intermediate Holdings, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freemont, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.50

%

10.41

%

​

​

8/3/2023

​

8/3/2029

​

Construction & Building

​

$

4,281,876

​

​

4,212,124

​

​

4,239,057

​

1.12

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.50

%

10.41

%

​

​

8/3/2023

​

8/3/2029

​

​

​

​

1,692,715

​

​

1,678,262

​

​

1,675,788

​

0.44

%

Morgan Electrical Group Holdings, LLC Series A-2 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/3/2023

​

​

​

​

​

​

380

​

​

380,330

​

​

252,971

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,270,716

​

$

6,167,816

​

1.63

%

Naumann/Hobbs Material Handling Corporation II, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.75

%

​

​

8/30/2019

​

3/31/2026

​

Services: Business

​

$

8,042,557

​

​

8,042,557

​

​

7,841,493

​

2.08

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.75

%

​

​

8/30/2019

​

3/31/2026

​

​

​

​

5,071,666

​

​

5,071,666

​

​

4,944,874

​

1.31

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.75

%

​

​

8/30/2019

​

3/31/2026

​

​

​

​

1,776,256

​

​

1,776,256

​

​

1,731,850

​

0.46

%

Naumann Hobbs Holdings, L.P. Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/29/2022

​

​

​

​

​

​

123

​

​

220,379

​

​

-

​

0.00

%

Naumann Hobbs Holdings, L.P. Class A-2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/29/2022

​

​

​

​

​

​

123

​

​

220,379

​

​

-

​

0.00

%

Naumann Hobbs Holdings, L.P. Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/27/2024

​

​

​

​

​

​

142

​

​

142,200

​

​

458,907

​

0.12

%

Naumann Hobbs Holdings, L.P. Class W-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/27/2025

​

​

​

​

​

​

57

​

​

-

​

​

-

​

0.00

%

Naumann Hobbs Holdings, L.P. Class W-2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/27/2025

​

​

​

​

​

​

49

​

​

-

​

​

182,867

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,473,437

​

$

15,159,991

​

4.02

%

NINJIO, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Westlake Village, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.50

%

10.25

%

​

​

10/12/2022

​

10/12/2027

​

Media: Diversified & Production

​

$

4,962,500

​

​

4,915,071

​

​

4,962,500

​

1.31

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.50

%

10.25

%

​

​

10/12/2022

​

10/12/2027

​

​

​

​

100,000

​

​

99,388

​

​

100,000

​

0.03

%

NINJIO Holdings, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/12/2022

​

​

​

​

​

​

184

​

​

313,253

​

​

341,302

​

0.09

%

Gauge NINJIO Blocker LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/22/2023

​

​

​

​

​

​

14

​

​

14,470

​

​

21,616

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,342,182

​

$

5,425,418

​

1.44

%

Norplex Micarta Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Postville, IA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.56

%

​

​

10/31/2024

​

10/31/2029

​

Chemicals, Plastics, & Rubber

​

$

12,902,500

​

​

12,682,376

​

​

12,773,475

​

3.38

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.25

%

​

​

10/31/2024

​

10/31/2029

​

​

​

$

83,333

​

​

83,333

​

​

82,500

​

0.02

%

Norplex Micarta Parent, LP Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/31/2024

​

​

​

​

​

​

739,804

​

​

739,804

​

​

652,487

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,505,513

​

$

13,508,462

​

3.57

%

NS412, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

Second Lien

​

3M SOFR+

8.25

%

1.00

%

12.35

%

​

​

5/6/2019

​

5/6/2027

​

Services: Consumer

​

$

7,615,000

​

​

7,612,364

​

​

7,615,000

​

2.02

%

NS Group Holding Company, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/6/2019

​

​

​

​

​

​

782

​

​

795,002

​

​

969,847

​

0.26

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,407,366

​

$

8,584,847

​

2.28

%

NuSource Financial Acquisition, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Eden Prairie, MN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)

​

Unsecured

​

​

13.75

%

-

%

-

%

13.75

%

1/29/2021

​

1/31/2027

​

Services: Business

​

$

6,771,450

​

​

6,746,889

​

​

6,771,450

​

1.79

%

NuSource Holdings, Inc. Warrants (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

1/29/2021

​

​

​

  

​

​

54,966

​

​

-

​

​

948,410

​

0.25

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,746,889

​

$

7,719,860

​

2.04

%

Onpoint Industrial Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deer Park, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.75

%

10.00

%

​

​

11/16/2022

​

11/16/2027

​

Services: Business

​

$

12,288,436

​

​

12,164,180

​

​

12,288,436

​

3.25

%

Spearhead TopCo, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/16/2022

​

​

​

​

​

​

606,742

​

​

606,742

​

​

1,069,791

​

0.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,770,922

​

$

13,358,227

​

3.53

%

Pacific Shoring Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Santa Rosa, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

9.00

%

​

​

1/10/2025

​

1/10/2030

​

Capital Equipment

​

$

8,457,500

​

​

8,326,590

​

​

8,330,638

​

2.21

%

PSP Ultimate Holding, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/10/2025

​

​

​

​

​

​

10,606

​

​

498,491

​

​

591,719

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,825,081

​

$

8,922,357

​

2.37

%

PCP MT Aggregator Holdings, L.P.

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oak Brook, IL

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/29/2019

​

​

​

Finance

​

​

825,020

​

​

-

​

​

5,948,068

​

1.57

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

5,948,068

​

1.57

%

PCS Software, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Shenandoah, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.65

%

0.50

%

7/1/2019

​

6/30/2027

​

Transportation & Logistics

​

$

13,798,505

​

​

13,798,505

​

​

13,729,512

​

3.63

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.65

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

1,809,640

​

​

1,809,640

​

​

1,800,592

​

0.48

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.65

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

439

​

​

430

​

​

437

​

0.00

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.65

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

954,205

​

​

954,205

​

​

949,434

​

0.25

%

PCS Software Parent, LLC Class A Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/16/2022

​

​

​

​

​

​

471,211

​

​

9,995

​

​

317,081

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,572,775

​

$

16,797,056

​

4.44

%

Pearl Media Holdings, LLC

​

(24)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Garland, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.40

%

​

​

8/31/2022

​

8/31/2027

​

Media: Advertising, Printing & Publishing

​

$

8,612,522

​

​

8,536,205

​

​

8,440,272

​

2.23

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,536,205

​

$

8,440,272

​

2.23

%

​

13

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

Peltram Group Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Auburn, WA

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2021

​

​

​

Construction & Building

​

​

508,516

​

​

451,142

​

​

879,389

​

0.23

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

451,142

​

$

879,389

​

0.23

%

Plus Delta Buyer LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carlsbad, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.25

%

​

​

1/16/2025

​

1/16/2031

​

Services: Business

​

$

7,363,000

​

​

7,228,103

​

​

7,289,370

​

1.93

%

Plus Delta Parent LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/16/2025

​

​

​

​

​

​

325,765

​

​

325,764

​

​

341,792

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,553,867

​

$

7,631,162

​

2.02

%

Premiere Digital Services, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

9.41

%

​

​

11/3/2021

​

11/3/2026

​

Media: Broadcasting & Subscription

​

$

12,101,792

​

​

12,085,987

​

​

12,101,792

​

3.20

%

Premiere Digital Holdings, Inc. Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/18/2018

​

​

​

​

​

​

5,000

​

​

-

​

​

3,068,540

​

0.81

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,085,987

​

$

15,170,332

​

4.01

%

Red's All Natural, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Franklin, TN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(10)(12)

​

First Lien

​

3M SOFR+

4.50

%

1.50

%

9.60

%

​

​

1/31/2023

​

1/31/2029

​

Beverage & Food

​

$

8,815,327

​

​

8,701,726

​

​

8,815,327

​

2.33

%

Centeotl Co-Invest B, LP Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2023

​

​

​

​

​

​

710,600

​

​

710,600

​

​

415,704

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,412,326

​

$

9,231,031

​

2.44

%

RIA Advisory Borrower, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coral Gables, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.95

%

​

​

5/1/2023

​

8/2/2027

​

High Tech Industries

​

$

5,850,000

​

​

5,790,499

​

​

5,850,000

​

1.55

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.95

%

​

​

5/1/2023

​

8/2/2027

​

​

​

​

85,982

​

​

85,982

​

​

85,982

​

0.02

%

RIA Advisory Aggregator, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/1/2023

​

​

​

​

​

​

104,425

​

​

165,078

​

​

234,764

​

0.06

%

RIA Products Aggregator, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/1/2023

​

​

​

​

​

​

81,251

​

​

78,390

​

​

39,195

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,119,949

​

$

6,209,941

​

1.64

%

Said Intermediate, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boston, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.66

%

​

​

6/13/2024

​

6/13/2029

​

Media: Advertising, Printing & Publishing

​

$

7,387,013

​

​

7,270,230

​

​

7,313,143

​

1.94

%

FCP-Said Holdings, LLC Class A Common Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/13/2024

​

​

​

​

​

​

804

​

​

-

​

​

-

​

0.00

%

FCP-Said Holdings, LLC Series A Preferred Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/13/2024

​

​

​

​

​

​

852

​

​

350,649

​

​

281,309

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,620,879

​

$

7,594,452

​

2.01

%

Sales Benchmark Index, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.20

%

​

​

1/7/2020

​

7/7/2026

​

Services: Business

​

$

12,040,777

​

​

12,040,777

​

​

12,040,777

​

3.19

%

Revolver

​

(9)(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.20

%

​

​

1/7/2020

​

7/7/2026

​

​

​

​

443,820

​

​

443,820

​

​

443,820

​

0.12

%

SBI Holdings Investments LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/7/2020

​

​

​

​

​

​

66,573

​

​

665,730

​

​

564,450

​

0.15

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,150,327

​

$

13,049,047

​

3.46

%

Service Minds Company, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bradenton, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

Services: Consumer

​

$

5,324,759

​

​

5,279,117

​

​

3,434,470

​

0.91

%

Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

​

​

​

83,115

​

​

83,115

​

​

53,609

​

0.01

%

Priority Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

7/2/2024

​

2/7/2028

​

​

​

​

20,223

​

​

20,223

​

​

40,446

​

0.01

%

Priority Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

9/13/2024

​

2/7/2028

​

​

​

​

20,000

​

​

20,000

​

​

40,000

​

0.01

%

Priority Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

11/12/2024

​

2/7/2028

​

​

​

​

45,000

​

​

45,000

​

​

90,000

​

0.02

%

Priority Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

1/3/2025

​

2/7/2028

​

​

​

​

10,000

​

​

10,000

​

​

20,000

​

0.01

%

Priority Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2025

​

2/7/2028

​

​

​

​

31,000

​

​

31,000

​

​

62,000

​

0.02

%

Delayed Draw Term Loan

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

​

​

​

98,473

​

​

97,985

​

​

63,515

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,586,440

​

$

3,804,040

​

1.01

%

Simpler Trading, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Austin, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

​

10.00

%

​

​

-

%

10.00

%

12/28/2021

​

3/21/2030

​

Education

​

$

2,796,011

​

​

2,812,710

​

​

2,796,011

​

0.74

%

Simpler Trading, LLC Preferred Units (SBIC)

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/21/2025

​

​

​

​

​

​

1,657

​

​

1,656,650

​

​

580,163

​

0.15

%

Simpler Ultimate Holdings, LLC Class A Units (SBIC)

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/21/2025

​

​

​

​

​

​

281,936

​

​

281,936

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,751,296

​

$

3,376,174

​

0.89

%

Solid Surface Holdco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Charlotte, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.00

%

​

​

6/6/2025

​

6/6/2030

​

Services: Business

​

$

5,680,037

​

​

5,572,132

​

​

5,594,836

​

1.48

%

Carolina Topco Holdings, LP Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2025

​

​

​

​

​

​

3,774

​

​

377,437

​

​

415,446

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,949,569

​

$

6,010,282

​

1.59

%

Strategus, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Englewood, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.00

%

​

​

1/27/2025

​

1/27/2031

​

Media: Advertising, Printing & Publishing

​

$

7,781,935

​

​

7,657,206

​

​

7,626,296

​

2.02

%

CIVC Strategus Blocker, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/27/2025

​

​

​

​

​

​

170

​

​

170,362

​

​

193,724

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,827,568

​

$

7,820,020

​

2.07

%

​

​

14

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

TAC LifePort Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Woodland, WA

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/1/2021

​

​

​

Aerospace & Defense

​

​

546,543

​

​

488,173

​

​

1,651,159

​

0.44

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

488,173

​

$

1,651,159

​

0.44

%

Teckrez, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

11.01

%

​

​

5/24/2024

​

11/30/2028

​

Chemicals, Plastics, & Rubber

​

$

4,250,946

​

​

4,202,484

​

​

4,229,691

​

1.12

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

11.01

%

​

​

5/24/2024

​

11/30/2028

​

​

​

​

1,297,999

​

​

1,297,999

​

​

1,291,509

​

0.34

%

Revolver

​

​

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

11.01

%

​

​

5/24/2024

​

11/30/2028

​

​

​

​

144,222

​

​

144,222

​

​

143,501

​

0.04

%

HH-Teckrez Parent, LP Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/24/2024

​

​

​

​

​

​

90,139

​

​

90,139

​

​

133,543

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,734,844

​

$

5,798,244

​

1.54

%

The Hardenbergh Group, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Livonia, MI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.60

%

​

​

8/7/2023

​

8/7/2028

​

Healthcare & Pharmaceuticals

​

$

10,291,860

​

​

10,124,981

​

​

10,291,860

​

2.72

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.60

%

​

​

9/30/2024

​

8/7/2028

​

​

​

​

795,991

​

​

783,466

​

​

795,991

​

0.21

%

BV HGI Holdings, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/7/2023

​

​

​

​

​

​

677,548

​

​

677,548

​

​

645,862

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,585,995

​

$

11,733,713

​

3.10

%

The Millennium Alliance LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.00

%

​

​

7/31/2025

​

7/31/2031

​

Services: Business

​

$

11,500,000

​

​

11,330,327

​

​

11,331,072

​

3.00

%

BV MA Blocker, Inc. Class A-2 Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/31/2025

​

​

​

​

​

​

52

​

​

515,556

​

​

515,556

​

0.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,845,883

​

$

11,846,628

​

3.14

%

Tiger 21, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.00

%

​

​

12/30/2024

​

12/30/2030

​

Services: Consumer

​

$

11,910,000

​

​

11,694,547

​

​

11,850,450

​

3.14

%

Tiger 21 Blocker, Inc. Class A-3 Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2024

​

​

​

​

​

​

565

​

​

564,635

​

​

739,756

​

0.20

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,259,182

​

$

12,590,206

​

3.34

%

Tilley Distribution, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Baltimore, MD

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.15

%

​

​

4/1/2022

​

12/31/2026

​

Chemicals, Plastics, & Rubber

​

​

82,861

​

​

82,471

​

​

79,961

​

0.02

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.15

%

​

​

4/1/2022

​

12/31/2026

​

​

​

​

9,016

​

​

8,974

​

​

8,700

​

0.00

%

Revolver

​

​

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.15

%

​

​

4/1/2022

​

12/31/2026

​

​

​

$

13,043

​

​

13,043

​

​

12,586

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

104,488

​

$

101,247

​

0.02

%

TradePending OpCo Aggregator, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrboro, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.40

%

​

​

3/2/2021

​

3/2/2026

​

High Tech Industries

​

$

9,453,535

​

​

9,431,488

​

​

9,453,535

​

2.50

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.40

%

​

​

8/4/2023

​

3/2/2026

​

​

​

​

2,417,579

​

​

2,407,235

​

​

2,417,579

​

0.64

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.40

%

​

​

3/2/2021

​

3/2/2026

​

​

​

​

33,333

​

​

33,333

​

​

33,333

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.40

%

​

​

8/4/2023

​

3/2/2026

​

​

​

​

674,985

​

​

673,465

​

​

674,985

​

0.18

%

TradePending Holdings, LLC Series A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/2/2021

​

​

​

​

​

​

908,333

​

​

947,699

​

​

1,965,044

​

0.52

%

TradePending Holdings, LLC Series A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/4/2023

​

​

​

​

​

​

132,783

​

​

260,254

​

​

390,381

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,753,474

​

$

14,934,857

​

3.95

%

TriplePoint Acquisition Holdings LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbus, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.25

%

​

​

5/31/2024

​

5/31/2029

​

Construction & Building

​

$

5,289,535

​

​

5,206,395

​

​

5,289,535

​

1.40

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.25

%

​

​

4/8/2025

​

5/31/2029

​

​

​

​

1,764,940

​

​

1,733,139

​

​

1,764,940

​

0.47

%

TriplePoint Holdco LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/31/2024

​

​

​

​

​

​

557,968

​

​

521,584

​

​

1,662,972

​

0.44

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,461,118

​

$

8,717,447

​

2.31

%

Unicat Catalyst Holdings, LLC

​

(21)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alvin, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.76

%

​

​

4/27/2021

​

4/27/2026

​

Chemicals, Plastics, & Rubber

​

$

6,703,125

​

​

6,684,599

​

​

6,703,125

​

1.77

%

Unicat Catalyst, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2021

​

​

​

​

​

​

7,500

​

​

750,000

​

​

605,471

​

0.16

%

Unicat Catalyst, LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/13/2023

​

​

​

​

​

​

974

​

​

58,446

​

​

63,589

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,493,045

​

$

7,372,185

​

1.95

%

U.S. Expediters, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stafford, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.45

%

​

​

12/22/2021

​

12/22/2026

​

Healthcare & Pharmaceuticals

​

$

14,348,318

​

​

14,266,043

​

​

13,272,194

​

3.51

%

Cathay Hypnos LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/22/2021

​

​

​

​

​

​

1,737,087

​

​

1,353,155

​

​

161,766

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,619,198

​

$

13,433,960

​

3.55

%

USDTL AcquisitionCo, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Des Plaines, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

9.00

%

​

​

12/9/2024

​

12/9/2030

​

Healthcare & Pharmaceuticals

​

$

5,955,000

​

​

5,847,964

​

​

5,865,675

​

1.55

%

USDTL Holdings, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/9/2024

​

​

​

​

​

​

110

​

​

110,000

​

​

144,257

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,957,964

​

$

6,009,932

​

1.59

%

​

​

​

15

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

Venbrook Buyer, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan B (SBIC)

​

(4)

​

First Lien

​

​

13.25

%

​

​

4.25

%

9.00

%

3/13/2020

​

3/13/2026

​

Services: Business

​

$

15,567,454

​

​

15,541,641

​

​

14,399,896

​

3.81

%

Term Loan B

​

​

​

First Lien

​

​

13.25

%

​

​

4.25

%

9.00

%

3/13/2020

​

3/13/2026

​

​

​

​

177,127

​

​

176,833

​

​

163,842

​

0.04

%

Revolver

​

​

​

First Lien

​

​

13.25

%

​

​

4.25

%

9.00

%

3/13/2020

​

3/13/2026

​

​

​

​

2,750,080

​

​

2,750,080

​

​

2,543,824

​

0.67

%

Delayed Draw Term Loan

​

​

​

First Lien

​

​

13.25

%

​

​

4.25

%

9.00

%

3/13/2020

​

3/13/2026

​

​

​

​

5,308,287

​

​

5,303,174

​

​

4,910,165

​

1.30

%

Venbrook Holdings, LLC Convertible Term Loan

​

(14)

​

Unsecured

​

​

10.00

%

-

%

-

%

10.00

%

3/31/2022

​

12/20/2028

​

​

​

​

117,483

​

​

117,483

​

​

-

​

0.00

%

Venbrook Holdings, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/13/2020

​

​

​

​

​

​

822,758

​

​

819,262

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

24,708,473

​

$

22,017,727

​

5.82

%

WER Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sugar Hill, GA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.67

%

​

​

4/11/2024

​

4/11/2030

​

Services: Business

​

$

2,670,362

​

​

2,626,848

​

​

2,657,010

​

0.70

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.66

%

​

​

5/30/2025

​

4/11/2030

​

​

​

​

425,817

​

​

419,754

​

​

423,688

​

0.11

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.69

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

137,346

​

​

137,346

​

​

136,659

​

0.04

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.66

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

137,346

​

​

137,346

​

​

136,659

​

0.04

​

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.82

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

137,346

​

​

137,346

​

​

136,659

​

0.04

​

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.78

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

49,445

​

​

49,445

​

​

49,198

​

0.01

​

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.64

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

818,201

​

​

810,778

​

​

814,110

​

0.22

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.78

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

511,484

​

​

506,844

​

​

508,927

​

0.13

​

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.66

%

​

​

5/30/2025

​

4/11/2030

​

​

​

​

884,786

​

​

878,150

​

​

880,362

​

0.23

%

Blade Landscape Investments, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/11/2024

​

​

​

​

​

​

1,803

​

​

180,300

​

​

283,203

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,884,157

​

$

6,026,475

​

1.59

%

Whisps Holdings LP

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Elgin, IL

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/18/2019

​

​

​

Beverage & Food

​

​

500,000

​

​

500,000

​

​

-

​

0.00

%

Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/6/2023

​

​

​

​

​

​

280,939

​

​

182,610

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

682,610

​

$

-

​

0.00

%

Xanitos, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Newtown Square, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.65

%

​

​

6/25/2021

​

6/25/2026

​

Healthcare & Pharmaceuticals

​

$

12,256,000

​

​

12,212,736

​

​

12,256,000

​

3.24

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.65

%

​

​

6/25/2021

​

6/25/2026

​

​

​

​

55,000

​

​

55,000

​

​

55,000

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.65

%

​

​

6/25/2021

​

6/25/2026

​

​

​

​

40,000

​

​

40,000

​

​

40,000

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.68

%

​

​

6/25/2021

​

6/25/2026

​

​

​

​

30,000

​

​

30,000

​

​

30,000

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.65

%

​

​

6/25/2021

​

6/25/2026

​

​

​

​

2,159,481

​

​

2,155,343

​

​

2,159,481

​

0.57

%

Pure TopCo, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/25/2021

​

​

​

​

​

​

442,133

​

​

1,053,478

​

​

3,101,184

​

0.82

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,546,557

​

$

17,641,665

​

4.66

%

Total Non-control, non-affiliated investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

986,914,541

​

$

996,641,541

​

263.83

%

Total Investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

1,020,117,244

​

$

1,010,209,636

​

267.44

%

LIABILITIES IN EXCESS OF OTHER ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

(632,479,309)

​

(167.44)

%

NET ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

377,730,327

​

100.00

%

​

(1)
The fair value of the investment was determined using significant unobservable inputs. See Note 1 to the consolidated financial statements contained herein for a discussion of the methodologies used to value securities in the portfolio. All investments are valued using significant unobservable inputs, which are considered level 3 under the fair value hierarchy.
(2)
Debt investments are income producing and equity securities are non-income producing, unless otherwise noted.
(3)
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Euro (“€”), or Great British Pound (“£”).
(4)
Investments held by the SBIC I subsidiary (as defined in Note 1 to the consolidated financial statements contained herein), which include $7,124,017 of cash and $228,677,829 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility (as defined in Note 9). Stellus Capital Investment Corporation’s (the “Company”) obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries (as defined in Note 1).
(5)
Investments held by the SBIC II subsidiary (as defined in Note 1 to the consolidated financial statements contained herein), which include $353,670 of cash and $281,892,428 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility. The Company’s obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries.
(6)
Security is income-producing through dividends or distributions.
(7)
The investment is not a “qualifying asset” under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying assets unless, at the time of the acquisition, qualifying assets represent at least 70% of the Company’s total assets. Qualifying assets represent approximately 95.2% of the Company’s total assets as of September 30, 2025.
(8)
Represents a PIK interest security. At the option of the issuer, interest can be paid in cash or cash and PIK interest. The percentage of PIK interest shown is the maximum PIK interest that can be elected by the issuer.

​

​

​

​

16

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

(9)
As of September 30, 2025, the Company had the following outstanding revolver and delayed draw term loan commitments:

​

(10)

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

    

Unused 

    

​

​

​

​

​

Unfunded 

​

Commitment 

​

​

Investments

​

Security

​

Commitment

​

Fee

​

Maturity

2X LLC

​

Revolver

​

$

57,500

​

0.50%

​

June 5, 2028

Ad.Net Acquisition, LLC

​

Revolver

​

​

444,803

​

0.50%

​

May 7, 2026

AdCellerant LLC

​

Revolver

​

​

875,995

​

0.50%

​

December 12, 2028

ADS Group Opco, LLC

​

Revolver

​

​

34,148

​

0.00%

​

December 31, 2027

American Refrigeration, LLC

​

Revolver

​

​

100,000

​

0.50%

​

March 31, 2028

AMII Acquisition, LLC

​

Revolver

​

​

500,000

​

0.50%

​

December 4, 2029

Amika OpCo LLC *

​

Revolver

​

​

100,000

​

0.50%

​

July 1, 2028

ArborWorks, LLC

​

Revolver

​

​

901,432

​

0.00%

​

November 6, 2028

Axis Portable Air LLC

​

Revolver

​

​

85,000

​

0.50%

​

March 22, 2028

Camp Profiles LLC

​

Revolver

​

​

100,000

​

0.50%

​

September 3, 2026

Carolinas Buyer, Inc.

​

Delayed Draw Term Loan

​

​

2,216,358

​

1.00%

​

December 20, 2030

Carolinas Buyer, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

December 20, 2030

CEATI International Inc.

​

Revolver

​

​

100,000

​

0.50%

​

December 31, 2027

Cerebro Buyer, LLC

​

Delayed Draw Term Loan

​

​

1,130,707

​

1.00%

​

March 15, 2029

Cerebro Buyer, LLC

​

Revolver

​

​

100,000

​

0.50%

​

March 15, 2029

CF512, Inc.

​

Revolver

​

​

91,000

​

0.50%

​

September 1, 2026

Champion Services Acquireco LLC

​

Revolver

​

​

100,000

​

0.50%

​

September 19, 2030

Channel Partners Intermediateco, LLC

​

Revolver

​

​

10,000

​

0.50%

​

February 7, 2027

Compost 360 Acquisition, LLC

​

Revolver

​

​

78,333

​

0.50%

​

August 2, 2028

COPILOT Provider Support Services, LLC

​

Revolver

​

​

100,000

​

0.50%

​

November 22, 2027

Craftable Intermediate II Inc.

​

Revolver

​

​

100,000

​

0.50%

​

June 30, 2028

Curion Holdings, LLC

​

Revolver

​

​

20,285

​

0.50%

​

July 29, 2027

DFO Enterprises, LLC

​

Revolver

​

​

100,000

​

0.50%

​

September 22, 2030

DMD Systems Recovery, LLC

​

Delayed Draw Term Loan

​

​

1,000,000

​

0.50%

​

August 22, 2031

DMD Systems Recovery, LLC

​

Revolver

​

​

100,000

​

0.50%

​

August 22, 2031

Elder Care Opco LLC

​

Delayed Draw Term Loan

​

​

2,500,000

​

0.75%

​

July 31, 2030

Elder Care Opco LLC

​

Revolver

​

​

100,000

​

0.50%

​

July 31, 2030

Environmental Remedies, LLC

​

Delayed Draw Term Loan

​

​

2,681,986

​

0.50%

​

January 15, 2030

Environmental Remedies, LLC

​

Revolver

​

​

100,000

​

0.50%

​

January 15, 2030

Equine Network, LLC

​

Revolver

​

​

50,000

​

0.50%

​

May 22, 2028

Eskola, LLC

​

Delayed Draw Term Loan**

​

​

3,918,298

​

1.00%

​

December 19, 2029

evolv Consulting, LLC

​

Revolver

​

​

1,363,636

​

0.50%

​

December 7, 2028

Evriholder Acquisition, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

January 24, 2028

Exigo, LLC

​

Revolver

​

​

100,000

​

0.50%

​

March 16, 2027

FairWave Holdings, LLC

​

Revolver

​

​

628,259

​

0.50%

​

April 1, 2029

FiscalNote Boards LLC

​

Delayed Draw Term Loan

​

​

627,139

​

1.00%

​

March 12, 2029

FiscalNote Boards LLC

​

Revolver

​

​

391,962

​

0.50%

​

March 12, 2029

GS HVAM Intermediate, LLC

​

Revolver

​

​

883,838

​

0.50%

​

November 30, 2026

GSF Buyer, LLC

​

Delayed Draw Term Loan

​

​

2,847,136

​

1.00%

​

April 30, 2031

GSF Buyer, LLC

​

Revolver

​

​

100,000

​

0.50%

​

April 30, 2031

Guidant Corp.

​

Revolver

​

​

633,424

​

0.50%

​

March 12, 2029

HV Watterson Holdings, LLC

​

Revolver

​

​

25

​

0.50%

​

December 17, 2026

Identity Theft Guard Solutions, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

February 28, 2030

Informativ, LLC

​

Revolver

​

​

100,000

​

0.50%

​

July 30, 2026

iNovex Information Systems Incorporated

​

Revolver

​

​

100,000

​

0.50%

​

December 17, 2030

​

​

17

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

    

Unused 

    

​

​

​

​

​

Unfunded 

​

Commitment 

​

​

Investments

​

Security

​

Commitment

​

Fee

​

Maturity

International Cybernetics Acquisition, LLC

​

Delayed Draw Term Loan

​

$

3,561,003

​

1.00%

​

June 3, 2030

International Cybernetics Acquisition, LLC

​

Revolver

​

​

100,000

​

0.50%

​

June 3, 2030

Invincible Boat Company LLC

​

Revolver

​

​

531,915

​

0.50%

​

March 31, 2028

Lightning Intermediate II, LLC

​

Revolver

​

​

100,000

​

0.50%

​

June 5, 2028

MacKenzie-Childs Acquisition, Inc.

​

Revolver

​

​

46,667

​

0.50%

​

September 2, 2027

Madison Logic Holdings, Inc.

​

Revolver

​

​

52,632

​

0.50%

​

December 30, 2027

MBH Management LLC

​

Delayed Draw Term Loan

​

​

500,000

​

1.00%

​

November 15, 2029

MBH Management LLC

​

Revolver

​

​

500,000

​

0.50%

​

November 15, 2029

Michelli, LLC

​

Revolver

​

​

1,296,076

​

0.50%

​

December 21, 2028

Microbe Formulas LLC

​

Revolver

​

​

100,000

​

0.50%

​

April 3, 2028

Mobotrex Acquisition, LLC

​

Delayed Draw Term Loan

​

​

63,765

​

1.00%

​

June 7, 2030

Mobotrex Acquisition, LLC

​

Revolver

​

​

100,000

​

0.50%

​

June 7, 2030

MOM Enterprises, LLC

​

Revolver

​

​

100,000

​

0.50%

​

May 19, 2026

Monarch Behavioral Therapy, LLC

​

Delayed Draw Term Loan

​

​

173,452

​

1.00%

​

June 6, 2030

Monarch Behavioral Therapy, LLC

​

Revolver

​

​

252,951

​

0.50%

​

June 6, 2030

Morgan Electrical Group Intermediate Holdings, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

August 3, 2029

NINJIO, LLC

​

Revolver

​

​

100,000

​

0.50%

​

October 12, 2027

Norplex Micarta Acquisition, Inc.

​

Revolver

​

​

416,667

​

0.50%

​

October 31, 2029

Pacific Shoring Holdings, LLC

​

Revolver

​

​

100,000

​

0.50%

​

January 10, 2030

PCS Software, Inc.

​

Revolver

​

​

1,317,704

​

0.50%

​

June 30, 2027

Plus Delta Buyer LLC

​

Delayed Draw Term Loan

​

​

3,753,955

​

1.00%

​

January 16, 2031

Plus Delta Buyer LLC

​

Revolver

​

​

100,000

​

0.50%

​

January 16, 2031

Premiere Digital Services, Inc.

​

Revolver

​

​

576,923

​

0.50%

​

November 3, 2026

RIA Advisory Borrower, LLC

​

Revolver

​

​

14,018

​

0.50%

​

August 2, 2027

Said Intermediate, LLC

​

Revolver

​

​

1,168,831

​

0.50%

​

June 13, 2029

Sales Benchmark Index, LLC

​

Revolver

​

​

665,730

​

0.50%

​

July 7, 2026

Simpler Trading, LLC

​

Revolver

​

​

20,000

​

0.50%

​

March 21, 2030

Solid Surface Holdco, LLC

​

Delayed Draw Term Loan

​

​

4,270,705

​

1.00%

​

June 6, 2030

Solid Surface Holdco, LLC

​

Revolver

​

​

100,000

​

0.50%

​

June 6, 2030

Strategus, LLC

​

Delayed Draw Term Loan

​

​

2,524,737

​

1.00%

​

January 27, 2031

Strategus, LLC

​

Revolver

​

​

100,000

​

0.50%

​

January 27, 2031

The Hardenbergh Group, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

August 6, 2028

The Millennium Alliance LLC

​

Revolver

​

​

100,000

​

0.50%

​

July 31, 2031

Tiger 21, LLC

​

Revolver

​

​

100,000

​

0.50%

​

December 30, 2030

Tilley Distribution, Inc.

​

Revolver

​

​

86,957

​

0.50%

​

December 31, 2026

TradePending OpCo Aggregator, LLC

​

Revolver

​

​

66,667

​

0.50%

​

March 2, 2026

TriplePoint Acquisition Holdings LLC

​

Delayed Draw Term Loan

​

​

1,339,123

​

1.00%

​

May 31, 2029

TriplePoint Acquisition Holdings LLC

​

Revolver

​

​

743,957

​

0.50%

​

May 31, 2029

U.S. Expediters, LLC

​

Revolver

​

​

30,000

​

0.50%

​

December 22, 2026

USDTL AcquisitionCo, Inc.

​

Delayed Draw Term Loan

​

​

500,000

​

1.00%

​

December 9, 2030

USDTL AcquisitionCo, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

December 9, 2030

WER Holdings, LLC

​

Delayed Draw Term Loan

​

​

1,408,896

​

1.00%

​

April 11, 2030

WER Holdings, LLC

​

Delayed Draw Term Loan

​

​

73,263

​

0.00%

​

April 11, 2030

WER Holdings, LLC***

​

Revolver

​

​

362,594

​

0.50%

​

April 11, 2030

Xanitos, Inc.

​

Revolver

​

​

75,000

​

0.50%

​

June 25, 2026

​

​

Total Unfunded Debt Commitments

​

$

53,765,452

​

​

​

​

​

(a)

A

* Included in this investment is a Line of Credit in the amount of $4,861, with a Line of Credit rate of 5.25% and a maturity of July 1, 2028.

** This a last-out delayed draw term loan with contractual rates higher than the applicable rates.

*** Included in this investment is a Line of Credit in the amount of $42,138, with Line of Credit rate of 5.50% and a maturity of April 11, 2030.

(10)
This loan is a unitranche investment.
(11)
These loans include an interest rate floor feature, which is lower than the applicable rates; therefore, the floor is not in effect.
(12)
These loans are last-out term loans with contractual rates higher than the applicable rates; therefore, the floor is not in effect.
(13)
Investment has been on non-accrual since November 1, 2024. The stated coupon rate is presented for reference, but both the cash and payment-in-kind ("PIK") interest rates are reflected as 0% to indicate that, consistent with the Company’s revenue recognition policy, no interest income is currently being accrued or recognized.
(14)
This loan is convertible to common units at maturity or at the election of the majority of holders.
(15)
Excluded from the investment is an uncalled capital commitment in an amount not to exceed $290,800.

18

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

September 30, 2025

(unaudited)

​

(16)
Investment has been on non-accrual since the later of January 1, 2023 or the investment date. The stated coupon rate is presented for reference, but both the cash and PIK interest rates are reflected as 0% to indicate that, consistent with the Company’s revenue recognition policy, no interest income is currently being accrued or recognized.
(17)
Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $17,500 with an unfunded rate of 0.50% and a maturity of April 28, 2028. The Company has full discretion to fund the revolver commitment.
(18)
The Company has full discretion to fund the revolver commitment, with an unfunded rate of 0.00% and a maturity of February 7, 2028.
(19)
Investment has been on non-accrual since the later of January 1, 2024 or the investment date. The stated coupon rate is presented for reference, but both the cash and PIK interest rates are reflected as 0% to indicate that, consistent with the Company’s revenue recognition policy, no interest income is currently being accrued or recognized.
(20)
Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,500,000, with an unfunded rate of 0.00% and a maturity of December 31, 2025.
(21)
Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,000,000, with an unfunded rate of 0.00% and a maturity of April 27, 2026. The Company has full discretion to fund the revolver commitment.
(22)
Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,881,927, with an unfunded rate of 0.00% and a maturity of September 3, 2026. The Company has full discretion to fund the revolver commitment.
(23)
As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three and nine months ended September 30, 2025 in portfolio companies deemed to be a “Control Investment” of the Company were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

​

  

December 31, 2024

​

  Gross Additions

​

  Gross Reductions

  

Amount of Realized

  

Amount of Unrealized

  

September 30, 2025

  

Interest Income

Investments

​

Security

​

Value

​

 (a)

​

(b)

​

Gain (Loss)

​

Appreciation (Depreciation)

​

Value

​

(c)

EH Real Estate Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A-1

​

First Lien

​

$

254,101

​

$

-

​

$

-

​

$

-

​

$

(75,290)

​

$

178,811

​

$

-

Term Loan A-2

​

First Lien

​

​

87,877

​

​

-

​

​

-

​

​

-

​

​

(26,037)

​

​

61,840

​

​

-

Term Loan A-3

​

First Lien

​

​

31,142

​

​

-

​

​

-

​

​

-

​

​

(9,228)

​

​

21,914

​

​

-

Term Loan A-4

​

First Lien

​

​

1,505,537

​

​

-

​

​

-

​

​

-

​

​

-

​

​

1,505,537

​

​

-

Term Loan A-5

​

First Lien

​

​

5,710,182

​

​

170,574

​

​

-

​

​

-

​

​

-

​

​

5,880,756

​

​

-

Revolver

​

First Lien

​

​

63,597

​

​

-

​

​

-

​

​

-

​

​

-

​

​

63,597

​

​

-

EH Holdco, LLC Common Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

EH Holdco, LLC Series A Preferred Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

J.R. Watkins, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

-

Term Loan

​

First Lien

​

$

2,855,414

​

$

-

​

$

-

​

$

-

​

$

-

​

​

2,855,414

​

​

-

Revolver

​

First Lien

​

​

236,250

​

​

375,113

​

​

-

​

​

-

​

​

2,388,863

​

​

3,000,226

​

​

-

Class A Preferred

​

Equity

​

​

-

​

​

-

​

​

-

​

​

(1,132,576)

​

​

1,132,576

​

​

-

​

​

-

Class A Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

Total Control Investments

​

​

​

$

10,744,100

​

$

545,687

​

$

-

​

$

(1,132,576)

​

$

3,410,884

​

$

13,568,095

​

$

-

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b) Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the “Control” category.

​

(24)Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $100,000, with an unfunded rate of 0.00% and a maturity of August 31, 2027. The Company has full discretion to fund the revolver commitment.
(25)Investment has been on non-accrual since the later of September 1, 2024 or the investment date. The stated coupon rate is presented for reference, but both the cash and PIK interest rates are reflected as 0% to indicate that, consistent with the Company’s revenue recognition policy, no interest income is currently being accrued or recognized.
(26)Investment has been on non-accrual since the later of August 21, 2024 or the investment date. The stated coupon rate is presented for reference, but both the cash and PIK interest rates are reflected as 0% to indicate that, consistent with the Company’s revenue recognition policy, no interest income is currently being accrued or recognized.
(27)Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,526,599.84, with an unfunded rate of 0.50% and a maturity of June 22, 2029. The Company has full discretion to fund the revolver commitment.

​

Abbreviation Legend

PIK — Payment-In-Kind

PRIME — U.S. Prime Rate

SOFR —  Secured Overnight Financing Rate

SONIA —  Sterling Overnight Index Average

​

19

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

 

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

Control investments (23)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

​

​

  

​

​

  

​

​

  

​

  

​

EH Real Estate Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Skokie, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A-1

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

9/3/2021

​

9/3/2026

​

FIRE: Real Estate

​

$

1,882,226

​

​

1,882,226

​

​

254,101

​

0.07

%

Term Loan A-2

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

4/3/2023

​

9/3/2026

​

​

​

​

650,943

​

​

650,943

​

​

87,877

​

0.02

%

Term Loan A-3

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

6/7/2023

​

9/3/2026

​

​

​

​

230,678

​

​

230,678

​

​

31,142

​

0.01

%

Term Loan A-4

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

7/12/2023

​

9/3/2026

​

​

​

​

1,505,537

​

​

1,505,537

​

​

1,505,537

​

0.41

%

Term Loan A-5

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

1/8/2024

​

9/3/2026

​

​

​

​

5,710,182

​

​

5,710,182

​

​

5,710,182

​

1.54

%

Revolver

​

(16)(22)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

10/3/2023

​

9/3/2026

​

​

​

​

63,597

​

​

63,597

​

​

63,597

​

0.02

%

EH Holdco, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/3/2023

​

​

​

​

​

​

15,356

​

​

3

​

​

-

​

0.00

%

EH Holdco, LLC Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/3/2021

​

​

​

​

​

​

7,892

​

​

7,891,642

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

17,934,808

​

$

7,652,436

​

2.07

%

Total Control investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

17,934,808

​

$

7,652,436

​

2.07

%

Non-controlled, non-affiliated investments

​

(4)(5)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

​

​

  

​

​

  

​

​

  

  

  

  

2X LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Berwyn, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

9.33

%

​

​

6/5/2023

​

6/5/2028

​

Services: Business

​

$

5,431,456

​

​

5,329,224

​

​

5,404,299

​

1.46

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

9.33

%

​

​

10/31/2023

​

6/5/2028

​

​

​

​

1,430,283

​

​

1,401,610

​

​

1,423,132

​

0.38

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

9.33

%

​

​

12/2/2024

​

6/5/2028

​

​

​

​

3,851,702

​

​

3,795,049

​

​

3,832,443

​

1.04

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

9.33

%

​

​

6/5/2023

​

6/5/2028

​

​

​

​

12,500

​

​

12,500

​

​

12,438

​

0.00

%

2X Investors LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/5/2023

​

​

​

  

​

​

58,949

​

​

589,496

​

​

779,253

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,127,879

​

$

11,451,565

​

3.09

%

Ad.Net Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.59

%

​

​

5/7/2021

​

5/7/2026

​

Services: Business

​

$

15,042,647

​

​

14,971,098

​

​

15,042,647

​

4.07

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.59

%

​

​

5/7/2021

​

5/7/2026

​

​

​

​

854,217

​

​

854,217

​

​

854,217

​

0.23

%

Ad.Net Holdings, Inc. Series A Common Stock (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/7/2021

​

​

​

​

​

​

7,794

​

​

77,941

​

​

68,620

​

0.02

%

Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/7/2021

​

​

​

​

​

​

7,015

​

​

701,471

​

​

617,581

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,604,727

​

$

16,583,065

​

4.49

%

AdCellerant LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Denver, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term A Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

10.38

%

​

​

12/12/2023

​

12/12/2028

​

Media: Advertising, Printing & Publishing

​

$

9,900,000

​

​

9,734,838

​

​

9,850,500

​

2.66

%

AdCellerant Holdings, LLC Serires A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/12/2023

​

​

​

​

​

​

728,710

​

​

728,710

​

​

633,353

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,463,548

​

$

10,483,853

​

2.83

%

ADS Group Opco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lakewood, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(25)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

6/4/2021

​

12/31/2027

​

Aerospace & Defense

​

$

12,851,659

​

​

12,764,381

​

​

10,474,102

​

2.83

%

Revolver (SBIC II)

​

(5)(9)(25)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

9/30/2024

​

12/31/2027

​

​

​

​

9,260

​

​

9,260

​

​

7,547

​

0.00

%

ADS Group Topco, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/4/2021

​

​

​

​

​

​

77,626

​

​

288,691

​

​

-

​

0.00

%

ADS Group Topco, LLC Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/4/2021

​

​

​

​

​

​

56,819

​

​

211,309

​

​

-

​

0.00

%

ADS Group Topco, LLC Class D Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/30/2024

​

​

​

​

​

​

432

​

​

-

​

​

-

​

0.00

%

ADS Group Topco, LLC Class Y Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

4/11/2023

​

​

​

​

​

​

48,216

​

​

165,027

​

​

-

​

0.00

%

ADS Group Topco, LLC Class Z Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/15/2022

​

​

​

​

​

​

72,043

​

​

267,929

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,706,597

​

$

10,481,649

​

2.83

%

Advanced Barrier Extrusions, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rhinelander, WI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan B (SBIC)

​

(4)(11)(13)

​

First Lien

​

1M SOFR+

9.50

%

1.00

%

-

%

-

%

11/30/2020

​

11/30/2026

​

Containers, Packaging, & Glass

​

$

16,843,750

​

​

16,718,372

​

​

12,464,374

​

3.38

%

Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

12/6/2024

​

12/20/2024

​

​

​

​

604,622

​

​

604,622

​

​

447,420

​

0.13

%

GP ABX Holdings Partnership, L.P. Partner Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/8/2018

​

​

​

​

​

​

644,737

​

​

528,395

​

​

-

​

0.00

%

GP ABX Holdings Partnership, L.P. Series B Preferred Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/5/2023

​

​

​

​

​

​

1,562

​

​

156,182

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

18,007,571

​

$

12,911,794

​

3.51

%

AGT Robotique Inc.

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trois Rivieres, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.58

%

​

​

6/24/2024

​

6/22/2029

​

Capital Equipment

​

$

10,673,296

​

​

10,476,264

​

​

10,513,197

​

2.84

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,476,264

​

$

10,513,197

​

2.84

%

American Refrigeration, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.25

%

1.50

%

10.58

%

​

​

3/31/2023

​

3/31/2028

​

Capital Equipment

​

$

8,130,853

​

​

7,985,352

​

​

8,130,853

​

2.20

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.50

%

10.58

%

​

​

3/31/2023

​

3/31/2028

​

​

​

​

99,250

​

​

98,216

​

​

99,250

​

0.03

%

AR-USA Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/31/2023

​

​

​

​

​

​

141

​

​

135,778

​

​

193,132

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,219,346

​

$

8,423,235

​

2.28

%

​

​

​

20

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

 

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

AMII Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coral Gables, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II )

​

(5)(11)

​

First Lien

​

3M SOFR+

4.75

%

1.50

%

9.08

%

​

​

12/4/2024

​

12/4/2029

​

Services: Consumer

​

$

8,819,468

​

​

8,688,867

​

​

8,688,867

​

2.35

%

AMII Holdings, LP Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/3/2024

​

​

​

​

​

​

14,246

​

​

142,460

​

​

142,460

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,831,327

​

$

8,831,327

​

2.39

%

Amika OpCo LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Brooklyn, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.25

%

0.75

%

9.65

%

​

​

7/1/2022

​

7/1/2029

​

Consumer Goods: Non-Durable

​

$

94,638

​

​

93,260

​

​

94,638

​

0.03

%

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.75

%

0.75

%

10.33

%

​

​

12/5/2023

​

7/1/2029

​

​

​

​

9,608,834

​

​

9,444,289

​

​

9,608,834

​

2.60

%

Ishtar Co-Invest-B LP Partnership Interests

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/1/2022

​

​

​

  

​

​

77,778

​

​

38,133

​

​

228,190

​

0.06

%

Oshun Co-Invest-B LP Partnership Interests

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/1/2022

​

​

​

  

​

​

22,222

​

​

21,141

​

​

65,196

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,596,823

​

$

9,996,858

​

2.71

%

Anne Lewis Strategies, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Washington, DC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.33

%

​

​

3/5/2021

​

5/9/2028

​

Services: Business

​

$

9,096,354

​

​

9,044,354

​

​

9,096,354

​

2.46

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.33

%

​

​

4/15/2022

​

5/9/2028

​

​

​

​

2,838,697

​

​

2,818,874

​

​

2,838,697

​

0.77

%

SG AL Investment, LLC Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/5/2021

​

​

​

​

​

​

1,000

​

​

416,800

​

​

3,794,487

​

1.03

%

SG AL Investment, LLC Common-A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/22/2023

​

​

​

​

​

​

239

​

​

492,905

​

​

985,826

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,772,933

​

$

16,715,364

​

4.53

%

APE Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deer Park, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/5/2014

​

​

​

Chemicals, Plastics, & Rubber

​

​

375,000

​

​

375,000

​

​

25,745

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

375,000

​

$

25,745

​

0.01

%

Atmosphere Aggregator Holdings II, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Atlanta, GA

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

1/26/2016

​

​

​

Services: Business

​

​

254,250

​

​

-

​

​

2,779,048

​

0.75

%

Stratose Aggregator Holdings, L.P. Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2015

​

​

​

​

​

​

750,000

​

​

-

​

​

8,197,783

​

2.22

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

10,976,831

​

2.97

%

ArborWorks, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oakhurst, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)(17)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

-

%

-

%

11/6/2023

​

11/6/2028

​

Environmental Industries

​

$

3,461,538

​

​

3,461,538

​

​

3,288,461

​

0.89

%

Revolver

​

(9)(17)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

11/6/2023

​

11/6/2028

​

​

​

​

700,195

​

​

700,195

​

​

665,185

​

0.18

%

ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/6/2023

​

​

​

  

​

​

16,037

​

​

3,610,847

​

​

2,750,612

​

0.74

%

ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/6/2023

​

​

​

  

​

​

16,037

​

​

-

​

​

-

​

0.00

%

ArborWorks Intermediate Holdco, LLC Class A-1 Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/6/2023

​

​

​

  

​

​

1,923

​

​

-

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,772,580

​

$

6,704,258

​

1.81

%

Axis Portable Air, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

2.00

%

10.23

%

​

​

3/22/2022

​

3/22/2028

​

Capital Equipment

​

$

9,405,000

​

​

9,293,207

​

​

9,405,000

​

2.54

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

2.00

%

10.23

%

​

​

4/17/2023

​

3/22/2028

​

​

​

​

1,874,674

​

​

1,847,626

​

​

1,874,674

​

0.51

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

10.23

%

​

​

3/22/2022

​

3/22/2028

​

​

​

​

99,000

​

​

98,368

​

​

99,000

​

0.03

%

Axis Air Parent, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/22/2022

​

​

​

​

​

​

4,436

​

​

443,636

​

​

1,596,690

​

0.43

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,682,837

​

$

12,975,364

​

3.51

%

Baker Manufacturing Company, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Evansville, IN

​

​

​

​

​

​

​

​

​

​

​

​

BSC Blue Water Holdings, LLC Series A Units (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/5/2022

​

​

​

Capital Equipment

​

​

743,770

​

​

743,770

​

​

920,343

​

0.25

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

743,770

​

$

920,343

​

0.25

%

Bart & Associates, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

McLean, VA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.58

%

​

​

8/16/2024

​

8/16/2030

​

High Tech Industries

​

$

8,920,366

​

​

8,770,557

​

​

8,875,764

​

2.40

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.58

%

​

​

8/16/2024

​

8/16/2030

​

​

​

​

104,668

​

​

104,668

​

​

104,145

​

0.03

%

B&A Partners Holding, LLC Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/16/2024

​

​

​

​

​

​

418,671

​

​

418,671

​

​

393,458

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,293,896

​

$

9,373,367

​

2.54

%

BL Products Parent, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/1/2022

​

​

​

Capital Equipment

​

​

879,060

​

​

983,608

​

​

1,443,497

​

0.39

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

983,608

​

$

1,443,497

​

0.39

%

Café Valley, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

7.24

%

2.00

%

11.57

%

​

​

8/28/2019

​

8/28/2026

​

Beverage & Food

​

$

15,372,619

​

​

15,372,618

​

​

15,372,619

​

4.16

%

CF Topco LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/28/2019

​

​

​

​

​

​

9,160

​

​

916,015

​

​

1,801,833

​

0.49

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,288,633

​

$

17,174,452

​

4.65

%

​

21

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

 

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

Camp Profiles LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boston, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.73

%

​

​

9/3/2021

​

9/3/2026

​

Media: Advertising, Printing & Publishing

​

$

9,916,875

​

​

9,839,972

​

​

9,916,875

​

2.68

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.73

%

​

​

12/3/2024

​

9/3/2026

​

​

​

​

2,250,000

​

​

2,217,644

​

​

2,250,000

​

0.61

%

CIVC VI-A 829 Blocker, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/3/2021

​

​

​

​

​

​

250

​

​

250,000

​

​

770,951

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,307,616

​

$

12,937,826

​

3.50

%

Carolinas Buyer, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Charlotte, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.60

%

​

​

12/20/2024

​

12/20/2030

​

Beverage & Food

​

$

6,796,831

​

​

6,677,886

​

​

6,677,886

​

1.81

%

Carolinas Holdings, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/20/2024

​

​

​

​

​

​

466

​

​

465,637

​

​

465,633

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,143,523

​

$

7,143,519

​

1.94

%

CEATI International Inc.

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Montreal, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.33

%

​

​

2/19/2021

​

12/31/2027

​

Services: Business

​

$

8,439,915

​

​

8,394,322

​

​

8,439,915

​

2.28

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.35

%

​

​

12/20/2024

​

12/31/2027

​

​

​

​

3,200,000

​

​

3,171,714

​

​

3,200,000

​

0.87

%

CEATI Holdings, LP Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

2/19/2021

​

​

​

​

​

​

250,000

​

​

132,919

​

​

272,853

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,698,955

​

$

11,912,768

​

3.22

%

Cerebro Buyer, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbia, SC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.36

%

​

​

3/15/2023

​

3/15/2029

​

Healthcare & Pharmaceuticals

​

$

4,526,683

​

​

4,439,292

​

​

4,526,683

​

1.22

%

Cerebro Holdings Partnership, L.P. Series A Partner Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/15/2023

​

​

​

​

​

​

62,961

​

​

62,961

​

​

71,365

​

0.02

%

Cerebro Holdings Partnership, L.P. Series B Partner Interests

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/15/2023

​

​

​

​

​

​

341,091

​

​

333,925

​

​

386,619

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,836,178

​

$

4,984,667

​

1.34

%

CF Arch Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/10/2022

​

​

​

Services: Business

​

​

100,000

​

​

100,000

​

​

197,987

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

100,000

​

$

197,987

​

0.05

%

CF512, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Blue Bell, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.69

%

​

​

9/1/2021

​

9/1/2026

​

Media: Advertising, Printing & Publishing

​

$

13,360,125

​

​

13,256,520

​

​

13,293,324

​

3.59

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.52

%

​

​

9/1/2021

​

9/1/2026

​

​

​

​

2,885,002

​

​

2,873,374

​

​

2,870,577

​

0.78

%

StellPen Holdings, LLC Membership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2021

​

​

​

​

​

​

220,930

​

​

220,930

​

​

181,659

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,350,824

​

$

16,345,560

​

4.42

%

Channel Partners Intermediateco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa Bay, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

7.00

%

2.00

%

11.93

%

​

​

2/24/2022

​

2/7/2027

​

Retail

​

$

13,117,995

​

​

13,054,902

​

​

12,986,815

​

3.51

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

7.00

%

2.00

%

11.93

%

​

​

3/27/2023

​

2/7/2027

​

​

​

​

1,672,682

​

​

1,662,516

​

​

1,655,955

​

0.45

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

7.00

%

2.00

%

11.44

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

81,667

​

​

81,667

​

​

80,850

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,799,085

​

$

14,723,620

​

3.98

%

CompleteCase, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Seattle, WA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.98

%

​

​

12/21/2020

​

12/21/2025

​

Services: Consumer

​

$

6,584,450

​

​

6,553,762

​

​

6,551,528

​

1.77

%

CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/21/2020

​

​

​

​

​

​

417

​

​

5

​

​

1

​

0.00

%

CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/21/2020

​

​

​

​

​

​

522

​

​

521,734

​

​

137,569

​

0.04

%

CompleteCase Holdings, Inc. Class A Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2023

​

​

​

​

​

​

89

​

​

1

​

​

-

​

0.00

%

CompleteCase Holdings, Inc. Series C Preferred Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2023

​

​

​

​

​

​

111

​

​

111,408

​

​

29,376

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,186,910

​

$

6,718,474

​

1.82

%

Compost 360 Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.83

%

​

​

8/2/2023

​

8/2/2028

​

Environmental Industries

​

$

9,475,162

​

​

9,289,539

​

​

9,190,907

​

2.48

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.83

%

​

​

8/2/2023

​

8/2/2028

​

​

​

​

1,037,841

​

​

1,024,868

​

​

1,006,706

​

0.27

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.83

%

​

​

8/2/2023

​

8/2/2028

​

​

​

​

86,000

​

​

86,000

​

​

83,420

​

0.02

%

Compost 360 Investments, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/2/2023

​

​

​

​

​

​

3,124

​

​

300,041

​

​

222,957

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,700,448

​

$

10,503,990

​

2.83

%

COPILOT Provider Support Services, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Maitland, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.98

%

​

​

11/22/2022

​

11/22/2027

​

Healthcare & Pharmaceuticals

​

$

4,887,500

​

​

4,823,845

​

​

4,863,063

​

1.31

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.98

%

​

​

11/22/2022

​

11/22/2027

​

​

​

​

28,333

​

​

28,333

​

​

28,191

​

0.01

%

QHP Project Captivate Blocker, Inc. Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/22/2022

​

​

​

​

​

​

4

​

​

285,714

​

​

184,176

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,137,892

​

$

5,075,430

​

1.37

%

​

​

​

22

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

 

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

Craftable Intermediate II Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

1.50

%

10.83

%

​

​

6/30/2023

​

6/30/2028

​

High Tech Industries

​

$

9,982,878

​

​

9,830,912

​

​

9,982,878

​

2.70

%

Gauge Craftable LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2023

​

​

​

  

​

​

626,690

​

​

626,690

​

​

991,476

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,457,602

​

$

10,974,354

​

2.97

%

Curion Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chicago, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.73

%

​

​

7/29/2022

​

7/29/2027

​

Services: Business

​

$

12,766,151

​

​

12,619,342

​

​

12,702,320

​

3.43

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.73

%

​

​

7/29/2022

​

7/29/2027

​

​

​

​

86,211

​

​

86,211

​

​

85,780

​

0.02

%

SP CS Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/29/2022

​

​

​

  

​

​

739,999

​

​

739,999

​

​

795,702

​

0.22

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,445,552

​

$

13,583,802

​

3.67

%

DRS Holdings III, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

St. Louis, MO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.00

%

10.71

%

​

​

11/1/2019

​

11/1/2025

​

Consumer Goods: Durable

​

$

8,586,464

​

​

8,571,140

​

​

8,586,464

​

2.32

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,571,140

​

$

8,586,464

​

2.32

%

DTE Holding Company, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Roselle, IL

​

​

​

​

​

​

​

​

​

​

​

​

Class A-2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/13/2018

​

​

​

Energy: Oil & Gas

​

​

776,316

​

​

466,204

​

​

-

​

0.00

%

Class AA Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/13/2018

​

​

​

  

​

​

723,684

​

​

723,684

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

1,189,888

​

$

-

​

0.00

%

EHI Buyer, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Grand Prarie, TX

​

​

​

​

​

​

​

​

​

​

​

​

EHI Group Holdings, L.P. Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/31/2023

​

​

​

Environmental Industries

​

​

618

​

​

430,653

​

​

1,073,808

​

0.29

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

430,653

​

$

1,073,808

​

0.29

%

Elliott Aviation, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Moline, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

10.51

%

2.00

%

1/31/2020

​

6/30/2025

​

Aerospace & Defense

​

$

8,712,311

​

​

8,709,082

​

​

8,276,695

​

2.24

%

Term Loan

​

​

​

Unsecured

​

​

15.00

%

-

%

-

%

15.00

%

10/26/2023

​

1/31/2026

​

​

​

​

65,807

​

​

65,807

​

​

49,355

​

0.01

%

Revolver A

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

10.51

%

2.00

%

1/31/2020

​

6/30/2025

​

​

​

​

1,439,463

​

​

1,439,463

​

​

1,367,490

​

0.37

%

Revolver B

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

10.51

%

2.00

%

3/1/2023

​

6/30/2025

​

​

​

​

677,843

​

​

677,843

​

​

643,951

​

0.17

%

SP EA Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2020

​

​

​

  

​

​

1,048,896

​

​

901,489

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,793,684

​

$

10,337,491

​

2.79

%

EOS Fitness Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Class A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2014

​

​

​

Hotel, Gaming, & Leisure

​

​

118

​

​

-

​

​

-

​

0.00

%

Class B Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2014

​

​

​

​

​

​

3,017

​

​

-

​

​

889,366

​

0.24

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

889,366

​

0.24

%

Equine Network, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boulder, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term A Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

11.28

%

​

​

5/22/2023

​

5/22/2028

​

Hotel, Gaming, & Leisure

​

$

7,020,201

​

​

6,881,178

​

​

7,020,201

​

1.90

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.97

%

​

​

5/22/2023

​

5/22/2028

​

​

​

​

133,333

​

​

133,333

​

​

133,333

​

0.04

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

11.35

%

​

​

5/22/2023

​

5/22/2028

​

​

​

​

99,150

​

​

99,150

​

​

99,150

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,113,661

​

$

7,252,684

​

1.97

%

Eskola LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Morristown, TN

​

​

​

​

​

​

​

​

​

​

​

​

Last Out Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

9.96

%

​

​

12/19/2024

​

12/19/2029

​

Construction & Building

​

$

7,558,348

​

​

7,426,077

​

​

7,426,077

​

2.01

%

Last Out Delayed Draw Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

9.94

%

​

​

12/19/2024

​

12/19/2029

​

​

​

​

2,798,784

​

​

2,777,793

​

​

2,749,805

​

0.74

%

Eskola Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/19/2024

​

​

​

  

​

​

314

​

​

893,991

​

​

893,738

​

0.24

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,097,861

​

$

11,069,620

​

2.99

%

evolv Consulting, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

11.09

%

​

​

12/7/2023

​

12/7/2028

​

Services: Business

​

$

9,900,000

​

​

9,733,850

​

​

9,850,500

​

2.66

%

evolv Holdco, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/7/2023

​

​

​

  

​

​

473,485

​

​

473,485

​

​

430,948

​

0.12

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,207,335

​

$

10,281,448

​

2.78

%

Evriholder Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Anaheim, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

11.23

%

​

​

1/23/2023

​

1/24/2028

​

Consumer Goods: Durable

​

$

12,426,869

​

​

12,213,973

​

​

12,426,869

​

3.36

%

KEJ Holdings LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/23/2023

​

​

​

​

​

​

873,333

​

​

873,333

​

​

1,376,994

​

0.37

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,087,306

​

$

13,803,863

​

3.73

%

​

​

​

23

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

 

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

Exacta Land Surveyors, LLC

​

(20)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cleveland, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.50

%

10.23

%

1.00

%

2/8/2019

​

7/31/2025

​

Services: Business

​

$

16,313,133

​

​

16,313,132

​

​

15,334,344

​

4.16

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5..75

%

1.50

%

10.23

%

1.00

%

7/15/2022

​

7/31/2025

​

​

​

​

991,945

​

​

991,945

​

​

932,428

​

0.25

%

Term Loan

​

​

​

Unsecured

​

​

​

​

​

​

​

​

15.00

%

4/22/2024

​

6/30/2026

​

​

​

​

100,211

​

​

100,211

​

​

80,169

​

0.02

%

SP ELS Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/8/2019

​

​

​

​

​

​

1,338,661

​

​

1,124,414

​

​

227,350

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

18,529,702

​

$

16,574,291

​

4.49

%

Exigo, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.00

%

10.71

%

​

​

3/16/2022

​

3/16/2027

​

Services: Business

​

$

8,721,980

​

​

8,657,351

​

​

8,678,370

​

2.36

%

Gauge Exigo Coinvest, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/16/2022

​

​

​

  

​

​

377,535

​

​

377,535

​

​

353,743

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,034,886

​

$

9,032,113

​

2.46

%

FairWave Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Kansas City, MO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

1.50

%

10.83

%

​

​

4/1/2024

​

4/1/2029

​

Beverage & Food

​

$

7,558,150

​

​

7,406,992

​

​

7,444,778

​

2.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.50

%

10.83

%

​

​

4/1/2024

​

4/1/2029

​

​

​

​

656,817

​

​

656,817

​

​

646,965

​

0.17

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.50

%

10.83

%

​

​

4/1/2024

​

4/1/2029

​

​

​

​

1,688,532

​

​

1,669,955

​

​

1,663,204

​

0.45

%

GRC Java Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/1/2024

​

​

​

  

​

​

2,856

​

​

285,572

​

​

371,158

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,019,336

​

$

10,126,105

​

2.73

%

FiscalNote Boards LLC

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Toronto, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

9.61

%

​

​

3/11/2024

​

3/12/2029

​

Services: Business

​

$

4,279,247

​

​

4,204,427

​

​

4,193,662

​

1.13

%

FCP-Connect Holdings LLC Class A Common Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/28/2024

​

​

​

​

​

​

284

​

​

-

​

​

-

​

0.00

%

FCP-Connect Holdings LLC Series A Preferred Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/28/2024

​

​

​

​

​

​

284

​

​

190,382

​

​

218,894

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,394,809

​

$

4,412,556

​

1.19

%

Florachem Corporation

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.98

%

​

​

4/29/2022

​

4/29/2028

​

Chemicals, Plastics, & Rubber

​

$

9,750,000

​

​

9,630,079

​

​

9,750,000

​

2.64

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.98

%

​

​

4/29/2022

​

4/29/2028

​

​

​

​

66,667

​

​

66,667

​

​

66,667

​

0.02

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.98

%

​

​

4/29/2022

​

4/29/2028

​

​

​

​

53,213

​

​

53,213

​

​

53,213

​

0.01

%

SK FC Holdings, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/29/2022

​

​

​

​

​

​

362

​

​

362,434

​

​

613,507

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,112,393

​

$

10,483,387

​

2.84

%

General LED OPCO, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Antonio, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

Second Lien

​

3M SOFR+

9.00

%

1.50

%

13.43

%

​

​

5/1/2018

​

3/31/2026

​

Services: Business

​

$

4,500,000

​

​

4,484,133

​

​

4,410,000

​

1.19

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,484,133

​

$

4,410,000

​

1.19

%

Green Intermediateco II, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Irvine, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.33

%

​

​

8/8/2023

​

8/8/2028

​

High Tech Industries

​

$

11,030,624

​

​

10,814,754

​

​

10,920,318

​

2.95

%

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

10.36

%

​

​

11/6/2024

​

8/8/2028

​

​

​

​

1,296,750

​

​

1,271,726

​

​

1,283,783

​

0.35

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.33

%

​

​

8/8/2023

​

8/8/2028

​

​

​

​

404,046

​

​

399,952

​

​

400,006

​

0.11

%

Green Topco Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/8/2023

​

​

​

​

​

​

271,401

​

​

219,664

​

​

362,217

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,706,096

​

$

12,966,324

​

3.51

%

GS HVAM Intermediate, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carlsbad, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

11.24

%

​

​

10/18/2019

​

2/28/2026

​

Beverage & Food

​

$

12,260,275

​

​

12,251,602

​

​

12,260,275

​

3.31

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

11.16

%

​

​

10/18/2019

​

2/28/2026

​

​

​

​

2,174,242

​

​

2,174,242

​

​

2,174,242

​

0.59

%

HV GS Acquisition, LP Class A Interests

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/2/2019

​

​

​

  

​

​

2,144

​

​

563,209

​

​

4,852,169

​

1.31

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,989,053

​

$

19,286,686

​

5.21

%

Guidant Corp.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Erie, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.83

%

​

​

3/11/2024

​

3/12/2029

​

Energy: Oil & Gas

​

$

9,954,000

​

​

9,648,493

​

​

9,954,000

​

2.69

%

Titan Meter Topco LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/11/2024

​

​

​

​

​

​

515,578

​

​

515,578

​

​

774,031

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,164,071

​

$

10,728,031

​

2.90

%

Heartland Business Systems, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Little Chute, WI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.73

%

​

​

8/26/2022

​

8/26/2027

​

Services: Business

​

$

9,775,000

​

​

9,658,966

​

​

9,775,000

​

2.64

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.73

%

​

​

8/26/2022

​

8/26/2027

​

​

​

​

49,125

​

​

48,799

​

​

49,125

​

0.01

%

AMCO HBS Holdings, LP Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/26/2022

​

​

​

​

​

​

2,861

​

​

219,823

​

​

616,165

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,927,588

​

$

10,440,290

​

2.82

%

​

​

24

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

 

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

Husk AcquireCo Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vaughan, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(7)(11)

​

First Lien

​

6M SOFR+

5.75

%

1.50

%

10.16

%

​

​

11/14/2024

​

11/15/2029

​

Beverage & Food

​

$

5,317,225

​

​

5,239,463

​

​

5,239,463

​

1.42

%

SK Spectra Holdings LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/15/2024

​

​

​

  

​

​

298

​

​

297,765

​

​

297,765

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,537,228

​

$

5,537,228

​

1.50

%

HV Watterson Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Schaumburg, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

​

​

First Lien

​

​

12.00

%

-

%

8.00

%

4.00

%

12/17/2021

​

12/17/2026

​

Services: Business

​

$

13,372,834

​

​

13,256,191

​

​

13,105,377

​

3.54

%

Revolver

​

​

​

First Lien

​

​

12.00

%

-

%

8.00

%

4.00

%

12/17/2021

​

12/17/2026

​

​

​

​

97,994

​

​

97,994

​

​

96,034

​

0.03

%

Delayed Draw Term Loan

​

​

​

First Lien

​

​

12.00

%

-

%

8.00

%

4.00

%

12/17/2021

​

12/17/2026

​

​

​

​

324,861

​

​

323,234

​

​

318,364

​

0.09

%

HV Watterson Parent, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/17/2021

​

​

​

  

​

​

1,632

​

​

1,631,591

​

​

394,674

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,309,010

​

$

13,914,449

​

3.77

%

I2P Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cleveland, OH

​

​

​

​

​

​

​

​

​

​

​

​

Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2018

​

​

​

Services: Business

​

​

750,000

​

​

-

​

​

3,618,142

​

0.98

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

3,618,142

​

0.98

%

Impact Home Services LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.83

%

​

​

4/28/2023

​

4/28/2028

​

Services: Consumer

​

$

5,847,846

​

​

5,740,907

​

​

5,643,171

​

1.53

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.83

%

​

​

10/11/2023

​

4/28/2028

​

​

​

​

532,972

​

​

522,558

​

​

514,318

​

0.14

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.83

%

​

​

6/30/2023

​

4/28/2028

​

​

​

​

265,811

​

​

260,822

​

​

256,508

​

0.07

%

Revolver

​

(11)(27)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.83

%

​

​

4/28/2023

​

4/28/2028

​

​

​

​

82,500

​

​

82,500

​

​

79,613

​

0.02

%

Impact Holdings Georgia LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/28/2023

​

​

​

  

​

​

375

​

​

375,156

​

​

-

​

0.00

%

Impact Holdings Georgia LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2024

​

​

​

  

​

​

38

​

​

37,962

​

​

23,001

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,019,905

​

$

6,516,611

​

1.77

%

Infolinks Media Buyco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ridgewood, NJ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.83

%

​

​

11/1/2021

​

11/1/2026

​

Media: Advertising, Printing & Publishing

​

$

7,168,033

​

​

7,107,521

​

​

7,168,033

​

1.94

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.83

%

​

​

6/6/2024

​

11/1/2026

​

​

​

​

2,440,641

​

​

2,411,660

​

​

2,440,641

​

0.66

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.83

%

​

​

11/1/2021

​

11/1/2026

​

​

​

​

1,462,725

​

​

1,453,825

​

​

1,462,725

​

0.40

%

Tower Arch Infolinks Media, LP LP Interests

​

(6)(15)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/28/2021

​

​

​

​

​

​

452,781

​

​

208,809

​

​

682,924

​

0.18

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,181,815

​

$

11,754,323

​

3.18

%

Informativ, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fresno, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.98

%

​

​

7/30/2021

​

7/30/2026

​

High Tech Industries

​

$

8,394,781

​

​

8,335,177

​

​

8,394,781

​

2.27

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.98

%

​

​

3/31/2022

​

7/30/2026

​

​

​

​

6,328,624

​

​

6,277,694

​

​

6,328,624

​

1.71

%

Credit Connection Holdings, LLC Series A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/30/2021

​

​

​

​

​

​

804,384

​

​

804,384

​

​

1,456,662

​

0.39

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,417,255

​

$

16,180,067

​

4.37

%

Inoapps Bidco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan B

​

(11)

​

First Lien

​

3M SONIA+

5.75

%

1.00

%

10.56

%

​

​

2/15/2022

​

2/15/2027

​

High Tech Industries

​

£

9,750,000

​

$

13,094,801

​

$

12,114,950

​

3.28

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.75

%

1.00

%

10.22

%

​

​

2/15/2022

​

2/15/2027

​

​

​

​

80,000

​

​

80,000

​

​

80,000

​

0.02

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

10.60

%

​

​

2/15/2022

​

2/15/2027

​

​

​

​

81,458

​

​

81,032

​

​

81,458

​

0.02

%

Inoapps Holdings, LLC Series A-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/15/2022

​

​

​

  

​

​

739,844

​

​

783,756

​

​

1,001,613

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,039,589

​

$

13,278,021

​

3.59

%

iNovex Information Systems Incorporated

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbia, MD

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

9.63

%

​

​

12/17/2024

​

12/17/2030

​

Services: Business

​

$

7,522,184

​

​

7,409,351

​

​

7,409,351

​

2.00

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

9.61

%

​

​

12/17/2024

​

12/17/2030

​

​

​

​

28,000

​

​

28,000

​

​

27,580

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,437,351

​

$

7,436,931

​

2.01

%

Invincible Boat Company LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Opa Locka, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

12.01

%

​

​

8/28/2019

​

12/31/2026

​

Consumer Goods: Durable

​

$

5,342,606

​

​

5,328,007

​

​

5,182,328

​

1.40

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

12.01

%

​

​

8/28/2019

​

12/31/2026

​

​

​

​

4,931,637

​

​

4,918,069

​

​

4,783,688

​

1.29

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

12.01

%

​

​

6/1/2021

​

12/31/2026

​

​

​

​

1,096,691

​

​

1,092,703

​

​

1,063,790

​

0.29

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

12.01

%

​

​

8/28/2019

​

12/31/2026

​

​

​

​

1,063,830

​

​

1,063,830

​

​

1,031,915

​

0.28

%

Warbird Parent Holdco, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/28/2019

​

​

​

​

​

​

1,362,575

​

​

1,299,691

​

​

367,676

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,702,300

​

$

12,429,397

​

3.36

%

​

​

25

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

 

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

​

J.R. Watkins, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Francisco,CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(19)

​

First Lien

​

​

12.00

%

-

%

-

%

-

%

12/22/2017

​

5/3/2026

​

Consumer Goods: Non-Durable

​

$

13,597,208

​

​

13,597,207

​

​

2,855,414

​

0.77

%

Revolver (SBIC)

​

(4)(9)(19)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

5/3/2024

​

5/3/2026

​

​

​

​

1,125,000

​

​

1,125,000

​

​

236,250

​

0.06

%

J.R. Watkins Holdings, Inc. Class A Preferred Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/22/2017

​

​

​

​

​

​

1,133

​

​

1,132,576

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,854,783

​

$

3,091,664

​

0.83

%

Ledge Lounger, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Katy, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.98

%

1.00

%

11/9/2021

​

11/9/2027

​

Consumer Goods: Durable

​

$

7,439,791

​

​

7,376,964

​

​

7,030,602

​

1.90

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.98

%

1.00

%

11/9/2021

​

11/9/2027

​

​

​

​

58,443

​

​

58,443

​

​

55,229

​

0.01

%

SP L2 Holdings LLC Class A Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

11/9/2021

​

​

​

  

​

​

375,000

​

​

375,000

​

​

-

​

0.00

%

SP L2 Holdings LLC Class C Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/9/2024

​

​

​

  

​

​

140,834

​

​

34,504

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,844,911

​

$

7,085,831

​

1.91

%

Lightning Intermediate II, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

6M SOFR+

6.50

%

1.00

%

11.03

%

​

​

6/6/2022

​

6/6/2027

​

Consumer Goods: Non-Durable

​

$

12,899,115

​

​

12,758,237

​

​

12,834,619

​

3.47

%

Gauge Vimergy Coinvest, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2022

​

​

​

  

​

​

399

​

​

391,274

​

​

125,618

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,149,511

​

$

12,960,237

​

3.50

%

Luxium Solutions, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deerfield, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.58

%

​

​

5/10/2024

​

12/1/2027

​

High Tech Industries

​

$

8,252,261

​

​

8,147,122

​

​

8,211,000

​

2.22

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.58

%

​

​

5/10/2024

​

12/1/2027

​

​

​

​

1,194,249

​

​

1,186,357

​

​

1,188,278

​

0.32

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,333,479

​

$

9,399,278

​

2.54

%

MacKenzie-Childs Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aurora, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.48

%

​

​

9/2/2022

​

9/2/2027

​

Consumer Goods: Durable

​

$

88,553

​

​

87,756

​

​

88,553

​

0.02

%

MacKenzie-Childs Investment, LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/2/2022

​

​

​

  

​

​

100,000

​

​

100,000

​

​

100,282

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

187,756

​

$

188,835

​

0.05

%

Madison Logic Holdings, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.00

%

1.00

%

11.34

%

​

​

12/30/2022

​

12/30/2028

​

Media: Advertising, Printing & Publishing

​

$

3,579,241

​

​

3,507,484

​

​

3,471,864

​

0.94

%

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.50

%

1.00

%

​

​

11.84

%

12/30/2022

​

12/30/2028

​

​

​

​

894,810

​

​

876,871

​

​

867,966

​

0.23

%

BC Partners Glengarry Co-Investment LP Class 1 Interests

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/7/2023

​

​

​

​

​

​

394,767

​

​

394,767

​

​

214,870

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,779,122

​

$

4,554,700

​

1.23

%

MBH Management LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Washington, DC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.25

%

1.50

%

9.61

%

​

​

11/15/2024

​

11/15/2029

​

Healthcare & Pharmaceuticals

​

$

9,476,743

​

​

9,291,975

​

​

9,291,975

​

2.51

%

MBH Parent, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/15/2024

​

​

​

  

​

​

646,944

​

​

646,944

​

​

646,944

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,938,919

​

$

9,938,919

​

2.68

%

MedLearning Group, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.58

%

​

​

3/26/2024

​

12/30/2027

​

Healthcare & Pharmaceuticals

​

$

4,306,952

​

​

4,234,800

​

​

4,242,348

​

1.15

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.58

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,524,493

​

​

2,482,201

​

​

2,486,626

​

0.67

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.58

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,061,314

​

​

2,026,873

​

​

2,030,394

​

0.55

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.58

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

489,038

​

​

484,148

​

​

481,702

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,228,022

​

$

9,241,070

​

2.50

%

Michelli, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New Orleans, LA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

2.00

%

10.08

%

​

​

12/21/2023

​

12/21/2028

​

Capital Equipment

​

$

4,950,000

​

​

4,866,492

​

​

4,925,250

​

1.33

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

2.00

%

10.08

%

​

​

12/21/2023

​

12/21/2028

​

​

​

​

3,876,499

​

​

3,840,682

​

​

3,857,117

​

1.04

%

SP MWM Holdco LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/21/2023

​

​

​

  

​

​

509,215

​

​

509,215

​

​

589,463

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,216,389

​

$

9,371,830

​

2.53

%

Microbe Formulas LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Meridian, ID

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.75

%

1.00

%

10.21

%

​

​

4/4/2022

​

4/3/2028

​

Consumer Goods: Non-Durable

​

$

7,575,773

​

​

7,530,069

​

​

7,575,773

​

2.05

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.75

%

1.00

%

10.22

%

​

​

11/20/2024

​

4/3/2028

​

​

​

​

4,254,419

​

​

4,233,579

​

​

4,254,419

​

1.15

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,763,648

​

$

11,830,192

​

3.20

%

MOM Enterprises, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Richmond, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.48

%

2.00

%

10.81

%

​

​

5/19/2021

​

5/19/2026

​

Consumer Goods: Non-Durable

​

$

15,890,333

​

​

15,787,537

​

​

15,810,880

​

4.27

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.48

%

2.00

%

10.81

%

​

​

5/19/2021

​

5/19/2026

​

​

​

​

37,500

​

​

37,500

​

​

37,313

​

0.01

%

MBliss SPC Holdings, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/19/2021

​

​

​

​

​

​

933,333

​

​

933,333

​

​

746,138

​

0.20

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,758,370

​

$

16,594,331

​

4.48

%

​

​

​

26

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

Monarch Behavioral Therapy, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Addison, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.36

%

​

​

6/6/2024

​

6/6/2030

​

Healthcare & Pharmaceuticals

​

$

6,730,812

​

​

6,605,639

​

​

6,663,504

​

1.80

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.34

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

36,136

​

​

36,136

​

​

35,775

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

9.36

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

382,715

​

​

378,952

​

​

378,888

​

0.10

%

BI Investors, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2024

​

​

​

  

​

​

4,286

​

​

424,738

​

​

434,111

​

0.12

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,445,465

​

$

7,512,278

​

2.03

%

Monitorus Holding, LLC

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

London, UK

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

7.00

%

1.00

%

11.59

%

​

​

5/24/2022

​

5/24/2027

​

Media: Diversified & Production

​

$

106,248

​

​

105,711

​

​

105,186

​

0.03

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

7.00

%

1.00

%

11.59

%

​

​

5/24/2022

​

5/24/2027

​

​

​

€

106,498

​

​

115,781

​

​

114,623

​

0.03

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

7.00

%

1.00

%

11.59

%

​

​

5/24/2022

​

5/24/2027

​

​

​

€

106,248

​

​

107,237

​

​

106,165

​

0.03

%

Sapphire Aggregator S.a r.l. Convertible Bonds

​

(14)

​

Unsecured

​

​

8.00

%

-

%

-

%

8.00

%

11/15/2023

​

3/31/2025

​

​

​

€

6,030

​

​

6,473

​

​

6,216

​

0.00

%

Sapphire Aggregator S.a r.l. Convertible Bonds

​

(14)

​

Unsecured

​

​

8.00

%

-

%

-

%

8.00

%

3/1/2024

​

6/30/2025

​

​

​

€

12,241

​

​

13,291

​

​

12,620

​

0.00

%

Sapphire Aggregator S.a r.l. Convertible Bonds

​

(14)

​

Unsecured

​

​

8.00

%

-

%

-

%

8.00

%

9/30/2024

​

12/21/2025

​

​

​

€

11,629

​

​

13,002

​

​

11,989

​

0.00

%

Sapphire Aggregator S.a r.l. Class A Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,689

​

​

11,156

​

​

12,326

​

0.00

%

Sapphire Aggregator S.a r.l. Class B Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

12,326

​

0.00

%

Sapphire Aggregator S.a r.l. Class C Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

12,326

​

0.00

%

Sapphire Aggregator S.a r.l. Class D Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

12,326

​

0.00

%

Sapphire Aggregator S.a r.l. Class E Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

12,326

​

0.00

%

Sapphire Aggregator S.a r.l. Class F Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

12,326

​

0.00

%

Sapphire Aggregator S.a r.l. Class G Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

12,326

​

0.00

%

Sapphire Aggregator S.a r.l. Class H Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

12,326

​

0.00

%

Sapphire Aggregator S.a r.l. Class I Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

12,326

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

461,899

​

$

467,733

​

0.09

%

Morgan Electrical Group Intermediate Holdings, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fremont, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.50

%

10.61

%

​

​

8/3/2023

​

8/3/2029

​

Construction & Building

​

$

4,395,044

​

​

4,313,186

​

​

4,373,069

​

1.18

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.50

%

10.61

%

​

​

8/3/2023

​

8/3/2029

​

​

​

​

1,705,604

​

​

1,688,941

​

​

1,697,076

​

0.46

%

Morgan Electrical Group Holdings, LLC Series A-2 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/3/2023

​

​

​

​

​

​

380

​

​

380,330

​

​

308,668

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,382,457

​

$

6,378,813

​

1.72

%

Naumann/Hobbs Material Handling Corporation II, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

11.08

%

​

​

8/30/2019

​

8/30/2025

​

Services: Business

​

$

8,125,763

​

​

8,116,850

​

​

8,044,505

​

2.17

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

11.08

%

​

​

8/30/2019

​

8/30/2025

​

​

​

​

5,124,136

​

​

5,118,576

​

​

5,072,895

​

1.37

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

11.08

%

​

​

8/30/2019

​

8/30/2025

​

​

​

​

1,763,033

​

​

1,763,033

​

​

1,745,403

​

0.47

%

Naumann Hobbs Holdings, L.P. Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/29/2022

​

​

​

​

​

​

123

​

​

220,379

​

​

-

​

0.00

%

Naumann Hobbs Holdings, L.P. Class A-2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/29/2022

​

​

​

​

​

​

123

​

​

220,379

​

​

-

​

0.00

%

Naumann Hobbs Holdings, L.P. Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/27/2024

​

​

​

​

​

​

142

​

​

142,200

​

​

937,078

​

0.25

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,581,417

​

$

15,799,881

​

4.26

%

NINJIO, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Westlake Village, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.50

%

11.08

%

​

​

10/12/2022

​

10/12/2027

​

Media: Diversified & Production

​

$

4,962,500

​

​

4,900,478

​

​

4,962,500

​

1.34

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.50

%

11.08

%

​

​

10/12/2022

​

10/12/2027

​

​

​

​

33,333

​

​

33,333

​

​

33,333

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.50

%

11.08

%

​

​

10/12/2022

​

10/12/2027

​

​

​

​

100,000

​

​

99,204

​

​

100,000

​

0.03

%

NINJIO Holdings, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/12/2022

​

​

​

​

​

​

184

​

​

313,253

​

​

314,702

​

0.09

%

Gauge NINJIO Blocker LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/22/2023

​

​

​

​

​

​

14

​

​

14,470

​

​

56,585

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,360,738

​

$

5,467,120

​

1.49

%

Norplex Micarta Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Postville, IA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.84

%

​

​

10/31/2024

​

10/31/2029

​

Chemicals, Plastics, & Rubber

​

$

13,000,000

​

​

12,746,682

​

​

12,746,682

​

3.45

%

Norplex Micarta Parent, LP Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/31/2024

​

​

​

​

​

​

739,804

​

​

739,804

​

​

739,804

​

0.20

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,486,486

​

$

13,486,486

​

3.65

%

NS412, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

Second Lien

​

3M SOFR+

8.75

%

1.00

%

13.18

%

​

​

5/6/2019

​

5/6/2026

​

Services: Consumer

​

$

7,615,000

​

​

7,589,599

​

​

7,538,850

​

2.04

%

NS Group Holding Company, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/6/2019

​

​

​

​

​

​

782

​

​

795,002

​

​

598,221

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,384,601

​

$

8,137,071

​

2.20

%

​

​

27

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

  

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

NuSource Financial Acquisition, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Eden Prairie, MN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)

​

Unsecured

​

​

13.75

%

-

%

8.00

%

5.75

%

1/29/2021

​

1/31/2027

​

Services: Business

​

$

6,484,567

​

​

6,448,091

​

​

6,452,144

​

1.74

%

NuSource Holdings, Inc. Warrants (SBIC II)

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

1/29/2021

​

​

​

  

​

​

54,966

​

​

-

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,448,091

​

$

6,452,144

​

1.74

%

Onpoint Industrial Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deer Park, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

7.00

%

1.75

%

11.33

%

​

​

11/16/2022

​

11/16/2027

​

Services: Business

​

$

12,351,615

​

​

12,190,355

​

​

12,351,615

​

3.34

%

Spearhead TopCo, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/16/2022

​

​

​

​

​

​

606,742

​

​

606,742

​

​

986,938

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,797,097

​

$

13,338,553

​

3.61

%

PCP MT Aggregator Holdings, L.P.

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oak Brook, IL

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/29/2019

​

​

​

Finance

​

​

825,020

​

​

119,281

​

​

5,092,459

​

1.38

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

119,281

​

$

5,092,459

​

1.38

%

PCS Software, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Shenandoah, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

10.48

%

​

​

7/1/2019

​

1/1/2026

​

Transportation & Logistics

​

$

13,882,311

​

​

13,882,310

​

​

13,812,899

​

3.73

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

10.48

%

​

​

7/1/2019

​

1/1/2026

​

​

​

​

1,820,631

​

​

1,820,631

​

​

1,811,528

​

0.49

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

10.48

%

​

​

7/1/2019

​

1/1/2026

​

​

​

​

571,195

​

​

571,195

​

​

568,339

​

0.15

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

10.48

%

​

​

7/1/2019

​

1/1/2026

​

​

​

​

960,000

​

​

960,000

​

​

955,200

​

0.26

%

PCS Software Parent, LLC Class A Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/16/2022

​

​

​

​

​

​

471,211

​

​

9,995

​

​

384,522

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

17,244,131

​

$

17,532,488

​

4.73

%

Pearl Media Holdings, LLC

​

(24)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Garland, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.73

%

​

​

8/31/2022

​

8/31/2027

​

Media: Advertising, Printing & Publishing

​

$

8,680,556

​

​

8,577,517

​

​

8,593,750

​

2.32

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,577,517

​

$

8,593,750

​

2.32

%

Peltram Group Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Auburn, WA

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2021

​

​

​

Construction & Building

​

​

508,516

​

​

492,499

​

​

693,537

​

0.19

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

492,499

​

$

693,537

​

0.19

%

Premiere Digital Services, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

9.59

%

​

​

11/3/2021

​

11/3/2026

​

Media: Broadcasting & Subscription

​

$

12,196,092

​

​

12,170,577

​

​

12,196,092

​

3.30

%

Premiere Digital Holdings, Inc. Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/18/2018

​

​

​

​

​

​

5,000

​

​

-

​

​

2,118,619

​

0.57

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,170,577

​

$

14,314,711

​

3.87

%

Red's All Natural, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Franklin, TN

​

​

​

​

​

​

​

​

​

​

​

​

Last Out Term Loan (SBIC II)

​

(5)(10)(12)

​

First Lien

​

3M SOFR+

4.50

%

1.50

%

9.88

%

​

​

1/31/2023

​

1/31/2029

​

Beverage & Food

​

$

8,815,327

​

​

8,681,968

​

​

8,815,327

​

2.38

%

Centeotl Co-Invest B, LP Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2023

​

​

​

​

​

​

710,600

​

​

710,600

​

​

818,825

​

0.22

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,392,568

​

$

9,634,152

​

2.60

%

RIA Advisory Borrower, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coral Gables, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

11.22

%

​

​

5/1/2023

​

8/2/2027

​

High Tech Industries

​

$

5,895,000

​

​

5,815,274

​

​

5,895,000

​

1.59

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

11.22

%

​

​

5/1/2023

​

8/2/2027

​

​

​

​

26,114

​

​

26,114

​

​

26,114

​

0.01

%

RIA Advisory Aggregator, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/1/2023

​

​

​

​

​

​

104,425

​

​

165,078

​

​

127,378

​

0.03

%

RIA Products Aggregator, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/1/2023

​

​

​

​

​

​

81,251

​

​

78,390

​

​

78,390

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,084,856

​

$

6,126,882

​

1.65

%

Rogers Mechanical Contractors, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Atlanta, GA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

6.25

%

1.00

%

10.91

%

​

​

4/28/2021

​

9/28/2028

​

Construction & Building

​

$

8,668,481

​

​

8,619,680

​

​

8,581,796

​

2.32

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,619,680

​

$

8,581,796

​

2.32

%

Said Intermediate, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boston, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.86

%

​

​

6/13/2024

​

6/13/2029

​

Media: Advertising, Printing & Publishing

​

$

7,443,117

​

​

7,307,325

​

​

7,331,470

​

1.98

%

FCP-Said Holdings, LLC Class A Common Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/13/2024

​

​

​

​

​

​

804

​

​

-

​

​

-

​

0.00

%

FCP-Said Holdings, LLC Series A Preferred Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/13/2024

​

​

​

​

​

​

852

​

​

350,649

​

​

290,102

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,657,974

​

$

7,621,572

​

2.06

%

Sales Benchmark Index, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

10.53

%

​

​

1/7/2020

​

7/7/2026

​

Services: Business

​

$

12,148,958

​

​

12,144,103

​

​

12,148,958

​

3.28

%

SBI Holdings Investments LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/7/2020

​

​

​

​

​

​

66,573

​

​

665,730

​

​

627,734

​

0.17

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,809,833

​

$

12,776,692

​

3.45

%

​

​

28

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal

​

​

​

​

​

​

​

% of  

​

​

​

​

  

​

  

​

​

  

​

  

​

  

​

  

Investment  

  

​

  

Headquarters/ 

  

Amount/

  

Amortized

  

Fair 

  

Net  

 

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

Service Minds Company, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bradenton, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)(26)

​

First Lien

​

PRIME+

7.50

%

1.00

%

-

%

-

%

2/7/2022

​

2/7/2028

​

Services: Consumer

​

$

5,431,921

​

​

5,373,590

​

​

3,340,631

​

0.90

%

Revolver

​

(11)(18)(26)

​

First Lien

​

PRIME+

7.50

%

1.00

%

-

%

-

%

2/7/2022

​

2/7/2028

​

​

​

​

83,533

​

​

83,533

​

​

51,373

​

0.01

%

Revolver

​

(11)(18)(26)

​

First Lien

​

PRIME+

7.50

%

1.00

%

-

%

-

%

7/2/2024

​

2/7/2028

​

​

​

​

20,223

​

​

20,223

​

​

20,223

​

0.01

%

Revolver

​

(11)(18)(26)

​

First Lien

​

PRIME+

7.50

%

1.00

%

-

%

-

%

9/13/2024

​

2/7/2028

​

​

​

​

20,000

​

​

20,000

​

​

20,000

​

0.01

%

Revolver

​

(11)(18)(26)

​

First Lien

​

PRIME+

7.50

%

1.00

%

-

%

-

%

11/12/2024

​

2/7/2028

​

​

​

​

45,000

​

​

45,000

​

​

45,000

​

0.01

%

Delayed Draw Term Loan

​

(11)(26)

​

First Lien

​

PRIME+

7.50

%

1.00

%

-

%

-

%

2/7/2022

​

2/7/2028

​

​

​

​

99,116

​

​

98,498

​

​

60,956

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,640,844

​

$

3,538,183

​

0.96

%

TAC LifePort Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Woodland, WA

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/1/2021

​

​

​

Aerospace & Defense

​

​

546,543

​

​

513,825

​

​

804,951

​

0.22

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

513,825

​

$

804,951

​

0.22

%

Teckrez, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

11.21

%

​

​

5/24/2024

​

11/30/2028

​

Chemicals, Plastics, & Rubber

​

$

4,283,396

​

​

4,225,574

​

​

4,261,979

​

1.15

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

11.21

%

​

​

5/24/2024

​

11/30/2028

​

​

​

​

721,110

​

​

721,110

​

​

717,504

​

0.19

%

HH-Teckrez Parent, LP Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

90,139

​

​

90,139

​

​

127,187

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,036,823

​

$

5,106,670

​

1.37

%

The Hardenbergh Group, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Livonia, MI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.93

%

​

​

8/7/2023

​

8/7/2028

​

Healthcare & Pharmaceuticals

​

$

10,370,624

​

​

10,168,144

​

​

10,370,624

​

2.80

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.93

%

​

​

9/30/2024

​

8/7/2028

​

​

​

​

802,021

​

​

786,798

​

​

802,021

​

0.22

%

BV HGI Holdings, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/7/2023

​

​

​

​

​

​

434,504

​

​

434,504

​

​

337,963

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,389,446

​

$

11,510,608

​

3.11

%

Tiger 21, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.32

%

​

​

12/30/2024

​

12/30/2030

​

Services: Consumer

​

$

12,000,000

​

​

11,760,000

​

​

11,760,000

​

3.18

%

Tiger 21 Blocker, Inc. Class A-3 Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2024

​

​

​

​

​

​

565

​

​

564,635

​

​

564,635

​

0.15

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,324,635

​

$

12,324,635

​

3.33

%

Tilley Distribution, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Baltimore, MD

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

10.48

%

​

​

4/1/2022

​

12/31/2026

​

Chemicals, Plastics, & Rubber

​

$

92,610

​

​

91,943

​

​

89,369

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

91,943

​

$

89,369

​

0.02

%

Trade Education Acquisition, L.L.C.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Austin, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(28)

​

First Lien

​

​

-

%

1.00

%

-

%

​

​

12/28/2021

​

12/28/2027

​

Education

​

$

9,944,460

​

​

9,836,078

​

​

5,320,286

​

1.44

%

Revolver

​

(9)(28)

​

First Lien

​

1M SOFR+

9.25

%

1.00

%

-

%

​

​

12/28/2021

​

12/28/2027

​

​

​

​

39,000

​

​

39,000

​

​

20,865

​

0.01

%

Trade Education Holdings, L.L.C. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/28/2021

​

​

​

​

​

​

662,660

​

​

662,660

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,537,738

​

$

5,341,151

​

1.45

%

TradePending OpCo Aggregator, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrboro, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.73

%

​

​

3/2/2021

​

3/2/2026

​

High Tech Industries

​

$

9,527,778

​

​

9,473,791

​

​

9,527,778

​

2.58

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.73

%

​

​

8/4/2023

​

3/2/2026

​

​

​

​

2,436,128

​

​

2,411,250

​

​

2,436,128

​

0.66

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.73

%

​

​

3/2/2021

​

3/2/2026

​

​

​

​

33,333

​

​

33,333

​

​

33,333

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.73

%

​

​

8/4/2023

​

3/2/2026

​

​

​

​

680,137

​

​

676,477

​

​

680,137

​

0.18

%

TradePending Holdings, LLC Series A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/2/2021

​

​

​

​

​

​

908,333

​

​

947,699

​

​

1,973,113

​

0.53

%

TradePending Holdings, LLC Series A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/4/2023

​

​

​

​

​

​

132,783

​

​

260,254

​

​

520,010

​

0.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,802,804

​

$

15,170,499

​

4.10

%

TriplePoint Acquisition Holdings LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbus, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.83

%

​

​

5/31/2024

​

5/31/2029

​

Construction & Building

​

$

5,329,708

​

​

5,232,677

​

​

5,303,059

​

1.43

%

TriplePoint Holdco LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/31/2024

​

​

​

​

​

​

557,968

​

​

549,818

​

​

953,034

​

0.26

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,782,495

​

$

6,256,093

​

1.69

%

Unicat Catalyst Holdings, LLC

​

(21)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alvin, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.96

%

​

​

4/27/2021

​

4/27/2026

​

Chemicals, Plastics, & Rubber

​

$

6,843,750

​

​

6,801,773

​

​

6,843,750

​

1.85

%

Unicat Catalyst, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2021

​

​

​

​

​

​

7,500

​

​

750,000

​

​

819,105

​

0.22

%

Unicat Catalyst, LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/13/2023

​

​

​

​

​

​

701

​

​

38,683

​

​

53,090

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,590,456

​

$

7,715,945

​

2.08

%

​

​

​

29

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments

​

Footnotes

​

Security(2)

​

Coupon

​

Floor

​

Cash

​

PIK

​

Date

​

Maturity

​

Industry

​

Shares(3)

​

Cost

​

Value(1)

​

Assets

 

U.S. Expediters, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stafford, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.78

%

​

​

12/22/2021

​

12/22/2026

​

Healthcare & Pharmaceuticals

​

$

14,460,123

​

​

14,331,044

​

​

14,315,522

​

3.87

%

Cathay Hypnos LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/22/2021

​

​

​

​

​

​

1,737,087

​

​

1,353,155

​

​

975,688

​

0.26

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,684,199

​

$

15,291,210

​

4.13

%

USDTL AcquisitionCo, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Des Plaines, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.58

%

​

​

12/9/2024

​

12/9/2030

​

Healthcare & Pharmaceuticals

​

$

6,000,000

​

​

5,881,196

​

​

5,881,196

​

1.59

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.58

%

​

​

12/9/2024

​

12/9/2030

​

​

​

​

20,000

​

​

20,000

​

​

19,604

​

0.01

%

USDTL Holdings, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/9/2024

​

​

​

​

​

​

110

​

​

110,000

​

​

109,998

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,011,196

​

$

6,010,798

​

1.63

%

Venbrook Buyer, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan B (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

8.50

%

1.50

%

5.48

%

7.50

%

3/13/2020

​

3/13/2026

​

Services: Business

​

$

14,603,639

​

​

14,541,079

​

​

13,873,457

​

3.75

%

Term Loan B

​

(11)

​

First Lien

​

3M SOFR+

8.50

%

1.50

%

5.48

%

7.50

%

3/13/2020

​

3/13/2026

​

​

​

​

166,160

​

​

165,448

​

​

157,852

​

0.04

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

8.50

%

1.50

%

5.48

%

7.50

%

3/13/2020

​

3/13/2026

​

​

​

​

2,579,814

​

​

2,579,814

​

​

2,450,823

​

0.66

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

8.50

%

1.50

%

5.48

%

7.50

%

3/13/2020

​

3/13/2026

​

​

​

​

4,979,640

​

​

4,967,241

​

​

4,730,658

​

1.28

%

Venbrook Holdings, LLC Convertible Term Loan

​

(14)

​

Unsecured

​

​

10.00

%

-

%

-

%

10.00

%

3/31/2022

​

12/20/2028

​

​

​

​

108,991

​

​

108,991

​

​

-

​

0.00

%

Venbrook Holdings, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/13/2020

​

​

​

​

​

​

822,758

​

​

819,262

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

23,181,835

​

$

21,212,790

​

5.73

%

WER Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sugar Hill, GA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

6M SOFR+

5.50

%

1.00

%

9.95

%

​

​

4/11/2024

​

4/11/2030

​

Services: Business

​

$

2,690,643

​

​

2,641,658

​

​

2,650,283

​

0.72

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.83

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

133,870

​

​

133,870

​

​

131,862

​

0.04

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.87

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

824,382

​

​

816,172

​

​

812,016

​

0.22

%

Blade Landscape Investments, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,803

​

​

180,300

​

​

192,289

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

3,772,000

​

$

3,786,450

​

1.03

%

Whisps Holdings LP

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Elgin, IL

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/18/2019

​

​

​

Beverage & Food

​

​

500,000

​

​

500,000

​

​

-

​

0.00

%

Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/6/2023

​

​

​

​

​

​

182,610

​

​

182,610

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

682,610

​

$

-

​

0.00

%

Xanitos, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Newtown Square, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.98

%

​

​

6/25/2021

​

6/25/2026

​

Healthcare & Pharmaceuticals

​

$

12,352,000

​

​

12,267,321

​

​

12,352,000

​

3.34

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.98

%

​

​

6/25/2021

​

6/25/2026

​

​

​

​

140,000

​

​

140,000

​

​

140,000

​

0.04

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.98

%

​

​

6/25/2021

​

6/25/2026

​

​

​

​

2,176,309

​

​

2,168,201

​

​

2,176,309

​

0.59

%

Pure TopCo, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

442,133

​

​

1,053,478

​

​

1,245,129

​

0.34

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,629,000

​

$

15,913,438

​

4.31

%

Total Non-control, non-affiliated investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

943,853,898

​

$

945,845,252

​

255.69

%

Total Investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

961,788,706

​

$

953,497,688

​

257.76

%

LIABILITIES IN EXCESS OF OTHER ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

(583,575,748)

​

(157.76)

%

NET ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

369,921,940

​

100.00

%

​

​

​

​

30

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

(1)
The fair value of the investment was determined using significant unobservable inputs. See Note 1 to the consolidated financial statements contained herein for a discussion of the methodologies used to value securities in the portfolio.
(2)
Debt investments are income producing and equity securities are non-income producing, unless otherwise noted.
(3)
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Euro (“€”), or Great British Pound (“£”).
(4)
Investments held by the SBIC subsidiary (as defined in Note 1 to the consolidated financial statements contained herein), which include $16,925,317 of cash and $240,789,911 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility (as defined in Note 9). Stellus Capital Investment Corporation’s (the “Company”) obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries (as defined in Note 1 to the consolidated financial statements contained herein).
(5)
Investments held by the SBIC II subsidiary (as defined in Note 1 to the consolidated financial statements contained herein), which include $2,793,535 of cash and $272,646,904 of investments (at cost), are excluded from the obligations to the lenders of the Credit Facility. The Company’s obligations to the lenders of the Credit Facility are secured by a first priority security interest in all investments and cash and cash equivalents, except for cash and investments held by the SBIC subsidiaries.
(6)
Security is income producing through dividends or distributions.
(7)
The investment is not a “qualifying asset” under the Investment Company Act of 1940, as amended. The Company may not acquire any non-qualifying assets unless, at the time of the acquisition, qualifying assets represent at least 70% of the Company’s total assets. Qualifying assets represent approximately 95.2% of the Company’s total assets as of December 31, 2024.

31

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

(8)
Represents a PIK interest security. At the option of the issuer, interest can be paid in cash or cash and PIK interest. The percentage of PIK interest shown is the maximum PIK interest that can be elected by the issuer.
(9)
At December 31, 2024, the Company had the following outstanding revolver and delayed draw term loan commitments:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

    

Unused 

    

​

​

​

​

​

Unfunded 

​

Commitment 

​

​

Investments

​

Security

​

Commitment

​

Fee

​

Maturity

2X LLC

​

Revolver

​

$

87,500

​

0.50%

​

June 5, 2028

Ad.Net Acquisition, LLC

​

Revolver

​

​

444,803

​

0.50%

​

May 7, 2026

AdCellerant LLC

​

Revolver

​

​

875,995

​

0.50%

​

December 12, 2028

ADS Group Opco, LLC

​

Revolver

​

​

60,149

​

0.00%

​

December 31, 2027

AGT Robotique Inc.

​

Revolver

​

​

1,526,600

​

0.50%

​

June 22, 2029

American Refrigeration, LLC

​

Revolver

​

​

100,000

​

0.50%

​

March 31, 2028

AMII Acquisition, LLC

​

Revolver

​

​

500,000

​

0.50%

​

December 4, 2029

Amika OpCo LLC * 

​

Revolver

​

​

100,000

​

0.50%

​

July 1, 2028

Anne Lewis Strategies, LLC

​

Revolver

​

​

50,000

​

0.50%

​

May 9, 2028

ArborWorks, LLC

​

Revolver

​

​

1,325,032

​

0.00%

​

November 6, 2028

Axis Portable Air LLC

​

Revolver

​

​

100,000

​

0.50%

​

March 22, 2028

Bart & Associates, LLC

​

Revolver

​

​

942,010

​

0.50%

​

August 16, 2030

Bart & Associates, LLC

​

Delayed Draw Term Loan

​

​

1,733,387

​

1.00%

​

August 16, 2030

Camp Profiles LLC

​

Revolver

​

​

100,000

​

0.50%

​

September 3, 2026

Carolinas Buyer, Inc.

​

Delayed Draw Term Loan

​

​

2,216,358

​

1.00%

​

December 20, 2030

Carolinas Buyer, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

December 20, 2030

CEATI International Inc.

​

Revolver

​

​

100,000

​

0.50%

​

December 31, 2027

Cerebro Buyer, LLC

​

Delayed Draw Term Loan

​

​

1,130,707

​

1.00%

​

March 15, 2029

Cerebro Buyer, LLC

​

Revolver

​

​

100,000

​

0.50%

​

March 15, 2029

CF512, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

September 1, 2026

Channel Partners Intermediateco, LLC

​

Revolver

​

​

18,333

​

0.50%

​

February 7, 2027

CompleteCase, LLC

​

Revolver

​

​

166,667

​

0.50%

​

December 21, 2025

Compost 360 Acquisition, LLC

​

Revolver

​

​

14,000

​

0.50%

​

August 2, 2028

COPILOT Provider Support Services, LLC

​

Revolver

​

​

71,667

​

0.50%

​

November 22, 2027

Craftable Intermediate II Inc.

​

Revolver

​

​

100,000

​

0.50%

​

June 30, 2028

Curion Holdings, LLC

​

Revolver

​

​

35,499

​

0.50%

​

July 29, 2027

DRS Holdings III, Inc.

​

Revolver

​

​

909,091

​

0.50%

​

November 1, 2025

Equine Network, LLC

​

Revolver

​

​

33,333

​

0.50%

​

May 22, 2028

Eskola, LLC**

​

Delayed Draw Term Loan

​

​

3,918,298

​

1.00%

​

December 19, 2029

evolv Consulting, LLC

​

Revolver

​

​

1,363,636

​

0.50%

​

December 7, 2028

Evriholder Acquisition, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

January 24, 2028

Exigo, LLC

​

Revolver

​

​

100,000

​

0.50%

​

March 16, 2027

FairWave Holdings, LLC

​

Delayed Draw Term Loan

​

​

976,811

​

0.50%

​

April 1, 2029

FairWave Holdings, LLC

​

Revolver

​

​

485,473

​

0.50%

​

April 1, 2029

FiscalNote Boards LLC

​

Delayed Draw Term Loan

​

​

627,139

​

1.00%

​

March 12, 2029

FiscalNote Boards LLC

​

Revolver

​

​

391,962

​

0.50%

​

March 12, 2029

Florachem Corporation

​

Revolver

​

​

33,333

​

0.50%

​

April 29, 2028

GS HVAM Intermediate, LLC

​

Revolver

​

​

477,273

​

0.50%

​

February 28, 2026

Guidant Corp.

​

Revolver

​

​

1,055,707

​

0.50%

​

March 12, 2029

HV Watterson Holdings, LLC

​

Revolver

​

​

2,006

​

0.50%

​

December 17, 2026

Impact Home Services LLC

​

Delayed Draw Term Loan

​

​

1,571,984

​

1.00%

​

April 28, 2028

​

​

32

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

    

Unused 

    

​

​

​

​

​

Unfunded 

​

Commitment 

​

​

Investments

​

Security

​

Commitment

​

Fee

​

Maturity

Informativ, LLC

​

Revolver

​

$

100,000

​

0.50%

​

July 30, 2026

Inoapps Bidco, LLC

​

Revolver

​

​

20,000

​

0.50%

​

February 15, 2027

iNovex Information Systems Incorporated

​

Revolver

​

​

72,000

​

0.50%

​

December 17, 2030

J.R. Watkins, LLC

​

Revolver

​

​

337,433

​

0.00%

​

May 3, 2026

Ledge Lounger, Inc.

​

Revolver

​

​

24,915

​

0.50%

​

November 9, 2027

Lightning Intermediate II, LLC

​

Revolver

​

​

100,000

​

0.50%

​

June 6, 2027

MacKenzie-Childs Acquisition, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

September 2, 2027

Madison Logic Holdings, Inc.

​

Revolver

​

​

52,632

​

0.50%

​

December 30, 2027

MBH Management LLC

​

Delayed Draw Term Loan

​

​

500,000

​

1.00%

​

November 15, 2029

MBH Management LLC

​

Revolver

​

​

500,000

​

0.50%

​

November 15, 2029

MedLearning Group, LLC

​

Delayed Draw Term Loan

​

​

1,956,150

​

1.00%

​

December 30, 2027

Michelli, LLC

​

Revolver

​

​

1,296,076

​

0.50%

​

December 21, 2028

Microbe Formulas LLC

​

Revolver

​

​

100,000

​

0.50%

​

April 3, 2028

MOM Enterprises, LLC

​

Revolver

​

​

62,500

​

0.50%

​

May 19, 2026

Monarch Behavioral Therapy, LLC

​

Delayed Draw Term Loan

​

​

701,036

​

1.00%

​

June 6, 2030

Monarch Behavioral Therapy, LLC

​

Revolver

​

​

686,582

​

0.50%

​

June 6, 2030

Morgan Electrical Group Intermediate Holdings, Inc.

​

Delayed Draw Term Loan

​

​

1,145,662

​

1.00%

​

August 3, 2029

Morgan Electrical Group Intermediate Holdings, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

August 3, 2029

NINJIO, LLC

​

Revolver

​

​

66,667

​

0.50%

​

October 12, 2027

Norplex Micarta Acquisition, Inc.

​

Revolver

​

​

500,000

​

0.50%

​

October 31, 2029

PCS Software, Inc.

​

Revolver

​

​

746,948

​

0.50%

​

January 1, 2026

Premiere Digital Services, Inc.

​

Revolver

​

​

576,923

​

0.50%

​

November 3, 2026

RIA Advisory Borrower, LLC

​

Revolver

​

​

73,886

​

0.50%

​

August 2, 2027

Rogers Mechanical Contractors, LLC

​

Revolver

​

​

83,333

​

0.50%

​

September 28, 2028

Said Intermediate, LLC

​

Revolver

​

​

1,168,831

​

0.50%

​

June 13, 2029

Sales Benchmark Index, LLC

​

Revolver

​

​

1,109,551

​

0.50%

​

July 26, 2026

Teckrez, LLC

​

Revolver

​

​

721,110

​

1.00%

​

November 30, 2028

The Hardenbergh Group, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

August 6, 2028

Tiger 21, LLC

​

Revolver

​

​

100,000

​

0.50%

​

December 30, 2030

Tilley Distribution, Inc.

​

Revolver

​

​

100,000

​

0.50%

​

December 31, 2026

Trade Education Acquisition, L.L.C.

​

Revolver

​

​

41,000

​

0.50%

​

December 28,2027

TradePending OpCo Aggregator, LLC

​

Revolver

​

​

66,667

​

0.50%

​

March 2, 2026

TriplePoint Acquisition Holdings LLC

​

Delayed Draw Term Loan

​

​

1,339,123

​

1.00%

​

May 31, 2029

TriplePoint Acquisition Holdings LLC

​

Revolver

​

​

743,957

​

0.50%

​

May 31, 2029

U.S. Expediters, LLC

​

Revolver

​

​

30,000

​

0.50%

​

December 22, 2026

USDTL AcquisitionCo, Inc.

​

Delayed Draw Term Loan

​

​

500,000

​

1.00%

​

December 9, 2030

USDTL AcquisitionCo, Inc.

​

Revolver

​

​

80,000

​

0.50%

​

December 9, 2030

WER Holdings, LLC

​

Delayed Draw Term Loan

​

​

514,059

​

1.00%

​

April 11, 2030

WER Holdings, LLC***

​

Revolver

​

​

267,739

​

0.50%

​

April 11, 2030

Xanitos, Inc.

​

Revolver

​

​

60,000

​

0.50%

​

June 25, 2026

​

​

Total Unfunded Debt Commitments

​

$

40,989,533

​

​

​

​

* Included in this investment is Line of Credit in the amount of $4,861, with Line of Credit rate of 5.25% and a maturity of July 1, 2028.

** This a last-out delayed draw term loan with contractual rates higher than the applicable rates.

*** Included in this investment is Line of Credit in the amount of $41,071, with Line of Credit rate of 5.50% and a maturity of April 11, 2030.

​

A

(10)
This loan is a unitranche investment.
(11)
These loans include an interest rate floor feature which is lower than the applicable rates; therefore, the floor is not in effect.
(12)
These loans are last-out term loans with contractual rates higher than the applicable rates; therefore, the floor is not in effect.
(13)
Investment has been on non-accrual since November 1, 2024.
(14)
This loan is convertible to common units at maturity or at the majority of holders.
(15)
Excluded from the investment is an uncalled capital commitment in an amount not to exceed $297,219.
(16)
Investment has been on non-accrual since the later of January 1, 2023 or the investment date.Investment has been on non-accrual since November 6, 2023.
(17)
Investment has been on non-accrual since November 6, 2023.

33

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

​

(18)
The Company has full discretion to fund the revolver commitment, with an unfunded rate of 0.00% and a maturity of February 7, 2028. As of December 31, 2024, there was no undrawn revolver commitment.
(19)
Investment has been on non-accrual since January 1, 2024.
(20)
Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,000,000, with an unfunded rate of 0.50% and a maturity of April 27, 2026. The Company has full discretion to fund the revolver commitment.
(21)
Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,500,000, with an unfunded rate of 0.00% and a maturity of July 31, 2025. The Company has full discretion to fund the revolver commitment.
(22)
Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $2,200,821, with an unfunded rate of 0.00% and a maturity of September 3, 2026. The Company has full discretion to fund the revolver commitment.
(23)
Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of Interest

​

  

​

   

​

December 31, 2023

   

  

Gross Additions

   

  

Gross Reductions

   

Amount of Realized

  

Amount of Unrealized

  

December 31, 2024

  

Credited to Income

Investments

​

Security

​

​

Value

​

 

(a)

​

​

(b)

​

Gain (loss)

​

Gain (loss)

​

Value

​

(c)

EH Real Estate Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A-1

​

First Lien

​

$

-

​

$

1,882,226

​

$

-

​

$

-

​

$

(1,628,125)

​

$

254,101

​

-

Term Loan A-1 (SBIC)

​

First Lien

​

​

3,042,204

​

​

-

​

​

(5,255,564)

​

​

-

​

​

2,213,360

​

​

-

​

81,636

Term Loan A-2

​

First Lien

​

​

325,059

​

​

80,664

​

​

-

​

​

-

​

​

(317,846)

​

​

87,877

​

-

Term Loan A-2 (SBIC)

​

First Lien

​

​

650,118

​

​

-

​

​

(1,140,558)

​

​

-

​

​

490,440

​

​

-

​

-

Term Loan A-3

​

First Lien

​

​

111,979

​

​

34,223

​

​

-

​

​

-

​

​

(115,060)

​

​

31,142

​

-

Term Loan A-3 (SBIC)

​

First Lien

​

​

223,959

​

​

-

​

​

(392,910)

​

​

-

​

​

168,951

​

​

-

​

-

Term Loan A-4

​

First Lien

​

​

496,828

​

​

1,003,691

​

​

-

​

​

-

​

​

5,018

​

​

1,505,537

​

-

Term Loan A-4 (SBIC)

​

First Lien

​

​

993,654

​

​

-

​

​

(1,003,691)

​

​

-

​

​

10,037

​

​

-

​

-

Term Loan A-5

​

First Lien

​

​

-

​

​

5,710,182

​

​

-

​

​

-

​

​

-

​

​

5,710,182

​

-

Revolver

​

First Lien

​

​

332,190

​

​

68,434

​

​

(337,027)

​

​

-

​

​

-

​

​

63,597

​

-

EH Holdco, LLC Common Units

​

Equity

​

​

3

​

​

-

​

​

-

​

​

-

​

​

(3)

​

​

-

​

-

EH Holdco, LLC Series A Preferred Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

-

Total Control Investments

​

​

​

$

6,175,994

​

$

8,779,420

​

$

(8,129,750)

​

$

-

​

$

826,772

​

$

7,652,436

​

81,636

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b) Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.

​

(24)Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $100,000, with an unfunded rate of 0.00% and a maturity of August 31, 2027. The Company has full discretion to fund the revolver commitment.
(25)Investment has been on non-accrual since the later of September 1, 2024 or the investment date.
(26)Investment has been on non-accrual since the later of August 21, 2024 or the investment date.
(27)Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $17,500 with an unfunded rate of 0.50% and a maturity of April 28, 2028. The Company has full discretion to fund the revolver commitment.
(28)Investment has been on non-accrual since June 1, 2024.

​

Abbreviation Legend

BSBY —  Bloomberg Short-Term Bank Yield Index

PIK — Payment-In-Kind

SOFR —  Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

​

​

34

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Stellus Capital Investment Corporation (“we”, “us”, “our” and the “Company”) was formed as a Maryland corporation on May 18, 2012 (“Inception”) and is an externally managed, closed-end, non-diversified investment management company. The Company is applying the guidance of Accounting Standards Codification (“ASC”) Topic 946, Financial Services Investment Companies (“ASC Topic 946”). The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated, qualifies, and intends to qualify annually to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes. The Company’s investment activities are managed by the Company’s investment adviser, Stellus Capital Management, LLC (“Stellus Capital” or the “Advisor”).

As of September 30, 2025, the Company had issued a total of 28,947,254 shares and raised $419,105,333 in gross proceeds since Inception, incurring an aggregate of $12,903,815 in offering expenses and underwriting fees. Additionally, the Company has received $672,917 in offering expenses reimbursements from the Advisor for net proceeds from offerings of $406,874,435. The Company’s shares are currently listed on the New York Stock Exchange under the symbol “SCM”. See Note 4 to the consolidated financial statements contained herein for further details.

The Company has established the following wholly owned subsidiaries: SCIC — Consolidated Blocker, Inc., SCIC — Invincible Blocker 1, Inc., SCIC — SKP Blocker 1, Inc., SCIC — APE Blocker 1, Inc., SCIC — Venbrook Blocker, Inc., SCIC — CC Blocker 1, Inc., SCIC — ERC Blocker 1, Inc., and SCIC — Hollander Blocker 1, Inc., which are structured as Delaware entities, to hold equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass-through entities) (collectively, the “Taxable Subsidiaries”). The Taxable Subsidiaries are consolidated for U.S. generally accepted accounting principles (“U.S. GAAP”) reporting purposes, and the portfolio investments held by them are included in the consolidated financial statements.

On June 14, 2013, the Company formed Stellus Capital SBIC, LP (the “SBIC I subsidiary”), a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. On June 20, 2014, the SBIC I subsidiary received a license from the U.S. Small Business Administration (“SBA”) to operate as a small business investment company (“SBIC”) under Section 301(c) of the Small Business Investment Company Act of 1958, as amended (the “SBIC Act”). The SBIC I subsidiary and its general partner are consolidated for U.S. GAAP reporting purposes, and the portfolio investments held by it are included in the consolidated financial statements.

On November 29, 2018, the Company formed Stellus Capital SBIC II, LP (the “SBIC II subsidiary”), a Delaware limited partnership. On August 14, 2019, the SBIC II subsidiary received a license from the SBA to operate as an SBIC under Section 301(c) of the SBIC Act. The SBIC II subsidiary and its general partner, Stellus Capital SBIC GP, LLC, are consolidated for U.S. GAAP reporting purposes, and the portfolio investments held by it are included in the consolidated financial statements.

The SBIC licenses allow the SBIC I subsidiary and SBIC II subsidiary (together, “the SBIC subsidiaries”) to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten-year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with 10-year maturities. The SBA, as a creditor, will have a superior claim to the SBIC subsidiaries’ assets over the Company’s stockholders in the event the Company liquidates one or both of the SBIC subsidiaries or the SBA exercises its remedies under the SBA-guaranteed debentures issued by the SBIC subsidiaries upon an event of default. For the SBIC I subsidiary, SBA regulations limit the amount that the SBIC I subsidiary may borrow to a maximum of $150,000,000 when it has at least $75,000,000 in regulatory capital, as such term is defined by the SBA. For the SBIC II subsidiary, SBA regulations limit the amounts that the SBIC II subsidiary may borrow to

35

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STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

$175,000,000 when the licensee has at least $87,500,000 in regulatory capital, as such term is defined by the SBA. For two or more SBICs under common control, the maximum amount of outstanding SBA-guaranteed debentures cannot exceed $350,000,000. As of both September 30, 2025 and December 31, 2024, the SBIC I subsidiary had $75,000,000 in regulatory capital. As of both September 30, 2025 and December 31, 2024, the SBIC II subsidiary had $87,500,000 in regulatory capital.

As of September 30, 2025 and December 31, 2024, the SBIC I subsidiary had $124,000,000 and $150,000,000 of SBA-guaranteed debentures outstanding, respectively. As of both September 30, 2025 and December 31, 2024, the SBIC II subsidiary had $175,000,000 of SBA-guaranteed debentures outstanding. See footnotes (4) and (5) of the Consolidated Schedule of Investments for additional information regarding the treatment of investments in the SBIC subsidiaries with respect to the Credit Facility (as defined in Note 9).

Under the 1940 Act, the Company is allowed to incur a maximum asset coverage ratio of 150% if certain requirements are met, including the approval of a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Company’s Board of Directors (the “Board”) and the approval of the Company’s stockholders. On April 4, 2018, the Board, including a “required majority” of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. At the Company’s 2018 annual meeting of stockholders, the Company’s stockholders also approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the asset coverage ratio requirement applicable to the Company was decreased from 200% to 150%, effective June 29, 2018. The amount of leverage that the Company employs at any time depends on its assessment of the market and other factors at the time of any proposed borrowing. As of September 30, 2025, the Company’s asset coverage ratio was 210%.

The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments in lower middle-market companies. The Company seeks to achieve its investment objective by originating and investing primarily in private U.S. lower middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien, second lien, unitranche and unsecured debt financings, often with corresponding equity co-investments. The Company sources investments primarily through the extensive network of relationships that the principals of Stellus Capital have developed with financial sponsor firms, financial institutions, lower middle-market companies, management teams and other professional intermediaries.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with generally accepted accounting principles in the U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, certain disclosures accompanying the annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.

In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of the financial statements for the interim periods included herein. The results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the operating results to be expected for the full year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024.

In accordance with Regulation S-X under the Exchange Act, the Company does not consolidate portfolio company investments. The accounting records of the Company are maintained in U.S. dollars.

36

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

Economic Developments

Economic activity has continued to accelerate across sectors and regions. Nonetheless, the Company has observed and continues to observe supply chain interruptions, labor resource shortages, commodity inflation, fluctuating interest rates, bank impairments and failures, economic sanctions in response to international conflicts and instances of geopolitical, economic and financial market instability in the United States and abroad, including as a result of the imposition of tariffs in the United States or its trading partners and the prolonged shutdown of the government. One or more of these factors may contribute to increased market volatility and may have long- and short-term effects in the United States and worldwide financial markets.

Portfolio Investment Classification

The Company classifies its portfolio investments in accordance with the requirements of the 1940 Act as follows: (a) “Control Investments” are defined as investments in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which the Company owns between 5% and 25% of the voting securities and does not have rights to maintain greater than 50% of the board representation, and (c) “Non-controlled, non-affiliate investments” are defined as investments that are neither Control Investments or Affiliate Investments.

Cash and Cash Equivalents

Cash consists of bank demand deposits. The Company deems certain money market mutual funds, U.S. Treasury Bills, and other high-quality, short-term debt securities as cash equivalents.

As of September 30, 2025, cash balances totaling $5,174, including foreign currency of $657 (acquisition cost of $657), did not exceed Federal Deposit Insurance Corporation ("FDIC") insurance protection levels of $250,000. In addition, as of September 30, 2025, the Company held $9,018,846 in cash equivalents in money market mutual funds, which are carried at net asset value, which is considered a Level 1 valuation technique. All of the Company’s cash deposits are held at large established high credit quality financial institutions, and management believes that risk of loss associated with any uninsured balances is remote.

Fair Value Measurements

The Company accounts for all of its financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its financial instruments related to receivables and payables approximate the fair value of these items due to the short maturity of these instruments, which are considered Level 2 in the fair value hierarchy.

The Credit Facility, SBA-guaranteed debentures, and Notes Payable (as defined in Note 11) are carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2025, the estimated fair value of the Credit Facility approximates the carrying value because the interest rates adjust to the current market interest rate (Level 3 classification). Valuation techniques and significant inputs used to determine fair value include company details; credit, market and liquidity risk and events; financial health of the company; place in the capital structure; interest rate; and terms and conditions of the Credit Facility. The estimated fair value of the SBA-guaranteed debentures and Notes Payable was determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. At the measurement date, the estimated fair values of the SBA-guaranteed debentures, 2026 Notes Payable (as defined below) and 2030 Notes Payable (as defined below) as prepared for disclosure purposes was $288,459,825 (Level 3 classification), $49,610,950 (Level 2 classification) and $122,633,470 (Level 3

37

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

classification), respectively. See Note 6 to the consolidated financial statements contained herein for further discussion regarding the fair value measurements and hierarchy.

Consolidation

As permitted under Regulation S-X under the Exchange Act and ASC Topic 946, the Company generally does not consolidate its investments in a portfolio company other than an investment company subsidiary. Accordingly, the Company consolidated the results of the SBIC subsidiaries and the Taxable Subsidiaries. All intercompany balances have been eliminated upon consolidation.

Use of Estimates

The preparation of the Consolidated Statements of Assets and Liabilities in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. Additionally, as explained in Note 1, the consolidated financial statements include investments in the portfolio whose values have been determined in good faith by the Board, pursuant to procedures approved by the Board, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the investment portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.

Deferred Financing Costs

Deferred financing costs, prepaid loan fees on SBA-guaranteed debentures and prepaid loan structure fees consist of fees and expenses paid in connection with the closing of the Company’s Credit Facility, Notes Payable and SBA-guaranteed debentures and are capitalized at the time of payment. These costs are amortized using the straight line method over the term of the respective instrument and are presented as an offset to the corresponding debt on the Consolidated Statements of Assets and Liabilities.

Offering Costs

Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock, including legal, accounting, printing fees and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is consummated and shown on the Consolidated Statements of Changes in Net Assets as a reduction to Paid-in capital. As of September 30, 2025, there was no such costs on the Consolidated Statement of Assets and Liabilities.

Investments

Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining the fair value of a BDC’s investments in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards of directors of BDCs to designate certain parties to perform fair value determinations, subject to oversight of the board of directors and compliance with certain conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a board of directors must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) establishes additional recordkeeping requirements related to fair value determinations. While the Board has not elected to designate the Advisor as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order to comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

38

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

As a BDC, the Company will generally invest in illiquid loans and securities, including debt and equity securities of private lower middle-market companies. Section 2(a)(41) of the 1940 Act requires that a BDC value its assets as follows: (i) the third-party price for securities for which a market quotation is readily available; and (ii) for all other securities and assets, fair value, as determined in good faith under procedures adopted by a BDC’s board or valuation designee, as applicable. Under procedures established by the Board, the Company values investments for which market quotations are readily available at such market quotations. The Company obtains these market values from an independent pricing service or at the midpoint of the bid and ask prices obtained from at least two brokers or dealers (if available; otherwise, by a principal market maker or a primary market dealer). Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined in good faith by the Board. Such determination of fair value may involve subjective judgments and estimates. The Company also engages independent valuation providers to review the valuation of each portfolio investment that does not have a readily available market quotation at least twice annually.

Debt and equity investments purchased within approximately 90 days of the valuation date will be valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. With respect to unquoted securities, the Board values each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board uses the pricing indicated by the external event to corroborate and/or assist in the valuation. Because the Company expects that there will not be a readily available market quotation for many of the investments in its portfolio, the Company expects to value most of its portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In following these approaches, the types of factors that will be taken into account in fair value pricing investments include, as relevant, but are not limited to:

●available current market data, including relevant and applicable market trading and transaction comparables;
●applicable market yields and multiples;
●financial covenants;
●call protection provisions;
●information rights;
●the nature and realizable value of any collateral;
●the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business;
●comparisons of financial ratios of peer companies that are public;
●comparable merger and acquisition transactions; and
●the principal market and enterprise values.

39

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

Revenue Recognition

The Company records interest income on an accrual basis to the extent such interest is deemed collectible. Payment-in-kind (“PIK”) interest represents contractual interest accrued and added to the loan balance that generally becomes due at maturity. The Company will not accrue any form of interest on loans and debt securities if it has reason to doubt its ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company then accretes or amortizes such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fee is recorded as interest income. The Company records prepayment premiums on loans and debt securities as other income. Dividend income, if any, will be recognized on the ex-dividend date.

A presentation of the interest income the Company has earned from portfolio companies for the three and nine months ended September 30, 2025 and 2024 is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

For the three months ended

​

For the nine months ended

​

    

September 30, 2025

    

September 30, 2024

​

September 30, 2025

    

September 30, 2024

Loan interest

​

$

22,752,870

​

$

23,489,366

    

$

67,234,416

​

$

69,960,767

PIK income

​

 

1,378,166

​

 

934,986

​

 

3,870,717

​

 

2,490,854

Fee amortization income(1)

​

 

799,208

​

 

734,121

​

 

2,351,134

​

 

2,256,653

Fee income acceleration(2)

​

 

82,509

​

 

179,888

​

 

337,807

​

 

833,518

Total Interest Income

​

$

25,012,753

​

$

25,338,361

​

$

73,794,074

​

$

75,541,792

(1)Includes amortization of fees on unfunded commitments.
(2)Unamortized loan origination fees recognized upon full or partial realization of investment.

To maintain the Company’s treatment as a RIC, substantially all of this income must be paid to stockholders in the form of distributions, even if the Company has not collected any cash.

Management considers portfolio company specific circumstances as well as other economic factors in determining collectability of interest income. As of September 30, 2025, the Company had loans to five portfolio companies that were on non-accrual status, which represented approximately 6.7% of the Company’s loan portfolio at cost and 3.7% at fair value. As of December 31, 2024, the Company had loans to seven portfolio companies that were on non-accrual status, which represented approximately 8.3% of the Company’s loan portfolio at cost and 5.4% at fair value. As of September 30, 2025 and December 31, 2024, $9,656,621 and $6,509,852, respectively, of income from investments on non-accrual had not been accrued. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt or other obligations, or if a loan or debt security is sold or written off, the Company will remove it from non-accrual status.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

Realized gains or losses are measured by the difference between the net proceeds from the repayment, sale or disposition and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Foreign currency amounts are translated into U.S. Dollars (USD) on the following basis:

●fair value of investment securities, other assets and liabilities—at the spot exchange rate on the last business day of the period; and

40

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

●purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such investment transactions, income or expenses.

Investment Transaction Costs

Costs that are material and associated with an investment transaction, including legal expenses, are included in the cost basis of purchases and deducted from the proceeds of sales unless such costs are reimbursed by the borrower.

Receivables and Payables for Unsettled Securities Transactions

The Company records all investments on a trade date basis.

U.S. Federal Income Taxes

The Company has elected and intends to qualify annually to be treated as a RIC under Subchapter M of the Code. To qualify as a RIC, among other things, the Company generally is required to timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each year. So long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s investors and will not be reflected in the Consolidated Financial Statements of the Company.

​

To avoid a 4% U.S federal excise tax on undistributed earnings, the Company is required to distribute each calendar year the sum of (i) 98% of its ordinary income for such calendar year, (ii) 98.2% the amount by which the Company’s capital gain exceeds its capital loss (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year, and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax, or the “Excise Tax Avoidance Requirement”. For this purpose, however, any net ordinary income or capital gain net income retained by the Company that is subject to U.S. federal income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). The Company, at its discretion, may choose not to distribute all its taxable income for the calendar year and pay a non-deductible 4% excise tax on this income. If the Company chooses to do so, all other things being equal, this would increase expenses and reduce the amount of cash available to be distributed to stockholders. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes on estimated excess taxable income as taxable income is earned.

​

Current income tax expense for the three months ended September 30, 2025 and 2024 of $515,686 and $360,192, respectively, was mostly related to excise and franchise taxes. Income tax expense for the nine months ended September 30, 2025 and 2024 of $1,444,184 and $1,304,948, respectively, was mostly related to excise and franchise taxes.

​

The Company evaluates tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the applicable period. As of September 30, 2025 and December 31, 2024, the Company had not recorded a liability for any unrecognized tax positions. Management’s evaluation of uncertain tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. The Company’s policy is to include interest and penalties related to income taxes, if applicable, in general and administrative expenses. Any expenses for the three and nine months ended September 30, 2025 and 2024 were de minimis.

41

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

The Taxable Subsidiaries are direct wholly owned subsidiaries of the Company that have elected to be treated as corporations for U.S. federal income tax purposes, and as a result, the income of the Taxable Subsidiaries is subject to U.S. federal income tax at corporate rates. The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies that are “pass through” entities for tax purposes and continue to comply with the “source-of-income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements.

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

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

For both the three and nine months ended September 30, 2025, the Company recorded deferred income tax benefit of $0 related to the Taxable Subsidiaries. For the three and nine months ended September 30, 2024, the Company recorded deferred income tax benefit of $0 and $188,893, respectively, related to the Taxable Subsidiaries. In addition, as of both September 30, 2025 and December 31, 2024, the Company had a net deferred tax liability of $0.

Earnings per Share

Basic per share calculations are computed utilizing the weighted average number of shares of the Company’s common stock outstanding for the period. The Company has no common stock equivalents. As a result, there is no difference between diluted earnings per share and basic per share amounts.

Paid-In Capital

The Company records the proceeds from the sale of shares of its common stock on a net basis to (i) capital stock and (ii) paid-in capital in excess of par value, excluding all commissions and marketing support fees.

Distributable (Loss) Earnings

The components that make up distributable (loss) earnings on the Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 are as follows:

​

​

​

​

​

​

​

​

​

    

September 30, 2025

​

December 31, 2024

Accumulated net realized loss from investments, net of cumulative dividends of $30,352,761 for both periods

​

$

(45,392,562)

​

$

(41,267,707)

Net realized loss on foreign currency translations

​

​

(272,381)

​

​

(213,301)

Net unrealized depreciation on non-controlled, non-affiliated investments and cash equivalents, net of deferred tax liability of $0 for both periods

​

 

(9,821,399)

​

 

(7,312,300)

Net unrealized appreciation (depreciation) on foreign currency translations

​

​

23,321

​

​

(15,219)

Accumulated undistributed net investment income

​

 

33,753,771

​

 

39,153,714

Total distributable loss

​

$

(21,709,250)

​

$

(9,654,813)

​

42

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024. Early adoption is permitted; however, the Company has not elected to adopt this provision as of the date of the financial statements contained in this quarterly report on Form 10-Q. The Company is still assessing the impact of the new guidance. However, it does not expect ASU 2023-09 to have a material impact on the consolidated financial statements and the notes thereto.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its consolidated financial statements.

See Note 13 to the consolidated financial statements contained herein for further discussion regarding recently issued accounting standards.

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes the impact of the recently issued standards and any that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption.

NOTE 2 — RELATED PARTY ARRANGEMENTS

Investment Advisory Agreement

The Company has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with Stellus Capital, pursuant to which Stellus Capital serves as its investment adviser. Pursuant to this agreement, the Company has agreed to pay to Stellus Capital an annual base management fee of 1.75% of gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, and an incentive fee.

For the three and nine months ended September 30, 2025, the Company recorded an expense for base management fees of $4,401,305 and $12,735,472, respectively. For the three and nine months ended September 30, 2024, the Company recorded an expense for base management fees of $3,959,554 and $11,664,020, respectively. As of September 30, 2025 and December 31, 2024, $4,401,305 and $4,034,109 of such management fees, respectively, were payable to Stellus Capital.

The incentive fee has two components, the investment income incentive fee and the capital gains incentive fee, as follows:

Investment Income Incentive Fee

The investment income component of the incentive fee (“Income Incentive Fee”) is calculated, and payable to the Advisor, quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter, subject to a cumulative total return requirement and to deferral of non-cash amounts. The pre-incentive fee net investment income, which is expressed as a rate of return on the value of the Company’s net assets attributable to the Company’s common stock for the immediately preceding calendar quarter, will have a 2.0% (which is 8.0% annualized) hurdle rate (also referred to as the “Hurdle”). Pre-incentive fee net investment income means interest income, dividend income and any other income accrued during the calendar quarter, minus the Company’s operating expenses for the quarter, excluding the incentive fee. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon

43

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

securities), accrued income that the Company has not yet received in cash. The Advisor receives no incentive fee for any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle. Subject to the cumulative total return requirement described below, the Advisor receives 100% of the Company’s pre-incentive fee net investment income for any calendar quarter with respect to that portion of the pre-incentive net investment income for such quarter, if any, that exceeds the Hurdle but is less than 2.5% (which is 10.0% annualized) of net assets (also referred to as the “Catch-up”) and 20.0% of the Company’s pre-incentive fee net investment income for such calendar quarter, if any, greater than 2.5% (10.0% annualized) of net assets.

The foregoing Income Incentive Fee is subject to a total return requirement, which provides that no incentive fee in respect of the Company’s pre-incentive fee net investment income is payable except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding quarters. In other words, any Income Incentive Fee that is payable in a calendar quarter is limited to the lesser of (i) 20% of the amount by which the Company’s pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the Catch-up, and (ii) (x) 20% of the cumulative net increase in net assets resulting from operations for the then current and 11 preceding quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the amount, if positive, of the sum of pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then-current and 11 preceding calendar quarters. In addition, the Advisor is not paid the portion of such incentive fee that is attributable to deferred interest until the Company actually receives such interest in cash.

For the three and nine months ended September 30, 2025, the Company incurred $2,166,047 and $6,460,613 of Income Incentive Fees, respectively. For the three and nine months ended September 30, 2024, the Company incurred $2,564,922 and $7,616,562 of Income Incentive Fees, respectively. As of September 30, 2025 and December 31, 2024, $2,642,033 and $3,109,560, respectively, of such Income Incentive Fees were payable to the Advisor, of which $1,589,170 and $2,351,703, respectively, were currently payable (as explained below). As of September 30, 2025 and December 31, 2024, $1,052,863 and $757,857, respectively, of Income Incentive Fees incurred but not paid by the Company were generated from deferred interest (i.e. PIK, certain discount accretion and deferred interest) and are not payable until such amounts are received by the Company in cash. For the three and nine months ended September 30, 2025, $471,251 and $2,643,020, respectively, of Income Incentive Fees accrued but not paid by the Company were permanently written off due to the Cumulative Pre-Incentive Fee Net Return limitation. For the three and nine months ended September 30, 2024, $0 and $1,826,893, respectively, of Income Incentive Fees accrued but not paid by the Company were permanently written off due to the Cumulative Pre-Incentive Fee Net Return limitation.

Capital Gains Incentive Fee

The Company also pays the Advisor an incentive fee based on capital gains (the “Capital Gains Incentive Fee”). The Capital Gains Incentive Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date). The Capital Gains Incentive Fee is equal to 20.0% of the Company’s cumulative aggregate realized capital gains from Inception through the end of that calendar year, computed net of the cumulative aggregate realized capital losses and cumulative aggregate unrealized capital depreciation through the end of such year. The aggregate amount of any previously paid Capital Gains Incentive Fees is subtracted from such Capital Gains Incentive Fee calculated.

U.S. GAAP requires that the Capital Gains Incentive Fee accrual considers the cumulative aggregate realized gains and losses and unrealized capital appreciation or depreciation of investments and other financial instruments in the calculation, as an incentive fee would be payable if such unrealized capital appreciation or depreciation were realized, even though such realized gains and losses and unrealized capital appreciation or depreciation is not permitted to be considered in calculating the Capital Gains Incentive Fee actually payable under the Investment Advisory Agreement. There can be no assurance that unrealized appreciation or depreciation will be realized in the future. Accordingly, such fees, as calculated and accrued, may not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of incentive fees in subsequent periods.

44

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

For both the three and nine months ended September 30, 2025 and 2024, the Company did not incur any Capital Gains Incentive Fee. As of both September 30, 2025 and December 31, 2024, no Capital Gains Incentive Fees were accrued.

The following tables summarize the components of the incentive fees discussed above:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

For the three months ended

​

For the nine months ended

​

​

September 30, 2025

​

September 30, 2024

​

September 30, 2025

​

September 30, 2024

Investment income incentive fees incurred

​

$

2,166,047

​

$

2,564,922

​

$

6,460,613

​

$

7,616,562

Income incentive fees waived

​

​

(471,251)

​

​

—

​

​

(2,643,020)

​

​

(1,826,893)

Incentive fees expense

​

$

1,694,796

​

$

2,564,922

​

$

3,817,593

​

$

5,789,669

​

​

​

​

​

​

​

​

​

    

September 30, 2025

​

December 31, 2024

Investment income incentive fee currently payable

​

$

1,589,170

​

$

2,351,703

Investment income incentive fee deferred

​

 

1,052,863

​

 

757,857

Incentive fee payable

​

$

2,642,033

​

$

3,109,560

​

Director Fees

For the three and nine months ended September 30, 2025, the Company recorded an expense relating to independent director fees of $93,250 and $297,750, respectively. For the three and nine months ended September 30, 2024, the Company recorded an expense relating to independent director fees of $93,250 and $315,750, respectively. As of both September 30, 2025 and December 31, 2024, the Company had no unpaid independent director fees.

Co-Investment Pursuant to SEC Order

On May 9, 2022, the Company received a new exemptive order (the “Order”) that superseded prior co-investment exemptive relief orders and permits the Company to co-invest with additional types of private funds, other BDCs, and registered investment companies managed by Stellus Capital or an adviser that is controlled, controlling, or under common control with Stellus Capital, subject to the conditions included therein. Pursuant to the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s independent directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching of the Company or its stockholders on the part of any person concerned; (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with its investment objectives and strategies; (3) the investment by the Company’s affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which the Company’s affiliates are investing and (4) the proposed investment by the Company would not benefit the Advisor, the other affiliated funds that are participating in the investment, or any affiliated person of any of them (other than parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

The Company co-invests, subject to the conditions in the Order, with a private BDC and private credit funds managed by Stellus Capital or an affiliate thereof that have investment strategies that are similar or identical to the Company’s investment strategy, and the Company may co-invest with other BDCs, registered investment companies and private credit funds managed by Stellus Capital or an adviser that is controlled, controlling, or under common control with Stellus Capital in the future. The Company believes that such co-investments may afford it additional investment opportunities and an ability to achieve greater diversification.

45

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

Administrative Agent

The Company serves as the administrative agent on certain investment transactions, including co-investments with its affiliates under the Order. As of September 30, 2025, there was $136,535 due to related parties related to interest paid by a borrower to the Company as administrative agent, which is included in “Related party payable” on the Consolidated Statement of Assets and Liabilities. As of December 31, 2024, there was no cash due to related parties related to interest paid by a borrower to a Company as administrative agent. Additionally, as of September 30, 2025, there was $30,000 due to other investment funds related to interest paid by a borrower to the Company as administrative agent, which is included in “Other accrued expenses and liabilities” on the Consolidated Statement of Assets and Liabilities. As of December 31, 2024, there was no cash due to other investment funds related to interest paid by a borrower to the Company as administrative agent.

License Agreement

The Company has entered into a license agreement with Stellus Capital under which Stellus Capital has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Stellus Capital.” Under this agreement, the Company has a right to use the “Stellus Capital” name for so long as Stellus Capital or one of its affiliates remains its investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Stellus Capital” name. This license agreement will remain in effect for so long as the Investment Advisory Agreement with Stellus Capital is in effect.

Administration Agreement

The Company has entered into an administration agreement (the “Administration Agreement”) with Stellus Capital, pursuant to which Stellus Capital furnishes the Company with office facilities and equipment and provides the Company with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under this Administration Agreement, Stellus Capital performs, or oversees the performance of, its required administrative services, which includes, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to its stockholders and reports filed with the SEC.

For the three and nine months ended September 30, 2025, the Company recorded expenses of $489,176 and $1,258,279, respectively, related to the Administration Agreement that are included in “Administrative services expenses” on the Company’s Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company recorded expenses of $388,874 and $1,200,178, respectively, related to the Administration Agreement that are included in “Administrative services expenses” on the Company’s Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, $489,176 and $389,502, respectively, remained payable to Stellus Capital related to the Administration Agreement and were included in “Administrative services payable” on the Company’s Consolidated Statements of Assets and Liabilities.

Indemnification

The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations under the Investment Advisory Agreement, Stellus Capital and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of Stellus Capital’s services under the Investment Advisory Agreement or otherwise as the Company’s investment adviser.

The Company has also entered into indemnification agreements with its directors. The indemnification agreements are intended to provide the Company’s directors the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that the Company shall indemnify the director who is a party to the agreement (an “Indemnitee”), including the

46

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, other than a proceeding by or in the right of the Company.

NOTE 3 — DISTRIBUTIONS

Distributions are generally declared by the Company’s Board each calendar quarter and recognized as distribution liabilities on the declaration date. Stockholder distributions, if any, will be determined by the Board. Any distribution to stockholders is declared out of assets legally available for distribution.

For the three and nine months ended September 30, 2025, the Company declared aggregate distributions of $0.40 and $1.20 per share on its common stock, respectively. For the three and nine months ended September 30, 2024, the Company declared aggregate distributions of $0.40 and $1.20 per share on its common stock, respectively. The distributions declared for the three and nine months ended September 30, 2024 differ from the amounts disclosed in the Statements of Operations as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period-end. The Company has declared aggregate distributions of $17.75 per share on its common stock since Inception as described below:

​

​

​

​

​

​

​

​

​

Date Declared

    

Record Date

    

Payment Date

    

Per Share(1)

Fiscal 2012

​

​

​

​

​

$

0.18

Fiscal 2013

​

​

 

  

 

$

1.36

Fiscal 2014

​

​

 

  

 

$

1.42

Fiscal 2015

​

​

 

  

 

$

1.36

Fiscal 2016

​

​

 

  

 

$

1.36

Fiscal 2017

​

Various

​

$

1.36

Fiscal 2018

​

​

 

  

​

$

1.36

Fiscal 2019

​

​

 

  

​

$

1.36

Fiscal 2020

​

​

 

  

​

$

1.15

Fiscal 2021

​

​

 

  

​

$

1.14

Fiscal 2022

​

​

​

​

​

$

1.30

Fiscal 2023

​

​

​

​

​

$

1.60

Fiscal 2024

​

​

​

​

​

$

1.60

Fiscal 2025

​

  

​

​

​

​

​

January 9, 2025

​

January 31, 2025

​

February 14, 2025

​

$

0.1333

January 9, 2025

​

February 28, 2025

​

March 14, 2025

​

$

0.1333

January 9, 2025

​

March 31, 2025

​

April 15, 2025

​

$

0.1333

April 4, 2025

​

April 30, 2025

​

May 15, 2025

​

$

0.1333

April 4, 2025

​

May 30, 2025

​

June 13, 2025

​

$

0.1333

April 4, 2025

​

June 30, 2025

​

July 15, 2025

​

$

0.1333

July 2, 2025

​

July 31, 2025

​

August 15, 2025

​

$

0.1333

July 2, 2025

​

August 29, 2025

​

September 15, 2025

​

$

0.1333

July 2, 2025

​

September 30, 2025

​

October 15, 2025

​

$

0.1333

Total

​

​

​

  

​

$

17.75

(1)Distributions for fiscal years 2012 through 2024 are shown in aggregate amounts.

The Company has adopted an “opt-out” dividend reinvestment plan (“DRIP”), pursuant to which a stockholder whose shares are held in his own name will receive distributions in shares of the Company’s common stock under the Company’s DRIP unless he elects to receive distributions in cash. Stockholders whose shares are held in the name of a broker or the nominee of a broker may have distributions

47

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

reinvested only if such service is provided by the broker or the nominee, or if the broker of the nominee permits participation in the Company’s DRIP.

Although distributions paid in the form of additional shares of the Company’s common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, investors participating in the Company’s DRIP will not receive any corresponding cash distributions with which to pay any such applicable taxes. Any distributions reinvested through the issuance of shares through the Company’s DRIP will increase the Company’s gross assets on which the base management fee and the incentive fee are determined and paid to Stellus Capital. The Company did not issue any new shares in connection with the DRIP during either of the three and nine months ended September 30, 2025 or 2024.

NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES

The table below illustrates the number of common stock shares the Company issued since Inception through various equity offerings and pursuant to the Company’s DRIP.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

    

​

​

    

​

​

​

​

​

    

​

​

    

Average

​

​

Number of

    

Gross

    

Underwriting

    

Offering

    

Fees Covered

    

Net

    

Offering

Issuance of Common Stock

    

Shares

    

Proceeds(1)(2)

    

fees

    

Expenses

​

by Advisor

    

Proceeds(3)

    

Price

Year ended December 31, 2012

​

12,035,023

​

$

180,522,093

​

$

4,959,720

​

$

835,500

​

$

—

​

$

174,726,873

​

$

14.90

Year ended December 31, 2013

 

63,998

​

​

899,964

​

​

—

​

​

—

​

​

—

​

​

899,964

​

​

14.06

Year ended December 31, 2014

 

380,936

​

 

5,485,780

​

 

75,510

​

 

29,904

​

​

—

​

 

5,380,366

​

​

14.47

Year ended December 31, 2017

 

3,465,922

​

 

48,741,406

​

 

1,358,880

​

 

307,021

​

​

—

​

 

47,075,505

​

​

14.06

Year ended December 31, 2018

 

7,931

​

 

93,737

​

 

—

​

 

—

​

​

—

​

 

93,737

​

​

11.85

Year ended December 31, 2019

 

3,177,936

​

 

45,862,995

​

 

1,015,127

​

 

559,261

​

​

37,546

​

 

44,326,153

​

​

14.43

Year ended December 31, 2020

 

354,257

​

 

5,023,843

​

 

5,680

​

 

84,592

​

​

66,423

​

 

4,999,994

​

​

14.40

Year ended December 31, 2021

 

31,592

​

 

449,515

​

 

6,744

​

 

53,327

​

​

4,255

​

 

393,699

​

​

14.23

Year ended December 31, 2022

 

149,174

​

 

2,070,935

​

 

31,066

​

 

530,842

​

​

87,605

​

 

1,596,632

​

​

13.88

Year ended December 31, 2023

​

4,458,873

​

​

62,871,349

​

​

943,248

​

​

247,701

​

​

477,088

​

​

62,157,488

​

​

14.10

Year ended December 31, 2024

​

3,355,476

​

​

46,494,756

​

​

698,166

​

​

435,390

​

​

—

​

​

45,361,200

​

​

13.86

Three months ended March 31, 2025

​

656,085

​

​

9,256,982

​

​

138,908

​

​

179,987

​

​

—

​

​

8,938,087

​

​

14.11

Three months ended June 30, 2025

​

278,945

​

​

3,896,384

​

​

58,556

​

​

14,913

​

​

—

​

​

3,822,915

​

​

13.97

Three months ended September 30, 2025

​

531,106

​

​

7,435,594

​

​

111,534

​

​

222,238

​

​

—

​

​

7,101,822

​

​

14.00

Total

 

28,947,254

​

$

419,105,333

​

$

9,403,139

​

$

3,500,676

​

$

672,917

​

$

406,874,435

​

 

  

(1)Net of partial share transactions. Such share transactions impacted gross proceeds by ($94), $757, ($1,051), ($142), ($31) and ($29) in 2020, 2019, 2018, 2017, 2016 and 2015, respectively.
(2)Includes common shares issued under the DRIP of $228,943 and $94,788 during the years ended December 31, 2020 and 2018, respectively; $0 for the three and nine months ended September 30, 2025 and years ended December 31, 2024, 2023, 2022, 2021, 2019, 2017, 2016 and 2015, and $390,505, $938,385, and $113,000 for the years ended December 31, 2014, 2013, and 2012, respectively.
(3)Total Net Proceeds per this equity table will differ from the Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 in the amount of $7,434,858, which represents a cumulative tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases (decreases) distributable earnings (loss) (by increasing (decreasing) accumulated undistributed gain (deficit)).

On November 16, 2021, the Company entered into an equity distribution agreement, as amended and restated on August 29, 2022 (the “2021 Equity Distribution Agreement”), with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2021 Equity Distribution Agreement, the Company was permitted to issue and sell, from time to time, up to $50,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies.

On August 11, 2023, the Company entered into an equity distribution agreement (the “2023 Equity Distribution Agreement”) with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2023 Equity

48

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

Distribution Agreement, the Company may issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies. Upon execution of the 2023 Equity Distribution Agreement, the Company no longer sold any shares under the 2021 Equity Distribution Agreement.

On September 9, 2025, the Company entered into an equity distribution agreement (the “2025 Equity Distribution Agreement” and together with the 2023 Equity Distribution Agreement and the 2021 Equity Distribution Agreement, the “Equity Distribution Agreements”) with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2025 Equity Distribution Agreement, the Company may issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies. Upon execution of the 2025 Equity Distribution Agreement, the Company no longer sold any shares under the 2023 Equity Distribution Agreement. The Company refers to its issuance and sale of shares under the Equity Distribution Agreements as the “ATM Program”.

The Company issued 531,106 and 1,466,136 shares during the three and nine months ended September 30, 2025, respectively, under the ATM Program, for gross proceeds of $7,435,594 and $20,588,960 and underwriting fees and other expenses of $333,772 and $726,136, respectively. The average per share offering price of shares issued in the ATM Program during the three and nine months ended September 30, 2025 was $14.00 and $14.04, respectively. The Advisor agreed to reimburse the Company for underwriting fees and expenses to the extent the per share price of the shares to the public, less underwriting fees, was less than the then-current net asset value per share. For the three and nine months ended September 30, 2025, the Advisor was not required to reimburse underwriting fees as all shares were issued at a premium to net asset value.

NOTE 5 — NET INCREASE IN NET ASSETS PER COMMON SHARE

The following information sets forth the computation of net increase in net assets resulting from operations per common share for the three and nine months ended September 30, 2025 and 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the nine months ended

​

​

September 30, 2025

​

September 30, 2024

​

September 30, 2025

​

September 30, 2024

Net increase in net assets resulting from operations

​

$

6,692,028

​

$

15,460,807

​

$

21,830,983

​

$

37,153,553

Weighted average common shares

​

​

28,480,472

​

​

26,326,426

​

​

28,168,527

​

​

25,066,626

Net increase in net assets resulting from operations per share

​

$

0.23

​

$

0.59

​

$

0.78

​

$

1.48

​

​

NOTE 6 — PORTFOLIO INVESTMENTS AND FAIR VALUE

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; and

49

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management.

The Company considers whether the volume and level of activity for the asset or liability have significantly decreased and identifies transactions that are not orderly in determining fair value. Accordingly, if the Company determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances.

At September 30, 2025, the Company had investments in 115 portfolio companies. The composition of the Company’s investments as of September 30, 2025 was as follows:

​

​

​

​

​

​

​

​

​

Cost

​

Fair Value

Senior Secured – First Lien(1)

​

$

938,399,987

​

$

901,964,292

Senior Secured – Second Lien

​

 

12,105,759

​

​

12,025,000

Unsecured Debt

​

 

7,061,545

​

​

6,879,172

Equity

​

 

62,549,953

​

​

89,341,172

Total Investments

​

$

1,020,117,244

​

$

1,010,209,636

(1)Includes unitranche investments, which accounted for 2.9% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.

At December 31, 2024, the Company had investments in 105 portfolio companies. The composition of its investments as of December 31, 2024 was as follows:

​

​

​

​

​

​

​

​

    

Cost

    

Fair Value

Senior Secured – First Lien(1)

​

$

884,322,462

​

$

856,096,255

Senior Secured – Second Lien

​

 

12,073,732

​

​

11,948,850

Unsecured Debt

​

 

6,755,866

​

​

6,612,493

Equity

​

 

58,636,646

​

​

78,840,090

Total Investments

​

$

961,788,706

​

$

953,497,688

(1)Includes unitranche investments, which accounted for 2.0% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.

The Company’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had 73 and 71 of such investments, respectively, with aggregate unfunded commitments of $54,056,252 and $41,286,752, respectively. The Company maintains sufficient liquidity (through cash on hand and available borrowings under the Credit Facility) to fund such unfunded loan commitments should the need arise.

50

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

The aggregate gross unrealized appreciation and depreciation and the aggregate cost and fair value of the Company’s portfolio company securities as of September 30, 2025 and December 31, 2024 were as follows:

​

​

​

​

​

​

​

​

    

September 30, 2025

    

December 31, 2024

Aggregate cost of portfolio company securities

​

$

1,020,117,244

​

$

961,788,706

Gross unrealized appreciation of portfolio company securities

​

 

60,129,946

​

 

47,590,719

Gross unrealized depreciation of portfolio company securities

​

 

(69,951,344)

​

 

(54,903,019)

Gross unrealized appreciation on foreign currency translations of portfolio company securities

​

​

32,293

​

​

3,973

Gross unrealized depreciation on foreign currency translations of portfolio company securities

​

​

(118,503)

​

​

(982,691)

Aggregate fair value of portfolio company securities

​

$

1,010,209,636

​

$

953,497,688

​

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of September 30, 2025 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Quoted Prices

    

​

​

    

​

​

    

​

​

​

​

in Active

​

​

​

​

​

​

​

​

​

​

​

Markets

​

Significant Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

​

​

​

​

Securities

​

Inputs

​

Inputs

​

​

​

​

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

Total

Senior Secured – First Lien

​

$

—

​

$

—

​

$

901,964,292

​

$

901,964,292

Senior Secured – Second Lien

​

 

—

​

 

—

​

 

12,025,000

​

 

12,025,000

Unsecured Debt

​

 

—

​

 

—

​

 

6,879,172

​

 

6,879,172

Equity

​

 

—

​

 

—

​

 

89,341,172

​

 

89,341,172

Total Investments

​

$

—

​

$

—

​

$

1,010,209,636

​

$

1,010,209,636

​

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2024 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quoted Prices

​

​

​

​

​

​

​

​

​

​

    

in Active

    

​

​

    

​

​

    

​

​

​

​

Markets

​

Significant Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

​

​

​

​

Securities

​

Inputs

​

Inputs

​

​

​

​

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

Total

Senior Secured – First Lien

​

$

—

​

$

—

​

$

856,096,255

​

$

856,096,255

Senior Secured – Second Lien

 

​

—

​

 

—

​

 

11,948,850

 

​

11,948,850

Unsecured Debt

 

​

—

​

 

—

​

 

6,612,493

 

​

6,612,493

Equity

 

​

—

​

 

—

​

 

78,840,090

 

​

78,840,090

Total Investments

​

$

—

​

$

—

​

$

953,497,688

​

$

953,497,688

​

51

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

The change in aggregate values of Level 3 portfolio investments during the nine months ended September 30, 2025 was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Senior Secured

    

Senior Secured

    

​

​

    

​

​

    

​

​

​

​

Loans-First

​

Loans-Second

​

Unsecured

​

​

​

​

​

​

​

 

Lien

​

Lien

​

Debt

​

Equity

​

Total

Fair value at beginning of period

​

$

856,096,255

​

$

11,948,850

​

$

6,612,493

​

$

78,840,090

​

$

953,497,688

Purchases of investments

​

 

136,414,727

​

 

—

​

 

9,454

​

 

7,222,288

​

 

143,646,469

PIK interest

​

 

3,559,279

​

 

—

​

 

305,636

​

 

5,802

​

 

3,870,717

Sales and redemptions

​

 

(82,373,846)

​

 

—

​

 

(21,325)

​

 

(4,917,571)

​

 

(87,312,742)

Realized gains

​

 

(5,651,669)

​

 

—

​

 

—

​

 

1,602,792

​

 

(4,048,877)

Change in unrealized (depreciation) appreciation included in earnings(1)

​

 

(9,091,167)

​

 

44,123

​

 

(42,401)

​

 

6,580,346

​

 

(2,509,099)

Change in unrealized appreciation on foreign currency included in earnings

​

​

881,684

​

​

—

​

 

3,399

​

 

7,425

​

 

892,508

Amortization of premium and accretion of discount, net

​

 

2,129,029

​

 

32,027

​

 

11,916

​

 

—

​

 

2,172,972

Fair value at end of period

​

$

901,964,292

​

$

12,025,000

​

$

6,879,172

​

$

89,341,172

​

$

1,010,209,636

(1)Includes reversal of positions during the nine months ended September 30, 2025.

There were no Level 3 transfers during the nine months ended September 30, 2025.

The change in aggregate values of Level 3 portfolio investments during the year ended December 31, 2024 was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Senior Secured

    

Senior Secured

    

​

​

    

​

​

    

​

​

​

​

Loans-First

​

Loans-Second

​

Unsecured

​

​

​

​

​

​

​

​

Lien

​

Lien

​

Debt

​

Equity

​

Total

Fair value at beginning of period

​

$

774,789,320

​

$

21,957,500

​

$

5,956,280

​

$

71,757,583

​

$

874,460,683

Purchases of investments

​

 

213,545,132

​

 

—

​

 

117,066

​

 

7,492,735

​

 

221,154,933

PIK interest

​

 

2,824,403

​

 

—

​

 

485,708

​

 

—

​

 

3,310,111

Sales and redemptions

​

 

(126,924,841)

​

 

(9,782,348)

​

 

—

​

 

(14,985,096)

​

 

(151,692,285)

Realized (losses) gains

​

 

(1,580,768)

​

 

(20,475,000)

​

 

—

​

 

6,212,362

​

 

(15,843,406)

Change in unrealized (depreciation) appreciation included in earnings(1)

​

 

(9,026,597)

​

 

20,187,185

​

 

40,312

​

 

8,369,509

​

 

19,570,409

Change in unrealized depreciation on foreign currency included in earnings

​

​

(169,778)

​

​

—

​

 

(1,778)

​

 

(7,003)

​

 

(178,559)

Amortization of premium and accretion of discount, net

​

 

2,639,384

​

 

61,513

​

 

14,905

​

 

—

​

 

2,715,802

Fair value at end of period

​

$

856,096,255

​

$

11,948,850

​

$

6,612,493

​

$

78,840,090

​

$

953,497,688

(1)Includes reversal of positions during the year ended December 31, 2024.

There were no Level 3 transfers during the year ended December 31, 2024.

52

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

The following is a summary of geographical concentration of the Company’s investment portfolio as of September 30, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% of Total

 

​

​

​

​

​

​

​

​

Investments at

​

​

​

Cost

​

Fair Value

​

Fair Value

California

 

$

183,748,258

 

$

182,402,421

 

18.06

%

Texas

 

​

165,321,802

 

​

163,325,964

 

16.17

%

Florida

 

​

102,127,944

 

​

96,923,046

 

9.59

%

New York

 

​

59,415,026

 

​

59,803,255

 

5.92

%

Pennsylvania

 

​

53,149,808

 

​

56,855,920

 

5.63

%

Illinois

 

​

68,541,548

 

​

56,534,711

 

5.60

%

Colorado

 

​

41,158,916

 

​

38,090,820

 

3.77

%

Ohio

 

​

35,274,542

 

​

36,846,339

 

3.65

%

Arizona

 

​

34,205,338

 

​

36,548,056

 

3.62

%

Canada

 

​

31,397,924

 

​

31,528,778

 

3.12

%

North Carolina

 

​

26,857,851

 

​

28,084,646

 

2.78

%

Massachusetts

 

​

24,320,176

 

​

25,070,881

 

2.48

%

Tennessee

 

​

20,507,888

 

​

19,741,055

 

1.95

%

Minnesota

 

​

18,536,957

 

​

19,509,928

 

1.93

%

Iowa

 

​

18,592,011

 

​

18,613,795

 

1.84

%

Georgia

 

​

5,884,157

 

​

17,109,519

 

1.69

%

Wisconsin

 

​

30,554,470

 

​

16,264,621

 

1.61

%

District of Columbia

 

​

10,700,966

 

​

13,876,852

 

1.37

%

Michigan

 

​

11,585,995

 

​

11,733,713

 

1.16

%

New Jersey

 

​

11,204,037

 

​

11,666,804

 

1.15

%

Virginia

 

​

11,156,394

 

​

11,374,159

 

1.13

%

Missouri

 

​

10,812,727

 

​

11,057,291

 

1.09

%

Idaho

 

​

10,239,028

 

​

10,284,788

 

1.02

%

Louisiana

 

​

9,168,914

 

​

9,252,065

 

0.92

%

Oregon

 

​

8,874,566

 

​

9,217,750

 

0.91

%

Maryland

 

​

7,468,902

 

​

7,492,357

 

0.74

%

South Carolina

 

​

4,843,216

 

​

5,014,305

 

0.50

%

Washington

 

​

1,572,463

 

​

2,809,451

 

0.28

%

United Kingdom

 

​

2,151,650

 

​

2,176,559

 

0.22

%

Indiana

 

​

743,770

 

​

999,787

 

0.10

%

Total Investments

​

$

1,020,117,244

​

$

1,010,209,636

 

100.00

%

​

53

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

The following is a summary of geographical concentration of the Company’s investment portfolio as of December 31, 2024:

⚠️ Filing Content Truncated

This filing was too large to display in its entirety (original size: 16.56 MB). The content has been truncated to fit within database limits.

To view the complete filing, please visit the original source:

View Complete Filing on SEC Website

Filing: 10-Q - Stellus Capital Investment Corp (SCM)
Accession Number: 0001104659-25-109139

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

    

% of Total

 

​

​

​

​

​

​

​

​

Investments

 

​

​

Cost

​

Fair Value

​

at Fair Value

 

Texas

 

$

159,028,754

Source: View Original Filing on SEC EDGAR

Stock SCM logo
Stellus Cap Invt Corp

NYSE:SCM

SCM Rankings

#3758 Ranked by Market Cap
#127 Ranked by Dividends

SCM Latest News

Nov 10, 2025
Stellus Capital Investment Corporation Reports Results for its Third Fiscal Quarter Ended September 30, 2025
Nov 5, 2025
Stellus Capital Investment Corporation Schedules Third Quarter 2025 Financial Results Conference Call
Oct 8, 2025
Stellus Capital Investment Corporation Announces $0.40 Fourth Quarter 2025 Regular Dividend, Payable Monthly in Increments of $0.1333 in November and December 2025, and January 2026
Sep 23, 2025
STELLUS CAPITAL INVESTMENT CORPORATION PRICES REOPENING OF $50.0 MILLION OF 7.25% NOTES DUE 2030
Aug 6, 2025
Stellus Capital Investment Corporation Reports Results for its Second Fiscal Quarter Ended June 30, 2025

SCM Latest SEC Filings

Nov 24, 2025
[8-K] Stellus Capital Investment Corp Reports Material Event
Sep 26, 2025
[8-K] Stellus Capital Investment Corp Reports Material Event
Sep 23, 2025
[497AD] Stellus Capital Investment Corp SEC Filing
Sep 15, 2025
[8-K] Stellus Capital Investment Corp Reports Material Event
Sep 10, 2025
[8-K] STELLUS CAPITAL INVESTMENT CORPORATION Reports Material Event

SCM Stock Data

374.29M
27.81M
3.98%
12.81%
2.89%
Asset Management
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United States
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