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

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Available on EDGAR 08/10/2026 - 04:48 PM Accepted by SEC EDGAR 08/10/2026 - 04:47 PM Learn about SEC filing dates

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itorusHoldingLLCMemberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#ThreeMonthTermSecuredOvernightFinancingRateMemberhttp://stelluscapital.com/20260630#DiversifiedAndProductionMediaSectorMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#MonitorusHoldingLLCMemberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#ThreeMonthTermSecuredOvernightFinancingRateMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#MonitorusHoldingLLCMemberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#ThreeMonthTermSecuredOvernightFinancingRateMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#MonitorusHoldingLLCMemberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#ThreeMonthTermSecuredOvernightFinancingRateMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#MonitorusHoldingLLCMemberhttp://fasb.org/us-gaap/2026#UnsecuredDebtMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#MorganElectricalGroupIntermediateHoldingsInc.Memberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#OneMonthTermSecuredOvernightFinancingRateMemberhttp://fasb.org/us-gaap/2026#ConstructionSectorMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#MorganElectricalGroupIntermediateHoldingsInc.Memberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#OneMonthTermSecuredOvernightFinancingRateMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#NaumannHobbsMaterialHandlingCorporationIIInc.Memberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#ThreeMonthTermSecuredOvernightFinancingRateMemberhttp://stelluscapital.com/20260630#BusinessServicesSectorMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#NaumannHobbsMaterialHandlingCorporationIIInc.Memberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#ThreeMonthTermSecuredOvernightFinancingRateMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#NaumannHobbsMaterialHandlingCorporationIIInc.Memberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#ThreeMonthTermSecuredOvernightFinancingRateMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2026#EquitySecuritiesMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://stelluscapital.com/20260630#NinjioLlcMemberhttp://stelluscapital.com/20260630#FirstLienSecurityMemberhttp://stelluscapital.com/20260630#ThreeMonthTermSecuredOvernightFinancingRateMemberhttp://stelluscapital.com/20260630#DiversifiedAndProductionMediaSectorMemberhttp://fasb.org/us-gaap/2026#InvestmentUnaffiliatedIssuerMemberhttp://st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SP L2 Holdings LLC Class A Units (SBIC)2026-06-300001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units2026-06-300001551901J.R. Watkins, LLC, Priority Revolver (SBIC)2026-06-300001551901J.R. Watkins, LLC, J.R. Watkins Ultimate Holdings, LLC Class A Units (SBIC)2026-06-300001551901J.R. Watkins, LLC, Class A Units2026-06-300001551901J.R. Watkins, LLC, Class A Preferred2026-06-300001551901J.R. Watkins, LLC Term Loan (SBIC) Two2026-06-300001551901J.R. Watkins, LLC Term Loan (SBIC)2026-06-300001551901J.R. Watkins, LLC Term Loan2026-06-300001551901J.R. Watkins, LLC Revolver2026-06-300001551901Invincible Boat Company LLC Warbird Parent Holdco, LLC Class A Units2026-06-300001551901International Cybernetics Acquisition, LLC, International Cybernetics Holdings, LP Class B Units2026-06-300001551901Inoapps Bidco, LLC, Inoapps Holdings, LLC Series A-1 Preferred Units2026-06-300001551901Informativ, LLC, Credit Connection Holdings, LLC Series A Units2026-06-300001551901Infolinks Media Buyco, LLC Tower Arch Infolinks Media, LP LP Interests2026-06-300001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A-1 Units2026-06-300001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A Units2026-06-300001551901Identity Theft Guard Solutions, Inc. IDX Parent, LLC Class A-2 Units2026-06-300001551901I2P Holdings, LLC Series A Preferred Units2026-06-300001551901Guidant Corp Titan Meter Topco LP Class A Units2026-06-300001551901GSF Buyer, LLC Term Loan2026-06-300001551901GSF Buyer, LLC GSF Group Holdings, L.P. Class A2 Units2026-06-300001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Series A Preferred Shares2026-06-300001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Class A Common Shares2026-06-300001551901Fidus Systems Inc.Fidus Investments Holdings, L.P. Common Units2026-06-300001551901FairWave Holdings, LLC, GRC Java Holdings, LLC Class A Units2026-06-300001551901Exigo, LLC Gauge Exigo Coinvest, LLC Common Units2026-06-300001551901Exacta Land Surveyors, LLC SP ELS Holdings LLC Class A Units2026-06-300001551901Exacta Land Surveyors, LLC SP EA Holdings LLC Term Loan2026-06-300001551901Evriholder Acquisition, Inc. KEJ Holdings LP Class A Units2026-06-300001551901evolv Consulting, LLC evolv Holdco, LLC Preferred Units2026-06-300001551901Eskola LLC, Eskola Holdings, LLC Class A Units2026-06-300001551901Eskola LLC, Eskola Holdings LLC, Class D Units2026-06-300001551901Eskola LLC, Eskola Holdings LLC, Class C Units2026-06-300001551901Eskola LLC, Delayed Draw Term Loan2026-06-300001551901Environmental Remedies, LLC, ERI Parent Holdings, LLC Class A Units2026-06-300001551901Elliott Aviation, LLC Term Loan 12026-06-300001551901Elliott Aviation, LLC SP EA Holdings LLC Term Loan2026-06-300001551901Elliott Aviation, LLC SP EA Holdings LLC Class A Units2026-06-300001551901Elder Care Opco LLC Rallyday Elder Care Co-Investors LP Partnership Interests2026-06-300001551901EH Real Estate Services, LLC, Term Loan A92026-06-300001551901EH Real Estate Services, LLC, Term Loan A82026-06-300001551901EH Real Estate Services, LLC, Term Loan A72026-06-300001551901EH Real Estate Services, LLC, Term Loan A62026-06-300001551901EH Real Estate Services, LLC, Term Loan A52026-06-300001551901EH Real Estate Services, LLC, Term Loan A42026-06-300001551901EH Real Estate Services, LLC, Term Loan A32026-06-300001551901EH Real Estate Services, LLC, Term Loan A22026-06-300001551901EH Real Estate Services, LLC, Term Loan A112026-06-300001551901EH Real Estate Services, LLC, Term Loan A102026-06-300001551901EH Real Estate Services, LLC, Term Loan A12026-06-300001551901EH Real Estate Services, LLC, Revolver2026-06-300001551901EH Real Estate Services, LLC, EH Holdco, LLC Common Units2026-06-300001551901EH Real Estate Services, LLC EH Holdco, LLC Series A Preferred Units2026-06-300001551901DTE Holding Company, LLC Class AA Units2026-06-300001551901DTE Holding Company, LLC Class A-2 Units2026-06-300001551901DMD Systems Recovery, LLC Phoenix Parent LLC Common Units2026-06-300001551901DFO Enterprises, LLC DFO Ultimate Holding, LP Class A Units2026-06-300001551901Curion Holdings, LLC SP CS Holdings LLC Class A Units2026-06-300001551901Craftable Intermediate II Inc, Gauge Craftable LP Partnership Interests2026-06-300001551901COPILOT Provider Support Services, LLC QHP Project Captivate Blocker, Inc. Common Stock2026-06-300001551901Compost 360 Acquisition, LLC Compost 360 Investments, LLC Preferred Units2026-06-300001551901Compost 360 Acquisition, LLC Compost 360 Investments, LLC Class A Units2026-06-300001551901CompleteCase, LLC CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)2026-06-300001551901CompleteCase, LLC CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)2026-06-300001551901Complete Case LLC Complete Case Holdings Inc. Series C Preferred Stock2026-06-300001551901Complete Case LLC Complete Case Holdings Inc. Class A Common Stock2026-06-300001551901Champion Services Acquireco LLC Champion Services Holdings LLC Class A-1 Units2026-06-300001551901CF512, Inc. StellPen Holdings, LLC Membership Interests2026-06-300001551901CF Arch Holdings LLC Class A Units2026-06-300001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series B Partner Interests2026-06-300001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series A Partner Interests2026-06-300001551901CEATI International Inc. CEATI Holdings, LP Class A Units2026-06-300001551901Carolinas Buyer, Inc. Carolinas Holding, L.P. Class A Units2026-06-300001551901Cafe Valley Inc. CF Topco LLC Units2026-06-300001551901BL Products Parent, L.P. Class A Units2026-06-300001551901Bart and Associates, LLC Bamp;A Partners Holding, LLC Series A Preferred Units2026-06-300001551901Bart amp And Associates, LLC Bamp;A Partners Holding, LLC Series B Preferred Units2026-06-300001551901Baker Manufacturing Company, LLC BSC Blue Water Holdings, LLC Series A Units (SBIC II)2026-06-300001551901Axis Portable Air, LLC Axis Air Parent, LLC Preferred Units2026-06-300001551901Atmosphere Aggregator Holdings II, L.P. Stratose Aggregator Holdings, L.P. Common Units2026-06-300001551901Atmosphere Aggregator Holdings II, L.P. Common Units2026-06-300001551901Arctiq, Inc., Green Topco Holdings, LLC Common Units2026-06-300001551901Arctiq, Inc., Green Topco Holdings, LLC Class A Units2026-06-300001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units2026-06-300001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units2026-06-300001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Common Units2026-06-300001551901ArborWorks LLC, Revolver2026-06-300001551901APE Holdings, LLC Class A Units2026-06-300001551901Anne Lewis Strategies, LLC, SG AL Investment, LLC Common-A Units2026-06-300001551901Anne Lewis Strategies, LLC SG AL Investment, LLC Common Units2026-06-300001551901Amika OpCo LLC, Oshun Co-Invest-B LP Partnership Interests2026-06-300001551901Amika OpCo LLC, Ishtar Co-Invest-B LP Partnership Interests2026-06-300001551901AMII Acquisition, LLC, AMII Holdings, LP Class B Units2026-06-300001551901American Refrigeration, LLC, AR-USA Holdings, LLC Class A Units2026-06-300001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan Two2026-06-300001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan Three2026-06-300001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan One2026-06-300001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Series B Preferred Interests2026-06-300001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Partner Interests2026-06-300001551901Advanced Barrier Extrusions, First Priority Bridge Loan2026-06-300001551901ADS Group Opco, LLC, Priority Revolver (SBIC II)2026-06-300001551901ADS Group Opco, LLC Term Loan (SBIC II)2026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class Z Units2026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class Y Units2026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class D Units2026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class B Units2026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class A Units2026-06-300001551901AdCellerant LLC, AdCellerant Holdings, LLC Series A Units2026-06-300001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II)2026-06-300001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Common Stock (SBIC II)2026-06-3000015519012X LLC Investors LP Class A Units2026-06-300001551901Whisps Holdings LP Class A-1 Units2025-12-310001551901Whisps Holdings LP Class A Units2025-12-310001551901WER Holdings, LLC Blade Landscape Investments, LLC Class A Units2025-12-310001551901Venbrook Buyer, LLC, Term Loan (SBIC)2025-12-310001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Convertible Term Loan2025-12-310001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Common Units2025-12-310001551901Venbrook Buyer, LLC Term Loan B (SBIC)2025-12-310001551901Venbrook Buyer, LLC Term Loan B2025-12-310001551901Venbrook Buyer, LLC Term Loan2025-12-310001551901Venbrook Buyer, LLC Revolver2025-12-310001551901Venbrook Buyer, LLC Delayed Draw Term Loan2025-12-310001551901Valor Buyco, LLC, Valor Holdco LLC Voting Common Units2025-12-310001551901USDTL AcquisitionCo, Inc. USDTL Holdings, LLC Preferred Units2025-12-310001551901Unicat Catalyst Holdings, LLC, Unicat Catalyst LLC Class A-1 Units2025-12-310001551901Unicat Catalyst Holdings, LLC, Unicat Catalyst LLC Class A Units2025-12-310001551901U.S. Expediters, LLC, Cathay Hypnos LLC Units2025-12-310001551901TriplePoint Acquisition Holdings LLC, TriplePoint Holdco LLC Class A Units2025-12-310001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A-1 Units2025-12-310001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A Units2025-12-310001551901Tiger 21, LLC, Tiger 21 Blocker, Inc. Class A-3 Common Stock2025-12-310001551901The Millennium Alliance LLC, BV MA Blocker, Inc. Class A-2 Common Stock2025-12-310001551901The Hardenbergh Group, Inc. BV HGI Holdings, L.P. Class A Units2025-12-310001551901Teckrez, LLC, HH- Techrez Parent LP Preferred Units2025-12-310001551901TAC LifePort Holdings, LLC, Common Units2025-12-310001551901Strategus, LLC, CIVC Strategus Blocker, LLC Class A Units2025-12-310001551901Solid Surface Holdco, LLC, Carolina Topco Holdings, LP Class A-1 Units2025-12-310001551901Simpler Trading, LLC, Trade Education Holdings, LLC, Class A Units2025-12-310001551901Simpler Trading, LLC, Term Loan (SBIC)2025-12-310001551901Simpler Trading, LLC, Simpler Ultiimate Holdings, LLC Class A Units (SBIC)2025-12-310001551901Simpler Trading, LLC, Revolver2025-12-310001551901Simpler Trading, LLC, Preferred Units (SBIC)2025-12-310001551901Sales Benchmark Index, LLC, SBI Holdings Investments LLC Class A Units2025-12-310001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Series A Preferred Shares2025-12-310001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Class A Common Shares2025-12-310001551901RIA Advisory Borrower, LLC, RIA Products Aggregator, LLC Class A Units2025-12-310001551901RIA Advisory Borrower, LLC, RIA Advisory Aggregator, LLC ClassA Units2025-12-310001551901Red's All Natural, LLC Centeotl Co-Invest B, LP Common Units2025-12-310001551901Recharged Opco, LLC, Term Loan2025-12-310001551901Recharged Opco, LLC, Revolver2025-12-310001551901Recharged Opco, LLC, Recharged Holdings, LLC Common Units2025-12-310001551901Recharged Opco, LLC, Priority Revolver Two2025-12-310001551901Recharged Opco, LLC, Priority Revolver Three2025-12-310001551901Recharged Opco, LLC, Priority Revolver Six2025-12-310001551901Recharged Opco, LLC, Priority Revolver One2025-12-310001551901Recharged Opco, LLC, Priority Revolver Four2025-12-310001551901Recharged Opco, LLC, Priority Revolver Five2025-12-310001551901Recharged Opco, LLC, Priority Revolver2025-12-310001551901Recharged Opco, LLC, Delayed Draw Term Loan2025-12-310001551901Pure Upper Holdco LLC, Xanitos Topco, LLC Class A Units2025-12-310001551901Premiere Digital Services, Inc.Premiere Digital Holdings, Inc. Common Stock2025-12-310001551901Plus Delta Buyer LLC, Plus Delta Parent LLC Class A Units2025-12-310001551901Pilot Power Group Acquisition, Inc. BCM Pilot Opportunity Parent, LLC Class A Common Interests2025-12-310001551901Peltram Group Holdings LLC Class A units2025-12-310001551901PCS Software, Inc. PCS Software Parent LLC Class A Common Units2025-12-310001551901PCP MT Aggregator Holdings, L.P. Common Units2025-12-310001551901Pacific Shoring Holdings, LLC, PSP Ultimate Holdings, LP Class A Units2025-12-310001551901Onpoint Industrial Services, LLC, Spearhead Topco, LLC Class A Units2025-12-310001551901NS412, LLC NS Group Holding Company, LLC Class A Units2025-12-310001551901Norplex Micarta Acquisition, Inc., Norplex Micarta Parent, LP Preferred Units2025-12-310001551901NINJO, LLC, NINJIO Holdings, LLC Units2025-12-310001551901NINJIO, LLC Gauge NINJIO Blocker LLC Preferred Units2025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class W-2 Units2025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class W-1 Units2025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class B Units2025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class A-2 Units2025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class A-1 Units2025-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc. Series A-2 Preferred Units2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class I Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class H Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class G Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class F Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class E Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class D Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class C Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class B Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class A Shares2025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class 3 Ordinary Shares2025-12-310001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds2025-12-310001551901Monarch Behavioral Therapy, LLC BI Investors, LLC Class A Units2025-12-310001551901MOM Enterprises, LLC MBliss SPC Holdings, LLC Units2025-12-310001551901Michelli, LLC, SP MWM Holdco LLC Class A Units2025-12-310001551901MBH Management LLC MBH Parent, LLC Common Units2025-12-310001551901Madison Logic Holdings Inc BC Partners Glengarry Co-Investment LP Class 1 Interests2025-12-310001551901MacKenzie Childs Acquisition Inc, MacKenzie-Childs Investment, LP Partnership Interests2025-12-310001551901Lightning Intermediate II, LLC Gauge Vimergy Coinvest, LLC Units2025-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class C Units (SBIC)2025-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units (SBIC)2025-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units2025-12-310001551901J.R. Watkins, LLC, Priority Revolver (SBIC)2025-12-310001551901J.R. Watkins, LLC, J.R. Watkins Ultimate Holdings, LLC Class A Units (SBIC)2025-12-310001551901J.R. Watkins, LLC, Class A Units2025-12-310001551901J.R. Watkins, LLC, Class A Preferred2025-12-310001551901J.R. Watkins, LLC Term Loan (SBIC) Two2025-12-310001551901J.R. Watkins, LLC Term Loan (SBIC)2025-12-310001551901J.R. Watkins, LLC Term Loan2025-12-310001551901J.R. Watkins, LLC Revolver2025-12-310001551901Invincible Boat Company LLC Warbird Parent Holdco, LLC Class A Units2025-12-310001551901International Cybernetics Acquisition, LLC, LP Class B Units2025-12-310001551901Inoapps Bidco, LLC, Inoapps Holdings, LLC Series A-1 Preferred Units2025-12-310001551901Informativ, LLC, Credit Connection Holdings, LLC Series A Units2025-12-310001551901Infolinks Media Buyco, LLC, Term Loan2025-12-310001551901Infolinks Media Buyco, LLC Term Loan (SBIC II)2025-12-310001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A-1 Units2025-12-310001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A Units2025-12-310001551901Identity Theft Guard Solutions, Inc. IDX Parent, LLC Class A-2 Units2025-12-310001551901I2P Holdings, LLC Series A Preferred Units2025-12-310001551901HV Watterson Holdings, LLC Term Loan2025-12-310001551901HV Watterson Holdings, LLC Revolver2025-12-310001551901HV Watterson Holdings, LLC ,HV Watterson Parent, LLC Class A Units2025-12-310001551901HV Watterson Holdings, Delayed Draw Term Loan2025-12-310001551901HV GS Acquisition, LP Class A Interests2025-12-310001551901Husk AcquireCo Inc, SK Spectra Holdings LP Class A Units2025-12-310001551901Guidant Corp Titan Meter Topco LP Class A Units2025-12-310001551901GSF Buyer, LLC GSF Group Holdings, L.P. Class A2 Units2025-12-310001551901GS HVAM Intermediate, LLC Term Loan2025-12-310001551901GS HVAM Intermediate, LLC Revolver2025-12-310001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Series A Preferred Shares2025-12-310001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Class A Common Shares2025-12-310001551901Fidus Systems Inc.Fidus Investments Holdings, L.P. Common Units2025-12-310001551901FairWave Holdings, LLC, GRC Java Holdings, LLC Class A Units2025-12-310001551901Exigo, LLC Gauge Exigo Coinvest, LLC Common Units2025-12-310001551901Exacta Land Surveyors, LLC SP ELS Holdings LLC Class A Units2025-12-310001551901Exacta Land Surveyors, LLC SP EA Holdings LLC Term Loan2025-12-310001551901Evriholder Acquisition, Inc. KEJ Holdings LP Class A Units2025-12-310001551901evolv Consulting, LLC evolv Holdco, LLC Preferred Units2025-12-310001551901Eskola LLC, Eskola Holdings, LLC Class A Units2025-12-310001551901Eskola LLC, Eskola Holdings LLC, Class C Units2025-12-310001551901Environmental Remedies, LLC, ERI Parent Holdings, LLC Class A Units2025-12-310001551901Elliott Aviation, LLC Term Loan 12025-12-310001551901Elliott Aviation, LLC SP EA Holdings LLC Term Loan2025-12-310001551901Elliott Aviation, LLC SP EA Holdings LLC Class A Units2025-12-310001551901Elder Care Opco LLC Rallyday Elder Care Co-Investors LP Partnership Interests2025-12-310001551901EH Real Estate Services, LLC, Term Loan A72025-12-310001551901EH Real Estate Services, LLC, Term Loan A62025-12-310001551901EH Real Estate Services, LLC, Term Loan A52025-12-310001551901EH Real Estate Services, LLC, Term Loan A42025-12-310001551901EH Real Estate Services, LLC, Term Loan A32025-12-310001551901EH Real Estate Services, LLC, Term Loan A22025-12-310001551901EH Real Estate Services, LLC, Term Loan A12025-12-310001551901EH Real Estate Services, LLC, Revolver2025-12-310001551901EH Real Estate Services, LLC, EH Holdco, LLC Common Units2025-12-310001551901EH Real Estate Services, LLC EH Holdco, LLC Series A Preferred Units2025-12-310001551901DTE Holding Company, LLC Class AA Units2025-12-310001551901DTE Holding Company, LLC Class A-2 Units2025-12-310001551901DMD Systems Recovery, LLC Phoenix Parent LLC Common Units2025-12-310001551901DFO Enterprises, LLC DFO Ultimate Holding, LP Class A Units2025-12-310001551901Curion Holdings, LLC SP CS Holdings LLC Class A Units2025-12-310001551901Craftable Intermediate II Inc, Gauge Craftable LP Partnership Interests2025-12-310001551901COPILOT Provider Support Services, LLC QHP Project Captivate Blocker, Inc. Common Stock2025-12-310001551901Compost 360 Acquisition, LLC Compost 360 Investments, LLC Preferred Units2025-12-310001551901Compost 360 Acquisition, LLC Compost 360 Investments, LLC Class A Units2025-12-310001551901CompleteCase, LLC CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)2025-12-310001551901CompleteCase, LLC CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)2025-12-310001551901Complete Case LLC Complete Case Holdings Inc. Series C Preferred Stock2025-12-310001551901Complete Case LLC Complete Case Holdings Inc. Class A Common Stock2025-12-310001551901Champion Services Acquireco LLC Champion Services Holdings LLC Class A-1 Units2025-12-310001551901CF512, Inc. StellPen Holdings, LLC Membership Interests2025-12-310001551901CF Arch Holdings LLC Class A Units2025-12-310001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series B Partner Interests2025-12-310001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series A Partner Interests2025-12-310001551901CEATI International Inc. CEATI Holdings, LP Class A Units2025-12-310001551901Carolinas Buyer, Carolinas Holding, L.P Class A Units2025-12-310001551901Camp Profiles LLC CIVC VI-A 829 Blocker, LLC Units2025-12-310001551901Cafe Valley Inc. CF Topco LLC Units2025-12-310001551901BL Products Parent, L.P. Class A Units2025-12-310001551901Bart and Associates, LLC Bamp;A Partners Holding, LLC Series A Preferred Units2025-12-310001551901Baker Manufacturing Company, LLC BSC Blue Water Holdings, LLC Series A Units (SBIC II)2025-12-310001551901Axis Portable Air, LLC Axis Air Parent, LLC Preferred Units2025-12-310001551901Atmosphere Aggregator Holdings II, L.P. Stratose Aggregator Holdings, L.P. Common Units2025-12-310001551901Atmosphere Aggregator Holdings II, L.P. Common Units2025-12-310001551901Arctiq, Inc., Green Topco Holdings, LLC Class A Units2025-12-310001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units2025-12-310001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units2025-12-310001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Common Units2025-12-310001551901ArborWorks LLC, Revolver2025-12-310001551901APE Holdings, LLC Class A Units2025-12-310001551901Anne Lewis Strategies, LLC, SG AL Investment, LLC Common-A Units2025-12-310001551901Anne Lewis Strategies, LLC SG AL Investment, LLC Common Units2025-12-310001551901Amika OpCo LLC, Oshun Co-Invest-B LP Partnership Interests2025-12-310001551901Amika OpCo LLC, Ishtar Co-Invest-B LP Partnership Interests2025-12-310001551901AMII Acquisition, LLC, AMII Holdings, LP Class B Units2025-12-310001551901American Refrigeration, LLC, AR-USA Holdings, LLC Class A Units2025-12-310001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan Two2025-12-310001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan Three2025-12-310001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan One2025-12-310001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Series B Preferred Interests2025-12-310001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Partner Interests2025-12-310001551901ADS Group Opco, LLC, Priority Revolver (SBIC II)2025-12-310001551901ADS Group Opco, LLC Term Loan (SBIC II)2025-12-310001551901ADS Group Opco, LLC ADS Group Topco, LLC Class Z Units2025-12-310001551901ADS Group Opco, LLC ADS Group Topco, LLC Class Y Units2025-12-310001551901ADS Group Opco, LLC ADS Group Topco, LLC Class D Units2025-12-310001551901ADS Group Opco, LLC ADS Group Topco, LLC Class B Units2025-12-310001551901ADS Group Opco, LLC ADS Group Topco, LLC Class A Units2025-12-310001551901AdCellerant LLC, AdCellerant Holdings, LLC Series A Units2025-12-310001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II)2025-12-310001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Common Stock (SBIC II)2025-12-3100015519012X LLC Investors LP Class A Units2025-12-310001551901VeloSource Purchaser, LLC, Term Loan2026-06-300001551901Valor Buyco, LLC, Term Loan (SBIC II)2026-06-300001551901Valor Buyco, LLC, Delayed Draw Term Loan2026-06-300001551901USDTL AcquisitionCo, Inc. Term Loan (SBIC)2026-06-300001551901USDTL AcquisitionCo, Inc. Revolver2026-06-300001551901U.S. Expediters, LLC, Term Loan2026-06-300001551901TriplePoint Acquisition Holdings LLC, Term Loan One2026-06-300001551901TriplePoint Acquisition Holdings LLC, Term Loan2026-06-300001551901TradePending OpCo Aggregator, LLCTerm Loan (SBIC II) One2026-06-300001551901TradePending OpCo Aggregator, LLC, Term Loan (SBIC II) Two2026-06-300001551901TradePending OpCo Aggregator, LLC, Revolver2026-06-300001551901TradePending OpCo Aggregator, LLC Delayed Draw Term Loan2026-06-300001551901Tiger 21, LLC, Term Loan2026-06-300001551901The Millennium Alliance LLC, Term Loan (SBIC II)2026-06-300001551901The Hardenbergh Group, Inc. Term Loan (SBIC II) One2026-06-300001551901The Hardenbergh Group, Inc. Term Loan (SBIC II)2026-06-300001551901The Hardenbergh Group, Inc. Term Loan2026-06-300001551901Teckrez, LLC, Term Loan2026-06-300001551901Spectra Confectionery Limited Term Loan2026-06-300001551901Solomon Acquisition Co, LLC Term Loan2026-06-300001551901Solid Surface Holdco, LLC, Term Loan2026-06-300001551901Solid Surface Holdco, LLC, Delayed Draw Term Loan2026-06-300001551901Solid Surface Holdco, LLC Revolver2026-06-300001551901Silver Corporate Holdings LLC, Term Loan2026-06-300001551901Silver Corporate Holdings LLC, Revolver2026-06-300001551901Said Intermediate, LLC, Term Loan2026-06-300001551901RIA Advisory Borrower, LLC, Term Loan2026-06-300001551901RIA Advisory Borrower, LLC, Revolver2026-06-300001551901Red's All Natural, LLC Term Loan (SBIC II)2026-06-300001551901Pure Upper Holdco LLC, Term Loan (SBIC II)2026-06-300001551901Precision Strategies, LLC Term Loan2026-06-300001551901Plus Delta Buyer LLC Term Loan2026-06-300001551901Pilot Power Group Acquisition, Inc. Term Loan (SBIC II)2026-06-300001551901Pearl Media Holdings, LLC Term Loan(SBIC II)2026-06-300001551901PCS Software, Inc.Term Loan (SBIC)2026-06-300001551901PCS Software, Inc.Term Loan2026-06-300001551901PCS Software, Inc.Delayed Draw Term Loan2026-06-300001551901PCS Software, Inc. Revolver2026-06-300001551901Pacific Shoring Holdings, LLC, Term Loan2026-06-300001551901OW RSG LLC, Term Loan2026-06-300001551901OW RSG LLC, Revolver2026-06-300001551901Onpoint Industrial Services, LLC, Term Loan (SBIC)2026-06-300001551901NS412, LLC Term Loan2026-06-300001551901Norplex Micarta Acquisition, Inc., Term Loan (SBIC II)2026-06-300001551901Norplex Micarta Acquisition, Inc. Revolver2026-06-300001551901NINJIO, LLC, Term Loan2026-06-300001551901NINJIO, LLC Revolver2026-06-300001551901NINJIO, LLC Delayed Draw Term Loan2026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan (SBIC II)2026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan2026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Revolver2026-06-300001551901Morgan Electrical Group Intermediate Holdings, Inc Term Loan2026-06-300001551901Morgan Electrical Group Intermediate Holdings, Inc Delayed Draw Term Loan2026-06-300001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan2026-06-300001551901Monarch Behavioral Therapy, LLC Term Loan (SBIC I)2026-06-300001551901Monarch Behavioral Therapy Llc Revolver2026-06-300001551901MOM Enterprises, LLC Term Loan (SBIC II)2026-06-300001551901Mobotrex Acquisition, LLC, Term Loan Revolver2026-06-300001551901Mobotrex Acquisition, LLC, Term Loan One2026-06-300001551901Mobotrex Acquisition, LLC, Term Loan2026-06-300001551901Mobotrex Acquisition, LLC, Delayed Draw Term Loan2026-06-300001551901Microbe Formulas LLC Term Loan (SBIC II) One2026-06-300001551901Microbe Formulas LLC Term Loan (SBIC II)2026-06-300001551901Michelli, LLC, Term Loan (SBIC II)2026-06-300001551901Michelli, LLC, Revolver2026-06-300001551901Michelli, LLC Delayed Draw Term Loan2026-06-300001551901MedLearning Group, LLC, Term Loan, Two2026-06-300001551901MedLearning Group, LLC, Term Loan, Three2026-06-300001551901MedLearning Group, LLC, Term Loan, One2026-06-300001551901MedLearning Group, LLC, Term Loan, Four2026-06-300001551901MedLearning Group, LLC Delayed Draw Term Loan2026-06-300001551901MBH Management LLC, Term Loan (SBIC II)2026-06-300001551901Madison Logic, Inc. Term Loan2026-06-300001551901MacKenzie-Childs Acquisition, Inc., Revolver2026-06-300001551901MacKenzie Childs Acquisition Inc, Term Loan2026-06-300001551901Lightning Intermediate II, LLC Term Loan (SBIC)2026-06-300001551901Ledge Lounger, Inc. Term Loan A (SBIC)2026-06-300001551901Ledge Lounger Inc. Revolver2026-06-300001551901Invincible Boat Company LLC Term Loan (SBIC II), One2026-06-300001551901Invincible Boat Company LLC Term Loan (SBIC II)2026-06-300001551901Invincible Boat Company LLC Term Loan2026-06-300001551901Invincible Boat Company LLC Revolver2026-06-300001551901International Cybernetics Acquisition, LLC, Term Loan2026-06-300001551901iNovex Information Systems Incorporated, Term Loan SBIC II2026-06-300001551901Inoapps Bidco, LLC, Term Loan B2026-06-300001551901Inoapps Bidco, LLC, Revolver2026-06-300001551901Inoapps Bidco, LLC, Delayed Draw Term Loan2026-06-300001551901Informativ, LLC, Term Loan (SBIC II), One2026-06-300001551901Informativ, LLC, Term Loan (SBIC II)2026-06-300001551901Infolinks Media Buyco, LLC, Term Loan2026-06-300001551901Infolinks Media Buyco, LLC, Delayed Draw Term Loan2026-06-300001551901Infolinks Media Buyco, LLC Term Loan (SBIC II)2026-06-300001551901Impact Home Services LLC, Term Loan (SBIC) Two2026-06-300001551901Impact Home Services LLC, Term Loan (SBIC) One2026-06-300001551901Impact Home Services LLC, Term Loan (SBIC)2026-06-300001551901Impact Home Services LLC, Revolver2026-06-300001551901Identity Theft Guard Solutions, Inc. Term Loan2026-06-300001551901Guidant Corp, Revolver2026-06-300001551901Guidant Corp Term Loan2026-06-300001551901GS HVAM Intermediate, LLC Term Loan2026-06-300001551901GS HVAM Intermediate, LLC Revolver2026-06-300001551901General LED OPCO, LLC Term Loan2026-06-300001551901FiscalNote Boards LLC Term Loan2026-06-300001551901Fidus Systems Inc.Term Loan2026-06-300001551901FairWave Holdings, LLC, Term Loan (SBIC)2026-06-300001551901FairWave Holdings, LLC, Revolver2026-06-300001551901FairWave Holdings, LLC, Delayed Draw Term Loan Two2026-06-300001551901FairWave Holdings, LLC, Delayed Draw Term Loan2026-06-300001551901FairWave Holdings, LLC Term Loan2026-06-300001551901Exigo, LLC Term Loan2026-06-300001551901Exacta Land Surveyors, LLC Term Loan (SBIC) Two2026-06-300001551901Exacta Land Surveyors, LLC Term Loan (SBIC)2026-06-300001551901Evriholder Acquisition, Inc. Term Loan (SBIC II)2026-06-300001551901evolv Consulting, LLC Term Loan (SBIC)2026-06-300001551901evolv Consulting, LLC Revolver Two2026-06-300001551901evolv Consulting, LLC Revolver one2026-06-300001551901Eskola LLC, Term Loan2026-06-300001551901Environmental Remedies, LLC, Term Loan2026-06-300001551901Elliott Aviation, LLC Term Loan2026-06-300001551901Elliott Aviation, LLC Revolver C (Priority)2026-06-300001551901Elliott Aviation, LLC Revolver B2026-06-300001551901Elliott Aviation, LLC Revolver A2026-06-300001551901Elder Care Opco LLC Term Loan (SBIC II)2026-06-300001551901Elder Care Opco LLC Delayed Draw Term Loan2026-06-300001551901DMD Systems Recovery, LLC Term Loan2026-06-300001551901DMD Systems Recovery, LLC Delayed Draw Term Loan2026-06-300001551901DFO Enterprises, LLC Term Loan (SBIC II)2026-06-300001551901Curion Holdings, LLC Term Loan (SBIC II)2026-06-300001551901Curion Holdings, LLC Revolver2026-06-300001551901Craftable Intermediate II Inc, Term Loan (SBIC II)2026-06-300001551901COPILOT Provider Support Services, LLC Term Loan2026-06-300001551901COPILOT Provider Support Services, LLC Revolver2026-06-300001551901Compost 360 Acquisition, LLC, Term Loan (SBIC II)2026-06-300001551901Compost 360 Acquisition, LLC, Revolver2026-06-300001551901Compost 360 Acquisition, LLC, Delayed Draw Term Loan2026-06-300001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), Two2026-06-300001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), One2026-06-300001551901Channel Partners Intermediateco, LLC, Revolver One2026-06-300001551901Channel Partners Intermediateco, LLC Revolver Two2026-06-300001551901Channel Partners Intermediateco, LLC Revolver Three2026-06-300001551901Channel Partners Intermediateco, LLC Revolver Four2026-06-300001551901Channel Partners Intermediateco, LLC Revolver Five2026-06-300001551901Champion Services Acquireco LLC Term Loan2026-06-300001551901CF512, Inc. Term Loan (SBIC)2026-06-300001551901CF512, Inc. Revolver2026-06-300001551901CF512, Inc. Delayed Draw Term Loan2026-06-300001551901CEATI International Inc. Term Loan One2026-06-300001551901CEATI International Inc. Term Loan2026-06-300001551901Carolinas Buyer, Inc. Term Loan2026-06-300001551901Bart And Associates, LLC, Term Loan (SBIC)2026-06-300001551901Bart amp And Associates, LLC Term Loan (SBIC) One2026-06-300001551901Bart amp And Associates, LLC Delayed Draw Term Loan2026-06-300001551901Axis Portable Air, LLC Term Loan (SBIC II)2026-06-300001551901Axis Portable Air, LLC Delayed Draw Term Loan2026-06-300001551901Axis Portable Air L L C Term Loan (SBIC II) One2026-06-300001551901Axis Portable Air L L C Revolver One2026-06-300001551901Axis Portable Air L L C Revolver2026-06-300001551901ArborWorks LLC, Term Loan2026-06-300001551901Amika OpCo LLC, Term Loan Two2026-06-300001551901Amika OpCo LLC, Term Loan2026-06-300001551901Amika OpCo LLC, Revolver2026-06-300001551901AMII Acquisition, LLC, Term Loan (SBIC II )2026-06-300001551901American Refrigeration, LLC, Term Loan (SBIC)2026-06-300001551901American Refrigeration, LLC, Delayed Draw Term Loan2026-06-300001551901AGT Robotique Inc Term Loan2026-06-300001551901Advanced Barrier Extrusions, LLC Term Loan B (SBIC)2026-06-300001551901Advanced Barrier Extrusions, LLC Term Loan A (SBIC)2026-06-300001551901Advanced Barrier Extrusions, LLC Revolver (SBIC)2026-06-300001551901AdCellerant LLC, Term A Loan (SBIC II)2026-06-300001551901Ad.Net Acquisition, LLC, Term Loan (SBIC II)2026-06-300001551901Ad.Net Acquisition, LLC Revolver, Two2026-06-300001551901Ad.Net Acquisition, LLC Revolver, One2026-06-3000015519012X LLC Term Loan, Two2026-06-3000015519012X LLC Term Loan, Three2026-06-3000015519012X LLC Term Loan, One2026-06-300001551901WER Holdings, LLC, Revolver2025-12-310001551901WER Holdings, LLC Term Loan (SBIC) Two2025-12-310001551901WER Holdings, LLC Term Loan (SBIC)2025-12-310001551901WER Holdings, LLC Delayed Draw Term Loan Two2025-12-310001551901WER Holdings, LLC Delayed Draw Term Loan2025-12-310001551901Valor Buyco, LLC, Term Loan (SBIC II)2025-12-310001551901USDTL AcquisitionCo, Inc. Term Loan (SBIC)2025-12-310001551901USDTL AcquisitionCo, Inc. Revolver2025-12-310001551901U.S. Expediters, LLC, Term Loan2025-12-310001551901TriplePoint Acquisition Holdings LLC, Term Loan One2025-12-310001551901TriplePoint Acquisition Holdings LLC, Term Loan2025-12-310001551901TradePending OpCo Aggregator, LLC, Term Loan (SBIC II) Two2025-12-310001551901TradePending OpCo Aggregator, LLC, Term Loan (SBIC II)2025-12-310001551901TradePending OpCo Aggregator, LLC, Revolver2025-12-310001551901TradePending OpCo Aggregator, LLC Delayed Draw Term Loan2025-12-310001551901Tilley Distribution, Inc.Term Loan One2025-12-310001551901Tilley Distribution, Inc.Term Loan2025-12-310001551901Tilley Distribution, Inc.Revolver2025-12-310001551901Tiger 21, LLC, Term Loan2025-12-310001551901The Millennium Alliance LLC, Term Loan (SBIC II)2025-12-310001551901The Hardenbergh Group, Inc. Term Loan (SBIC II) One2025-12-310001551901The Hardenbergh Group, Inc. Term Loan (SBIC II)2025-12-310001551901The Hardenbergh Group, Inc. Term Loan2025-12-310001551901Teckrez, LLC, Term Loan2025-12-310001551901Teckrez, LLC, Revolver One2025-12-310001551901Teckrez, LLC, Revolver2025-12-310001551901Strategus, LLC, Term Loan2025-12-310001551901Solid Surface Holdco, LLC, Term Loan2025-12-310001551901Solid Surface Holdco, LLC, Delayed Draw Term Loan Two2025-12-310001551901Solid Surface Holdco, LLC, Delayed Draw Term Loan One2025-12-310001551901Solid Surface Holdco, LLC, Delayed Draw Term Loan2025-12-310001551901Sales Benchmark Index, LLC, Term Loan2025-12-310001551901Sales Benchmark Index, LLC, Revolver2025-12-310001551901Said Intermediate, LLC, Term Loan2025-12-310001551901RIA Advisory Borrower, LLC, Term Loan2025-12-310001551901RIA Advisory Borrower, LLC, Revolver2025-12-310001551901Red's All Natural, LLC Term Loan (SBIC II)2025-12-310001551901Pure Upper Holdco LLC, Term Loan (SBIC II)2025-12-310001551901Premiere Digital Services, Inc.Term Loan2025-12-310001551901Plus Delta Buyer LLC Term Loan2025-12-310001551901Pilot Power Group Acquisition, Inc. Term Loan (SBIC II)2025-12-310001551901Pearl Media Holdings, LLC Term Loan(SBIC II)2025-12-310001551901PCS Software, Inc.Term Loan (SBIC)2025-12-310001551901PCS Software, Inc.Term Loan2025-12-310001551901PCS Software, Inc.Delayed Draw Term Loan2025-12-310001551901PCS Software, Inc. Revolver2025-12-310001551901Pacific Shoring Holdings, LLC, Term Loan2025-12-310001551901Onpoint Industrial Services, LLC, Term Loan (SBIC)2025-12-310001551901NS412, LLC Term Loan2025-12-310001551901Norplex Micarta Acquisition, Inc., Term Loan (SBIC II)2025-12-310001551901Norplex Micarta Acquisition, Inc. Revolver2025-12-310001551901NINJIO, LLC, Term Loan2025-12-310001551901NINJIO, LLC Delayed Draw Term Loan2025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan (SBIC II)2025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan2025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Revolver2025-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc Term Loan2025-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc Delayed Draw Term Loan2025-12-310001551901Monitorus Holding, LLC, Delayed Draw Term Loan2025-12-310001551901Monitorus Holding, LLC Term Loan Two2025-12-310001551901Monitorus Holding, LLC Term Loan One2025-12-310001551901Monitorus Holding, LLC Revolver2025-12-310001551901Monarch Behavioral Therapy, LLC, Revolver Two2025-12-310001551901Monarch Behavioral Therapy, LLC, Revolver Three2025-12-310001551901Monarch Behavioral Therapy, LLC, Revolver One2025-12-310001551901Monarch Behavioral Therapy, LLC, Revolver Four2025-12-310001551901Monarch Behavioral Therapy, LLC Term Loan (SBIC)2025-12-310001551901MOM Enterprises, LLC Term Loan (SBIC II)2025-12-310001551901Mobotrex Acquisition, LLC, Term Loan Revolver One2025-12-310001551901Mobotrex Acquisition, LLC, Term Loan Revolver2025-12-310001551901Mobotrex Acquisition, LLC, Term Loan One2025-12-310001551901Mobotrex Acquisition, LLC, Term Loan2025-12-310001551901Mobotrex Acquisition, LLC, Delayed Draw Term Loan2025-12-310001551901Microbe Formulas LLC Term Loan (SBIC II) One2025-12-310001551901Microbe Formulas LLC Term Loan (SBIC II)2025-12-310001551901Michelli, LLC, Term Loan (SBIC II)2025-12-310001551901Michelli, LLC Delayed Draw Term Loan2025-12-310001551901MedLearning Group, LLC, Term Loan Two2025-12-310001551901MedLearning Group, LLC, Term Loan Three2025-12-310001551901MedLearning Group, LLC, Term Loan one2025-12-310001551901MedLearning Group, LLC, Term Loan Four2025-12-310001551901MedLearning Group, LLC Delayed Draw Term Loan2025-12-310001551901MBH Management LLC Term Loan (SBIC II)2025-12-310001551901Madison Logic, Inc. Term Loan Two2025-12-310001551901Madison Logic, Inc. Term Loan One2025-12-310001551901MacKenzie Childs Acquisition Inc, Term Loan2025-12-310001551901Luxium Solutions, LLC Term Loan (SBIC)2025-12-310001551901Luxium Solutions, LLC Delayed Draw Term Loan2025-12-310001551901Lightning Intermediate II, LLC Term Loan (SBIC)2025-12-310001551901Ledge Lounger, Inc. Term Loan A (SBIC)2025-12-310001551901Ledge Lounger Inc. Revolver2025-12-310001551901Invincible Boat Company LLC Term Loan (SBIC II), One2025-12-310001551901Invincible Boat Company LLC Term Loan (SBIC II)2025-12-310001551901Invincible Boat Company LLC Term Loan2025-12-310001551901Invincible Boat Company LLC Revolver2025-12-310001551901International Cybernetics Acquisition, LLC, Term Loan2025-12-310001551901iNovex Information Systems Incorporated, Term Loan SBIC II2025-12-310001551901iNovex Information Systems Incorporated, Revolver One2025-12-310001551901iNovex Information Systems Incorporated, Revolver2025-12-310001551901Inoapps Bidco, LLC, Term Loan B2025-12-310001551901Inoapps Bidco, LLC, Revolver2025-12-310001551901Inoapps Bidco, LLC, Delayed Draw Term Loan2025-12-310001551901Informativ, LLC, Term Loan (SBIC II), One2025-12-310001551901Informativ, LLC, Term Loan (SBIC II)2025-12-310001551901Infolinks Media Buyco, LLC, Delayed Draw Term Loan2025-12-310001551901Impact Home Services LLC, Term Loan (SBIC) Two2025-12-310001551901Impact Home Services LLC, Term Loan (SBIC) One2025-12-310001551901Impact Home Services LLC, Term Loan (SBIC)2025-12-310001551901Impact Home Services LLC, Revolver2025-12-310001551901Identity Theft Guard Solutions, Inc. Term Loan2025-12-310001551901Husk AcquireCo Inc, Term Loan2025-12-310001551901Guidant Corp, Revolver2025-12-310001551901Guidant Corp Term Loan2025-12-310001551901GSF Buyer, LLC Term Loan2025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien Two2025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien Three2025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien One2025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien Four2025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien Five2025-12-310001551901General LED OPCO, LLC Term Loan2025-12-310001551901FiscalNote Boards LLC Term Loan2025-12-310001551901Fidus Systems Inc.Term Loan2025-12-310001551901FairWave Holdings, LLC, Term Loan (SBIC)2025-12-310001551901FairWave Holdings, LLC, Revolver2025-12-310001551901FairWave Holdings, LLC, Delayed Draw Term Loan2025-12-310001551901FairWave Holdings, LLC Term Loan2025-12-310001551901Exigo, LLC Term Loan2025-12-310001551901Exacta Land Surveyors, LLC Term Loan (SBIC) Two2025-12-310001551901Exacta Land Surveyors, LLC Term Loan (SBIC)2025-12-310001551901Evriholder Acquisition, Inc. Term Loan (SBIC II)2025-12-310001551901evolv Consulting, LLC Term Loan (SBIC)2025-12-310001551901Eskola LLC, Term Loan2025-12-310001551901Eskola LLC, Delayed Draw Term Loan2025-12-310001551901Equine Network, LLC, TermA Loan (SBIC)2025-12-310001551901Equine Network, LLC, Term A Loan2025-12-310001551901Equine Network, LLC, Revolver2025-12-310001551901Equine Network, LLC, Delayed Draw Term Loan2025-12-310001551901Environmental Remedies, LLC, Term Loan2025-12-310001551901Elliott Aviation, LLC Term Loan2025-12-310001551901Elliott Aviation, LLC Revolver C (Priority)2025-12-310001551901Elliott Aviation, LLC Revolver B2025-12-310001551901Elliott Aviation, LLC Revolver A2025-12-310001551901Elder Care Opco LLC Term Loan (SBIC II)2025-12-310001551901DMD Systems Recovery, LLC Term Loan2025-12-310001551901DFO Enterprises, LLC Term Loan (SBIC II)2025-12-310001551901Curion Holdings, LLC Term Loan (SBIC II)2025-12-310001551901Curion Holdings, LLC Revolver2025-12-310001551901Craftable Intermediate II Inc. Revolver2025-12-310001551901Craftable Intermediate II Inc, Term Loan (SBIC II)2025-12-310001551901COPILOT Provider Support Services, LLC Term Loan2025-12-310001551901Compost 360 Acquisition, LLC, Term Loan (SBIC II)2025-12-310001551901Compost 360 Acquisition, LLC, Revolver2025-12-310001551901Compost 360 Acquisition, LLC, Delayed Draw Term Loan2025-12-310001551901Compost 360 Acquisition, LLC Revolver One2025-12-310001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), Two2025-12-310001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), One2025-12-310001551901Channel Partners Intermediateco, LLC, Revolver2025-12-310001551901Channel Partners Intermediateco, LLC Revolver Two2025-12-310001551901Channel Partners Intermediateco, LLC Revolver Three2025-12-310001551901Channel Partners Intermediateco, LLC Revolver Four2025-12-310001551901Channel Partners Intermediateco, LLC Revolver Five2025-12-310001551901Champion Services Acquireco LLC Term Loan2025-12-310001551901CF512, Inc. Term Loan (SBIC)2025-12-310001551901CF512, Inc. Revolver2025-12-310001551901CF512, Inc. Delayed Draw Term Loan2025-12-310001551901Cerebro Buyer, LLC Term Loan Term Loan2025-12-310001551901CEATI International Inc. Term Loan Two2025-12-310001551901CEATI International Inc. Term Loan2025-12-310001551901Carolinas Buyer, Inc. Term Loan2025-12-310001551901Camp Profiles LLC Term Loan (SBIC) Two2025-12-310001551901Camp Profiles LLC Term Loan (SBIC)2025-12-310001551901Bart And Associates, LLC, Term Loan (SBIC)2025-12-310001551901Bart and Associates, LLC Delayed Draw Term Loan2025-12-310001551901Axis Portable Air, LLC Term Loan (SBIC II)2025-12-310001551901Axis Portable Air, LLC Delayed Draw Term Loan2025-12-310001551901Axis Portable Air L L C Term Loan (SBIC II) One2025-12-310001551901Arctiq, Inc., Term Loan2025-12-310001551901Arctiq, Inc, Term Loan Two2025-12-310001551901Arctiq, Inc, Delayed Draw Term Loan2025-12-310001551901ArborWorks LLC, Term Loan2025-12-310001551901Amika OpCo LLC, Term Loan Two2025-12-310001551901Amika OpCo LLC, Term Loan2025-12-310001551901AMII Acquisition, LLC, Term Loan (SBIC II )2025-12-310001551901American Refrigeration, LLC, Term Loan (SBIC)2025-12-310001551901American Refrigeration, LLC, Delayed Draw Term Loan2025-12-310001551901AGT Robotique Inc Term Loan2025-12-310001551901Advanced Barrier Extrusions, LLC Term Loan B (SBIC)2025-12-310001551901Advanced Barrier Extrusions, LLC Term Loan A (SBIC)2025-12-310001551901Advanced Barrier Extrusions, LLC Revolver (SBIC)2025-12-310001551901AdCellerant LLC, Term A Loan (SBIC II)2025-12-310001551901Ad.Net Acquisition, LLC, Term Loan (SBIC II)2025-12-3100015519012X LLC, Revolver2025-12-3100015519012X LLC Term Loan, Two2025-12-3100015519012X LLC Term Loan, Three2025-12-3100015519012X LLC Term Loan, One2025-12-310001551901Whisps Holdings LP Class A-1 Units2026-01-012026-06-300001551901Whisps Holdings LP Class A Units2026-01-012026-06-300001551901WER Holdings, LLC, Revolver One2026-01-012026-06-300001551901WER Holdings, LLC, Revolver2026-01-012026-06-300001551901WER Holdings, LLC Term Loan (SBIC) One2026-01-012026-06-300001551901WER Holdings, LLC Term Loan (SBIC)2026-01-012026-06-300001551901WER Holdings, LLC Delayed Draw Term Loan One2026-01-012026-06-300001551901WER Holdings, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901WER Holdings, LLC Blade Landscape Investments, LLC Class A Units2026-01-012026-06-300001551901Watterson Renewalco Holdings, LLC, Preferred Units2026-01-012026-06-300001551901Watterson Renewalco Holdings, LLC, Common Units2026-01-012026-06-300001551901Venbrook Buyer, LLC, Term Loan (SBIC) Two2026-01-012026-06-300001551901Venbrook Buyer, LLC, Term Loan (SBIC) One2026-01-012026-06-300001551901Venbrook Buyer, LLC, Term Loan (SBIC)2026-01-012026-06-300001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Convertible Term Loan2026-01-012026-06-300001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Common Units2026-01-012026-06-300001551901Venbrook Buyer, LLC Term Loan Two2026-01-012026-06-300001551901Venbrook Buyer, LLC Term Loan Three2026-01-012026-06-300001551901Venbrook Buyer, LLC Term Loan One2026-01-012026-06-300001551901Venbrook Buyer, LLC Term Loan Four2026-01-012026-06-300001551901Venbrook Buyer, LLC Term Loan B (SBIC)2026-01-012026-06-300001551901Venbrook Buyer, LLC Term Loan B2026-01-012026-06-300001551901Venbrook Buyer, LLC Term Loan2026-01-012026-06-300001551901Venbrook Buyer, LLC Revolver2026-01-012026-06-300001551901Venbrook Buyer, LLC Delayed Draw Term Loan One2026-01-012026-06-300001551901Venbrook Buyer, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901VeloSource Purchaser, LLC, Term Loan2026-01-012026-06-300001551901VeloSource Purchaser, LLC, Interlock VS Investco, LP Partnership Interests2026-01-012026-06-300001551901Valor Buyco, LLC, Valor Holdco LLC Voting Common Units2026-01-012026-06-300001551901Valor Buyco, LLC, Term Loan (SBIC II)2026-01-012026-06-300001551901Valor Buyco, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901USDTL AcquisitionCo, Inc. USDTL Holdings, LLC Preferred Units2026-01-012026-06-300001551901USDTL AcquisitionCo, Inc. Term Loan (SBIC)2026-01-012026-06-300001551901USDTL AcquisitionCo, Inc. Revolver2026-01-012026-06-300001551901Unicat Catalyst Holdings, LLC, Unicat Catalyst LLC Class A-1 Units2026-01-012026-06-300001551901Unicat Catalyst Holdings, LLC, Unicat Catalyst LLC Class A Units2026-01-012026-06-300001551901U.S. Expediters, LLC, Term Loan2026-01-012026-06-300001551901U.S. Expediters, LLC, Cathay Hypnos LLC Units2026-01-012026-06-300001551901TriplePoint Acquisition Holdings LLC, TriplePoint Holdco LLC Class A Units2026-01-012026-06-300001551901TriplePoint Acquisition Holdings LLC, Term Loan One2026-01-012026-06-300001551901TriplePoint Acquisition Holdings LLC, Term Loan2026-01-012026-06-300001551901TradePending OpCo Aggregator, LLCTerm Loan (SBIC II) One2026-01-012026-06-300001551901TradePending OpCo Aggregator, LLC, Term Loan (SBIC II) Two2026-01-012026-06-300001551901TradePending OpCo Aggregator, LLC, Revolver2026-01-012026-06-300001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A-1 Units2026-01-012026-06-300001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A Units2026-01-012026-06-300001551901TradePending OpCo Aggregator, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901Tiger 21, LLC, Tiger 21 Blocker, Inc. Class A-3 Common Stock2026-01-012026-06-300001551901Tiger 21, LLC, Term Loan2026-01-012026-06-300001551901The Millennium Alliance LLC, Term Loan (SBIC II)2026-01-012026-06-300001551901The Millennium Alliance LLC, BV MA Blocker, Inc. Class A-2 Common Stock2026-01-012026-06-300001551901The Hardenbergh Group, Inc. Term Loan (SBIC II) One2026-01-012026-06-300001551901The Hardenbergh Group, Inc. Term Loan (SBIC II)2026-01-012026-06-300001551901The Hardenbergh Group, Inc. Term Loan2026-01-012026-06-300001551901The Hardenbergh Group, Inc. BV HGI Holdings, L.P. Class A Units2026-01-012026-06-300001551901Teckrez, LLC, Term Loan2026-01-012026-06-300001551901Teckrez, LLC, HH- Techrez Parent LP Preferred Units2026-01-012026-06-300001551901TAC LifePort Holdings, LLC, Common Units2026-01-012026-06-300001551901Synergy Health Partners MSO, LLC Term Loan2026-01-012026-06-300001551901Synergy Health Partners MSO, LLC Synergy Health Partners Holdings, LLC Common Units2026-01-012026-06-300001551901Synergy Health Partners MSO, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901Strategus, LLC, Term Loan2026-01-012026-06-300001551901Strategus, LLC, CIVC Strategus Blocker, LLC Class A Units2026-01-012026-06-300001551901Strategus, LLC Revolver2026-01-012026-06-300001551901Spectra Confectionery Limited Term Loan2026-01-012026-06-300001551901Spectra Confectionery Limited SK Spectra Holdings LP Class A Units2026-01-012026-06-300001551901Solomon Acquisition Co, LLC Term Loan2026-01-012026-06-300001551901Solomon Acquisition Co, LLC Solomon HoldCo, LLC Common Units2026-01-012026-06-300001551901Solid Surface Holdco, LLC, Term Loan2026-01-012026-06-300001551901Solid Surface Holdco, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901Solid Surface Holdco, LLC, Carolina Topco Holdings, LP Class A-1 Units2026-01-012026-06-300001551901Solid Surface Holdco, LLC Revolver2026-01-012026-06-300001551901Simpler Trading, LLC, Simpler Ultiimate Holdings, LLC Class A Units (SBIC)2026-01-012026-06-300001551901Silver Corporate Holdings LLC, Term Loan2026-01-012026-06-300001551901Silver Corporate Holdings LLC, Silver Parent LLC Class A Units2026-01-012026-06-300001551901Silver Corporate Holdings LLC, Revolver2026-01-012026-06-300001551901Said Intermediate, LLC, Term Loan2026-01-012026-06-300001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Series A Preferred Shares2026-01-012026-06-300001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Class A Common Shares2026-01-012026-06-300001551901RIA Advisory Borrower, LLC, Term Loan2026-01-012026-06-300001551901RIA Advisory Borrower, LLC, RIA Products Aggregator, LLC Class A Units2026-01-012026-06-300001551901RIA Advisory Borrower, LLC, RIA Advisory Aggregator, LLC ClassA Units2026-01-012026-06-300001551901RIA Advisory Borrower, LLC, Revolver2026-01-012026-06-300001551901Red's All Natural, LLC Term Loan (SBIC II)2026-01-012026-06-300001551901Red's All Natural, LLC Centeotl Co-Invest B, LP Common Units2026-01-012026-06-300001551901Recharged Opco, LLC, Recharged Holdings, LLC Common Units2026-01-012026-06-300001551901Recharged Opco, LLC, Priority Revolver Two2026-01-012026-06-300001551901Recharged Opco, LLC, Priority Revolver Three2026-01-012026-06-300001551901Recharged Opco, LLC, Priority Revolver Six2026-01-012026-06-300001551901Recharged Opco, LLC, Priority Revolver One2026-01-012026-06-300001551901Recharged Opco, LLC, Priority Revolver Four2026-01-012026-06-300001551901Recharged Opco, LLC, Priority Revolver Five2026-01-012026-06-300001551901Recharged Opco, LLC, Priority Revolver2026-01-012026-06-300001551901Pure Upper Holdco LLC, Xanitos Topco, LLC Class A Units2026-01-012026-06-300001551901Pure Upper Holdco LLC, Term Loan (SBIC II)2026-01-012026-06-300001551901Premiere Digital Services, Inc.Premiere Digital Holdings, Inc. Common Stock2026-01-012026-06-300001551901Precision Strategies, LLC Term Loan2026-01-012026-06-300001551901Plus Delta Buyer LLC, Plus Delta Parent LLC Class A Units2026-01-012026-06-300001551901Plus Delta Buyer LLC Term Loan2026-01-012026-06-300001551901Pilot Power Group Acquisition, Inc. Term Loan (SBIC II)2026-01-012026-06-300001551901Pilot Power Group Acquisition, Inc. BCM Pilot Opportunity Parent, LLC Class A Common Interests2026-01-012026-06-300001551901Peltram Group Holdings LLC Class A units2026-01-012026-06-300001551901Pearl Media Holdings, LLC Term Loan(SBIC II)2026-01-012026-06-300001551901PCS Software, Inc.Term Loan (SBIC)2026-01-012026-06-300001551901PCS Software, Inc.Term Loan2026-01-012026-06-300001551901PCS Software, Inc.Delayed Draw Term Loan2026-01-012026-06-300001551901PCS Software, Inc. Revolver2026-01-012026-06-300001551901PCS Software, Inc. PCS Software Parent LLC Class A Common Units2026-01-012026-06-300001551901PCP MT Aggregator Holdings, L.P. Common Units2026-01-012026-06-300001551901Pacific Shoring Holdings, LLC, Term Loan2026-01-012026-06-300001551901Pacific Shoring Holdings, LLC, PSP Ultimate Holdings, LP Class A Units2026-01-012026-06-300001551901OW RSG LLC, THRM Brands Holdings, LLC Class A Units2026-01-012026-06-300001551901OW RSG LLC, Term Loan2026-01-012026-06-300001551901OW RSG LLC, Revolver2026-01-012026-06-300001551901Onpoint Industrial Services, LLC, Term Loan (SBIC)2026-01-012026-06-300001551901Onpoint Industrial Services, LLC, Spearhead Topco, LLC Class A Units2026-01-012026-06-300001551901NS412, LLC Term Loan2026-01-012026-06-300001551901NS412, LLC NS Group Holding Company, LLC Class A Units2026-01-012026-06-300001551901Norplex Micarta Acquisition, Inc., Term Loan (SBIC II)2026-01-012026-06-300001551901Norplex Micarta Acquisition, Inc., Norplex Micarta Parent, LP Preferred Units2026-01-012026-06-300001551901Norplex Micarta Acquisition, Inc. Revolver2026-01-012026-06-300001551901NINJO, LLC, NINJIO Holdings, LLC Units2026-01-012026-06-300001551901NINJIO, LLC, Term Loan2026-01-012026-06-300001551901NINJIO, LLC Revolver2026-01-012026-06-300001551901NINJIO, LLC Gauge NINJIO Blocker LLC Preferred Units2026-01-012026-06-300001551901NINJIO, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan (SBIC II)2026-01-012026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan2026-01-012026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Revolver2026-01-012026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class W-2 Units2026-01-012026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class W-1 Units2026-01-012026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class B Units2026-01-012026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class A-2 Units2026-01-012026-06-300001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class A-1 Units2026-01-012026-06-300001551901Morgan Electrical Group Intermediate Holdings, Inc. Morgan Electrical Group Holdings, LLC Series A-2 Preferred Units2026-01-012026-06-300001551901Morgan Electrical Group Intermediate Holdings, Inc Term Loan2026-01-012026-06-300001551901Morgan Electrical Group Intermediate Holdings, Inc Delayed Draw Term Loan2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class I Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class H Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class G Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class F Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class E Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class D Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class C Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class B Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class A Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class 3 Ordinary Shares2026-01-012026-06-300001551901Monitorus Holding, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901Monitorus Holding, LLC Term Loan2026-01-012026-06-300001551901Monitorus Holding, LLC Revolver2026-01-012026-06-300001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901Monarch Behavioral Therapy, LLC, Convertible Promissory Note2026-01-012026-06-300001551901Monarch Behavioral Therapy, LLC Term Loan (SBIC I)2026-01-012026-06-300001551901Monarch Behavioral Therapy, LLC BI Investors, LLC Class A Units2026-01-012026-06-300001551901Monarch Behavioral Therapy Llc Revolver2026-01-012026-06-300001551901MOM Enterprises, LLC Term Loan (SBIC II)2026-01-012026-06-300001551901MOM Enterprises, LLC MBliss SPC Holdings, LLC Units2026-01-012026-06-300001551901Mobotrex Acquisition, LLC, Term Loan Revolver2026-01-012026-06-300001551901Mobotrex Acquisition, LLC, Term Loan One2026-01-012026-06-300001551901Mobotrex Acquisition, LLC, Term Loan2026-01-012026-06-300001551901Mobotrex Acquisition, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901Microbe Formulas LLC Term Loan (SBIC II) One2026-01-012026-06-300001551901Microbe Formulas LLC Term Loan (SBIC II)2026-01-012026-06-300001551901Michelli, LLC, Term Loan (SBIC II)2026-01-012026-06-300001551901Michelli, LLC, SP MWM Holdco LLC Class A Units2026-01-012026-06-300001551901Michelli, LLC, Revolver2026-01-012026-06-300001551901Michelli, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901MedLearning Group, LLC, Term Loan, Two2026-01-012026-06-300001551901MedLearning Group, LLC, Term Loan, Three2026-01-012026-06-300001551901MedLearning Group, LLC, Term Loan, One2026-01-012026-06-300001551901MedLearning Group, LLC, Term Loan, Four2026-01-012026-06-300001551901MedLearning Group, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901MBH Management LLC, Term Loan (SBIC II)2026-01-012026-06-300001551901MBH Management LLC, MBH Parent, LLC Common Units2026-01-012026-06-300001551901Madison Logic, Inc. Term Loan2026-01-012026-06-300001551901Madison Logic Holdings, Inc.BC Partners Glengarry Co-Investment LP Class 1 Interests2026-01-012026-06-300001551901MacKenzie-Childs Acquisition, Inc., Revolver2026-01-012026-06-300001551901MacKenzie Childs Acquisition Inc, Term Loan2026-01-012026-06-300001551901MacKenzie Childs Acquisition Inc, MacKenzie-Childs Investment, LP Partnership Interests2026-01-012026-06-300001551901Lightning Intermediate II, LLC Term Loan (SBIC)2026-01-012026-06-300001551901Lightning Intermediate II, LLC Gauge Vimergy Coinvest, LLC Units2026-01-012026-06-300001551901Ledge Lounger, Inc. Term Loan A (SBIC)2026-01-012026-06-300001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class C Units (SBIC)2026-01-012026-06-300001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units (SBIC)2026-01-012026-06-300001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units2026-01-012026-06-300001551901Ledge Lounger Inc. Revolver2026-01-012026-06-300001551901J.R. Watkins, LLC, Priority Revolver (SBIC)2026-01-012026-06-300001551901J.R. Watkins, LLC, J.R. Watkins Ultimate Holdings, LLC Class A Units (SBIC)2026-01-012026-06-300001551901J.R. Watkins, LLC Term Loan (SBIC) Two2026-01-012026-06-300001551901J.R. Watkins, LLC Term Loan (SBIC)2026-01-012026-06-300001551901Invincible Boat Company LLC Warbird Parent Holdco, LLC Class A Units2026-01-012026-06-300001551901Invincible Boat Company LLC Term Loan (SBIC II), One2026-01-012026-06-300001551901Invincible Boat Company LLC Term Loan (SBIC II)2026-01-012026-06-300001551901Invincible Boat Company LLC Term Loan2026-01-012026-06-300001551901Invincible Boat Company LLC Revolver2026-01-012026-06-300001551901International Cybernetics Acquisition, LLC, Term Loan2026-01-012026-06-300001551901International Cybernetics Acquisition, LLC, International Cybernetics Holdings, LP Class B Units2026-01-012026-06-300001551901iNovex Information Systems Incorporated, Term Loan SBIC II2026-01-012026-06-300001551901Inoapps Bidco, LLC, Term Loan B2026-01-012026-06-300001551901Inoapps Bidco, LLC, Revolver2026-01-012026-06-300001551901Inoapps Bidco, LLC, Inoapps Holdings, LLC Series A-1 Preferred Units2026-01-012026-06-300001551901Inoapps Bidco, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901Informativ, LLC, Term Loan (SBIC II), One2026-01-012026-06-300001551901Informativ, LLC, Term Loan (SBIC II)2026-01-012026-06-300001551901Informativ, LLC, Credit Connection Holdings, LLC Series A Units2026-01-012026-06-300001551901Infolinks Media Buyco, LLC, Term Loan2026-01-012026-06-300001551901Infolinks Media Buyco, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901Infolinks Media Buyco, LLC Tower Arch Infolinks Media, LP LP Interests2026-01-012026-06-300001551901Infolinks Media Buyco, LLC Term Loan (SBIC II)2026-01-012026-06-300001551901Impact Home Services LLC, Term Loan (SBIC) Two2026-01-012026-06-300001551901Impact Home Services LLC, Term Loan (SBIC) One2026-01-012026-06-300001551901Impact Home Services LLC, Term Loan (SBIC)2026-01-012026-06-300001551901Impact Home Services LLC, Revolver2026-01-012026-06-300001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A-1 Units2026-01-012026-06-300001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A Units2026-01-012026-06-300001551901Identity Theft Guard Solutions, Inc. Term Loan2026-01-012026-06-300001551901Identity Theft Guard Solutions, Inc. IDX Parent, LLC Class A-2 Units2026-01-012026-06-300001551901I2P Holdings, LLC Series A Preferred Units2026-01-012026-06-300001551901Guidant Corp, Revolver2026-01-012026-06-300001551901Guidant Corp Titan Meter Topco LP Class A Units2026-01-012026-06-300001551901Guidant Corp Term Loan2026-01-012026-06-300001551901GSF Buyer, LLC Term Loan2026-01-012026-06-300001551901GSF Buyer, LLC GSF Group Holdings, L.P. Class A2 Units2026-01-012026-06-300001551901GS HVAM Intermediate, LLC, HV GS Acquisition, LP Class A Interests2026-01-012026-06-300001551901GS HVAM Intermediate, LLC Term Loan2026-01-012026-06-300001551901GS HVAM Intermediate, LLC Revolver2026-01-012026-06-300001551901General LED OPCO, LLC Term Loan2026-01-012026-06-300001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Series A Preferred Shares2026-01-012026-06-300001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Class A Common Shares2026-01-012026-06-300001551901FiscalNote Boards LLC Term Loan2026-01-012026-06-300001551901Fidus Systems Inc.Term Loan2026-01-012026-06-300001551901Fidus Systems Inc.Fidus Investments Holdings, L.P. Common Units2026-01-012026-06-300001551901FairWave Holdings, LLC, Term Loan (SBIC)2026-01-012026-06-300001551901FairWave Holdings, LLC, Revolver2026-01-012026-06-300001551901FairWave Holdings, LLC, GRC Java Holdings, LLC Class A Units2026-01-012026-06-300001551901FairWave Holdings, LLC, Delayed Draw Term Loan Two2026-01-012026-06-300001551901FairWave Holdings, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901FairWave Holdings, LLC Term Loan2026-01-012026-06-300001551901Exigo, LLC Term Loan2026-01-012026-06-300001551901Exigo, LLC Gauge Exigo Coinvest, LLC Common Units2026-01-012026-06-300001551901Exacta Land Surveyors, LLC Term Loan (SBIC) Two2026-01-012026-06-300001551901Exacta Land Surveyors, LLC Term Loan (SBIC)2026-01-012026-06-300001551901Exacta Land Surveyors, LLC SP ELS Holdings LLC Class A Units2026-01-012026-06-300001551901Exacta Land Surveyors, LLC SP EA Holdings LLC Term Loan2026-01-012026-06-300001551901Evriholder Acquisition, Inc. Term Loan (SBIC II)2026-01-012026-06-300001551901Evriholder Acquisition, Inc. KEJ Holdings LP Class A Units2026-01-012026-06-300001551901evolv Consulting, LLC Term Loan (SBIC)2026-01-012026-06-300001551901evolv Consulting, LLC Revolver Two2026-01-012026-06-300001551901evolv Consulting, LLC Revolver one2026-01-012026-06-300001551901evolv Consulting, LLC evolv Holdco, LLC Preferred Units2026-01-012026-06-300001551901Eskola LLC, Term Loan2026-01-012026-06-300001551901Eskola LLC, Eskola Holdings, LLC Class A Units2026-01-012026-06-300001551901Eskola LLC, Eskola Holdings LLC, Class D Units2026-01-012026-06-300001551901Eskola LLC, Eskola Holdings LLC, Class C Units2026-01-012026-06-300001551901Eskola LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901Environmental Remedies, LLC, Term Loan2026-01-012026-06-300001551901Environmental Remedies, LLC, ERI Parent Holdings, LLC Class A Units2026-01-012026-06-300001551901Elliott Aviation, LLC Term Loan 12026-01-012026-06-300001551901Elliott Aviation, LLC Term Loan2026-01-012026-06-300001551901Elliott Aviation, LLC SP EA Holdings LLC Term Loan2026-01-012026-06-300001551901Elliott Aviation, LLC SP EA Holdings LLC Class A Units2026-01-012026-06-300001551901Elliott Aviation, LLC Revolver C (Priority)2026-01-012026-06-300001551901Elliott Aviation, LLC Revolver B2026-01-012026-06-300001551901Elliott Aviation, LLC Revolver A2026-01-012026-06-300001551901Elder Care Opco LLC Term Loan (SBIC II)2026-01-012026-06-300001551901Elder Care Opco LLC Rallyday Elder Care Co-Investors LP Partnership Interests2026-01-012026-06-300001551901Elder Care Opco LLC Delayed Draw Term Loan2026-01-012026-06-300001551901EH Real Estate Services, LLC, EH Holdco, LLC Common Units2026-01-012026-06-300001551901EH Real Estate Services, LLC EH Holdco, LLC Series A Preferred Units2026-01-012026-06-300001551901DTE Holding Company, LLC Class AA Units2026-01-012026-06-300001551901DTE Holding Company, LLC Class A-2 Units2026-01-012026-06-300001551901DMD Systems Recovery, LLC Term Loan2026-01-012026-06-300001551901DMD Systems Recovery, LLC Phoenix Parent LLC Common Units2026-01-012026-06-300001551901DMD Systems Recovery, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901DFO Enterprises, LLC Term Loan (SBIC II)2026-01-012026-06-300001551901DFO Enterprises, LLC DFO Ultimate Holding, LP Class A Units2026-01-012026-06-300001551901Curion Holdings, LLC Term Loan (SBIC II)2026-01-012026-06-300001551901Curion Holdings, LLC SP CS Holdings LLC Class A Units2026-01-012026-06-300001551901Curion Holdings, LLC Revolver2026-01-012026-06-300001551901Craftable Intermediate II Inc, Term Loan (SBIC II)2026-01-012026-06-300001551901Craftable Intermediate II Inc, Gauge Craftable LP Partnership Interests2026-01-012026-06-300001551901COPILOT Provider Support Services, LLC Term Loan2026-01-012026-06-300001551901COPILOT Provider Support Services, LLC Revolver2026-01-012026-06-300001551901COPILOT Provider Support Services, LLC QHP Project Captivate Blocker, Inc. Common Stock2026-01-012026-06-300001551901Compost 360 Acquisition, LLC, Term Loan (SBIC II)2026-01-012026-06-300001551901Compost 360 Acquisition, LLC, Revolver2026-01-012026-06-300001551901Compost 360 Acquisition, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901Compost 360 Acquisition, LLC Compost 360 Investments, LLC Preferred Units2026-01-012026-06-300001551901Compost 360 Acquisition, LLC Compost 360 Investments, LLC Class A Units2026-01-012026-06-300001551901CompleteCase, LLC CompleteCase Holdings, Inc. Series A Preferred Stock (SBIC II)2026-01-012026-06-300001551901CompleteCase, LLC CompleteCase Holdings, Inc. Class A Common Stock (SBIC II)2026-01-012026-06-300001551901Complete Case LLC Complete Case Holdings Inc. Series C Preferred Stock2026-01-012026-06-300001551901Complete Case LLC Complete Case Holdings Inc. Class A Common Stock2026-01-012026-06-300001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), Two2026-01-012026-06-300001551901Channel Partners Intermediateco, LLC, Term Loan (SBIC), One2026-01-012026-06-300001551901Channel Partners Intermediateco, LLC, Revolver One2026-01-012026-06-300001551901Channel Partners Intermediateco, LLC Revolver Two2026-01-012026-06-300001551901Channel Partners Intermediateco, LLC Revolver Three2026-01-012026-06-300001551901Channel Partners Intermediateco, LLC Revolver Four2026-01-012026-06-300001551901Channel Partners Intermediateco, LLC Revolver Five2026-01-012026-06-300001551901Champion Services Acquireco LLC Term Loan2026-01-012026-06-300001551901Champion Services Acquireco LLC Champion Services Holdings LLC Class A-1 Units2026-01-012026-06-300001551901CF512, Inc. Term Loan (SBIC)2026-01-012026-06-300001551901CF512, Inc. StellPen Holdings, LLC Membership Interests2026-01-012026-06-300001551901CF512, Inc. Revolver2026-01-012026-06-300001551901CF512, Inc. Delayed Draw Term Loan2026-01-012026-06-300001551901CF Arch Holdings LLC Class A Units2026-01-012026-06-300001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series B Partner Interests2026-01-012026-06-300001551901Cerebro Buyer, LLC Cerebro Holdings Partnership, L.P. Series A Partner Interests2026-01-012026-06-300001551901CEATI International Inc. Term Loan One2026-01-012026-06-300001551901CEATI International Inc. Term Loan2026-01-012026-06-300001551901CEATI International Inc. CEATI Holdings, LP Class A Units2026-01-012026-06-300001551901Carolinas Buyer, Inc. Term Loan2026-01-012026-06-300001551901Carolinas Buyer, Inc. Carolinas Holding, L.P. Class A Units2026-01-012026-06-300001551901Cafe Valley Inc. CF Topco LLC Units2026-01-012026-06-300001551901BL Products Parent, L.P. Class A Units2026-01-012026-06-300001551901Bart And Associates, LLC, Term Loan (SBIC)2026-01-012026-06-300001551901Bart and Associates, LLC Bamp;A Partners Holding, LLC Series A Preferred Units2026-01-012026-06-300001551901Bart amp And Associates, LLC Term Loan (SBIC) One2026-01-012026-06-300001551901Bart amp And Associates, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901Bart amp And Associates, LLC Bamp;A Partners Holding, LLC Series B Preferred Units2026-01-012026-06-300001551901Baker Manufacturing Company, LLC BSC Blue Water Holdings, LLC Series A Units (SBIC II)2026-01-012026-06-300001551901Axis Portable Air, LLC Term Loan (SBIC II)2026-01-012026-06-300001551901Axis Portable Air, LLC Delayed Draw Term Loan2026-01-012026-06-300001551901Axis Portable Air, LLC Axis Air Parent, LLC Preferred Units2026-01-012026-06-300001551901Axis Portable Air L L C Term Loan (SBIC II) One2026-01-012026-06-300001551901Axis Portable Air L L C Revolver One2026-01-012026-06-300001551901Axis Portable Air L L C Revolver2026-01-012026-06-300001551901Atmosphere Aggregator Holdings II, L.P. Stratose Aggregator Holdings, L.P. Common Units2026-01-012026-06-300001551901Atmosphere Aggregator Holdings II, L.P. Common Units2026-01-012026-06-300001551901Arctiq, Inc., Green Topco Holdings, LLC Common Units2026-01-012026-06-300001551901Arctiq, Inc., Green Topco Holdings, LLC Class A Units2026-01-012026-06-300001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units2026-01-012026-06-300001551901ArborWorks, LLC, ArborWorks Intermediate Holdco, LLC Class A-1 Common Units2026-01-012026-06-300001551901ArborWorks LLC, Term Loan2026-01-012026-06-300001551901ArborWorks LLC, Revolver2026-01-012026-06-300001551901APE Holdings, LLC Class A Units2026-01-012026-06-300001551901Anne Lewis Strategies, LLC, SG AL Investment, LLC Common-A Units2026-01-012026-06-300001551901Anne Lewis Strategies, LLC SG AL Investment, LLC Common Units2026-01-012026-06-300001551901Amika OpCo LLC, Term Loan Two2026-01-012026-06-300001551901Amika OpCo LLC, Term Loan2026-01-012026-06-300001551901Amika OpCo LLC, Revolver2026-01-012026-06-300001551901Amika OpCo LLC, Oshun Co-Invest-B LP Partnership Interests2026-01-012026-06-300001551901Amika OpCo LLC, Ishtar Co-Invest-B LP Partnership Interests2026-01-012026-06-300001551901AMII Acquisition, LLC, Term Loan (SBIC II )2026-01-012026-06-300001551901AMII Acquisition, LLC, AMII Holdings, LP Class B Units2026-01-012026-06-300001551901American Refrigeration, LLC, Term Loan (SBIC)2026-01-012026-06-300001551901American Refrigeration, LLC, Delayed Draw Term Loan2026-01-012026-06-300001551901American Refrigeration, LLC, AR-USA Holdings, LLC Class A Units2026-01-012026-06-300001551901AGT Robotique Inc Term Loan2026-01-012026-06-300001551901Advanced Barrier Extrusions, LLC Term Loan B (SBIC)2026-01-012026-06-300001551901Advanced Barrier Extrusions, LLC Term Loan A (SBIC)2026-01-012026-06-300001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan Two2026-01-012026-06-300001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan Three2026-01-012026-06-300001551901Advanced Barrier Extrusions, LLC Super Priority Term Loan One2026-01-012026-06-300001551901Advanced Barrier Extrusions, LLC Revolver (SBIC)2026-01-012026-06-300001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Series B Preferred Interests2026-01-012026-06-300001551901Advanced Barrier Extrusions, LLC GP ABX Holdings Partnership, L.P. Partner Interests2026-01-012026-06-300001551901Advanced Barrier Extrusions, First Priority Bridge Loan2026-01-012026-06-300001551901ADS Group Opco, LLC, Priority Revolver (SBIC II)2026-01-012026-06-300001551901ADS Group Opco, LLC Term Loan (SBIC II)2026-01-012026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class Z Units2026-01-012026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class Y Units2026-01-012026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class D Units2026-01-012026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class B Units2026-01-012026-06-300001551901ADS Group Opco, LLC ADS Group Topco, LLC Class A Units2026-01-012026-06-300001551901AdCellerant LLC, Term A Loan (SBIC II)2026-01-012026-06-300001551901AdCellerant LLC, AdCellerant Holdings, LLC Series A Units2026-01-012026-06-300001551901Ad.Net Acquisition, LLC, Term Loan (SBIC II)2026-01-012026-06-300001551901Ad.Net Acquisition, LLC Revolver, Two2026-01-012026-06-300001551901Ad.Net Acquisition, LLC Revolver, One2026-01-012026-06-300001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Preferred Stock (SBIC II)2026-01-012026-06-300001551901Ad.Net Acquisition, LLC Ad.Net Holdings, Inc. Series A Common Stock (SBIC II)2026-01-012026-06-3000015519012X LLC Term Loan, Two2026-01-012026-06-3000015519012X LLC Term Loan, Three2026-01-012026-06-3000015519012X LLC Term Loan, One2026-01-012026-06-3000015519012X LLC Investors LP Class A Units2026-01-012026-06-300001551901Whisps Holdings LP Class A-1 Units2025-01-012025-12-310001551901Whisps Holdings LP Class A Units2025-01-012025-12-310001551901WER Holdings, LLC, Revolver2025-01-012025-12-310001551901WER Holdings, LLC Term Loan (SBIC) Two2025-01-012025-12-310001551901WER Holdings, LLC Term Loan (SBIC)2025-01-012025-12-310001551901WER Holdings, LLC Delayed Draw Term Loan Two2025-01-012025-12-310001551901WER Holdings, LLC Delayed Draw Term Loan2025-01-012025-12-310001551901WER Holdings, LLC Blade Landscape Investments, LLC Class A Units2025-01-012025-12-310001551901Venbrook Buyer, LLC, Term Loan (SBIC)2025-01-012025-12-310001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Convertible Term Loan2025-01-012025-12-310001551901Venbrook Buyer, LLC Venbrook Holdings, LLC Common Units2025-01-012025-12-310001551901Venbrook Buyer, LLC Term Loan B (SBIC)2025-01-012025-12-310001551901Venbrook Buyer, LLC Term Loan B2025-01-012025-12-310001551901Venbrook Buyer, LLC Term Loan2025-01-012025-12-310001551901Venbrook Buyer, LLC Revolver2025-01-012025-12-310001551901Venbrook Buyer, LLC Delayed Draw Term Loan2025-01-012025-12-310001551901Valor Buyco, LLC, Valor Holdco LLC Voting Common Units2025-01-012025-12-310001551901Valor Buyco, LLC, Term Loan (SBIC II)2025-01-012025-12-310001551901USDTL AcquisitionCo, Inc. USDTL Holdings, LLC Preferred Units2025-01-012025-12-310001551901USDTL AcquisitionCo, Inc. Term Loan (SBIC)2025-01-012025-12-310001551901USDTL AcquisitionCo, Inc. Revolver2025-01-012025-12-310001551901Unicat Catalyst Holdings, LLC, Unicat Catalyst LLC Class A-1 Units2025-01-012025-12-310001551901Unicat Catalyst Holdings, LLC, Unicat Catalyst LLC Class A Units2025-01-012025-12-310001551901U.S. Expediters, LLC, Term Loan2025-01-012025-12-310001551901U.S. Expediters, LLC, Cathay Hypnos LLC Units2025-01-012025-12-310001551901TriplePoint Acquisition Holdings LLC, TriplePoint Holdco LLC Class A Units2025-01-012025-12-310001551901TriplePoint Acquisition Holdings LLC, Term Loan One2025-01-012025-12-310001551901TriplePoint Acquisition Holdings LLC, Term Loan2025-01-012025-12-310001551901TradePending OpCo Aggregator, LLC, Term Loan (SBIC II) Two2025-01-012025-12-310001551901TradePending OpCo Aggregator, LLC, Term Loan (SBIC II)2025-01-012025-12-310001551901TradePending OpCo Aggregator, LLC, Revolver2025-01-012025-12-310001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A-1 Units2025-01-012025-12-310001551901TradePending OpCo Aggregator, LLC TradePending Holdings, LLC Series A Units2025-01-012025-12-310001551901TradePending OpCo Aggregator, LLC Delayed Draw Term Loan2025-01-012025-12-310001551901Tilley Distribution, Inc.Term Loan One2025-01-012025-12-310001551901Tilley Distribution, Inc.Term Loan2025-01-012025-12-310001551901Tilley Distribution, Inc.Revolver2025-01-012025-12-310001551901Tiger 21, LLC, Tiger 21 Blocker, Inc. Class A-3 Common Stock2025-01-012025-12-310001551901Tiger 21, LLC, Term Loan2025-01-012025-12-310001551901The Millennium Alliance LLC, Term Loan (SBIC II)2025-01-012025-12-310001551901The Millennium Alliance LLC, BV MA Blocker, Inc. Class A-2 Common Stock2025-01-012025-12-310001551901The Hardenbergh Group, Inc. Term Loan (SBIC II) One2025-01-012025-12-310001551901The Hardenbergh Group, Inc. Term Loan (SBIC II)2025-01-012025-12-310001551901The Hardenbergh Group, Inc. Term Loan2025-01-012025-12-310001551901The Hardenbergh Group, Inc. BV HGI Holdings, L.P. Class A Units2025-01-012025-12-310001551901Teckrez, LLC, Term Loan2025-01-012025-12-310001551901Teckrez, LLC, Revolver One2025-01-012025-12-310001551901Teckrez, LLC, Revolver2025-01-012025-12-310001551901Teckrez, LLC, HH- Techrez Parent LP Preferred Units2025-01-012025-12-310001551901TAC LifePort Holdings, LLC, Common Units2025-01-012025-12-310001551901Strategus, LLC, Term Loan2025-01-012025-12-310001551901Strategus, LLC, CIVC Strategus Blocker, LLC Class A Units2025-01-012025-12-310001551901Solid Surface Holdco, LLC, Term Loan2025-01-012025-12-310001551901Solid Surface Holdco, LLC, Delayed Draw Term Loan Two2025-01-012025-12-310001551901Solid Surface Holdco, LLC, Delayed Draw Term Loan One2025-01-012025-12-310001551901Solid Surface Holdco, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Solid Surface Holdco, LLC, Carolina Topco Holdings, LP Class A-1 Units2025-01-012025-12-310001551901Sales Benchmark Index, LLC, Term Loan2025-01-012025-12-310001551901Sales Benchmark Index, LLC, SBI Holdings Investments LLC Class A Units2025-01-012025-12-310001551901Sales Benchmark Index, LLC, Revolver2025-01-012025-12-310001551901Said Intermediate, LLC, Term Loan2025-01-012025-12-310001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Series A Preferred Shares2025-01-012025-12-310001551901Said Intermediate, LLC, FCP-Said Holdings, LLC Class A Common Shares2025-01-012025-12-310001551901RIA Advisory Borrower, LLC, Term Loan2025-01-012025-12-310001551901RIA Advisory Borrower, LLC, RIA Products Aggregator, LLC Class A Units2025-01-012025-12-310001551901RIA Advisory Borrower, LLC, RIA Advisory Aggregator, LLC ClassA Units2025-01-012025-12-310001551901RIA Advisory Borrower, LLC, Revolver2025-01-012025-12-310001551901Red's All Natural, LLC Term Loan (SBIC II)2025-01-012025-12-310001551901Red's All Natural, LLC Centeotl Co-Invest B, LP Common Units2025-01-012025-12-310001551901Recharged Opco, LLC, Term Loan2025-01-012025-12-310001551901Recharged Opco, LLC, Revolver2025-01-012025-12-310001551901Recharged Opco, LLC, Recharged Holdings, LLC Common Units2025-01-012025-12-310001551901Recharged Opco, LLC, Priority Revolver Two2025-01-012025-12-310001551901Recharged Opco, LLC, Priority Revolver Three2025-01-012025-12-310001551901Recharged Opco, LLC, Priority Revolver Six2025-01-012025-12-310001551901Recharged Opco, LLC, Priority Revolver One2025-01-012025-12-310001551901Recharged Opco, LLC, Priority Revolver Four2025-01-012025-12-310001551901Recharged Opco, LLC, Priority Revolver Five2025-01-012025-12-310001551901Recharged Opco, LLC, Priority Revolver2025-01-012025-12-310001551901Recharged Opco, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Pure Upper Holdco LLC, Xanitos Topco, LLC Class A Units2025-01-012025-12-310001551901Pure Upper Holdco LLC, Term Loan (SBIC II)2025-01-012025-12-310001551901Premiere Digital Services, Inc.Term Loan2025-01-012025-12-310001551901Premiere Digital Services, Inc.Premiere Digital Holdings, Inc. Common Stock2025-01-012025-12-310001551901Plus Delta Buyer LLC, Plus Delta Parent LLC Class A Units2025-01-012025-12-310001551901Plus Delta Buyer LLC Term Loan2025-01-012025-12-310001551901Pilot Power Group Acquisition, Inc. Term Loan (SBIC II)2025-01-012025-12-310001551901Pilot Power Group Acquisition, Inc. BCM Pilot Opportunity Parent, LLC Class A Common Interests2025-01-012025-12-310001551901Peltram Group Holdings LLC Class A units2025-01-012025-12-310001551901Pearl Media Holdings, LLC Term Loan(SBIC II)2025-01-012025-12-310001551901PCS Software, Inc.Term Loan (SBIC)2025-01-012025-12-310001551901PCS Software, Inc.Term Loan2025-01-012025-12-310001551901PCS Software, Inc.Delayed Draw Term Loan2025-01-012025-12-310001551901PCS Software, Inc. Revolver2025-01-012025-12-310001551901PCS Software, Inc. PCS Software Parent LLC Class A Common Units2025-01-012025-12-310001551901PCP MT Aggregator Holdings, L.P. Common Units2025-01-012025-12-310001551901Pacific Shoring Holdings, LLC, Term Loan2025-01-012025-12-310001551901Pacific Shoring Holdings, LLC, PSP Ultimate Holdings, LP Class A Units2025-01-012025-12-310001551901Onpoint Industrial Services, LLC, Term Loan (SBIC)2025-01-012025-12-310001551901Onpoint Industrial Services, LLC, Spearhead Topco, LLC Class A Units2025-01-012025-12-310001551901NS412, LLC Term Loan2025-01-012025-12-310001551901NS412, LLC NS Group Holding Company, LLC Class A Units2025-01-012025-12-310001551901Norplex Micarta Acquisition, Inc., Term Loan (SBIC II)2025-01-012025-12-310001551901Norplex Micarta Acquisition, Inc., Norplex Micarta Parent, LP Preferred Units2025-01-012025-12-310001551901Norplex Micarta Acquisition, Inc. Revolver2025-01-012025-12-310001551901NINJO, LLC, NINJIO Holdings, LLC Units2025-01-012025-12-310001551901NINJIO, LLC, Term Loan2025-01-012025-12-310001551901NINJIO, LLC Gauge NINJIO Blocker LLC Preferred Units2025-01-012025-12-310001551901NINJIO, LLC Delayed Draw Term Loan2025-01-012025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan (SBIC II)2025-01-012025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Term Loan2025-01-012025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Revolver2025-01-012025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class W-2 Units2025-01-012025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class W-1 Units2025-01-012025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class B Units2025-01-012025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class A-2 Units2025-01-012025-12-310001551901Naumann/Hobbs Material Handling Corporation II, Inc. Naumann Hobbs Holdings, L.P. Class A-1 Units2025-01-012025-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc. Series A-2 Preferred Units2025-01-012025-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc Term Loan2025-01-012025-12-310001551901Morgan Electrical Group Intermediate Holdings, Inc Delayed Draw Term Loan2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class I Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class H Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class G Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class F Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class E Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class D Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class C Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class B Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class A Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class 3 Ordinary Shares2025-01-012025-12-310001551901Monitorus Holding, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Monitorus Holding, LLC Term Loan Two2025-01-012025-12-310001551901Monitorus Holding, LLC Term Loan One2025-01-012025-12-310001551901Monitorus Holding, LLC Sapphire Aggregator S.a r.l. Convertible Bonds2025-01-012025-12-310001551901Monitorus Holding, LLC Revolver2025-01-012025-12-310001551901Monarch Behavioral Therapy, LLC, Revolver Two2025-01-012025-12-310001551901Monarch Behavioral Therapy, LLC, Revolver Three2025-01-012025-12-310001551901Monarch Behavioral Therapy, LLC, Revolver One2025-01-012025-12-310001551901Monarch Behavioral Therapy, LLC, Revolver Four2025-01-012025-12-310001551901Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Monarch Behavioral Therapy, LLC Term Loan (SBIC)2025-01-012025-12-310001551901MOM Enterprises, LLC Term Loan (SBIC II)2025-01-012025-12-310001551901MOM Enterprises, LLC MBliss SPC Holdings, LLC Units2025-01-012025-12-310001551901Mobotrex Acquisition, LLC, Term Loan Revolver One2025-01-012025-12-310001551901Mobotrex Acquisition, LLC, Term Loan Revolver2025-01-012025-12-310001551901Mobotrex Acquisition, LLC, Term Loan One2025-01-012025-12-310001551901Mobotrex Acquisition, LLC, Term Loan2025-01-012025-12-310001551901Mobotrex Acquisition, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Microbe Formulas LLC Term Loan (SBIC II) One2025-01-012025-12-310001551901Microbe Formulas LLC Term Loan (SBIC II)2025-01-012025-12-310001551901Michelli, LLC, Term Loan (SBIC II)2025-01-012025-12-310001551901Michelli, LLC, SP MWM Holdco LLC Class A Units2025-01-012025-12-310001551901Michelli, LLC Delayed Draw Term Loan2025-01-012025-12-310001551901MedLearning Group, LLC, Term Loan Two2025-01-012025-12-310001551901MedLearning Group, LLC, Term Loan Three2025-01-012025-12-310001551901MedLearning Group, LLC, Term Loan one2025-01-012025-12-310001551901MedLearning Group, LLC, Term Loan Four2025-01-012025-12-310001551901MedLearning Group, LLC Delayed Draw Term Loan2025-01-012025-12-310001551901MBH Management LLC Term Loan (SBIC II)2025-01-012025-12-310001551901MBH Management LLC MBH Parent, LLC Common Units2025-01-012025-12-310001551901Madison Logic, Inc. Term Loan Two2025-01-012025-12-310001551901Madison Logic, Inc. Term Loan One2025-01-012025-12-310001551901Madison Logic Holdings Inc BC Partners Glengarry Co-Investment LP Class 1 Interests2025-01-012025-12-310001551901MacKenzie Childs Acquisition Inc, Term Loan2025-01-012025-12-310001551901MacKenzie Childs Acquisition Inc, MacKenzie-Childs Investment, LP Partnership Interests2025-01-012025-12-310001551901Luxium Solutions, LLC Term Loan (SBIC)2025-01-012025-12-310001551901Luxium Solutions, LLC Delayed Draw Term Loan2025-01-012025-12-310001551901Lightning Intermediate II, LLC Term Loan (SBIC)2025-01-012025-12-310001551901Lightning Intermediate II, LLC Gauge Vimergy Coinvest, LLC Units2025-01-012025-12-310001551901Ledge Lounger, Inc. Term Loan A (SBIC)2025-01-012025-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class C Units (SBIC)2025-01-012025-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units (SBIC)2025-01-012025-12-310001551901Ledge Lounger, Inc. SP L2 Holdings LLC Class A Units2025-01-012025-12-310001551901Ledge Lounger Inc. Revolver2025-01-012025-12-310001551901J.R. Watkins, LLC, Priority Revolver (SBIC)2025-01-012025-12-310001551901J.R. Watkins, LLC, J.R. Watkins Ultimate Holdings, LLC Class A Units (SBIC)2025-01-012025-12-310001551901J.R. Watkins, LLC Term Loan (SBIC) Two2025-01-012025-12-310001551901J.R. Watkins, LLC Term Loan (SBIC)2025-01-012025-12-310001551901Invincible Boat Company LLC Warbird Parent Holdco, LLC Class A Units2025-01-012025-12-310001551901Invincible Boat Company LLC Term Loan (SBIC II), One2025-01-012025-12-310001551901Invincible Boat Company LLC Term Loan (SBIC II)2025-01-012025-12-310001551901Invincible Boat Company LLC Term Loan2025-01-012025-12-310001551901Invincible Boat Company LLC Revolver2025-01-012025-12-310001551901International Cybernetics Acquisition, LLC, Term Loan2025-01-012025-12-310001551901International Cybernetics Acquisition, LLC, LP Class B Units2025-01-012025-12-310001551901iNovex Information Systems Incorporated, Term Loan SBIC II2025-01-012025-12-310001551901iNovex Information Systems Incorporated, Revolver One2025-01-012025-12-310001551901iNovex Information Systems Incorporated, Revolver2025-01-012025-12-310001551901Inoapps Bidco, LLC, Term Loan B2025-01-012025-12-310001551901Inoapps Bidco, LLC, Revolver2025-01-012025-12-310001551901Inoapps Bidco, LLC, Inoapps Holdings, LLC Series A-1 Preferred Units2025-01-012025-12-310001551901Inoapps Bidco, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Informativ, LLC, Term Loan (SBIC II), One2025-01-012025-12-310001551901Informativ, LLC, Term Loan (SBIC II)2025-01-012025-12-310001551901Informativ, LLC, Credit Connection Holdings, LLC Series A Units2025-01-012025-12-310001551901Infolinks Media Buyco, LLC, Term Loan2025-01-012025-12-310001551901Infolinks Media Buyco, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Infolinks Media Buyco, LLC Tower Arch Infolinks Media, LP LP Interests2025-01-012025-12-310001551901Infolinks Media Buyco, LLC Term Loan (SBIC II)2025-01-012025-12-310001551901Impact Home Services LLC, Term Loan (SBIC) Two2025-01-012025-12-310001551901Impact Home Services LLC, Term Loan (SBIC) One2025-01-012025-12-310001551901Impact Home Services LLC, Term Loan (SBIC)2025-01-012025-12-310001551901Impact Home Services LLC, Revolver2025-01-012025-12-310001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A-1 Units2025-01-012025-12-310001551901Impact Home Services LLC, Impact Holdings Georgia LLC Class A Units2025-01-012025-12-310001551901Identity Theft Guard Solutions, Inc. Term Loan2025-01-012025-12-310001551901Identity Theft Guard Solutions, Inc. IDX Parent, LLC Class A-2 Units2025-01-012025-12-310001551901I2P Holdings, LLC Series A Preferred Units2025-01-012025-12-310001551901HV Watterson Holdings, LLC Term Loan2025-01-012025-12-310001551901HV Watterson Holdings, LLC Revolver2025-01-012025-12-310001551901HV Watterson Holdings, LLC ,HV Watterson Parent, LLC Class A Units2025-01-012025-12-310001551901HV Watterson Holdings, Delayed Draw Term Loan2025-01-012025-12-310001551901HV GS Acquisition, LP Class A Interests2025-01-012025-12-310001551901Husk AcquireCo Inc, Term Loan2025-01-012025-12-310001551901Husk AcquireCo Inc, SK Spectra Holdings LP Class A Units2025-01-012025-12-310001551901Guidant Corp, Revolver2025-01-012025-12-310001551901Guidant Corp Titan Meter Topco LP Class A Units2025-01-012025-12-310001551901Guidant Corp Term Loan2025-01-012025-12-310001551901GSF Buyer, LLC Term Loan2025-01-012025-12-310001551901GSF Buyer, LLC GSF Group Holdings, L.P. Class A2 Units2025-01-012025-12-310001551901GS HVAM Intermediate, LLC Term Loan2025-01-012025-12-310001551901GS HVAM Intermediate, LLC Revolver2025-01-012025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien Two2025-01-012025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien Three2025-01-012025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien One2025-01-012025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien Four2025-01-012025-12-310001551901GS HVAM Intermediate, LLC Revolver First Lien Five2025-01-012025-12-310001551901General LED OPCO, LLC Term Loan2025-01-012025-12-310001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Series A Preferred Shares2025-01-012025-12-310001551901FiscalNote Boards LLC, FCP-Connect Holdings LLC Class A Common Shares2025-01-012025-12-310001551901FiscalNote Boards LLC Term Loan2025-01-012025-12-310001551901Fidus Systems Inc.Term Loan2025-01-012025-12-310001551901Fidus Systems Inc.Fidus Investments Holdings, L.P. Common Units2025-01-012025-12-310001551901FairWave Holdings, LLC, Term Loan (SBIC)2025-01-012025-12-310001551901FairWave Holdings, LLC, Revolver2025-01-012025-12-310001551901FairWave Holdings, LLC, GRC Java Holdings, LLC Class A Units2025-01-012025-12-310001551901FairWave Holdings, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901FairWave Holdings, LLC Term Loan2025-01-012025-12-310001551901Exigo, LLC Term Loan2025-01-012025-12-310001551901Exigo, LLC Gauge Exigo Coinvest, LLC Common Units2025-01-012025-12-310001551901Exacta Land Surveyors, LLC Term Loan (SBIC) Two2025-01-012025-12-310001551901Exacta Land Surveyors, LLC Term Loan (SBIC)2025-01-012025-12-310001551901Exacta Land Surveyors, LLC SP ELS Holdings LLC Class A Units2025-01-012025-12-310001551901Exacta Land Surveyors, LLC SP EA Holdings LLC Term Loan2025-01-012025-12-310001551901Evriholder Acquisition, Inc. Term Loan (SBIC II)2025-01-012025-12-310001551901Evriholder Acquisition, Inc. KEJ Holdings LP Class A Units2025-01-012025-12-310001551901evolv Consulting, LLC Term Loan (SBIC)2025-01-012025-12-310001551901evolv Consulting, LLC evolv Holdco, LLC Preferred Units2025-01-012025-12-310001551901Eskola LLC, Term Loan2025-01-012025-12-310001551901Eskola LLC, Eskola Holdings, LLC Class A Units2025-01-012025-12-310001551901Eskola LLC, Eskola Holdings LLC, Class C Units2025-01-012025-12-310001551901Eskola LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Equine Network, LLC, TermA Loan (SBIC)2025-01-012025-12-310001551901Equine Network, LLC, Term A Loan2025-01-012025-12-310001551901Equine Network, LLC, Revolver2025-01-012025-12-310001551901Equine Network, LLC, Delayed Draw Term Loan2025-01-012025-12-310001551901Environmental Remedies, LLC, Term Loan2025-01-012025-12-310001551901Environmental Remedies, LLC, ERI Parent Holdings, LLC Class A Units2025-01-012025-12-310001551901Elliott Aviation, LLC Term Loan 12025-01-012025-12-310001551901Elliott Aviation, LLC Term Loan2025-01-012025-12-310001551901Elliott Aviation, LLC SP EA Holdings LLC Term Loan2025-01-012025-12-310001551901Elliott Aviation, LLC SP EA Holdings LLC Class A Units2025-01-012025-12-310001551901Elliott Aviation, LLC Revolver C (Priority)2025-01-012025-12-310001551901Elliott Aviation, LLC Revolver B2025-01-012025-12-310001551901Elliott Aviation, LLC Revolver A2025-01-012025-12-310001551901Elder Care Opco LLC Term Loan (SBIC II)2025-01-012025-12-310001551901Elder Care Opco LLC Rallyday Elder Care Co-Investors LP Partnership Interests2025-01-012025-12-310001551901EH Real Estate Services, LLC, Term Loan A72025-01-012025-12-310001551901EH Real Estate Services, LLC, Term Loan A62025-01-012025-12-310001551901EH Real Estate Services, LLC, Revolver2025-01-012025-12-310001551901EH Real Estate Services, LLC, EH Holdco, LLC Common Units2025-01-012025-12-310001551901EH Real Estate Services, LLC EH Holdco, LLC Series A Preferred Units2025-01-012025-12-310001551901DTE Holding Company, LLC Class AA Units2025-01-012025-12-310001551901DTE Holding Company, LLC Class A-2 Units2025-01-012025-12-310001551901DMD Systems Recovery, LLC Term Loan2025-01-012025-12-310001551901DMD Systems Recovery, LLC Phoenix Parent LLC Common Units2025-01-012025-12-310001551901DFO Enterprises, LLC Term Loan (SBIC II)2025-01-012025-12-310001551901DFO Enterprises, LLC DFO Ultimate Holding, LP Class A Units2025-01-012025-12-310001551901Curion Holdings, LLC Term Loan (SBIC II)2025-01-012025-12-310001551901Curion Holdings, LLC SP CS Holdings LLC Class A Units2025-01-012025-12-310001551901Curion Holdings, LLC Revolver2025-01-012025-12-310001551901Craftable Intermediate II Inc. 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Table of Contents

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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 June 30, 2026

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 August 10, 2026 was 28,479,937.

​

​

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 June 30, 2026 (unaudited) and December 31, 2025	​	1
​	​	Consolidated Statements of Operations for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)	​	2
​	​	Consolidated Statements of Changes in Net Assets for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)	​	3
​	​	Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2026 and 2025 (unaudited)	​	4
​	​	Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and December 31, 2025	​	5
​	​	Notes to Unaudited Financial Statements	​	39
Item 2.	​	Management’s Discussion and Analysis of Financial Condition and Results of Operations	​	73
Item 3.	​	Quantitative and Qualitative Disclosures About Market Risk	​	92
Item 4.	​	Controls and Procedures	​	92
PART II. OTHER INFORMATION			​	​
Item 1.	​	Legal Proceedings	​	93
Item 1A.	​	Risk Factors	​	93
Item 2.	​	Unregistered Sales of Equity Securities and Use of Proceeds	​	93
Item 3.	​	Defaults Upon Senior Securities	​	93
Item 4.	​	Mine Safety Disclosures	​	93
Item 5.	​	Other Information	​	94
Item 6.	​	Exhibits	​	94
SIGNATURES			​	95

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​

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Table of Contents

PART I — FINANCIAL INFORMATION

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

Item 1.Financial Statements

​

​	​	​	​	​	​	​	​
​	​	(unaudited)		​	​		​
​	​ ​ ​	June 30, 2026		​ ​ ​	December 31, 2025		​
ASSETS		​	​		​	​	​
Controlled investments, at fair value (amortized cost of $34,691,986 and $33,603,521, respectively)	​	$	11,573,435	​	$	14,953,132	​
Non-controlled, affiliated investments, at fair value (amortized cost of $29,323,333 and $4,806,660, respectively)	​	​	32,257,658	​	​	3,750,674	​
Non-controlled, non-affiliated investments, at fair value (amortized cost of $913,612,730 and $987,729,505, respectively)	​	​	924,415,324	​	​	988,919,589	​
Cash and cash equivalents	​		5,138,950	​		25,050,156	​
Receivable for sales and repayments of investments	​		2,166,620	​		581,509	​
Interest receivable	​		5,973,539	​		6,375,996	​
Income tax receivable	​	​	—	​	​	1,385,387	​
Other receivables	​		66,430	​		85,000	​
Related party receivable	​	​	—	​	​	20	​
Deferred offering costs	​		75,000	​		—	​
Prepaid expenses	​		457,821	​		150,843	​
Total Assets	​	$	982,124,777	​	$	1,041,252,306	​
LIABILITIES	​		​	​		​	​
2030 Notes Payable	​	$	122,897,963	​	$	122,671,409	​
Credit Facility payable	​		219,221,522	​		233,167,360	​
SBA-guaranteed debentures	​		257,304,593	​		295,984,063	​
Dividends payable	​		3,248,641	​		3,858,669	​
Management fees payable	​		4,393,771	​		4,442,705	​
Income incentive fees payable	​		889,986	​		2,317,429	​
Interest payable	​		5,569,922	​		6,138,076	​
Unearned revenue	​		496,577	​		582,007	​
Administrative services payable	​		517,253	​		539,338	​
Income tax payable	​		56,518	​		—	​
Other accrued expenses and liabilities	​	​	570,085	​	​	372,294	​
Total Liabilities	​	$	615,166,831	​	$	670,073,350	​
Commitments and contingencies (Note 7)	​		​	​		​	​
Net Assets	​	$	366,957,946	​	$	371,178,956	​
NET ASSETS	​		​	​		​	​
Common stock, par value $0.001 per share (100,000,000 shares authorized; 28,672,911 and 28,947,254 shares issued and outstanding, respectively)	​	$	28,673	​	$	28,947	​
Paid-in capital	​		395,382,385	​		397,829,793	​
Total distributable loss	​		(28,453,112)	​		(26,679,784)	​
Net Assets	​	$	366,957,946	​	$	371,178,956	​
Total Liabilities and Net Assets	​	$	982,124,777	​	$	1,041,252,306	​
Net Asset Value Per Share	​	$	12.80	​	$	12.82	​

​

​

​

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

1

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

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For the three months ended

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For the six months ended

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​ ​ ​

June 30, 2026

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June 30, 2025

​ ​ ​

June 30, 2026

​

June 30, 2025

INVESTMENT INCOME

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From non-controlled, affiliated investments

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​

​

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​

​

​

​

​

​

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Interest income

​

$

1,016

​

$

—

​

$

1,061

​

$

—

Payment-in-kind interest income

​

​

559,310

​

​

—

​

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631,610

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​

—

From non-controlled, non-affiliated investments

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Interest income

​

​

19,864,060

​

​

23,134,800

​

​

39,811,025

​

​

46,285,437

Payment-in-kind interest income

​

​

1,159,038

​

​

1,519,405

​

​

3,392,735

​

​

2,495,884

Other income

​

719,448

​

​

1,042,397

​

​

1,759,375

​

​

1,866,939

Total Investment Income

​

$

22,302,872

​

$

25,696,602

​

$

45,595,806

​

$

50,648,260

OPERATING EXPENSES

​

​

​

​

​

​

​

​

Management fees

​

$

4,393,770

​

$

4,279,441

​

$

8,786,127

​

$

8,334,167

Valuation fees

​

44,995

​

​

38,507

​

​

211,114

​

​

196,396

Administrative services expenses

​

550,235

​

​

474,284

​

​

1,199,355

​

​

923,582

Income incentive fees

​

150,863

​

​

2,158,075

​

​

257,572

​

​

4,294,566

Professional fees

​

283,474

​

​

312,808

​

​

1,101,201

​

​

730,839

Directors’ fees

​

84,250

​

​

93,250

​

​

213,500

​

​

204,500

Insurance expense

​

102,057

​

​

98,668

​

​

195,113

​

​

195,758

Interest expense and other fees

​

8,585,467

​

​

8,680,015

​

​

17,437,008

​

​

16,943,034

Income tax expense

​

29,685

​

​

428,951

​

​

390,156

​

​

928,498

Other general and administrative expenses

​

585,510

​

​

500,302

​

​

825,127

​

​

718,653

Total Operating Expenses

​

$

14,810,306

​

$

17,064,301

​

$

30,616,273

​

$

33,469,993

Income incentive fee waiver

​

​

(38,583)

​

​

(928,926)

​

​

(49,644)

​

​

(2,171,769)

Total Operating Expenses, net of fee waivers

​

$

14,771,723

​

$

16,135,375

​

$

30,566,629

​

$

31,298,224

Net Investment Income

​

$

7,531,149

​

$

9,561,227

​

$

15,029,177

​

$

19,350,036

Net realized loss on controlled investments

​

$

—

​

$

(1,132,576)

​

$

—

​

$

(1,132,576)

Net realized (loss) gain on non-controlled, non-affiliated investments

​

​

(7,243,523)

​

​

272,549

​

​

(6,493,113)

​

​

(5,694,672)

Net realized (loss) gain on foreign currency translations

​

​

(1,811)

​

​

(20,003)

​

​

1,853

​

​

(49,658)

Net change in unrealized (depreciation) appreciation on controlled investments

​

​

(922,785)

​

​

1,290,491

​

​

(4,468,162)

​

​

1,345,767

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

​

​

3,913,525

​

​

—

​

​

3,468,901

​

​

—

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

​

​

12,908,698

​

​

143,176

​

​

10,350,353

​

​

1,281,193

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

​

​

21,045

​

​

30,546

​

​

(26,975)

​

​

38,865

Net Increase in Net Assets Resulting from Operations

​

$

16,206,298

​

$

10,145,410

​

$

17,862,034

​

$

15,138,955

Net Investment Income Per Share—basic and diluted

​

$

0.26

​

$

0.34

​

$

0.52

​

$

0.69

Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted

​

$

0.56

​

$

0.36

​

$

0.62

​

$

0.54

Weighted Average Shares of Common Stock Outstanding—basic and diluted

​

28,869,028

​

28,412,849

​

28,907,925

​

28,009,969

Distributions Per Share—basic and diluted

​

$

0.34

​

$

0.40

​

$

0.68

​

$

0.80

​

​

​

​

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

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, 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

Provision for taxes on unrealized appreciation on investments

—

​

​

—

​

​

—

​

​

—

​

​

—

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at December 31, 2025

28,947,254

​

$

28,947

​

$

397,829,793

​

$

(26,679,784)

​

$

371,178,956

Net investment income

​

—

​

​

—

​

​

—

​

​

7,498,028

​

​

7,498,028

Net realized gain on investments

​

—

​

​

—

​

​

—

​

​

750,410

​

​

750,410

Net realized gain on foreign currency translation

​

—

​

​

—

​

​

—

​

​

3,664

​

​

3,664

Net change in unrealized depreciation on investments

​

—

​

​

—

​

​

—

​

​

(6,548,346)

​

​

(6,548,346)

Net change in unrealized depreciation on foreign currency translations

​

—

​

​

—

​

​

—

​

​

(48,020)

​

​

(48,020)

Distributions from net investment income

​

—

​

​

—

​

​

—

​

​

(9,839,171)

​

​

(9,839,171)

Balances at March 31, 2026

28,947,254

​

$

28,947

​

$

397,829,793

​

$

(34,863,219)

​

$

362,995,521

Net investment income

​

—

​

​

—

​

​

—

​

​

7,531,149

​

​

7,531,149

Net realized loss on investments

​

—

​

​

—

​

​

—

​

​

(7,243,523)

​

​

(7,243,523)

Net realized loss on foreign currency translation

​

—

​

​

—

​

​

—

​

​

(1,811)

​

​

(1,811)

Net change in unrealized appreciation on investments

​

—

​

​

—

​

​

—

​

​

15,899,438

​

​

15,899,438

Net change in unrealized appreciation on foreign currency translations

​

—

​

​

—

​

​

—

​

​

21,045

​

​

21,045

Distributions from net investment income

​

—

​

​

—

​

​

—

​

​

(9,796,191)

​

​

(9,796,191)

Repurchase of common stock, net of commissions(1)

(274,343)

​

(274)

​

(2,447,408)

​

—

​

(2,447,682)

Balances at June 30, 2026

28,672,911

​

$

28,673

​

$

395,382,385

​

$

(28,453,112)

​

$

366,957,946

​

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

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

3

Table of Contents

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

​	​	​	​	​	​	​
​	​	For the six months ended
​	​ ​ ​	June 30, 2026		​ ​ ​	June 30, 2025
Cash Flows from Operating Activities		​	​		​	​
Net increase in net assets resulting from operations	​	$	17,862,034	​	$	15,138,955
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:	​		​	​		​
Purchases of investments	​		(45,678,450)	​	​	(78,230,159)
Proceeds from sales and repayments of investments	​		90,888,206	​	​	46,638,287
Net change in unrealized appreciation on investments	​		(9,351,092)	​	​	(2,626,960)
Net change in unrealized depreciation (appreciation) on foreign currency translations	​	​	26,975	​	​	(38,865)
Increase in investments due to payment-in-kind income	​		(3,392,735)	​	​	(2,492,551)
Amortization of premium and accretion of discount, net	​		(1,383,610)	​	​	(1,437,223)
Amortization of loan structure fees	​		511,422	​	​	634,745
Amortization of deferred financing costs	​		270,866	​	​	303,468
Amortization of discount on Notes Payable	​	​	67,121	​	​	31,434
Amortization of premium on Notes Payable	​	​	(61,432)	​	​	—
Amortization of loan fees on SBA-guaranteed debentures	​		320,530	​	​	371,260
Net realized loss on investments	​		6,493,113	​	​	6,827,248
Changes in other assets and liabilities	​		​	​		​
Decrease (increase) in interest receivable	​	​	402,457	​	​	(921,344)
Decrease (increase) in income tax receivable	​	​	1,385,387	​	​	(743,732)
Decrease in other receivables	​	​	18,570	​	​	70,495
Decrease in related party receivables	​	​	20	​	​	3,687
(Increase) decrease in prepaid expenses	​	​	(306,978)	​	​	218,975
(Decrease) increase in management fees payable	​	​	(48,934)	​	​	245,332
Decrease in income incentive fees payable	​	​	(1,427,443)	​	​	(1,057,366)
(Decrease) increase in administrative services payable	​	​	(22,085)	​	​	22,297
(Decrease) increase in interest payable	​	​	(568,154)	​	​	1,248,079
Increase in related party payable	​	​	—	​	​	1,088,287
(Decrease) increase in unearned revenue	​	​	(85,430)	​	​	127,664
Increase in income tax payable	​	​	56,518	​	​	—
Increase in other accrued expenses and liabilities	​	​	197,791	​	​	1,322,363
Net Cash Provided by (Used in) Operating Activities	​	$	56,174,667	​	$	(13,255,624)
Cash Flows from Financing Activities	​		​	​		​
Proceeds from the issuance of common stock	​	$	—	​	$	13,153,366
Sales load for common stock issued	​	​	—	​	​	(197,464)
Offering costs paid for common stock issued	​	​	(75,000)	​	​	(303,959)
Payment for repurchase of common stock	​	​	(2,436,708)	​	​	—
Commission for repurchase of common stock	​	​	(10,975)	​	​	—
Stockholder distributions paid	​	​	(20,245,390)	​	​	(22,326,367)
Financing costs paid on Notes Payable	​	​	(50,000)	​	​	(1,698,806)
Repayments of SBA-guaranteed debentures	​	​	(39,000,000)	​	​	(16,250,000)
Borrowings under Credit Facility	​	​	92,200,000	​	​	104,400,000
Repayments of Credit Facility	​	​	(106,467,800)	​	​	(117,817,800)
Net Cash (Used in) Provided by Financing Activities	​	$	(76,085,873)	​	$	33,188,720
Net (Decrease) Increase in Cash and Cash Equivalents	​	$	(19,911,206)	​	$	19,933,096
Cash and Cash Equivalents Balance at Beginning of Period	​	$	25,050,156	​	$	20,058,594
Cash and Cash Equivalents Balance at End of Period	​	$	5,138,950	​	$	39,991,690
Supplemental and Non-Cash Activities	​		​	​		​
Cash paid for interest expense	​	$	16,896,905	​	$	14,354,048
Income and excise tax refund, net	​		(1,051,749)	​	​	1,672,230
Exchange of investments	​		8,670,888	​	​	1,663,301

​

​

​

​

​

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

4

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

​

(22)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EH Real Estate Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Skokie, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A-5

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

1/8/2024

​

9/3/2026

​

FIRE: Real Estate

​

$

4,756,430

​

​

4,756,430

​

​

-

​

0.00

%

Term Loan A-6

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

10/3/2025

​

9/3/2026

​

​

​

​

1,096,456

​

​

1,096,456

​

​

1,069,045

​

0.29

%

Term Loan A-7

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

11/12/2025

​

9/30/2026

​

​

​

​

1,644,685

​

​

1,644,685

​

​

1,603,568

​

0.44

%

Term Loan A-8

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

1/20/2026

​

9/30/2026

​

​

​

​

816,517

​

​

816,517

​

​

796,104

​

0.22

%

Term Loan A-9

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

2/18/2026

​

9/3/2026

​

​

​

​

899,683

​

​

899,683

​

​

877,191

​

0.24

%

Term Loan A-10

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

3/3/2026

​

9/3/2026

​

​

​

​

1,032,440

​

​

1,032,440

​

​

1,006,629

​

0.27

%

Term Loan A-11

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

4/1/2026

​

9/3/2026

​

​

​

​

1,168,212

​

​

1,168,212

​

​

1,139,007

​

0.31

%

Revolver

​

(16)(21)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

10/3/2023

​

9/3/2026

​

​

​

​

63,597

​

​

63,597

​

​

-

​

0.00

%

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

19,369,665

​

$

6,491,544

​

1.77

%

J.R. Watkins, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Francisco, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(19)

​

First Lien

​

​

4.09

%

-

%

-

%

-

%

12/22/2017

​

12/31/2026

​

Consumer Goods: Non-Durable

​

$

9,957,036

​

​

9,957,036

​

​

1,194,844

​

0.33

%

Term Loan (SBIC)

​

(4)(19)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

12/22/2017

​

12/31/2026

​

​

​

​

3,640,172

​

​

3,640,172

​

​

436,821

​

0.12

%

Priority Revolver (SBIC)

​

(4)(19)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

5/3/2024

​

12/31/2026

​

​

​

​

1,725,113

​

​

1,725,113

​

​

3,450,226

​

0.94

%

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

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

4/9/2025

​

​

​

​

​

​

500

​

​

-

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,322,321

​

$

5,081,891

​

1.39

%

Total Control investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

34,691,986

​

$

11,573,435

​

3.16

%

Non-controlled, affiliated investments

​

(23)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ArborWorks, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oakhurst, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

-

%

10.24

%

11/6/2023

​

11/6/2028

​

Environmental Industries

​

$

4,329,900

​

​

4,329,900

​

​

4,329,900

​

1.18

%

Revolver

​

(9)

​

First Lien

​

​

15.00

%

​

​

-

%

15.00

%

11/6/2023

​

11/6/2028

​

​

​

​

2,005,343

​

​

2,005,343

​

​

2,005,343

​

0.55

%

ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/6/2023

​

​

​

​

​

​

16,037

​

​

3,610,847

​

​

9,758,586

​

2.66

%

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,946,090

​

$

16,093,829

​

4.39

%

Recharged Opco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bradenton, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

Services: Consumer

​

$

5,324,759

​

​

5,292,478

​

​

3,114,984

​

0.85

%

Revolver

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

​

​

​

83,115

​

​

83,115

​

​

48,622

​

0.01

%

Priority Revolver

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

7/2/2024

​

2/7/2028

​

​

​

​

20,223

​

​

20,223

​

​

40,446

​

0.01

%

Priority Revolver

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

9/13/2024

​

2/7/2028

​

​

​

​

20,000

​

​

20,000

​

​

40,000

​

0.01

%

Priority Revolver

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

11/12/2024

​

2/7/2028

​

​

​

​

45,000

​

​

45,000

​

​

90,000

​

0.02

%

Priority Revolver

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

1/3/2025

​

2/7/2028

​

​

​

​

10,000

​

​

10,000

​

​

20,000

​

0.01

%

Priority Revolver

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2025

​

2/7/2028

​

​

​

​

31,000

​

​

31,000

​

​

62,000

​

0.02

%

Priority Revolver

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

10/22/2025

​

2/7/2028

​

​

​

​

120,000

​

​

120,000

​

​

240,000

​

0.07

%

Priority Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

12/15/2025

​

2/7/2028

​

​

​

​

32,500

​

​

32,500

​

​

65,000

​

0.02

%

Delayed Draw Term Loan

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

​

​

​

98,473

​

​

98,125

​

​

57,607

​

0.02

%

Recharged Holdings, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/13/2025

​

​

​

​

​

​

61,182

​

​

-

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,752,441

​

$

3,778,659

​

1.04

%

Simpler Trading, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Austin, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)

​

First Lien

​

​

10.00

%

​

​

-

%

10.00

%

12/28/2021

​

3/21/2030

​

Education

​

$

3,015,328

​

​

3,015,328

​

​

3,015,328

​

0.82

%

Simpler Trading, LLC Preferred Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/21/2025

​

​

​

​

​

​

1,657

​

​

1,656,650

​

​

698,954

​

0.19

%

Simpler Ultimate Holdings, LLC Class A Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/21/2025

​

​

​

​

​

​

281,936

​

​

281,936

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,953,914

​

$

3,714,282

​

1.01

%

Watterson Renewalco Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Schaumburg, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

​

​

First Lien

​

​

6.00

%

​

​

-

%

6.00

​

6/30/2026

​

7/2/2029

​

Services: Business

​

$

5,774,974

​

​

5,774,974

​

​

5,774,974

​

1.57

%

Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2026

​

​

​

​

​

​

3,675

​

​

-

​

​

-

​

0.00

%

Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2026

​

​

​

​

​

​

3,675

​

​

2,895,914

​

​

2,895,914

​

0.79

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,670,888

​

$

8,670,888

​

2.36

%

Total Non-controlled, affiliated investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

29,323,333

​

$

32,257,658

​

8.80

%

​

​

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

5

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

​

Non-controlled, non-affiliated investments

​

(4)(5)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2X LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Berwyn, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.73

%

​

​

6/5/2023

​

6/5/2028

​

Services: Business

​

$

5,348,953

​

​

5,286,156

​

​

5,348,953

​

1.46

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.73

%

​

​

10/31/2023

​

6/5/2028

​

​

​

​

1,408,558

​

​

1,390,928

​

​

1,408,558

​

0.38

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.73

%

​

​

12/2/2024

​

6/5/2028

​

​

​

​

3,793,782

​

​

3,759,540

​

​

3,793,782

​

1.03

%

2X Investors LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/5/2023

​

​

​

​

​

​

43,875

​

​

176,915

​

​

1,220,895

​

0.33

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,613,539

​

$

11,772,188

​

3.20

%

Ad.Net Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.99

%

​

​

5/7/2021

​

5/7/2028

​

Services: Business

​

$

16,691,168

​

​

16,669,315

​

​

16,524,257

​

4.50

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.99

%

​

​

5/7/2021

​

5/7/2028

​

​

​

​

129,902

​

​

129,902

​

​

128,603

​

0.04

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.99

%

​

​

5/7/2021

​

5/7/2028

​

​

​

​

649,510

​

​

649,510

​

​

643,015

​

0.18

%

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

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/7/2021

​

​

​

​

​

​

8,644

​

​

86,444

​

​

-

​

0.00

%

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

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/7/2021

​

​

​

​

​

​

7,780

​

​

777,995

​

​

493,166

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

18,313,166

​

$

17,789,041

​

4.85

%

AdCellerant LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Denver, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term A Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

9.64

%

​

​

12/12/2023

​

12/12/2028

​

Media: Advertising, Printing & Publishing

​

$

9,750,000

​

​

9,639,539

​

​

9,750,000

​

2.66

%

AdCellerant Holdings, LLC Series A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/12/2023

​

​

​

​

​

​

728,710

​

​

728,710

​

​

575,713

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,368,249

​

$

10,325,713

​

2.82

%

ADS Group Opco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lakewood, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)

​

First Lien

​

​

5.00

%

-

%

-

%

5.00

%

6/4/2021

​

12/31/2027

​

Aerospace & Defense

​

$

13,606,150

​

​

13,606,150

​

​

13,334,027

​

3.63

%

Priority Revolver (SBIC II)

​

(5)(9)

​

First Lien

​

​

5.00

%

-

%

-

%

5.00

%

9/30/2024

​

12/31/2027

​

​

​

​

16,097

​

​

16,097

​

​

32,194

​

0.01

%

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

​

​

116,613

​

0.03

%

ADS Group Topco, LLC Class Z Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/15/2022

​

​

​

​

​

​

72,043

​

​

267,929

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,555,203

​

$

13,482,834

​

3.67

%

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

​

​

16,814,860

​

​

3,368,751

​

0.92

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

12/6/2024

​

11/30/2026

​

​

​

​

795,882

​

​

970,378

​

​

2,387,646

​

0.65

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

2/5/2025

​

11/30/2026

​

​

​

​

875,000

​

​

875,000

​

​

2,625,000

​

0.72

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

3/26/2025

​

11/30/2026

​

​

​

​

500,000

​

​

500,000

​

​

1,500,000

​

0.41

%

Term Loan A (SBIC)

​

(4)(11)(13)

​

First Lien

​

1M SOFR+

9.50

%

1.00

%

-

%

-

%

3/26/2025

​

11/30/2026

​

​

​

​

2,607,637

​

​

565,204

​

​

521,527

​

0.14

%

First Priority Bridge Loan

​

(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

4/28/2026

​

9/30/2026

​

​

​

​

129,530

​

​

129,530

​

​

129,530

​

0.04

%

Revolver (SBIC)

​

(4)(11)(13)

​

First Lien

​

1M SOFR+

9.50

%

1.00

%

-

%

-

%

3/26/2025

​

11/30/2026

​

​

​

​

1,558,434

​

​

337,790

​

​

311,687

​

0.08

%

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

20,877,339

​

$

10,844,141

​

2.96

%

AGT Robotique Inc.

​

(7)(27)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trois Rivieres, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.23

%

​

​

6/24/2024

​

6/22/2029

​

Capital Equipment

​

$

10,512,392

​

​

10,372,626

​

​

10,302,145

​

2.81

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,372,626

​

$

10,302,145

​

2.81

%

American Refrigeration, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.73

%

​

​

3/31/2023

​

3/31/2028

​

Capital Equipment

​

$

8,006,718

​

​

7,922,677

​

​

8,006,718

​

2.18

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.73

%

​

​

3/31/2023

​

3/31/2028

​

​

​

​

97,750

​

​

97,153

​

​

97,750

​

0.03

%

AR-USA Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/31/2023

​

​

​

​

​

​

141

​

​

126,223

​

​

323,389

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,146,053

​

$

8,427,857

​

2.30

%

AMII Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coral Gables, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II )

​

(5)(11)

​

First Lien

​

3M SOFR+

4.50

%

1.50

%

8.23

%

​

​

12/4/2024

​

12/4/2029

​

Services: Consumer

​

$

8,687,176

​

​

8,590,906

​

​

8,687,176

​

2.37

%

AMII Holdings, LP Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/3/2024

​

​

​

​

​

​

14,246

​

​

142,460

​

​

219,049

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,733,366

​

$

8,906,225

​

2.43

%

​

​

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

6

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

​

Amika OpCo LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Brooklyn, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.25

%

0.75

%

9.14

%

​

​

7/1/2022

​

7/1/2029

​

Consumer Goods: Non-Durable

​

$

94,638

​

​

93,656

​

​

94,638

​

0.03

%

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.75

%

0.75

%

9.63

%

​

​

12/5/2023

​

7/1/2029

​

​

​

​

9,463,246

​

​

9,345,030

​

​

9,463,246

​

2.58

%

Revolver

​

(9)(11)

​

First Lien

​

3M SOFR+

5.25

%

0.75

%

8.99

%

​

​

7/1/2022

​

7/1/2028

​

​

​

​

11,500

​

​

11,500

​

​

11,500

​

0.00

%

Ishtar Co-Invest-B LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/1/2022

​

​

​

​

​

​

77,778

​

​

38,133

​

​

331,708

​

0.09

%

Oshun Co-Invest-B LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/1/2022

​

​

​

​

​

​

22,222

​

​

21,141

​

​

94,773

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,509,460

​

$

9,995,865

​

2.73

%

Anne Lewis Strategies, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SG AL Investment, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/5/2021

​

​

​

Washington, DC

​

​

1,000

​

​

327,192

​

​

3,394,663

​

0.93

%

SG AL Investment, LLC Common-A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/22/2023

​

​

​

Services: Business

​

​

239

​

​

442,629

​

​

985,826

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

769,821

​

$

4,380,489

​

1.20

%

APE Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deer Park, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/5/2014

​

​

​

Chemicals, Plastics, & Rubber

​

​

375,000

​

​

375,000

​

​

97,278

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

375,000

​

$

97,278

​

0.03

%

Arctiq, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Irvine, CA

​

​

​

​

​

​

​

​

​

​

​

​

Green Topco Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/8/2023

​

​

​

High Tech Industries

​

​

288,000

​

​

195,103

​

​

362,196

​

0.10

%

Green Topco Holdings, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/3/2026

​

​

​

​

​

​

16,598

​

​

-

​

​

691,729

​

0.19

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

195,103

​

$

1,053,925

​

0.29

%

Atmosphere Aggregator Holdings II, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Atlanta, GA

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/26/2016

​

​

​

Services: Business

​

​

254,250

​

​

-

​

​

2,351,670

​

0.64

%

Stratose Aggregator Holdings, L.P. Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2015

​

​

​

​

​

​

750,000

​

​

-

​

​

8,884,086

​

2.42

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

11,235,756

​

3.06

%

Axis Portable Air, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.48

%

​

​

3/22/2022

​

12/31/2030

​

Capital Equipment

​

$

9,262,500

​

​

9,200,054

​

​

9,216,189

​

2.51

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.48

%

​

​

4/17/2023

​

12/31/2030

​

​

​

​

1,846,270

​

​

1,830,713

​

​

1,837,039

​

0.50

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.48

%

​

​

3/22/2022

​

12/31/2030

​

​

​

​

20,000

​

​

20,000

​

​

19,900

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.49

%

​

​

3/22/2022

​

12/31/2030

​

​

​

​

30,000

​

​

30,000

​

​

29,850

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.48

%

​

​

3/22/2022

​

12/31/2030

​

​

​

​

97,500

​

​

97,143

​

​

97,013

​

0.03

%

Axis Air Parent, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/22/2022

​

​

​

​

​

​

4,436

​

​

443,636

​

​

2,933,583

​

0.80

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,621,546

​

$

14,133,574

​

3.86

%

Baker Manufacturing Company, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Evansville, WI

​

​

​

​

​

​

​

​

​

​

​

​

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

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/5/2022

​

​

​

Capital Equipment

​

​

743,770

​

​

743,770

​

​

1,088,491

​

0.30

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

743,770

​

$

1,088,491

​

0.30

%

Bart & Associates, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

McLean, VA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(10)(12)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.22

%

​

​

8/16/2024

​

8/16/2030

​

High Tech Industries

​

$

8,786,137

​

​

8,669,399

​

​

8,786,137

​

2.39

%

Term Loan (SBIC)

​

(4)(10)(12)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.22

%

​

​

1/2/2026

​

8/16/2030

​

​

​

​

1,990,000

​

​

1,955,164

​

​

1,990,000

​

0.54

%

Delayed Draw Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.22

%

​

​

8/16/2024

​

8/16/2030

​

​

​

​

1,716,053

​

​

1,703,365

​

​

1,716,053

​

0.47

%

B&A Partners Holding, LLC Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/16/2024

​

​

​

​

​

​

722,411

​

​

722,411

​

​

842,339

​

0.23

%

B&A Partners Holding, LLC Series B Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/2/2026

​

​

​

​

​

​

35,585

​

​

43,413

​

​

50,621

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,093,752

​

$

13,385,150

​

3.64

%

BL Products Parent, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/1/2022

​

​

​

Capital Equipment

​

​

879,060

​

​

983,608

​

​

1,219,407

​

0.33

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

983,608

​

$

1,219,407

​

0.33

%

Café Valley, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

CF Topco LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/28/2019

​

​

​

Beverage & Food

​

​

9,160

​

​

916,015

​

​

1,664,830

​

0.45

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

916,015

​

$

1,664,830

​

0.45

%

Carolinas Buyer, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Charlotte, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.98

%

​

​

12/20/2024

​

12/20/2030

​

Beverage & Food

​

$

6,745,854

​

​

6,651,069

​

​

6,610,937

​

1.80

%

Carolinas Holding, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/20/2024

​

​

​

​

​

​

466

​

​

465,637

​

​

376,233

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,116,706

​

$

6,987,170

​

1.90

%

CEATI International Inc.

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Montreal, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.73

%

​

​

2/19/2021

​

12/31/2027

​

Services: Business

​

$

7,750,671

​

​

7,750,671

​

​

7,750,671

​

2.11

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.73

%

​

​

12/20/2024

​

12/31/2027

​

​

​

​

2,948,813

​

​

2,934,741

​

​

2,948,813

​

0.80

%

CEATI Holdings, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/19/2021

​

​

​

​

​

​

250,000

​

​

132,919

​

​

280,074

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,818,331

​

$

10,979,558

​

2.99

%

​

​

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

7

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

Cerebro Buyer, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbia, SC

​

​

​

​

​

​

​

​

​

​

​

​

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

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/15/2023

​

​

​

Healthcare & Pharmaceuticals

​

​

62,961

​

​

47,521

​

​

60,392

​

0.02

%

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

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/15/2023

​

​

​

​

​

​

341,091

​

​

242,637

​

​

327,174

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

290,158

​

$

387,566

​

0.11

%

CF Arch Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/10/2022

​

​

​

Services: Business

​

​

100,000

​

​

77,583

​

​

162,138

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

77,583

​

$

162,138

​

0.04

%

CF512, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Blue Bell, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.85

%

​

​

9/1/2021

​

9/1/2026

​

Media: Advertising, Printing & Publishing

​

$

13,152,991

​

​

13,137,594

​

​

13,087,227

​

3.57

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.92

%

​

​

9/1/2021

​

9/1/2026

​

​

​

​

2,840,388

​

​

2,838,660

​

​

2,826,186

​

0.77

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

1.00

%

9.66

%

​

​

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

​

​

150,926

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,206,184

​

$

16,073,294

​

4.38

%

Champion Services Acquireco LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Round Rock, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.98

%

​

​

9/19/2025

​

9/19/2030

​

Construction & Building

​

$

11,012,256

​

​

10,818,282

​

​

10,681,889

​

2.91

%

Champion Services Holdings LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/19/2025

​

​

​

​

​

​

268,889

​

​

268,889

​

​

111,074

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,087,171

​

$

10,792,963

​

2.94

%

Channel Partners Intermediateco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa Bay, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.64

%

​

​

2/24/2022

​

2/7/2027

​

Retail

​

$

12,915,139

​

​

12,894,908

​

​

12,915,139

​

3.51

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.64

%

​

​

3/27/2023

​

2/7/2027

​

​

​

​

1,646,882

​

​

1,643,535

​

​

1,646,882

​

0.45

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.65

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

18,587

​

​

18,587

​

​

18,587

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.64

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

13,518

​

​

13,518

​

​

13,518

​

0.00

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.65

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

10,138

​

​

10,138

​

​

10,138

​

0.00

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.67

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

54,070

​

​

54,070

​

​

54,070

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.65

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

23,656

​

​

23,656

​

​

23,656

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,658,412

​

$

14,681,990

​

3.99

%

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

​

​

224,804

​

0.06

%

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

​

$

336,213

​

0.09

%

Compost 360 Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

8.73

%

1.50

%

8/2/2023

​

8/2/2028

​

Environmental Industries

​

$

9,553,103

​

​

9,434,251

​

​

9,123,214

​

2.49

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

8.73

%

1.50

%

8/2/2023

​

8/2/2028

​

​

​

​

1,051,703

​

​

1,042,886

​

​

1,004,376

​

0.27

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.23

%

​

​

8/2/2023

​

8/2/2028

​

​

​

​

24,804

​

​

24,804

​

​

23,688

​

0.01

%

Compost 360 Investments, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/2/2023

​

​

​

​

​

​

3,124

​

​

300,041

​

​

65,734

​

0.02

%

Compost 360 Investments, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/29/2025

​

​

​

​

​

​

614

​

​

27,630

​

​

44,317

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,829,612

​

$

10,261,329

​

2.80

%

COPILOT Provider Support Services, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Maitland, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.13

%

​

​

11/22/2022

​

11/22/2027

​

Healthcare & Pharmaceuticals

​

$

4,812,500

​

​

4,779,450

​

​

4,812,500

​

1.31

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.13

%

​

​

11/22/2022

​

11/22/2027

​

​

​

​

33,333

​

​

33,333

​

​

33,333

​

0.01

%

QHP Project Captivate Blocker, Inc. Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/22/2022

​

​

​

​

​

​

​

​

​

285,714

​

​

355,593

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,098,497

​

$

5,201,426

​

1.42

%

Craftable Intermediate II Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

9.23

%

​

​

6/30/2023

​

6/30/2028

​

High Tech Industries

​

$

9,831,622

​

​

9,738,373

​

​

9,831,622

​

2.68

%

Gauge Craftable LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2023

​

​

​

​

​

​

626,690

​

​

626,690

​

​

1,157,415

​

0.32

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,365,063

​

$

10,989,037

​

3.00

%

Curion Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chicago, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.23

%

​

​

7/29/2022

​

12/31/2028

​

Services: Business

​

$

12,591,389

​

​

12,526,468

​

​

12,591,389

​

3.42

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.23

%

​

​

7/29/2022

​

12/31/2028

​

​

​

​

40,570

​

​

40,570

​

​

40,570

​

0.01

%

SP CS Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/29/2022

​

​

​

​

​

​

867,173

​

​

867,173

​

​

943,488

​

0.26

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,434,211

​

$

13,575,447

​

3.69

%

DFO Enterprises, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rochester, MN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.73

%

​

​

9/22/2025

​

9/22/2030

​

Capital Equipment

​

$

11,493,621

​

​

11,316,824

​

​

11,493,621

​

3.13

%

DFO Ultimate Holding, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/22/2025

​

​

​

​

​

​

8,931

​

​

412,252

​

​

1,026,686

​

0.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,729,076

​

$

12,520,307

​

3.41

%

​

​

​

​

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

8

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

DMD Systems Recovery, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tempe, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.73

%

​

​

8/22/2025

​

8/22/2031

​

High Tech Industries

​

$

6,100,000

​

​

6,004,681

​

​

6,100,000

​

1.66

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.73

%

​

​

8/22/2025

​

8/22/2031

​

​

​

​

666,667

​

​

661,730

​

​

666,667

​

0.18

%

Phoenix Parent LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/19/2025

​

​

​

​

​

​

180,000

​

​

180,000

​

​

404,145

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,846,411

​

$

7,170,812

​

1.95

%

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

%

Elder Care Opco LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Scarsdale, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

4.75

%

1.50

%

8.48

%

​

​

7/31/2025

​

7/31/2030

​

Healthcare & Pharmaceuticals

​

$

7,746,082

​

​

7,630,425

​

​

7,629,891

​

2.08

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.73

%

​

​

7/31/2025

​

7/31/2030

​

​

​

​

512,500

​

​

508,162

​

​

504,813

​

0.14

%

Rallyday Elder Care Co-Investors LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/31/2025

​

​

​

​

​

​

910,966

​

​

916,719

​

​

1,040,939

​

0.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,055,306

​

$

9,175,643

​

2.50

%

Elliott Aviation, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Moline, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

11.79

%

1/31/2020

​

7/15/2026

​

Aerospace & Defense

​

$

10,179,258

​

​

10,179,259

​

​

8,805,059

​

2.40

%

SP EA Holdings LLC Term Loan

​

​

​

Unsecured

​

​

15.00

%

-

%

-

%

15.00

%

10/26/2023

​

8/14/2026

​

​

​

​

82,021

​

​

82,021

​

​

-

​

0.00

%

Term Loan

​

​

​

First Lien

​

​

4.31

%

-

%

-

%

4.31

%

4/25/2025

​

7/15/2026

​

​

​

​

61,141

​

​

61,141

​

​

52,887

​

0.01

%

Revolver A

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

11.79

%

1/31/2020

​

7/15/2026

​

​

​

​

1,681,834

​

​

1,681,834

​

​

1,681,834

​

0.46

%

Revolver B

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

11.79

%

3/1/2023

​

7/15/2026

​

​

​

​

791,975

​

​

791,975

​

​

791,975

​

0.22

%

Revolver C (Priority)

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

11.79

%

3/7/2025

​

7/15/2026

​

​

​

​

1,081,360

​

​

1,081,360

​

​

1,081,360

​

0.29

%

SP EA Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2020

​

​

​

​

​

​

105,938,486

​

​

901,594

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,779,184

​

$

12,413,115

​

3.38

%

Environmental Remedies, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hayward, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.98

%

​

​

1/15/2025

​

1/15/2030

​

Services: Business

​

$

7,239,128

​

​

7,129,702

​

​

7,094,345

​

1.93

%

ERI Parent Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

1/15/2025

​

​

​

​

​

​

163,109

​

​

159,238

​

​

118,625

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,288,940

​

$

7,212,970

​

1.96

%

Eskola LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Morristown, TN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

-

%

9.69

%

12/19/2024

​

12/19/2029

​

Construction & Building

​

$

7,891,613

​

​

7,793,101

​

​

7,339,200

​

2.00

%

Delayed Draw Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

-

%

9.84

%

12/19/2024

​

12/19/2029

​

​

​

​

2,924,247

​

​

2,908,642

​

​

2,719,550

​

0.74

%

Eskola Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/19/2024

​

​

​

​

​

​

314

​

​

893,747

​

​

10,482

​

0.00

%

Eskola Holdings, LLC Class C Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/4/2025

​

​

​

​

​

​

28

​

​

56,349

​

​

940

​

0.00

%

Eskola Holdings, LLC Class D Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/24/2026

​

​

​

​

​

​

1,014

​

​

101,429

​

​

49,075

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,753,268

​

$

10,119,247

​

2.75

%

evolv Consulting, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.23

%

​

​

12/7/2023

​

12/7/2028

​

Services: Business

​

$

9,335,314

​

​

9,228,648

​

​

9,335,314

​

2.54

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.23

%

​

​

12/7/2023

​

12/7/2028

​

​

​

​

350,649

​

​

350,649

​

​

350,649

​

0.10

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.23

%

​

​

12/7/2023

​

12/7/2028

​

​

​

​

487,013

​

​

487,013

​

​

487,013

​

0.13

%

evolv Holdco, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/7/2023

​

​

​

​

​

​

481,521

​

​

481,521

​

​

679,090

​

0.19

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,547,831

​

$

10,852,066

​

2.96

%

Evriholder Acquisition, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Anaheim, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(9)(11)

​

First Lien

​

6M SOFR+

6.75

%

1.50

%

10.85

%

​

​

1/23/2023

​

1/24/2028

​

Consumer Goods: Durable

​

$

11,634,053

​

​

11,522,557

​

​

11,575,884

​

3.14

%

KEJ Holdings LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/23/2023

​

​

​

​

​

​

873,333

​

​

873,333

​

​

1,005,329

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,395,890

​

$

12,581,213

​

3.41

%

Exacta Land Surveyors, LLC

​

(20)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cleveland, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

9.63

%

1.00

%

2/8/2019

​

12/31/2027

​

Services: Business

​

$

16,305,500

​

​

16,305,500

​

​

15,816,335

​

4.31

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

9.63

%

1.00

%

7/15/2022

​

12/31/2027

​

​

​

​

991,990

​

​

991,990

​

​

962,230

​

0.26

%

SP EA Holdings LLC Term Loan

​

​

​

Unsecured

​

​

15.00

​

​

​

​

​

15.00

%

4/22/2024

​

6/30/2028

​

​

​

​

115,243

​

​

115,243

​

​

103,142

​

0.03

%

SP ELS Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/8/2019

​

​

​

​

​

​

1,338,661

​

​

1,124,414

​

​

182,059

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

18,537,147

​

$

17,063,766

​

4.65

%

Exigo, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.00

%

9.99

%

​

​

3/16/2022

​

3/16/2027

​

Services: Business

​

$

8,586,067

​

​

8,563,723

​

​

7,469,878

​

2.04

%

Gauge Exigo Coinvest, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/16/2022

​

​

​

​

​

​

377,535

​

​

377,535

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,941,258

​

$

7,469,878

​

2.04

%

​

​

​

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

9

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

FairWave Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Kansas City, MO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.48

%

​

​

4/1/2024

​

4/1/2029

​

Beverage & Food

​

$

7,443,921

​

​

7,337,867

​

​

7,443,921

​

2.03

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.48

%

​

​

12/31/2025

​

4/1/2029

​

​

​

​

103,201

​

​

101,626

​

​

103,201

​

0.03

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.48

%

​

​

4/1/2024

​

4/1/2029

​

​

​

​

1,104,213

​

​

1,104,213

​

​

1,104,213

​

0.30

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.48

%

​

​

4/1/2024

​

4/1/2029

​

​

​

​

2,627,805

​

​

2,606,894

​

​

2,627,805

​

0.72

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.48

%

​

​

12/31/2025

​

4/1/2029

​

​

​

​

564,938

​

​

560,537

​

​

564,938

​

0.15

%

GRC Java Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/1/2024

​

​

​

​

​

​

3,229

​

​

347,692

​

​

526,401

​

0.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,058,829

​

$

12,370,479

​

3.37

%

Fidus Systems Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ottawa, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

9.23

%

​

​

10/17/2025

​

10/17/2031

​

High Tech Industries

​

$

4,735,304

​

​

4,659,441

​

​

4,640,598

​

1.26

%

Fidus Investments Holdings, L.P. Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/17/2025

​

​

​

​

​

​

268

​

​

267,728

​

​

240,152

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,927,169

​

$

4,880,750

​

1.33

%

FiscalNote Boards LLC

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Toronto, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

8.89

%

​

​

3/11/2024

​

3/12/2029

​

Services: Business

​

$

2,899,540

​

​

2,863,921

​

​

2,899,540

​

0.79

%

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

​

​

200,397

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

3,054,303

​

$

3,099,937

​

0.84

%

General LED OPCO, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Antonio, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

Second Lien

​

3M SOFR+

9.00

%

1.50

%

12.80

%

​

​

5/1/2018

​

4/30/2027

​

Services: Business

​

$

4,500,000

​

​

4,500,000

​

​

4,500,000

​

1.23

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,500,000

​

$

4,500,000

​

1.23

%

GS HVAM Intermediate, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carlsbad, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.24

%

​

​

10/18/2019

​

11/30/2028

​

Beverage & Food

​

$

11,433,148

​

​

11,430,772

​

​

11,261,652

​

3.07

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.24

%

​

​

10/18/2019

​

11/30/2028

​

​

​

​

1,484,848

​

​

1,484,848

​

​

1,462,575

​

0.40

%

HV GS Acquisition, LP Class A Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/2/2019

​

​

​

​

​

​

2,144

​

​

563,209

​

​

1,494,762

​

0.41

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,478,829

​

$

14,218,989

​

3.88

%

GSF Buyer, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

North Andover, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.41

%

​

​

4/30/2025

​

4/30/2031

​

Beverage & Food

​

$

4,227,998

​

​

4,174,099

​

​

4,164,578

​

1.13

%

GSF Group Holdings, L.P. Class A2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/30/2025

​

​

​

​

​

​

241

​

​

240,595

​

​

181,917

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,414,694

​

$

4,346,495

​

1.18

%

Guidant Corp.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Erie, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.23

%

​

​

3/11/2024

​

3/12/2029

​

Energy: Oil & Gas

​

$

9,803,561

​

​

9,590,923

​

​

9,754,544

​

2.65

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.23

%

​

​

3/11/2024

​

3/12/2029

​

​

​

​

1,045,150

​

​

1,045,150

​

​

1,039,924

​

0.28

%

Titan Meter Topco LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/11/2024

​

​

​

​

​

​

574,863

​

​

581,608

​

​

823,096

​

0.22

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,217,681

​

$

11,617,564

​

3.15

%

I2P Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cleveland, OH

​

​

​

​

​

​

​

​

​

​

​

​

Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2018

​

​

​

Services: Business

​

​

750,000

​

​

-

​

​

1,613,828

​

0.44

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

1,613,828

​

0.44

%

Identity Theft Guard Solutions, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Portland, OR

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.50

%

9.14

%

​

​

2/28/2025

​

2/28/2030

​

Services: Business

​

$

8,613,851

​

​

8,479,235

​

​

8,527,712

​

2.32

%

IDX Parent, LLC Class A-2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/28/2025

​

​

​

​

​

​

352,915

​

​

352,915

​

​

587,029

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,832,150

​

$

9,114,741

​

2.48

%

Impact Home Services LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.23

%

​

​

4/28/2023

​

4/28/2028

​

Services: Consumer

​

$

5,775,412

​

​

5,712,264

​

​

5,688,781

​

1.55

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.23

%

​

​

10/11/2023

​

4/28/2028

​

​

​

​

526,391

​

​

520,224

​

​

518,495

​

0.14

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.23

%

​

​

6/30/2023

​

4/28/2028

​

​

​

​

262,519

​

​

259,568

​

​

258,581

​

0.07

%

Revolver

​

(11)(17)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.23

%

​

​

4/28/2023

​

4/28/2028

​

​

​

​

82,500

​

​

82,500

​

​

81,263

​

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

​

​

39,094

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,987,674

​

$

6,586,214

​

1.79

%

Infolinks Media Buyco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ridgewood, NJ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.48

%

​

​

11/1/2021

​

5/1/2028

​

Media: Advertising, Printing & Publishing

​

$

7,168,033

​

​

7,154,133

​

​

6,988,832

​

1.90

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.48

%

​

​

6/6/2024

​

5/1/2028

​

​

​

​

2,440,641

​

​

2,433,788

​

​

2,379,625

​

0.65

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.48

%

​

​

11/1/2021

​

5/1/2028

​

​

​

​

1,440,450

​

​

1,438,378

​

​

1,404,439

​

0.38

%

Tower Arch Infolinks Media, LP LP Interests

​

(6)(15)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/28/2021

​

​

​

​

​

​

514,846

​

​

261,030

​

​

111,285

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,287,329

​

$

10,884,181

​

2.96

%

​

​

​

​

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

10

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

Informativ, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fresno, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.63

%

​

​

7/30/2021

​

7/30/2027

​

High Tech Industries

​

$

8,264,629

​

​

8,261,377

​

​

8,264,629

​

2.25

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.63

%

​

​

3/31/2022

​

7/30/2027

​

​

​

​

6,231,010

​

​

6,228,224

​

​

6,231,010

​

1.70

%

Credit Connection Holdings, LLC Series A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/30/2021

​

​

​

​

​

​

804,384

​

​

300,783

​

​

1,597,017

​

0.44

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,790,384

​

$

16,092,656

​

4.39

%

Inoapps Bidco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan B

​

(11)

​

First Lien

​

3M SONIA+

5.75

%

1.00

%

9.71

%

​

​

2/15/2022

​

8/15/2028

​

High Tech Industries

​

£

9,600,000

​

$

12,977,209

​

$

12,643,218

​

3.45

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.75

%

1.00

%

9.51

%

​

​

2/15/2022

​

8/15/2028

​

​

​

​

40,000

​

​

40,000

​

​

40,000

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.68

%

​

​

2/15/2022

​

8/15/2028

​

​

​

​

80,208

​

​

80,070

​

​

80,208

​

0.02

%

Inoapps Holdings, LLC Series A-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/15/2022

​

​

​

​

​

​

739,844

​

​

783,756

​

​

1,089,259

​

0.30

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,881,035

​

$

13,852,685

​

3.78

%

iNovex Information Systems Incorporated

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbia, MD

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.98

%

​

​

12/17/2024

​

12/17/2030

​

Services: Business

​

$

7,409,351

​

​

7,320,131

​

​

7,298,211

​

1.99

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,320,131

​

$

7,298,211

​

1.99

%

International Cybernetics Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Largo, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.98

%

​

​

6/3/2025

​

6/3/2030

​

Services: Business

​

$

4,700,523

​

​

4,632,479

​

​

4,630,015

​

1.26

%

International Cybernetics Holdings, LP Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/2/2025

​

​

​

​

​

​

1,051

​

​

105,113

​

​

54,797

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,737,592

​

$

4,684,812

​

1.27

%

Invincible Boat Company LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Opa Locka, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

-

%

11.29

%

8/28/2019

​

3/31/2029

​

Consumer Goods: Durable

​

$

5,551,458

​

​

5,551,458

​

​

4,024,807

​

1.10

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

-

%

11.29

%

8/28/2019

​

3/31/2029

​

​

​

​

5,124,423

​

​

5,124,423

​

​

3,715,207

​

1.01

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

-

%

11.29

%

6/1/2021

​

3/31/2029

​

​

​

​

1,140,251

​

​

1,140,251

​

​

826,682

​

0.23

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

-

%

11.29

%

8/28/2019

​

3/31/2029

​

​

​

​

957,447

​

​

957,447

​

​

694,149

​

0.19

%

Warbird Parent Holdco, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/28/2019

​

​

​

​

​

​

1,362,575

​

​

1,299,691

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,073,270

​

$

9,260,845

​

2.53

%

Ledge Lounger, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Katy, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

7.50

%

1.00

%

11.38

%

​

​

11/9/2021

​

11/9/2027

​

Consumer Goods: Durable

​

$

8,116,889

​

​

8,102,526

​

​

7,345,785

​

2.00

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

7.50

%

1.00

%

11.38

%

​

​

11/9/2021

​

11/9/2027

​

​

​

​

91,508

​

​

91,508

​

​

82,815

​

0.02

%

SP L2 Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/3/2025

​

​

​

​

​

​

398,972

​

​

-

​

​

-

​

0.00

%

SP L2 Holdings LLC Class A Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

11/9/2021

​

​

​

​

​

​

50,596,837

​

​

389,832

​

​

-

​

0.00

%

SP L2 Holdings LLC Class C Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/9/2024

​

​

​

​

​

​

140,834

​

​

34,504

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,618,370

​

$

7,428,600

​

2.02

%

Lightning Intermediate II, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

6M SOFR+

6.00

%

1.00

%

10.10

%

​

​

6/6/2022

​

6/5/2028

​

Consumer Goods: Non-Durable

​

$

10,333,433

​

​

10,285,372

​

​

10,333,433

​

2.82

%

Gauge Vimergy Coinvest, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2022

​

​

​

​

​

​

399

​

​

391,274

​

​

258,297

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,676,646

​

$

10,591,730

​

2.89

%

MacKenzie-Childs Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aurora, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.38

%

​

​

9/2/2022

​

9/2/2027

​

Consumer Goods: Durable

​

$

86,331

​

​

85,953

​

​

86,331

​

0.02

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.24

%

​

​

9/2/2022

​

9/2/2027

​

​

​

​

20,000

​

​

20,000

​

​

20,000

​

0.01

%

MacKenzie-Childs Investment, LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/2/2022

​

​

​

​

​

​

100,000

​

​

100,000

​

​

208,383

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

205,953

​

$

314,714

​

0.09

%

Madison Logic Holdings, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.00

%

1.00

%

-

%

10.64

%

12/30/2022

​

12/30/2028

​

Media: Advertising, Printing & Publishing

​

$

4,562,678

​

​

4,514,444

​

​

4,106,410

​

1.12

%

BC Partners Glengarry Co-Investment LP Class 1 Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/7/2023

​

​

​

​

​

​

404,964

​

​

404,964

​

​

66,310

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,919,408

​

$

4,172,720

​

1.14

%

MBH Management LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Washington, DC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.00

%

1.50

%

8.64

%

​

​

11/15/2024

​

11/15/2029

​

Healthcare & Pharmaceuticals

​

$

9,334,591

​

​

9,198,725

​

​

9,334,591

​

2.54

%

MBH Parent, LLC Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

11/15/2024

​

​

​

​

​

​

646,944

​

​

606,032

​

​

1,092,746

​

0.30

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,804,757

​

$

10,427,337

​

2.84

%

MedLearning Group, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.48

%

​

​

3/26/2024

​

12/30/2027

​

Healthcare & Pharmaceuticals

​

$

4,241,530

​

​

4,202,693

​

​

4,220,322

​

1.15

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.48

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,485,853

​

​

2,463,091

​

​

2,473,424

​

0.67

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.48

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,030,160

​

​

2,011,625

​

​

2,020,009

​

0.55

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.48

%

​

​

8/5/2025

​

12/30/2027

​

​

​

​

990,000

​

​

980,334

​

​

985,050

​

0.27

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.48

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,418,297

​

​

2,403,076

​

​

2,406,206

​

0.66

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,060,819

​

$

12,105,011

​

3.30

%

​

​

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

11

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

Michelli, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New Orleans, LA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.73

%

​

​

12/21/2023

​

12/21/2028

​

Capital Equipment

​

$

4,875,000

​

​

4,819,231

​

​

4,875,000

​

1.33

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.73

%

​

​

12/21/2023

​

12/21/2028

​

​

​

​

3,818,176

​

​

3,793,234

​

​

3,818,176

​

1.04

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.73

%

​

​

12/21/2023

​

12/21/2028

​

​

​

​

259,215

​

​

259,215

​

​

259,215

​

0.07

%

SP MWM Holdco LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/21/2023

​

​

​

​

​

​

509,215

​

​

509,215

​

​

781,090

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,380,895

​

$

9,733,481

​

2.65

%

Microbe Formulas LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Meridian, ID

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.24

%

​

​

4/4/2022

​

4/3/2028

​

Consumer Goods: Non-Durable

​

$

4,342,566

​

​

4,327,358

​

​

4,342,566

​

1.18

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.24

%

​

​

11/20/2024

​

4/3/2028

​

​

​

​

4,190,443

​

​

4,178,265

​

​

4,190,443

​

1.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,505,623

​

$

8,533,009

​

2.32

%

Mobotrex Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Davenport, IA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.73

%

​

​

2/28/2025

​

6/7/2031

​

Wholesale

​

$

5,118,151

​

​

5,059,712

​

​

5,092,560

​

1.39

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.73

%

​

​

2/28/2025

​

6/7/2031

​

​

​

​

3,569,615

​

​

3,528,857

​

​

3,551,767

​

0.97

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.73

%

​

​

2/28/2025

​

6/7/2031

​

​

​

​

57,925

​

​

57,925

​

​

57,635

​

0.02

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.73

%

​

​

11/6/2025

​

6/7/2031

​

​

​

​

255,523

​

​

254,095

​

​

254,245

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,900,589

​

$

8,956,207

​

2.45

%

MOM Enterprises, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Richmond, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.23

%

​

​

5/19/2021

​

5/19/2028

​

Consumer Goods: Non-Durable

​

$

15,076,148

​

​

15,076,148

​

​

14,925,387

​

4.07

%

MBliss SPC Holdings, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/19/2021

​

​

​

​

​

​

933,333

​

​

933,333

​

​

836,623

​

0.23

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,009,481

​

$

15,762,010

​

4.30

%

Monarch Behavioral Therapy, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Addison, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.64

%

​

​

6/6/2024

​

6/6/2030

​

Healthcare & Pharmaceuticals

​

$

6,629,342

​

​

6,532,825

​

​

6,629,342

​

1.81

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.64

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

614,310

​

​

614,310

​

​

614,310

​

0.17

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.64

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

899,333

​

​

892,219

​

​

899,333

​

0.25

%

Convertible Promissory Note

​

(30)

​

Unsecured

​

​

15.00

%

​

​

-

%

15.00

%

6/29/2026

​

6/6/2031

​

​

​

​

29,835

​

​

29,835

​

​

29,835

​

0.01

%

BI Investors, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2024

​

​

​

​

​

​

4,343

​

​

430,481

​

​

558,374

​

0.15

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,499,670

​

$

8,731,194

​

2.39

%

Monitorus Holding, LLC

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

London, UK

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

​

​

First Lien

​

​

9.00

%

​

​

3.00

%

6.00

%

5/24/2022

​

5/30/2029

​

Media: Diversified & Production

​

$

106,590

​

​

106,376

​

​

104,458

​

0.03

%

Revolver

​

(29)

​

First Lien

​

​

9.00

%

​

​

3.00

%

6.00

%

5/24/2022

​

5/30/2029

​

​

​

€

108,113

​

​

117,537

​

​

115,186

​

0.03

%

Delayed Draw Term Loan

​

​

​

First Lien

​

​

9.00

%

​

​

3.00

%

6.00

%

5/24/2022

​

5/30/2029

​

​

​

€

73,066

​

​

73,747

​

​

72,272

​

0.02

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,689

​

​

11,156

​

​

3,220

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

3,220

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

3,220

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

3,220

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

3,220

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

3,220

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

3,220

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

3,220

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

3,220

​

0.00

%

Sapphire Aggregator S.a r.l. Class 3 Ordinary Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/31/2025

​

​

​

​

​

​

8,422,591

​

​

48,774

​

​

42,363

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

446,838

​

$

363,259

​

0.09

%

Morgan Electrical Group Intermediate Holdings, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freemont, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.50

%

9.89

%

​

​

8/3/2023

​

8/3/2029

​

Construction & Building

​

$

4,043,318

​

​

3,987,785

​

​

4,002,885

​

1.09

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.50

%

9.89

%

​

​

8/3/2023

​

8/3/2029

​

​

​

​

1,598,673

​

​

1,587,173

​

​

1,582,686

​

0.43

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/3/2023

​

​

​

​

​

​

380

​

​

380,330

​

​

309,301

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,955,288

​

$

5,894,872

​

1.60

%

Naumann/Hobbs Material Handling Corporation II, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.48

%

​

​

8/30/2019

​

12/31/2026

​

Services: Business

​

$

7,959,086

​

​

7,959,086

​

​

7,919,291

​

2.16

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.48

%

​

​

8/30/2019

​

12/31/2026

​

​

​

​

5,019,029

​

​

5,019,029

​

​

4,993,934

​

1.36

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.48

%

​

​

8/30/2019

​

12/31/2026

​

​

​

​

1,789,578

​

​

1,789,578

​

​

1,780,630

​

0.49

%

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

​

​

782,715

​

0.21

%

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

​

​

-

​

​

311,900

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,350,651

​

$

15,788,470

​

4.30

%

​

​

​

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

12

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

NINJIO, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Westlake Village, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.73

%

​

​

10/12/2022

​

10/12/2027

​

Media: Diversified & Production

​

$

4,962,500

​

​

4,930,913

​

​

4,962,500

​

1.35

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.73

%

​

​

10/12/2022

​

10/12/2027

​

​

​

​

20,000

​

​

20,000

​

​

20,000

​

0.01

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.73

%

​

​

10/12/2022

​

10/12/2027

​

​

​

​

100,000

​

​

99,590

​

​

100,000

​

0.03

%

NINJIO Holdings, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/12/2022

​

​

​

​

​

​

184

​

​

313,253

​

​

343,565

​

0.09

%

Gauge NINJIO Blocker LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/22/2023

​

​

​

​

​

​

14

​

​

14,470

​

​

21,705

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,378,226

​

$

5,447,770

​

1.49

%

Norplex Micarta Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Postville, IA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.91

%

​

​

10/31/2024

​

10/31/2029

​

Chemicals, Plastics, & Rubber

​

$

12,805,000

​

​

12,620,094

​

​

12,676,951

​

3.45

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.98

%

​

​

10/31/2024

​

10/31/2029

​

​

​

​

266,667

​

​

266,667

​

​

264,000

​

0.07

%

Norplex Micarta Parent, LP Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/31/2024

​

​

​

​

​

​

739,804

​

​

739,804

​

​

720,740

​

0.20

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,626,565

​

$

13,661,691

​

3.72

%

NS412, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

Second Lien

​

3M SOFR+

8.25

%

1.00

%

12.08

%

​

​

5/6/2019

​

5/6/2027

​

Services: Consumer

​

$

7,615,000

​

​

7,615,000

​

​

7,615,000

​

2.08

%

NS Group Holding Company, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/6/2019

​

​

​

​

​

​

782

​

​

795,002

​

​

991,063

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,410,002

​

$

8,606,063

​

2.35

%

Onpoint Industrial Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deer Park, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.75

%

9.73

%

​

​

11/16/2022

​

11/16/2027

​

Services: Business

​

$

11,922,589

​

​

11,840,355

​

​

11,922,589

​

3.25

%

Spearhead TopCo, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/16/2022

​

​

​

​

​

​

606,742

​

​

606,742

​

​

1,041,786

​

0.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,447,097

​

$

12,964,375

​

3.53

%

OW RSG LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hudson, WI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.50

%

9.14

%

​

​

4/27/2026

​

4/27/2031

​

Capital Equipment

​

$

4,000,000

​

​

3,931,835

​

​

3,931,835

​

1.07

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.14

%

​

​

4/27/2026

​

4/27/2031

​

​

​

$

10,000

​

​

10,000

​

​

9,830

​

0.00

%

THRM Brands Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2026

​

​

​

​

​

​

324

​

​

324,074

​

​

324,324

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,265,909

​

$

4,265,989

​

1.16

%

Pacific Shoring Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Santa Rosa, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.73

%

​

​

1/10/2025

​

1/10/2030

​

Capital Equipment

​

$

8,393,750

​

​

8,282,784

​

​

8,351,781

​

2.28

%

PSP Ultimate Holding, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/10/2025

​

​

​

​

​

​

10,606

​

​

498,491

​

​

773,576

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,781,275

​

$

9,125,357

​

2.49

%

PCP MT Aggregator Holdings, L.P.

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oak Brook, IL

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/29/2019

​

​

​

Finance

​

​

825,020

​

​

-

​

​

5,436,063

​

1.48

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

5,436,063

​

1.48

%

PCS Software, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Shenandoah, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.38

%

0.50

%

7/1/2019

​

6/30/2027

​

Transportation & Logistics

​

$

13,909,749

​

​

13,909,749

​

​

13,770,652

​

3.75

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.38

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

1,824,229

​

​

1,824,229

​

​

1,805,987

​

0.49

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.38

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

6,071

​

​

6,071

​

​

6,010

​

0.00

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.38

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

961,897

​

​

961,897

​

​

952,278

​

0.26

%

PCS Software Parent, LLC Class A Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/16/2022

​

​

​

​

​

​

471,211

​

​

9,995

​

​

227,439

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,711,941

​

$

16,762,366

​

4.56

%

Pearl Media Holdings, LLC

​

(24)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Montclair, NJ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.13

%

​

​

8/31/2022

​

8/31/2027

​

Media: Advertising, Printing & Publishing

​

$

8,574,711

​

​

8,526,947

​

​

8,488,964

​

2.31

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,526,947

​

$

8,488,964

​

2.31

%

Peltram Group Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Auburn, WA

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2021

​

​

​

Construction & Building

​

​

508,516

​

​

451,142

​

​

508,031

​

0.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

451,142

​

$

508,031

​

0.14

%

Pilot Power Group Acquisition, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Diego, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(10)(12)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.97

%

​

​

12/18/2025

​

12/18/2030

​

Services: Business

​

$

12,000,000

​

​

11,806,452

​

​

11,880,000

​

3.24

%

BCM Pilot Opportunity Parent, LLC Class A Common Interests

​

(28)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/18/2025

​

​

​

​

​

​

4,423

​

​

366,868

​

​

505,478

​

0.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,173,320

​

$

12,385,478

​

3.38

%

Plus Delta Buyer LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carlsbad, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.98

%

​

​

1/16/2025

​

1/16/2031

​

Services: Business

​

$

7,307,500

​

​

7,188,433

​

​

7,197,888

​

1.96

%

Plus Delta Parent LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/16/2025

​

​

​

​

​

​

325,765

​

​

325,764

​

​

329,141

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,514,197

​

$

7,527,029

​

2.05

%

Precision Strategies, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Washington, DC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.64

%

​

​

3/3/2026

​

3/3/2031

​

Services: Business

​

$

6,160,571

​

​

6,073,013

​

​

6,098,965

​

1.66

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,073,013

​

$

6,098,965

​

1.66

%

​

​

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

13

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

Premiere Digital Services, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Premiere Digital Holdings, Inc. Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/18/2018

​

​

​

Media: Broadcasting & Subscription

​

​

5,000

​

​

-

​

​

2,622,485

​

0.71

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

2,622,485

​

0.71

%

Pure Upper Holdco LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Newtown Square, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.48

%

​

​

12/3/2025

​

12/3/2031

​

Healthcare & Pharmaceuticals

​

$

9,950,000

​

​

9,857,925

​

​

9,900,251

​

2.70

%

Xanitos Topco, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/3/2025

​

​

​

​

​

​

246,667

​

​

246,667

​

​

298,039

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,104,592

​

$

10,198,290

​

2.78

%

Red's All Natural, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Franklin, TN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(10)(12)

​

First Lien

​

3M SOFR+

4.50

%

1.50

%

8.95

%

​

​

1/31/2023

​

1/31/2029

​

Beverage & Food

​

$

8,815,327

​

​

8,723,391

​

​

8,815,327

​

2.40

%

Centeotl Co-Invest B, LP Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2023

​

​

​

​

​

​

710,600

​

​

710,600

​

​

439,595

​

0.12

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,433,991

​

$

9,254,922

​

2.52

%

RIA Advisory Borrower, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coral Gables, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

2.00

%

9.22

%

​

​

5/1/2023

​

8/2/2027

​

High Tech Industries

​

$

5,725,291

​

​

5,688,416

​

​

5,725,291

​

1.56

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

2.00

%

9.22

%

​

​

5/1/2023

​

8/2/2027

​

​

​

​

58,596

​

​

58,596

​

​

58,596

​

0.02

%

RIA Advisory Aggregator, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/1/2023

​

​

​

​

​

​

104,425

​

​

160,982

​

​

284,315

​

0.08

%

RIA Products Aggregator, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/1/2023

​

​

​

​

​

​

81,251

​

​

69,342

​

​

39,195

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,977,336

​

$

6,107,397

​

1.67

%

Said Intermediate, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boston, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.14

%

​

​

6/13/2024

​

6/13/2029

​

Media: Advertising, Printing & Publishing

​

$

7,330,909

​

​

7,234,439

​

​

7,330,909

​

2.00

%

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

​

​

305,764

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,585,088

​

$

7,636,673

​

2.08

%

Silver Corporate Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hendersonville, TN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

9.23

%

​

​

1/9/2026

​

1/9/2031

​

Services: Business

​

$

7,094,650

​

​

6,980,057

​

​

6,917,284

​

1.89

%

Revolver

​

​

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

9.23

%

​

​

1/9/2026

​

1/9/2031

​

​

​

​

25,000

​

​

25,000

​

​

24,375

​

0.01

%

Silver Parent LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/9/2026

​

​

​

​

​

​

30,780

​

​

498,641

​

​

461,298

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,503,698

​

$

7,402,957

​

2.03

%

Solid Surface Holdco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Charlotte, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

2.00

%

8.98

%

​

​

6/6/2025

​

6/6/2030

​

Services: Business

​

$

5,637,330

​

​

5,543,722

​

​

5,637,330

​

1.54

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

2.00

%

8.98

%

​

​

6/6/2025

​

6/6/2030

​

​

​

​

4,249,351

​

​

4,209,454

​

​

4,249,351

​

1.16

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

2.00

%

8.98

%

​

​

6/6/2025

​

6/6/2030

​

​

​

​

16,560

​

​

16,560

​

​

16,560

​

0.00

%

Carolina Topco Holdings, LP Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2025

​

​

​

​

​

​

6,881

​

​

688,137

​

​

832,517

​

0.23

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,457,873

​

$

10,735,758

​

2.93

%

Solomon Acquisition Co, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.92

%

​

​

4/13/2026

​

4/13/2032

​

Services: Business

​

$

4,196,557

​

​

4,125,391

​

​

4,125,391

​

1.12

%

Solomon HoldCo, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/13/2026

​

​

​

​

​

​

187

​

​

186,807

​

​

186,807

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,312,198

​

$

4,312,198

​

1.17

%

Spectra Confectionery Limited

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vaughan, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

6.25

%

1.50

%

9.44

%

0.50

%

11/14/2024

​

11/15/2029

​

Beverage & Food

​

$

5,244,030

​

​

5,186,771

​

​

5,165,370

​

1.41

%

SK Spectra Holdings LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/15/2024

​

​

​

​

​

​

298

​

​

297,765

​

​

201,135

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,484,536

​

$

5,366,505

​

1.46

%

Strategus, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Englewood, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.73

%

​

​

1/27/2025

​

1/27/2031

​

Media: Advertising, Printing & Publishing

​

$

7,723,424

​

​

7,613,351

​

​

7,607,573

​

2.07

%

Revolver

​

​

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.73

%

​

​

1/27/2025

​

1/27/2031

​

​

​

​

10,000

​

​

10,000

​

​

9,850

​

0.00

%

CIVC Strategus Blocker, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/27/2025

​

​

​

​

​

​

170

​

​

170,362

​

​

179,921

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,793,713

​

$

7,797,344

​

2.12

%

Synergy Health Partners MSO, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Troy, MI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.73

%

​

​

3/6/2026

​

3/6/2031

​

Healthcare & Pharmaceuticals

​

$

3,990,141

​

​

3,933,431

​

​

3,950,240

​

1.08

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.73

%

​

​

3/6/2026

​

3/6/2031

​

​

​

​

37,406

​

​

37,140

​

​

37,032

​

0.01

%

Synergy Health Partners Holdings, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/6/2026

​

​

​

​

​

​

436,580

​

​

136,634

​

​

181,909

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,107,205

​

$

4,169,181

​

1.14

%

TAC LifePort Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Woodland, WA

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/1/2021

​

​

​

Aerospace & Defense

​

​

546,543

​

​

189,094

​

​

1,182,374

​

0.32

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

189,094

​

$

1,182,374

​

0.32

%

​

​

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

14

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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

Teckrez, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(9)(11)

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

10.49

%

​

​

5/24/2024

​

11/30/2028

​

Chemicals, Plastics, & Rubber

​

$

4,125,326

​

​

4,087,808

​

​

4,125,326

​

1.12

%

HH-Teckrez Parent, LP Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/24/2024

​

​

​

​

​

​

90,139

​

​

90,139

​

​

223,492

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,177,947

​

$

4,348,818

​

1.18

%

The Hardenbergh Group, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Livonia, MI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.73

%

​

​

8/7/2023

​

8/7/2028

​

Healthcare & Pharmaceuticals

​

$

10,213,096

​

​

10,084,570

​

​

10,213,096

​

2.78

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.73

%

​

​

9/30/2024

​

8/7/2028

​

​

​

​

789,960

​

​

780,330

​

​

789,960

​

0.22

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.73

%

​

​

10/1/2025

​

8/7/2028

​

​

​

​

496,250

​

​

488,573

​

​

496,250

​

0.14

%

BV HGI Holdings, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/7/2023

​

​

​

​

​

​

677,548

​

​

677,548

​

​

753,014

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,031,021

​

$

12,252,320

​

3.35

%

The Millennium Alliance LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

4.75

%

1.00

%

8.39

%

​

​

7/31/2025

​

7/31/2031

​

Services: Business

​

$

11,413,750

​

​

11,262,824

​

​

11,185,476

​

3.05

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/31/2025

​

​

​

​

​

​

52

​

​

515,556

​

​

585,925

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,778,380

​

$

11,771,401

​

3.21

%

Tiger 21, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

4.50

%

1.00

%

8.23

%

​

​

12/30/2024

​

12/30/2030

​

Services: Consumer

​

$

11,820,000

​

​

11,630,458

​

​

11,820,000

​

3.22

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2024

​

​

​

​

​

​

565

​

​

564,635

​

​

881,346

​

0.24

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,195,093

​

$

12,701,346

​

3.46

%

TradePending OpCo Aggregator, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrboro, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.13

%

​

​

3/2/2021

​

3/1/2028

​

High Tech Industries

​

$

9,379,293

​

​

9,379,293

​

​

9,379,293

​

2.56

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.13

%

​

​

8/4/2023

​

3/1/2028

​

​

​

​

2,399,030

​

​

2,399,030

​

​

2,399,030

​

0.65

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.13

%

​

​

3/2/2021

​

3/1/2028

​

​

​

​

66,667

​

​

66,667

​

​

66,667

​

0.02

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.13

%

​

​

8/4/2023

​

3/1/2028

​

​

​

​

669,832

​

​

669,832

​

​

669,832

​

0.18

%

TradePending Holdings, LLC Series A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/2/2021

​

​

​

​

​

​

908,333

​

​

947,699

​

​

1,512,206

​

0.41

%

TradePending Holdings, LLC Series A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/4/2023

​

​

​

​

​

​

132,783

​

​

260,254

​

​

311,072

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,722,775

​

$

14,338,100

​

3.90

%

TriplePoint Acquisition Holdings LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbus, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.98

%

​

​

5/31/2024

​

5/31/2029

​

Construction & Building

​

$

5,249,361

​

​

5,181,067

​

​

5,249,361

​

1.43

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.98

%

​

​

4/8/2025

​

5/31/2029

​

​

​

​

1,751,637

​

​

1,725,620

​

​

1,751,637

​

0.48

%

TriplePoint Holdco LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/31/2024

​

​

​

​

​

​

557,968

​

​

421,361

​

​

3,691,621

​

1.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,328,048

​

$

10,692,619

​

2.92

%

Unicat Catalyst Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alvin, TX

​

​

​

​

​

​

​

​

​

​

​

​

Unicat Catalyst, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2021

​

​

​

Chemicals, Plastics, & Rubber

​

​

7,500

​

​

750,000

​

​

685,206

​

0.19

%

Unicat Catalyst, LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/13/2023

​

​

​

​

​

​

974

​

​

58,446

​

​

62,497

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

808,446

​

$

747,703

​

0.21

%

U.S. Expediters, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stafford, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.18

%

​

​

12/22/2021

​

12/22/2026

​

Healthcare & Pharmaceuticals

​

$

14,236,513

​

​

14,202,944

​

​

14,094,149

​

3.84

%

Cathay Hypnos LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/22/2021

​

​

​

​

​

​

1,737,087

​

​

1,353,155

​

​

439,833

​

0.12

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,556,099

​

$

14,533,982

​

3.96

%

USDTL AcquisitionCo, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Des Plaines, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.98

%

​

​

12/9/2024

​

12/9/2030

​

Healthcare & Pharmaceuticals

​

$

5,910,000

​

​

5,815,969

​

​

5,762,250

​

1.57

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.98

%

​

​

12/9/2024

​

12/9/2030

​

​

​

​

40,000

​

​

40,000

​

​

39,000

​

0.01

%

USDTL Holdings, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/9/2024

​

​

​

​

​

​

110

​

​

110,000

​

​

50,112

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,965,969

​

$

5,851,362

​

1.59

%

Valor Buyco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Leesburg, VA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.48

%

​

​

12/23/2025

​

12/23/2031

​

Services: Business

​

$

6,000,000

​

​

5,943,902

​

​

5,970,000

​

1.63

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.48

%

​

​

12/23/2025

​

12/23/2031

​

​

​

​

100,000

​

​

99,502

​

​

99,500

​

0.03

%

Valor Holdco LLC Voting Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/23/2025

​

​

​

​

​

​

4,306

​

​

430,556

​

​

727,000

​

0.20

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,473,960

​

$

6,796,500

​

1.86

%

VeloSource Purchaser, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

St. Louis, MO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.98

%

​

​

4/3/2026

​

4/3/2031

​

Healthcare & Pharmaceuticals

​

$

200,000

​

​

196,636

​

​

196,636

​

0.05

%

Interlock VS Investco, LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/3/2026

​

​

​

​

​

​

18,605

​

​

18,605

​

​

18,605

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

215,241

​

$

215,241

​

0.06

%

​

​

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

15

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(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)(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

3/13/2020

​

5/27/2026

​

Services: Business

​

$

14,611,018

​

​

14,611,018

​

​

10,446,878

​

2.85

%

Term Loan B

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

3/13/2020

​

5/27/2026

​

​

​

​

1,514,616

​

​

304,529

​

​

1,082,950

​

0.30

%

Term Loan (SBIC)

​

(4)(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

12/31/2025

​

5/27/2026

​

​

​

​

1,898,736

​

​

1,898,736

​

​

1,898,736

​

0.52

%

Term Loan

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

12/5/2025

​

5/27/2026

​

​

​

​

556,930

​

​

479,326

​

​

398,205

​

0.11

%

Term Loan (SBIC)

​

(4)(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

2/25/2026

​

5/27/2026

​

​

​

​

1,256,415

​

​

1,256,415

​

​

1,256,415

​

0.34

%

Term Loan (SBIC)

​

(4)(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

2/3/2026

​

5/27/2026

​

​

​

​

628,201

​

​

628,201

​

​

628,201

​

0.17

%

Term Loan

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

4/13/2026

​

5/27/2026

​

​

​

​

1,256,415

​

​

1,256,415

​

​

1,256,415

​

0.34

%

Term Loan

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

4/28/2026

​

5/27/2026

​

​

​

​

502,566

​

​

502,566

​

​

502,566

​

0.14

%

Term Loan

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

6/1/2026

​

5/27/2026

​

​

​

​

337,697

​

​

327,566

​

​

337,697

​

0.09

%

Term Loan

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

6/26/2026

​

5/27/2026

​

​

​

​

352,052

​

​

352,052

​

​

352,052

​

0.10

%

Revolver

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

3/13/2020

​

5/27/2026

​

​

​

​

2,750,080

​

​

2,750,080

​

​

1,966,307

​

0.54

%

Delayed Draw Term Loan

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

3/13/2020

​

5/27/2026

​

​

​

​

5,308,287

​

​

5,308,287

​

​

3,795,425

​

1.03

%

Delayed Draw Term Loan

​

(25)

​

First Lien

​

​

13.50

%

​

​

-

%

​

​

6/1/2026

​

5/27/2026

​

​

​

​

2,866,121

​

​

273,012

​

​

2,049,277

​

0.56

%

Venbrook Holdings, LLC Convertible Term Loan

​

(14)(25)

​

Unsecured

​

​

10.00

%

-

%

-

%

​

​

3/31/2022

​

12/20/2028

​

​

​

​

234,966

​

​

117,483

​

​

-

​

0.00

%

Venbrook Holdings, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/13/2020

​

​

​

​

​

​

822,758

​

​

819,262

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

30,884,948

​

$

25,971,124

​

7.09

%

WER Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sugar Hill, GA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

6M SOFR+

5.50

%

1.00

%

9.35

%

​

​

4/11/2024

​

4/11/2030

​

Services: Business

​

$

2,650,081

​

​

2,612,632

​

​

2,623,580

​

0.71

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

6M SOFR+

5.50

%

1.00

%

9.35

%

​

​

5/30/2025

​

4/11/2030

​

​

​

​

422,616

​

​

417,415

​

​

418,390

​

0.11

%

Revolver

​

(11)

​

First Lien

​

6M SOFR+

5.50

%

1.00

%

9.35

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

214,260

​

​

214,260

​

​

212,117

​

0.06

%

Revolver

​

(11)

​

First Lien

​

6M SOFR+

5.50

%

1.00

%

9.35

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

109,877

​

​

109,877

​

​

108,778

​

0.03

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.50

%

1.00

%

9.35

%

​

​

4/11/2024

​

4/11/2030

​

​

​

​

1,319,645

​

​

1,308,957

​

​

1,306,449

​

0.36

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.50

%

1.00

%

9.35

%

​

​

5/30/2025

​

4/11/2030

​

​

​

​

882,574

​

​

876,845

​

​

873,748

​

0.24

%

Blade Landscape Investments, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/11/2024

​

​

​

​

​

​

1,803

​

​

180,300

​

​

250,463

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,720,286

​

$

5,793,525

​

1.58

%

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

%

Total Non-control, non-affiliated investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

913,612,730

​

$

924,415,324

​

251.90

%

Total Investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

977,628,049

​

$

968,246,417

​

263.86

%

LIABILITIES IN EXCESS OF OTHER ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

(601,288,471)

​

(163.86)

%

NET ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

366,957,946

​

100.00

%

​

​

​

​

​

​

​

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

16

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(unaudited)

​

​

(1) See Note 1 of the Notes to the Consolidated Financial Statements 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), which include $1,030,894 of cash and $193,168,832 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), which include $892,819 of cash and $293,083,668 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 95.0% of the Company’s total assets as of June 30, 2026.

(8) Represents the maximum PIK interest that can be elected by the issuer where available. Where values are presented, at the option of the issuer, interest can be paid in cash or cash and PIK interest.

(9) At June 30, 2026, the Company had the following outstanding revolver and delayed draw term loan commitments:

​

​

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

17

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(unaudited)

​

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	​	​	​ ​ ​	Unused	​ ​ ​	​
​	​	​	​	Unfunded		​	Commitment	​	​
Investments	​	Security	​	Commitment		​	Fee	​	Maturity
2X LLC	​	Revolver	​	$	100,000	​	0.50%	​	June 5, 2028
Ad.Net Acquisition, LLC	​	Revolver	​	​	519,608	​	0.50%	​	May 7, 2028
AdCellerant LLC	​	Revolver	​	​	875,995	​	0.50%	​	December 12, 2028
ADS Group Opco, LLC	​	Revolver	​	​	55,198	​	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	​	​	88,500	​	0.50%	​	July 1, 2028
ArborWorks, LLC	​	Revolver	​	​	90,684	​	0.00%	​	November 6, 2028
Axis Portable Air LLC	​	Revolver	​	​	50,000	​	0.50%	​	December 31, 2030
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
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	​	​	15,207	​	0.50%	​	February 7, 2027
Compost 360 Acquisition, LLC	​	Revolver	​	​	61,667	​	0.50%	​	August 2, 2028
COPILOT Provider Support Services, LLC	​	Revolver	​	​	66,667	​	0.50%	​	November 22, 2027
Craftable Intermediate II Inc.	​	Revolver	​	​	100,000	​	0.50%	​	June 30, 2028
Curion Holdings, LLC	​	Revolver	​	​	60,855	​	0.50%	​	December 31, 2028
DFO Enterprises, LLC	​	Revolver	​	​	100,000	​	0.50%	​	September 22, 2030
DMD Systems Recovery, LLC	​	Delayed Draw Term Loan	​	​	333,333	​	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	​	​	1,987,500	​	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
evolv Consulting, LLC	​	Revolver	​	​	525,974	​	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	​	​	38,076	​	0.50%	​	April 1, 2029
FairWave Holdings, LLC	​	Delayed Draw Term Loan	​	​	12,872	​	0.50%	​	April 1, 2029
Fidus Systems Inc.	​	Delayed Draw Term Loan	​	​	3,172,733	​	0.50%	​	October 17, 2031
Fidus Systems Inc.	​	Revolver	​	​	100,000	​	0.50%	​	October 17, 2031
FiscalNote Boards LLC	​	Revolver	​	​	391,962	​	0.50%	​	March 12, 2029
GS HVAM Intermediate, LLC	​	Revolver	​	​	1,166,667	​	0.50%	​	November 30, 2028
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	​	​	10,557	​	0.50%	​	March 12, 2029
Identity Theft Guard Solutions, Inc.	​	Revolver	​	​	100,000	​	0.50%	​	February 28, 2030
Informativ, LLC	​	Revolver	​	​	100,000	​	0.50%	​	July 30, 2027
Inoapps Bidco, LLC	​	Revolver	​	​	60,000	​	0.50%	​	August 15, 2028
iNovex Information Systems Incorporated	​	Revolver	​	​	100,000	​	0.50%	​	December 17, 2030
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	​	​	638,298	​	0.50%	​	March 31, 2029
Lightning Intermediate II, LLC	​	Revolver	​	​	100,000	​	0.50%	​	June 5, 2028
MacKenzie-Childs Acquisition, Inc.	​	Revolver	​	​	80,000	​	0.50%	​	September 2, 2027

​

​

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

18

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(unaudited)

​

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	​	​	​ ​ ​	Unused	​ ​ ​	​
​	​	​	​	Unfunded		​	Commitment	​	​
Investments	​	Security	​	Commitment		​	Fee	​	Maturity
Madison Logic Holdings, Inc.	​	Revolver	​	$	52,632	​	0.50%	​	December 30, 2027
MBH Management LLC	​	Revolver	​	​	500,000	​	0.50%	​	November 15, 2029
Michelli, LLC	​	Revolver	​	​	1,036,861	​	0.50%	​	December 21, 2028
Microbe Formulas LLC	​	Revolver	​	​	100,000	​	0.38%	​	April 3, 2028
Mobotrex Acquisition, LLC	​	Delayed Draw Term Loan	​	​	1,292,891	​	1.00%	​	June 7, 2031
Mobotrex Acquisition, LLC	​	Revolver	​	​	115,851	​	0.50%	​	June 7, 2031
MOM Enterprises, LLC	​	Revolver	​	​	100,000	​	0.50%	​	May 19, 2028
Monarch Behavioral Therapy, LLC	​	Delayed Draw Term Loan	​	​	173,452	​	1.00%	​	June 6, 2030
Monarch Behavioral Therapy, LLC	​	Revolver	​	​	108,408	​	0.50%	​	June 6, 2030
Morgan Electrical Group Intermediate Holdings, Inc.	​	Revolver	​	​	100,000	​	0.50%	​	August 3, 2029
NINJIO, LLC	​	Revolver	​	​	80,000	​	0.50%	​	October 12, 2027
Norplex Micarta Acquisition, Inc.	​	Revolver	​	​	233,333	​	0.50%	​	October 31, 2029
OW RSG LLC	​	Delayed Draw Term Loan	​	​	100,000	​	0.50%	​	April 27, 2031
OW RSG LLC	​	Revolver	​	​	90,000	​	0.50%	​	April 27, 2031
Pacific Shoring Holdings, LLC	​	Revolver	​	​	100,000	​	0.50%	​	January 10, 2030
PCS Software, Inc.	​	Revolver	​	​	1,318,143	​	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
Precision Strategies, LLC	​	Revolver	​	​	100,000	​	0.50%	​	March 3, 2031
Pure Upper Holdco LLC	​	Delayed Draw Term Loan	​	​	1,000,000	​	1.00%	​	December 3, 2031
Pure Upper Holdco LLC	​	Revolver	​	​	100,000	​	0.50%	​	December 3, 2031
RIA Advisory Borrower, LLC	​	Revolver	​	​	41,404	​	0.50%	​	August 2, 2027
Said Intermediate, LLC	​	Revolver	​	​	1,168,831	​	0.50%	​	June 13, 2029
Silver Corporate Holdings LLC	​	Revolver	​	​	75,000	​	0.50%	​	January 9, 2031
Simpler Trading, LLC	​	Revolver	​	​	20,000	​	0.50%	​	March 21, 2030
Solid Surface Holdco, LLC	​	Revolver	​	​	121,440	​	0.50%	​	June 6, 2030
Solomon AcquisitionCo, LLC	​	Revolver	​	​	100,000	​	0.50%	​	April 13, 2032
Strategus, LLC	​	Delayed Draw Term Loan	​	​	2,524,737	​	1.00%	​	January 27, 2031
Strategus, LLC	​	Revolver	​	​	90,000	​	0.50%	​	January 27, 2031
Synergy Health Partners MSO, LLC	​	Delayed Draw Term Loan	​	​	462,500	​	1.00%	​	March 6, 2031
Synergy Health Partners MSO, LLC	​	Revolver	​	​	100,000	​	0.50%	​	March 6, 2031
Teckrez, LLC	​	Revolver	​	​	1,442,221	​	1.00%	​	November 30, 2028
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
TradePending OpCo Aggregator, LLC	​	Revolver	​	​	33,333	​	0.50%	​	March 1, 2028
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	​	​	60,000	​	0.50%	​	December 9, 2030
Valor Buyco LLC	​	Delayed Draw Term Loan	​	​	120,000	​	0.50%	​	December 23, 2031
Valor Buyco LLC	​	Revolver	​	​	100,000	​	0.50%	​	December 23, 2031
VeloSource Purchaser, LLC	​	Delayed Draw Term Loan	​	​	100,000	​	1.00%	​	April 3, 2031
VeloSource Purchaser, LLC	​	Revolver	​	​	100,000	​	0.50%	​	April 3, 2031
Watterson Renewalco Holdings, LLC	​	Revolver	​	​	524,998	​	0.50%	​	July 2, 2029
WER Holdings, LLC	​	Delayed Draw Term Loan	​	​	1,408,896	​	1.00%	​	April 11, 2030
WER Holdings, LLC**	​	Revolver	​	​	499,940	​	0.50%	​	April 11, 2030
​	​	Total Unfunded Debt Commitments	​	$	45,322,619	​	​	​	​

​

(a)

A

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

** Included in this investment is Line of Credit in the amount of $81,144, with a 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 floors are not in effect

(12)

These loans are last-out term loans and/or delayed draw term loans with contractual rates higher than the applicable rates; therefore, the floors are not in effect.

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

19

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(unaudited)

​

(13)

Investment has been on non-accrual since November 1, 2024.

(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 $235,154.

(16)

Investment has been on non-accrual since the later of January 1, 2023 or the investment date.

(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 0.50% and a maturity of February 7, 2028. As of June 30, 2026, there was $10,000 undrawn revolver commitment.

(19)

Investment has been on non-accrual since the later of January 1, 2024 or the investment date.

(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, 2027. The Company has full discretion to fund the revolver commitment.

(21)

The Company has full discretion to fund the revolver commitment, with an unfunded rate of 0.00% and a maturity of September 3, 2026.

(22)

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. Changes in the fair values of the Company’s controlled investments during the six months ended June 30, 2026 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​Gross Additions

​

​Gross Reductions

​

Amount of Realized

​

Amount of Unrealized

​

June 30, 2026

​

Interest Income

Investments

​

Security

​

Value

​

(a)

​

(b)

​

Loss

​

Appreciation (Depreciation)

​

Value

​

(c)

EH Real Estate Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A-1

​

First Lien

​

$

-

​

$

-

​

$

(265,092)

​

$

-

​

$

265,092

​

$

-

​

$

-

Term Loan A-2

​

First Lien

​

​

-

​

​

-

​

​

(154,848)

​

​

-

​

​

154,848

​

​

-

​

​

-

Term Loan A-3

​

First Lien

​

​

-

​

​

-

​

​

(62,791)

​

​

-

​

​

62,791

​

​

-

​

​

-

Term Loan A-4

​

First Lien

​

​

1,159,263

​

​

-

​

​

(1,505,537)

​

​

-

​

​

346,274

​

​

-

​

​

-

Term Loan A-5

​

First Lien

​

​

4,415,603

​

​

-

​

​

(978,119)

​

​

-

​

​

(3,437,484)

​

​

-

​

​

-

Term Loan A-6

​

First Lien

​

​

1,096,456

​

​

-

​

​

-

​

​

-

​

​

(27,411)

​

​

1,069,045

​

​

-

Term Loan A-7

​

First Lien

​

​

1,644,685

​

​

-

​

​

-

​

​

-

​

​

(41,117)

​

​

1,603,568

​

​

-

Term Loan A-8

​

First Lien

​

​

-

​

​

816,517

​

​

-

​

​

-

​

​

(20,413)

​

​

796,104

​

​

-

Term Loan A-9

​

First Lien

​

​

-

​

​

899,683

​

​

-

​

​

-

​

​

(22,492)

​

​

877,191

​

​

-

Term Loan A-10

​

First Lien

​

​

-

​

​

1,032,440

​

​

-

​

​

-

​

​

(25,811)

​

​

1,006,629

​

​

-

Term Loan A-11

​

First Lien

​

​

-

​

​

1,168,212

​

​

-

​

​

-

​

​

(29,205)

​

​

1,139,007

​

​

-

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

​

$

3,399,302

​

$

-

​

$

-

​

$

-

​

$

(1,767,637)

​

​

1,631,665

​

​

-

Revolver

​

First Lien

​

​

3,174,226

​

​

138,000

​

​

-

​

​

-

​

​

138,000

​

​

3,450,226

​

​

-

Class A Preferred

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

Class A Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

Total control investments

​

​

​

$

14,953,132

​

$

4,054,852

​

$

(2,966,387)

​

$

-

​

$

(4,468,162)

​

$

11,573,435

​

$

-

(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.

​

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

20

Table of Contents

Stellus Capital Investment Corporation

​

Consolidated Schedule of Investments

June 30, 2026

(unaudited)

​

(23) Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments. The Company did not have any investments in portfolio companies which exceeded 5% of the Company’s total assets. Changes in the fair values of the Company’s non-controlled, affiliated investments during the six months ended June 30, 2026 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​Gross Additions

​

​Gross Reductions

​

Amount of Realized

​

Amount of Unrealized

​

June 30, 2026

​

Interest Income

Investments

​

Security

​

Value

​

(a)

​

(b)

​

Loss

​

Appreciation (Depreciation)

​

Value

​

(c)

ArborWorks, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

First Lien

​

$

4,031,455

​

$

298,445

​

$

-

​

$

-

​

$

-

​

$

4,329,900

​

​

​

Revolver

​

First Lien

​

​

1,815,868

​

​

189,475

​

​

-

​

​

-

​

​

-

​

​

2,005,343

​

​

​

ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units

​

Equity

​

​

6,317,213

​

​

-

​

​

-

​

​

-

​

​

3,441,373

​

​

9,758,586

​

​

​

ArborWorks Intermediate Holdco, LLC Class B-1 Preferred Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

​

ArborWorks Intermediate Holdco, LLC Class A-1 Common Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

​

Recharged Opco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

First Lien

​

$

2,901,994

​

$

-

​

$

8,984

​

$

-

​

$

204,006

​

$

3,114,984

​

​

​

Revolver

​

First Lien

​

​

45,298

​

​

-

​

​

-

​

​

-

​

​

3,324

​

​

48,622

​

​

​

Priority Revolver

​

First Lien

​

​

40,446

​

​

-

​

​

-

​

​

-

​

​

-

​

​

40,446

​

​

​

Priority Revolver

​

First Lien

​

​

40,000

​

​

-

​

​

-

​

​

-

​

​

-

​

​

40,000

​

​

​

Priority Revolver

​

First Lien

​

​

90,000

​

​

-

​

​

-

​

​

-

​

​

-

​

​

90,000

​

​

​

Priority Revolver

​

First Lien

​

​

20,000

​

​

-

​

​

-

​

​

-

​

​

-

​

​

20,000

​

​

​

Priority Revolver

​

First Lien

​

​

62,000

​

​

-

​

​

-

​

​

-

​

​

-

​

​

62,000

​

​

​

Priority Revolver

​

First Lien

​

​

240,000

​

​

-

​

​

-

​

​

-

​

​

-

​

​

240,000

​

​

​

Priority Revolver

​

First Lien

​

​

65,000

​

​

-

​

​

-

​

​

-

​

​

-

​

​

65,000

​

​

​

Delayed Draw Term Loan

​

First Lien

​

​

53,668

​

​

-

​

​

95

​

​

-

​

​

3,844

​

​

57,607

​

​

​

Recharged Holdings, LLC Common Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

​

Simpler Trading, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

First Lien

​

$

2,868,074

​

$

147,254

​

$

-

​

$

-

​

$

-

​

$

3,015,328

​

$

147,295

Revolver

​

First Lien

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

50

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

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

Simpler Trading, LLC Preferred Units (SBIC)

​

Equity

​

​

882,600

​

​

-

​

​

-

​

​

-

​

​

(183,646)

​

​

698,954

​

​

-

Simpler Ultimate Holdings, LLC Class A Units (SBIC)

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

Watterson Renewalco Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

First Lien

​

$

-

​

$

5,774,974

​

​

-

​

$

-

​

$

-

​

$

5,774,974

​

$

963

Priority Revolver

​

First Lien

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

7

Common Units

​

Equity

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

Preferred Units

​

Equity

​

​

-

​

​

2,895,914

​

​

-

​

​

-

​

​

-

​

​

2,895,914

​

​

-

Total non-controlled, affiliated investments

​

​

​

$

19,473,616

​

$

9,306,062

​

$

9,079

​

$

-

​

$

3,468,901

​

$

32,257,658

​

$

148,315

(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 non–controlled, affiliated 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 30, 2025 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.

(27) Excluded from the investment is an undrawn revolver commitment in an amount not to exceed $1,526,600, with an unfunded rate of 0.50% and a maturity of June 22, 2029. The Company has full discretion to fund the revolver commitment.

(28) Excluded from the investment is an uncalled capital commitment in an amount not to exceed $99,799.

(29) The Company has full discretion to fund the revolver commitment, with an unfunded rate of 0.50% and a maturity of May 30, 2029.

(30) This loan is convertible to Class A Units at maturity or at the election of the majority of holders.

​

Abbreviation Legend

PIK — Payment-In-Kind

SOFR —  Secured Overnight Financing Rate

SONIA —  Sterling Overnight Index Average

​

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

21

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

(22)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

265,092

​

​

265,092

​

​

-

​

0.00

%

Term Loan A-2

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

4/3/2023

​

9/3/2026

​

​

​

​

154,848

​

​

154,848

​

​

-

​

0.00

%

Term Loan A-3

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

6/7/2023

​

9/3/2026

​

​

​

​

62,791

​

​

62,791

​

​

-

​

0.00

%

Term Loan A-4

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

7/12/2023

​

9/3/2026

​

​

​

​

1,505,537

​

​

1,505,537

​

​

1,159,263

​

0.31

%

Term Loan A-5

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

1/8/2024

​

9/3/2026

​

​

​

​

5,734,549

​

​

5,734,549

​

​

4,415,603

​

1.19

%

Term Loan A-6

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

10/3/2025

​

9/3/2026

​

​

​

​

1,096,456

​

​

1,096,456

​

​

1,096,456

​

0.30

%

Term Loan A-7

​

(16)

​

First Lien

​

​

15.00

%

-

%

-

%

-

%

11/12/2025

​

9/30/2026

​

​

​

​

1,644,685

​

​

1,644,685

​

​

1,644,685

​

0.44

%

Revolver

​

(16)(21)

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

18,419,200

​

$

8,379,604

​

2.26

%

J.R. Watkins, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Francisco, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(19)

​

First Lien

​

​

4.09

%

​

​

-

%

​

​

12/22/2017

​

12/31/2026

​

Consumer Goods: Non-Durable

​

$

10,082,316

​

​

10,082,316

​

​

2,520,579

​

0.68

%

Term Loan (SBIC)

​

(4)(19)

​

First Lien

​

​

5.00

%

​

​

-

%

​

​

12/22/2017

​

12/31/2026

​

​

​

​

3,514,892

​

​

3,514,892

​

​

878,723

​

0.24

%

Priority Revolver (SBIC)

​

(4)(19)

​

First Lien

​

​

5.00

%

-

%

-

%

-

%

5/3/2024

​

12/31/2026

​

​

​

​

1,587,113

​

​

1,587,113

​

​

3,174,226

​

0.86

%

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

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

4/9/2025

​

​

​

​

​

​

500

​

​

-

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,184,321

​

$

6,573,528

​

1.78

%

Total Control investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

33,603,521

​

$

14,953,132

​

4.04

%

Non-controlled, affiliated investments

​

(23)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Simpler Trading, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Austin, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)

​

First Lien

​

​

10.00

%

​

​

-

%

10.00

%

12/28/2021

​

3/21/2030

​

Education

​

$

2,868,074

​

​

2,868,074

​

​

2,868,074

​

0.77

%

Simpler Trading, LLC Preferred Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/21/2025

​

​

​

​

​

​

1,657

​

​

1,656,650

​

​

882,600

​

0.24

%

Simpler Ultimate Holdings, LLC Class A Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/21/2025

​

​

​

​

​

​

281,936

​

​

281,936

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,806,660

​

$

3,750,674

​

1.01

%

Total Non-controlled, affiliated investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,806,660

​

$

3,750,674

​

1.01

%

Non-controlled, non-affiliated investments

​

(4)(5)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2X LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Berwyn, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.67

%

​

​

6/5/2023

​

6/5/2028

​

Services: Business

​

$

5,376,454

​

​

5,299,849

​

​

5,376,454

​

1.45

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.67

%

​

​

10/31/2023

​

6/5/2028

​

​

​

​

1,415,799

​

​

1,394,300

​

​

1,415,799

​

0.38

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.67

%

​

​

12/2/2024

​

6/5/2028

​

​

​

​

3,813,089

​

​

3,771,087

​

​

3,813,089

​

1.03

%

Revolver

​

(9)(11)

​

First Lien

​

3M SOFR+

5.00

%

2.00

%

8.67

%

​

​

6/5/2023

​

6/5/2028

​

​

​

​

62,500

​

​

62,500

​

​

62,500

​

0.02

%

2X Investors LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/5/2023

​

​

​

​

​

​

43,875

​

​

176,915

​

​

1,220,397

​

0.33

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,704,651

​

$

11,888,239

​

3.21

%

Ad.Net Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.93

%

​

​

5/7/2021

​

5/7/2028

​

Services: Business

​

$

16,778,592

​

​

16,730,161

​

​

16,778,593

​

4.52

%

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

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/7/2021

​

​

​

​

​

​

8,644

​

​

86,444

​

​

0

​

0.00

%

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

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/7/2021

​

​

​

​

​

​

7,780

​

​

777,995

​

​

783,313

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

17,594,600

​

$

17,561,906

​

4.73

%

AdCellerant LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Denver, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term A Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

9.72

%

​

​

12/12/2023

​

12/12/2028

​

Media: Advertising, Printing & Publishing

​

$

9,800,000

​

​

9,670,440

​

​

9,751,000

​

2.63

%

AdCellerant Holdings, LLC Series A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/12/2023

​

​

​

​

​

​

728,710

​

​

728,710

​

​

567,340

​

0.15

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,399,150

​

$

10,318,340

​

2.78

%

ADS Group Opco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lakewood, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)

​

First Lien

​

​

5.00

%

-

%

-

%

5.00

%

6/4/2021

​

12/31/2027

​

Aerospace & Defense

​

$

13,101,406

​

​

13,071,113

​

​

11,856,773

​

3.19

%

Priority Revolver (SBIC II)

​

(5)(9)

​

First Lien

​

​

5.00

%

-

%

-

%

5.00

%

9/30/2024

​

12/31/2027

​

​

​

​

15,698

​

​

15,698

​

​

31,396

​

0.01

%

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,019,767

​

$

11,888,169

​

3.20

%

​

​

​

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

22

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

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

​

​

16,781,420

​

​

-

​

0.00

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

12/6/2024

​

11/30/2026

​

​

​

​

795,882

​

​

970,378

​

​

2,331,934

​

0.63

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

2/5/2025

​

11/30/2026

​

​

​

​

875,000

​

​

875,000

​

​

2,563,750

​

0.69

%

Super Priority Term Loan (SBIC)

​

(4)(13)

​

First Lien

​

​

15.00

%

​

​

-

%

-

%

3/26/2025

​

11/30/2026

​

​

​

​

500,000

​

​

500,000

​

​

1,465,000

​

0.39

%

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

20,714,369

​

$

6,360,684

​

1.71

%

AGT Robotique Inc.

​

(7)(27)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trois Rivieres, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

7.50

%

1.00

%

9.17

%

​

​

6/24/2024

​

6/22/2029

​

Capital Equipment

​

$

10,566,027

​

​

10,406,341

​

​

10,354,707

​

2.79

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,406,341

​

$

10,354,707

​

2.79

%

American Refrigeration, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.67

%

​

​

3/31/2023

​

3/31/2028

​

Capital Equipment

​

$

8,048,097

​

​

7,942,571

​

​

8,048,097

​

2.17

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.67

%

​

​

3/31/2023

​

3/31/2028

​

​

​

​

98,250

​

​

97,500

​

​

98,250

​

0.03

%

AR-USA Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/31/2023

​

​

​

​

​

​

141

​

​

129,350

​

​

224,577

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,169,421

​

$

8,370,924

​

2.26

%

AMII Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coral Gables, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II )

​

(5)(11)

​

First Lien

​

3M SOFR+

4.50

%

1.50

%

8.17

%

​

​

12/4/2024

​

12/4/2029

​

Services: Consumer

​

$

8,731,273

​

​

8,623,147

​

​

8,687,618

​

2.34

%

AMII Holdings, LP Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/3/2024

​

​

​

​

​

​

14,246

​

​

142,460

​

​

176,331

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,765,607

​

$

8,863,949

​

2.39

%

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

​

​

93,519

​

​

94,638

​

0.03

%

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.75

%

0.75

%

9.63

%

​

​

12/5/2023

​

7/1/2029

​

​

​

​

9,511,775

​

​

9,377,401

​

​

9,511,775

​

2.56

%

Ishtar Co-Invest-B LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/1/2022

​

​

​

​

​

​

77,778

​

​

38,133

​

​

311,230

​

0.08

%

Oshun Co-Invest-B LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/1/2022

​

​

​

​

​

​

22,222

​

​

21,141

​

​

88,922

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,530,194

​

$

10,006,565

​

2.69

%

Anne Lewis Strategies, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SG AL Investment, LLC Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/5/2021

​

​

​

Washington, DC

​

​

1,000

​

​

327,192

​

​

3,162,656

​

0.85

%

SG AL Investment, LLC Common-A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/22/2023

​

​

​

Services: Business

​

​

239

​

​

482,200

​

​

985,826

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

809,392

​

$

4,148,482

​

1.12

%

APE Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deer Park, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/5/2014

​

​

​

Chemicals, Plastics, & Rubber

​

​

375,000

​

​

375,000

​

​

40,530

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

375,000

​

$

40,530

​

0.01

%

ArborWorks, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oakhurst, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

-

%

10.34

%

11/6/2023

​

11/6/2028

​

Environmental Industries

​

$

4,031,455

​

​

4,031,455

​

​

4,031,455

​

1.09

%

Revolver

​

(9)

​

First Lien

​

​

15.00

%

​

​

-

%

15.00

%

11/6/2023

​

11/6/2028

​

​

​

​

1,815,868

​

​

1,815,868

​

​

1,815,868

​

0.49

%

ArborWorks Intermediate Holdco, LLC Class A-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/6/2023

​

​

​

​

​

​

16,037

​

​

3,610,847

​

​

6,317,213

​

1.70

%

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,458,170

​

$

12,164,536

​

3.28

%

Arctiq, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Irvine, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.67

%

​

​

8/8/2023

​

8/8/2028

​

High Tech Industries

​

$

10,918,921

​

​

10,754,010

​

​

10,918,921

​

2.94

%

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

2.00

%

9.72

%

​

​

11/6/2024

​

8/8/2028

​

​

​

​

1,283,750

​

​

1,264,755

​

​

1,283,750

​

0.35

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.67

%

​

​

8/8/2023

​

8/8/2028

​

​

​

​

399,965

​

​

396,842

​

​

399,965

​

0.11

%

Green Topco Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/8/2023

​

​

​

​

​

​

271,401

​

​

202,628

​

​

365,976

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,618,235

​

$

12,968,612

​

3.50

%

Atmosphere Aggregator Holdings II, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Atlanta, GA

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

1/26/2016

​

​

​

Services: Business

​

​

254,250

​

​

-

​

​

2,342,141

​

0.63

%

Stratose Aggregator Holdings, L.P. Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2015

​

​

​

​

​

​

750,000

​

​

-

​

​

8,848,087

​

2.38

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

11,190,228

​

3.01

%

​

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

23

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

Axis Portable Air, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

3/22/2022

​

12/31/2030

​

Capital Equipment

​

$

9,310,000

​

​

9,230,695

​

​

9,310,000

​

2.51

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

4/17/2023

​

12/31/2030

​

​

​

​

1,855,738

​

​

1,836,176

​

​

1,855,738

​

0.50

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

3/22/2022

​

12/31/2030

​

​

​

​

98,000

​

​

97,548

​

​

98,000

​

0.03

%

Axis Air Parent, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/22/2022

​

​

​

​

​

​

4,436

​

​

443,636

​

​

2,882,638

​

0.78

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,608,055

​

$

14,146,376

​

3.82

%

Baker Manufacturing Company, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Evansville, WI

​

​

​

​

​

​

​

​

​

​

​

​

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

​

(5)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/5/2022

​

​

​

Capital Equipment

​

​

743,770

​

​

743,770

​

​

1,000,036

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

743,770

​

$

1,000,036

​

0.27

%

Bart & Associates, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

McLean, VA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(10)(12)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.09

%

​

​

8/16/2024

​

8/16/2030

​

High Tech Industries

​

$

8,830,894

​

​

8,702,680

​

​

8,830,894

​

2.38

%

Delayed Draw Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

9.09

%

​

​

8/16/2024

​

8/16/2030

​

​

​

$

1,724,720

​

​

1,710,769

​

​

1,724,720

​

0.46

%

B&A Partners Holding, LLC Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/16/2024

​

​

​

​

​

​

722,411

​

​

722,411

​

​

837,967

​

0.23

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,135,860

​

$

11,393,581

​

3.07

%

BL Products Parent, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/1/2022

​

​

​

Capital Equipment

​

​

879,060

​

​

983,608

​

​

1,142,767

​

0.31

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

983,608

​

$

1,142,767

​

0.31

%

Café Valley, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

CF Topco LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/28/2019

​

​

​

Beverage & Food

​

​

9,160

​

​

916,015

​

​

1,736,816

​

0.47

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

916,015

​

$

1,736,816

​

0.47

%

Camp Profiles LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boston, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.07

%

​

​

9/3/2021

​

9/3/2026

​

Media: Advertising, Printing & Publishing

​

$

9,814,375

​

​

9,780,539

​

​

9,814,375

​

2.64

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

9.07

%

​

​

12/3/2024

​

9/3/2026

​

​

​

​

2,227,500

​

​

2,213,033

​

​

2,227,500

​

0.60

%

CIVC VI-A 829 Blocker, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/3/2021

​

​

​

​

​

​

250

​

​

250,000

​

​

900,363

​

0.24

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,243,572

​

$

12,942,238

​

3.48

%

Carolinas Buyer, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Charlotte, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.67

%

​

​

12/20/2024

​

12/20/2030

​

Beverage & Food

​

$

6,779,838

​

​

6,676,390

​

​

6,610,342

​

1.78

%

Carolinas Holding, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/20/2024

​

​

​

​

​

​

466

​

​

465,637

​

​

367,446

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,142,027

​

$

6,977,788

​

1.88

%

CEATI International Inc.

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Montreal, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.67

%

​

​

2/19/2021

​

12/31/2027

​

Services: Business

​

$

8,349,501

​

​

8,342,798

​

​

8,349,501

​

2.25

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.67

%

​

​

12/20/2024

​

12/31/2027

​

​

​

​

3,166,966

​

​

3,147,329

​

​

3,166,966

​

0.85

%

CEATI Holdings, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/19/2021

​

​

​

​

​

​

250,000

​

​

132,919

​

​

268,648

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,623,046

​

$

11,785,115

​

3.17

%

Cerebro Buyer, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbia, SC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.72

%

​

​

3/15/2023

​

3/15/2029

​

Healthcare & Pharmaceuticals

​

$

4,526,683

​

​

4,455,979

​

​

4,526,683

​

1.22

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/15/2023

​

​

​

​

​

​

62,961

​

​

62,961

​

​

68,499

​

0.02

%

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

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/15/2023

​

​

​

​

​

​

341,091

​

​

328,640

​

​

371,091

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,847,580

​

$

4,966,273

​

1.34

%

CF Arch Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Houston, TX

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

8/10/2022

​

​

​

Services: Business

​

​

100,000

​

​

88,511

​

​

150,931

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

88,511

​

$

150,931

​

0.04

%

CF512, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Blue Bell, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.98

%

​

​

9/1/2021

​

9/1/2026

​

Media: Advertising, Printing & Publishing

​

$

13,222,035

​

​

13,176,452

​

​

13,155,926

​

3.54

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.86

%

​

​

9/1/2021

​

9/1/2026

​

​

​

​

2,855,259

​

​

2,850,147

​

​

2,840,983

​

0.77

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.00

%

1.00

%

9.74

%

​

​

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

​

​

177,046

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,256,529

​

$

16,182,910

​

4.36

%

Champion Services Acquireco LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Round Rock, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

9/19/2025

​

9/19/2030

​

Construction & Building

​

$

11,970,000

​

​

11,740,066

​

​

11,730,600

​

3.16

%

Champion Services Holdings LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/19/2025

​

​

​

​

​

​

268,889

​

​

268,889

​

​

253,825

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,008,955

​

$

11,984,425

​

3.23

%

​

​

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

24

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

Channel Partners Intermediateco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa Bay, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.84

%

​

​

2/24/2022

​

2/7/2027

​

Retail

​

$

12,982,758

​

​

12,947,843

​

​

12,982,758

​

3.49

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.84

%

​

​

3/27/2023

​

2/7/2027

​

​

​

​

1,655,482

​

​

1,649,757

​

​

1,655,482

​

0.45

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.82

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

54,070

​

​

54,070

​

​

54,070

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.84

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

20,276

​

​

20,276

​

​

20,276

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.94

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

10,138

​

​

10,138

​

​

10,138

​

0.00

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.74

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

6,759

​

​

6,759

​

​

6,759

​

0.00

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

2.00

%

10.86

%

​

​

2/24/2022

​

2/7/2027

​

​

​

​

27,035

​

​

27,035

​

​

27,035

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,715,878

​

$

14,756,518

​

3.97

%

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

​

​

151,068

​

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

​

$

262,477

​

0.07

%

Compost 360 Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

8.67

%

1.50

%

8/2/2023

​

8/2/2028

​

Environmental Industries

​

$

9,481,462

​

​

9,339,450

​

​

9,007,390

​

2.43

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

8.67

%

1.50

%

8/2/2023

​

8/2/2028

​

​

​

​

1,043,816

​

​

1,033,534

​

​

991,625

​

0.27

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.19

%

​

​

8/2/2023

​

8/2/2028

​

​

​

​

20,000

​

​

20,000

​

​

19,000

​

0.01

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

8.50

%

2.00

%

12.17

%

​

​

8/2/2023

​

8/2/2028

​

​

​

​

11,368

​

​

11,368

​

​

10,800

​

0.00

%

Compost 360 Investments, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/2/2023

​

​

​

​

​

​

3,124

​

​

300,041

​

​

92,336

​

0.02

%

Compost 360 Investments, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/29/2025

​

​

​

​

​

​

614

​

​

27,630

​

​

38,086

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,732,023

​

$

10,159,237

​

2.74

%

COPILOT Provider Support Services, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Maitland, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.07

%

​

​

11/22/2022

​

11/22/2027

​

Healthcare & Pharmaceuticals

​

$

4,837,500

​

​

4,793,779

​

​

4,837,500

​

1.30

%

QHP Project Captivate Blocker, Inc. Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/22/2022

​

​

​

​

​

​

4

​

​

285,714

​

​

376,673

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,079,493

​

$

5,214,173

​

1.40

%

Craftable Intermediate II Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.50

%

9.42

%

​

​

6/30/2023

​

6/30/2028

​

High Tech Industries

​

$

9,882,041

​

​

9,768,247

​

​

9,882,041

​

2.66

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.50

%

9.45

%

​

​

6/30/2023

​

6/30/2028

​

​

​

​

40,000

​

​

40,000

​

​

40,000

​

0.01

%

Gauge Craftable LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/30/2023

​

​

​

​

​

​

626,690

​

​

626,690

​

​

1,132,360

​

0.31

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,434,937

​

$

11,054,401

​

2.98

%

Curion Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chicago, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.17

%

​

​

7/29/2022

​

12/31/2028

​

Services: Business

​

$

12,656,689

​

​

12,563,484

​

​

12,530,123

​

3.38

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.17

%

​

​

7/29/2022

​

12/31/2028

​

​

​

​

40,570

​

​

40,570

​

​

40,164

​

0.01

%

SP CS Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/29/2022

​

​

​

​

​

​

867,173

​

​

867,173

​

​

756,722

​

0.20

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,471,227

​

$

13,327,009

​

3.59

%

DFO Enterprises, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rochester, MN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.92

%

​

​

9/22/2025

​

9/22/2030

​

Capital Equipment

​

$

11,551,523

​

​

11,357,330

​

​

11,378,251

​

3.07

%

DFO Ultimate Holding, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/22/2025

​

​

​

​

​

​

8,931

​

​

412,252

​

​

538,122

​

0.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,769,582

​

$

11,916,373

​

3.21

%

DMD Systems Recovery, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tempe, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

8/22/2025

​

8/22/2031

​

High Tech Industries

​

$

6,100,000

​

​

5,997,713

​

​

6,008,500

​

1.62

%

Phoenix Parent LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/19/2025

​

​

​

​

​

​

180,000

​

​

180,000

​

​

169,710

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,177,713

​

$

6,178,210

​

1.67

%

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

%

Elder Care Opco LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Scarsdale, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.67

%

​

​

7/31/2025

​

7/31/2030

​

Healthcare & Pharmaceuticals

​

$

7,785,007

​

​

7,660,131

​

​

7,668,232

​

2.07

%

Rallyday Elder Care Co-Investors LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/31/2025

​

​

​

​

​

​

910,966

​

​

916,719

​

​

1,056,301

​

0.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,576,850

​

$

8,724,533

​

2.35

%

​

​

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

25

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

Elliott Aviation, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Moline, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

11.87

%

1/31/2020

​

1/21/2026

​

Aerospace & Defense

​

$

9,594,927

​

​

9,594,927

​

​

9,115,182

​

2.46

%

SP EA Holdings LLC Term Loan

​

​

​

Unsecured

​

​

15.00

%

-

%

-

%

15.00

%

10/26/2023

​

1/31/2026

​

​

​

​

76,245

​

​

76,245

​

​

13,724

​

0.00

%

Term Loan

​

​

​

First Lien

​

​

4.31

%

-

%

-

%

4.31

%

4/25/2025

​

1/21/2026

​

​

​

​

59,833

​

​

59,833

​

​

56,841

​

0.02

%

Revolver A

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

11.87

%

1/31/2020

​

1/21/2026

​

​

​

​

1,585,290

​

​

1,585,290

​

​

1,585,290

​

0.43

%

Revolver B

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

11.87

%

3/1/2023

​

1/21/2026

​

​

​

​

746,513

​

​

746,513

​

​

746,513

​

0.20

%

Revolver C (Priority)

​

(11)

​

First Lien

​

1M SOFR+

8.00

%

2.00

%

-

%

11.87

%

3/7/2025

​

1/21/2026

​

​

​

​

1,019,285

​

​

1,019,285

​

​

1,019,285

​

0.27

%

SP EA Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2020

​

​

​

​

​

​

105,938,486

​

​

901,594

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,983,687

​

$

12,536,835

​

3.38

%

Environmental Remedies, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hayward, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.92

%

​

​

1/15/2025

​

1/15/2030

​

Services: Business

​

$

7,275,781

​

​

7,153,358

​

​

7,166,644

​

1.93

%

ERI Parent Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/15/2025

​

​

​

​

​

​

163,109

​

​

163,109

​

​

140,928

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,316,467

​

$

7,307,572

​

1.97

%

Equine Network, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boulder, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term A Loan (SBIC)

​

(4)(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.33

%

​

​

5/22/2023

​

5/22/2028

​

Hotel, Gaming, & Leisure

​

$

6,949,183

​

​

6,845,973

​

​

6,949,183

​

1.87

%

Term A Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.33

%

​

​

7/28/2025

​

5/22/2028

​

​

​

$

2,117,063

​

​

2,070,832

​

​

2,117,063

​

0.57

%

Revolver

​

(9)(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.33

%

​

​

5/22/2023

​

5/22/2028

​

​

​

​

166,667

​

​

166,667

​

​

166,667

​

0.04

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.50

%

1.00

%

10.33

%

​

​

5/22/2023

​

5/22/2028

​

​

​

​

98,150

​

​

98,150

​

​

98,150

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,181,622

​

$

9,331,063

​

2.51

%

Eskola LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Morristown, TN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

7.50

%

1.50

%

11.90

%

​

​

12/19/2024

​

12/19/2029

​

Construction & Building

​

$

7,482,765

​

​

7,372,876

​

​

6,996,385

​

1.88

%

Delayed Draw Term Loan

​

(10)(12)

​

First Lien

​

3M SOFR+

7.50

%

1.50

%

11.90

%

​

​

12/19/2024

​

12/19/2029

​

​

​

​

2,770,797

​

​

2,753,379

​

​

2,590,695

​

0.70

%

Eskola Holdings, LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/19/2024

​

​

​

​

​

​

314

​

​

893,747

​

​

58,588

​

0.02

%

Eskola Holdings, LLC Class C Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/4/2025

​

​

​

​

​

​

28

​

​

56,349

​

​

14,041

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,076,351

​

$

9,659,709

​

2.60

%

evolv Consulting, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.49

%

​

​

12/7/2023

​

12/7/2028

​

Services: Business

​

$

9,335,314

​

​

9,211,059

​

​

9,335,314

​

2.52

%

evolv Holdco, LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/7/2023

​

​

​

​

​

​

473,485

​

​

473,485

​

​

498,613

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,684,544

​

$

9,833,927

​

2.65

%

Evriholder Acquisition, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Anaheim, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(9)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.57

%

​

​

1/23/2023

​

1/24/2028

​

Consumer Goods: Durable

​

$

12,104,445

​

​

11,956,146

​

​

12,043,924

​

3.24

%

KEJ Holdings LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/23/2023

​

​

​

​

​

​

873,333

​

​

873,333

​

​

940,212

​

0.25

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,829,479

​

$

12,984,136

​

3.49

%

Exacta Land Surveyors, LLC

​

(20)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cleveland, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

9.57

%

1.00

%

2/8/2019

​

12/31/2027

​

Services: Business

​

$

16,308,509

​

​

16,308,509

​

​

15,656,170

​

4.22

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

9.57

%

1.00

%

7/15/2022

​

12/31/2027

​

​

​

​

992,002

​

​

992,002

​

​

952,322

​

0.26

%

SP EA Holdings LLC Term Loan

​

​

​

Unsecured

​

​

15.00

​

​

​

​

​

15.00

%

4/22/2024

​

6/30/2026

​

​

​

​

115,243

​

​

115,243

​

​

99,685

​

0.03

%

SP ELS Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/8/2019

​

​

​

​

​

​

1,338,661

​

​

1,124,414

​

​

208,826

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

18,540,168

​

$

16,917,003

​

4.57

%

Exigo, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.00

%

10.07

%

​

​

3/16/2022

​

3/16/2027

​

Services: Business

​

$

8,631,371

​

​

8,594,584

​

​

8,631,371

​

2.33

%

Gauge Exigo Coinvest, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/16/2022

​

​

​

​

​

​

377,535

​

​

377,535

​

​

328,204

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,972,119

​

$

8,959,575

​

2.42

%

FairWave Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Kansas City, MO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.42

%

​

​

4/1/2024

​

4/1/2029

​

Beverage & Food

​

$

7,481,998

​

​

7,360,162

​

​

7,444,588

​

2.01

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.42

%

​

​

12/31/2025

​

4/1/2029

​

​

​

​

103,720

​

​

101,905

​

​

103,201

​

0.03

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.42

%

​

​

4/1/2024

​

4/1/2029

​

​

​

​

514,030

​

​

514,030

​

​

511,460

​

0.14

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.42

%

​

​

4/1/2024

​

4/1/2029

​

​

​

​

2,641,131

​

​

2,617,056

​

​

2,627,925

​

0.71

%

GRC Java Holdings, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/1/2024

​

​

​

​

​

​

2,985

​

​

304,909

​

​

421,889

​

0.11

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,898,062

​

$

11,109,063

​

3.00

%

Fidus Systems Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ottawa, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.50

%

9.17

%

​

​

10/17/2025

​

10/17/2031

​

High Tech Industries

​

$

4,759,099

​

​

4,677,532

​

​

4,677,532

​

1.26

%

Fidus Investments Holdings, L.P. Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/17/2025

​

​

​

​

​

​

268

​

​

267,728

​

​

267,728

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,945,260

​

$

4,945,260

​

1.33

%

​

​

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

26

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

FiscalNote Boards LLC

​

(7)(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Toronto, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

8.97

%

​

​

3/11/2024

​

3/12/2029

​

Services: Business

​

$

3,503,162

​

​

3,453,695

​

​

3,468,130

​

0.93

%

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

​

​

176,211

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

3,644,077

​

$

3,644,341

​

0.98

%

General LED OPCO, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Antonio, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

Second Lien

​

3M SOFR+

9.00

%

1.50

%

12.77

%

​

​

5/1/2018

​

4/30/2027

​

Services: Business

​

$

4,500,000

​

​

4,496,653

​

​

4,410,000

​

1.19

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,496,653

​

$

4,410,000

​

1.19

%

GS HVAM Intermediate, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carlsbad, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.32

%

​

​

10/18/2019

​

11/30/2026

​

Beverage & Food

​

$

12,123,673

​

​

12,121,297

​

​

12,123,673

​

3.27

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.49

%

​

​

10/18/2019

​

11/30/2026

​

​

​

​

1,944,444

​

​

1,944,444

​

​

1,944,444

​

0.52

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.51

%

​

​

10/18/2019

​

11/30/2026

​

​

​

​

176,768

​

​

176,768

​

​

176,768

​

0.05

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.50

%

​

​

10/18/2019

​

11/30/2026

​

​

​

​

176,768

​

​

176,768

​

​

176,768

​

0.05

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.34

%

​

​

10/18/2019

​

11/30/2026

​

​

​

​

176,768

​

​

176,768

​

​

176,768

​

0.05

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.49

%

​

​

10/18/2019

​

11/30/2026

​

​

​

​

88,384

​

​

88,384

​

​

88,384

​

0.02

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

1.00

%

10.50

%

​

​

10/18/2019

​

11/30/2026

​

​

​

​

88,384

​

​

88,384

​

​

88,384

​

0.02

%

HV GS Acquisition, LP Class A Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/2/2019

​

​

​

​

​

​

2,144

​

​

563,209

​

​

4,468,228

​

1.20

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,336,022

​

$

19,243,417

​

5.18

%

GSF Buyer, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

North Andover, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.84

%

​

​

4/30/2025

​

4/30/2031

​

Beverage & Food

​

$

4,249,351

​

​

4,191,024

​

​

4,249,351

​

1.14

%

GSF Group Holdings, L.P. Class A2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/30/2025

​

​

​

​

​

​

241

​

​

240,595

​

​

233,513

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,431,619

​

$

4,482,864

​

1.20

%

Guidant Corp.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Erie, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.17

%

​

​

3/11/2024

​

3/12/2029

​

Energy: Oil & Gas

​

$

9,853,707

​

​

9,608,518

​

​

9,853,707

​

2.65

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.17

%

​

​

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

​

​

801,170

​

0.22

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,612,409

​

$

11,077,160

​

2.98

%

Husk AcquireCo Inc.

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vaughan, Canada

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

6M SOFR+

5.75

%

1.50

%

9.51

%

​

​

11/14/2024

​

11/15/2029

​

Beverage & Food

​

$

5,264,053

​

​

5,199,682

​

​

5,185,092

​

1.40

%

SK Spectra Holdings LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/15/2024

​

​

​

​

​

​

298

​

​

297,765

​

​

226,274

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,497,447

​

$

5,411,366

​

1.46

%

HV Watterson Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Schaumburg, IL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

​

​

First Lien

​

​

12.00

%

-

%

12.00

%

​

​

12/17/2021

​

12/17/2026

​

Services: Business

​

$

13,568,717

​

​

13,508,378

​

​

9,023,198

​

2.43

%

Revolver

​

​

​

First Lien

​

​

12.00

%

-

%

12.00

%

​

​

12/17/2021

​

12/17/2026

​

​

​

​

99,975

​

​

99,975

​

​

66,483

​

0.02

%

Delayed Draw Term Loan

​

​

​

First Lien

​

​

12.00

%

-

%

12.00

%

​

​

12/17/2021

​

12/17/2026

​

​

​

​

329,632

​

​

328,777

​

​

219,205

​

0.06

%

HV Watterson Parent, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/17/2021

​

​

​

​

​

​

1,632

​

​

1,631,591

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,568,721

​

$

9,308,886

​

2.51

%

I2P Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cleveland, OH

​

​

​

​

​

​

​

​

​

​

​

​

Series A Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2018

​

​

​

Services: Business

​

​

750,000

​

​

-

​

​

1,587,652

​

0.43

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

1,587,652

​

0.43

%

Identity Theft Guard Solutions, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Portland, OR

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.50

%

9.22

%

​

​

2/28/2025

​

2/28/2030

​

Services: Business

​

$

8,657,465

​

​

8,507,362

​

​

8,614,178

​

2.32

%

IDX Parent, LLC Class A-2 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/28/2025

​

​

​

​

​

​

352,915

​

​

352,915

​

​

588,521

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,860,277

​

$

9,202,699

​

2.48

%

Impact Home Services LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tampa, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.17

%

​

​

4/28/2023

​

4/28/2028

​

Services: Consumer

​

$

5,805,097

​

​

5,726,630

​

​

5,688,995

​

1.53

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.17

%

​

​

10/11/2023

​

4/28/2028

​

​

​

​

529,089

​

​

521,434

​

​

518,507

​

0.14

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.17

%

​

​

6/30/2023

​

4/28/2028

​

​

​

​

263,868

​

​

260,204

​

​

258,591

​

0.07

%

Revolver

​

(11)(17)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.17

%

​

​

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

​

​

35,526

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,003,886

​

$

6,582,469

​

1.77

%

​

​

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

27

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

Infolinks Media Buyco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ridgewood, NJ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.42

%

​

​

11/1/2021

​

11/1/2026

​

Media: Advertising, Printing & Publishing

​

$

7,168,033

​

​

7,138,013

​

​

7,132,193

​

1.92

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.42

%

​

​

6/6/2024

​

11/1/2026

​

​

​

​

2,440,641

​

​

2,425,985

​

​

2,428,438

​

0.65

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.42

%

​

​

11/1/2021

​

11/1/2026

​

​

​

​

1,447,875

​

​

1,443,421

​

​

1,440,636

​

0.39

%

Tower Arch Infolinks Media, LP LP Interests

​

(6)(15)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/28/2021

​

​

​

​

​

​

460,943

​

​

207,385

​

​

475,679

​

0.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,214,804

​

$

11,476,946

​

3.09

%

Informativ, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fresno, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.57

%

​

​

7/30/2021

​

7/30/2027

​

High Tech Industries

​

$

8,308,013

​

​

8,285,463

​

​

8,308,013

​

2.24

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.57

%

​

​

3/31/2022

​

7/30/2027

​

​

​

​

6,263,548

​

​

6,244,249

​

​

6,263,548

​

1.69

%

Credit Connection Holdings, LLC Series A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

7/30/2021

​

​

​

​

​

​

804,384

​

​

300,783

​

​

1,371,768

​

0.37

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,830,495

​

$

15,943,329

​

4.30

%

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

​

£

9,650,000

​

$

13,015,616

​

$

12,903,217

​

3.48

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.75

%

1.00

%

9.58

%

​

​

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

%

9.85

%

​

​

2/15/2022

​

2/15/2027

​

​

​

​

80,625

​

​

80,388

​

​

80,625

​

0.02

%

Inoapps Holdings, LLC Series A-1 Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

2/15/2022

​

​

​

​

​

​

739,844

​

​

783,756

​

​

1,088,044

​

0.29

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,959,760

​

$

14,151,886

​

3.81

%

iNovex Information Systems Incorporated

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbia, MD

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.92

%

​

​

12/17/2024

​

12/17/2030

​

Services: Business

​

$

7,446,962

​

​

7,349,332

​

​

7,372,492

​

1.99

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

8.98

%

​

​

12/17/2024

​

12/17/2030

​

​

​

​

72,000

​

​

72,000

​

​

71,280

​

0.02

%

Revolver

​

(11)

​

First Lien

​

PRIME+

4.25

%

1.00

%

11.00

%

​

​

12/17/2024

​

12/17/2030

​

​

​

​

5,000

​

​

5,000

​

​

4,950

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,426,332

​

$

7,448,722

​

2.01

%

International Cybernetics Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Largo, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.92

%

​

​

6/3/2025

​

6/3/2030

​

Services: Business

​

$

4,724,263

​

​

4,649,089

​

​

4,677,020

​

1.26

%

International Cybernetics Holdings, LP Class B Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/2/2025

​

​

​

​

​

​

1,051

​

​

105,113

​

​

93,640

​

0.03

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,754,202

​

$

4,770,660

​

1.29

%

Invincible Boat Company LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Opa Locka, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

8.00

%

3.37

%

8/28/2019

​

3/31/2028

​

Consumer Goods: Durable

​

$

5,351,146

​

​

5,351,146

​

​

4,682,253

​

1.26

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

8.00

%

3.37

%

8/28/2019

​

3/31/2028

​

​

​

​

4,939,520

​

​

4,939,520

​

​

4,322,080

​

1.16

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

8.00

%

3.37

%

6/1/2021

​

3/31/2028

​

​

​

​

1,099,108

​

​

1,099,108

​

​

961,720

​

0.26

%

Revolver

​

(9)(11)

​

First Lien

​

1M SOFR+

7.50

%

1.50

%

11.37

%

​

​

8/28/2019

​

3/31/2028

​

​

​

​

1,489,362

​

​

1,489,362

​

​

1,303,192

​

0.35

%

Warbird Parent Holdco, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/28/2019

​

​

​

​

​

​

1,362,575

​

​

1,299,691

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

14,178,827

​

$

11,269,245

​

3.03

%

Ledge Lounger, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Katy, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan A (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

7.50

%

1.00

%

0.00

%

11.55

%

11/9/2021

​

11/9/2027

​

Consumer Goods: Durable

​

$

7,893,466

​

​

7,862,441

​

​

7,064,652

​

1.90

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

7.50

%

1.00

%

0.00

%

11.55

%

11/9/2021

​

11/9/2027

​

​

​

​

88,989

​

​

88,989

​

​

79,645

​

0.02

%

SP L2 Holdings LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/3/2025

​

​

​

​

​

​

398,972

​

​

-

​

​

-

​

0.00

%

SP L2 Holdings LLC Class A Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

11/9/2021

​

​

​

​

​

​

50,596,837

​

​

389,832

​

​

-

​

0.00

%

SP L2 Holdings LLC Class C Units (SBIC)

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

10/9/2024

​

​

​

​

​

​

140,834

​

​

34,504

​

​

-

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,375,766

​

$

7,144,297

​

1.92

%

Lightning Intermediate II, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

6M SOFR+

6.00

%

1.00

%

9.60

%

​

​

6/6/2022

​

6/5/2028

​

Consumer Goods: Non-Durable

​

$

11,214,012

​

​

11,137,405

​

​

11,214,012

​

3.02

%

Gauge Vimergy Coinvest, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2022

​

​

​

​

​

​

399

​

​

391,274

​

​

339,006

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,528,679

​

$

11,553,018

​

3.11

%

Luxium Solutions, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deerfield Beach, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.92

%

​

​

5/10/2024

​

12/1/2027

​

High Tech Industries

​

$

8,169,324

​

​

8,095,857

​

​

8,169,324

​

2.20

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.92

%

​

​

5/10/2024

​

12/1/2027

​

​

​

​

1,182,247

​

​

1,176,738

​

​

1,182,247

​

0.32

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,272,595

​

$

9,351,571

​

2.52

%

MacKenzie-Childs Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aurora, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

1.00

%

9.32

%

​

​

9/2/2022

​

9/2/2027

​

Consumer Goods: Durable

​

$

86,331

​

​

85,813

​

​

86,331

​

0.02

%

MacKenzie-Childs Investment, LP Partnership Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/2/2022

​

​

​

​

​

​

100,000

​

​

100,000

​

​

171,068

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

185,813

​

$

257,399

​

0.07

%

​

​

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

28

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Madison Logic Holdings, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.00

%

1.00

%

10.72

%

​

​

12/30/2022

​

12/30/2028

​

Media: Advertising, Printing & Publishing

​

$

3,627,720

​

​

3,577,518

​

​

3,319,364

​

0.89

%

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

7.50

%

1.00

%

-

%

11.22

%

12/30/2022

​

12/30/2028

​

​

​

​

906,930

​

​

894,380

​

​

829,841

​

0.22

%

BC Partners Glengarry Co-Investment LP Class 1 Interests

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/7/2023

​

​

​

​

​

​

404,964

​

​

404,964

​

​

45,355

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,876,862

​

$

4,194,560

​

1.12

%

MBH Management LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Washington, DC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.00

%

1.50

%

8.72

%

​

​

11/15/2024

​

11/15/2029

​

Healthcare & Pharmaceuticals

​

$

9,381,975

​

​

9,229,172

​

​

9,335,066

​

2.51

%

MBH Parent, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/15/2024

​

​

​

​

​

​

646,944

​

​

646,944

​

​

986,162

​

0.27

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,876,116

​

$

10,321,228

​

2.78

%

MedLearning Group, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.42

%

​

​

3/26/2024

​

12/30/2027

​

Healthcare & Pharmaceuticals

​

$

4,263,337

​

​

4,212,827

​

​

4,220,704

​

1.14

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.42

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,498,733

​

​

2,469,128

​

​

2,473,746

​

0.67

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.42

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,040,545

​

​

2,016,437

​

​

2,020,140

​

0.54

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.42

%

​

​

8/5/2025

​

12/30/2027

​

​

​

​

995,000

​

​

982,379

​

​

985,050

​

0.27

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

1.00

%

9.42

%

​

​

3/26/2024

​

12/30/2027

​

​

​

​

2,430,523

​

​

2,410,657

​

​

2,406,218

​

0.65

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,091,428

​

$

12,105,858

​

3.27

%

Michelli, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New Orleans, LA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.75

%

2.00

%

9.42

%

​

​

12/21/2023

​

12/21/2028

​

Capital Equipment

​

$

4,900,000

​

​

4,834,556

​

​

4,900,000

​

1.32

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.75

%

2.00

%

9.42

%

​

​

12/21/2023

​

12/21/2028

​

​

​

​

3,837,617

​

​

3,809,613

​

​

3,837,617

​

1.03

%

SP MWM Holdco LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/21/2023

​

​

​

​

​

​

509,215

​

​

509,215

​

​

560,167

​

0.15

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,153,384

​

$

9,297,784

​

2.50

%

Microbe Formulas LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Meridian, ID

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.32

%

​

​

4/4/2022

​

4/3/2028

​

Consumer Goods: Non-Durable

​

$

5,305,649

​

​

5,282,425

​

​

5,305,649

​

1.43

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.32

%

​

​

11/20/2024

​

4/3/2028

​

​

​

​

4,211,768

​

​

4,196,582

​

​

4,211,768

​

1.13

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,479,007

​

$

9,517,417

​

2.56

%

Mobotrex Acquisition, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Davenport, IA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

2/28/2025

​

6/6/2031

​

Wholesale

​

$

5,143,936

​

​

5,079,288

​

​

5,092,497

​

1.37

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

2/28/2025

​

6/6/2031

​

​

​

​

3,587,553

​

​

3,542,465

​

​

3,551,677

​

0.96

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

2/28/2025

​

6/6/2031

​

​

​

​

14,481

​

​

14,481

​

​

14,336

​

0.00

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.69

%

​

​

2/28/2025

​

6/6/2031

​

​

​

​

8,689

​

​

8,689

​

​

8,602

​

0.00

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

11/6/2025

​

6/6/2031

​

​

​

​

256,807

​

​

255,226

​

​

254,239

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,900,149

​

$

8,921,351

​

2.40

%

MOM Enterprises, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Richmond, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.48

%

2.00

%

10.15

%

​

​

5/19/2021

​

5/19/2028

​

Consumer Goods: Non-Durable

​

$

15,076,148

​

​

15,046,351

​

​

15,000,768

​

4.04

%

MBliss SPC Holdings, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/19/2021

​

​

​

​

​

​

933,333

​

​

933,333

​

​

850,956

​

0.23

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,979,684

​

$

15,851,724

​

4.27

%

Monarch Behavioral Therapy, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Addison, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.72

%

​

​

6/6/2024

​

6/6/2030

​

Healthcare & Pharmaceuticals

​

$

6,663,165

​

​

6,556,702

​

​

6,629,849

​

1.79

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.72

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

289,087

​

​

289,087

​

​

287,642

​

0.08

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.72

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

216,815

​

​

216,815

​

​

215,731

​

0.06

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.73

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

72,272

​

​

72,272

​

​

71,911

​

0.02

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

5.00

%

1.00

%

8.73

%

​

​

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

%

8.72

%

​

​

6/6/2024

​

6/6/2030

​

​

​

​

903,847

​

​

895,984

​

​

899,328

​

0.24

%

BI Investors, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2024

​

​

​

​

​

​

4,286

​

​

424,738

​

​

525,713

​

0.14

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,491,734

​

$

8,666,129

​

2.34

%

​

​

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

29

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Monitorus Holding, LLC

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

London, UK

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.18

%

​

​

5/24/2022

​

5/24/2027

​

Media: Diversified & Production

​

$

105,248

​

​

104,923

​

​

103,669

​

0.03

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.18

%

​

​

6/27/2025

​

5/24/2027

​

​

​

€

1,462,650

​

​

1,673,913

​

​

1,691,278

​

0.46

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.18

%

​

​

5/24/2022

​

5/24/2027

​

​

​

€

106,498

​

​

115,781

​

​

114,044

​

0.03

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.18

%

​

​

5/24/2022

​

5/24/2027

​

​

​

€

105,248

​

​

106,228

​

​

104,635

​

0.03

%

Sapphire Aggregator S.a r.l. Convertible Bonds

​

(14)

​

Unsecured

​

​

8.00

%

-

%

-

%

8.00

%

1/31/2025

​

3/31/2026

​

​

​

€

8,977

​

​

9,454

​

​

10,380

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,689

​

​

11,156

​

​

5,431

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

5,431

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

5,431

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

5,431

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

5,431

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

5,431

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

5,431

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

5,431

​

0.00

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/1/2022

​

​

​

​

​

​

557,682

​

​

11,156

​

​

5,431

​

0.00

%

Sapphire Aggregator S.a r.l. Class 3 Ordinary Shares

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

3/31/2025

​

​

​

​

​

​

6,458,506

​

​

37,512

​

​

68,931

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

2,148,215

​

$

2,141,816

​

0.57

%

Morgan Electrical Group Intermediate Holdings, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freemont, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.50

%

9.97

%

​

​

8/3/2023

​

8/3/2029

​

Construction & Building

​

$

4,065,515

​

​

4,002,647

​

​

4,024,860

​

1.08

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.25

%

1.50

%

9.97

%

​

​

8/3/2023

​

8/3/2029

​

​

​

​

1,607,266

​

​

1,594,242

​

​

1,591,193

​

0.43

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/3/2023

​

​

​

​

​

​

380

​

​

380,330

​

​

246,772

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,977,219

​

$

5,862,825

​

1.58

%

Naumann/Hobbs Material Handling Corporation II, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Phoenix, AZ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.42

%

​

​

8/30/2019

​

12/31/2026

​

Services: Business

​

$

8,054,946

​

​

8,054,946

​

​

7,934,122

​

2.14

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.42

%

​

​

8/30/2019

​

12/31/2026

​

​

​

​

5,079,479

​

​

5,079,479

​

​

5,003,287

​

1.35

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.75

%

1.50

%

10.42

%

​

​

8/30/2019

​

12/31/2026

​

​

​

​

1,789,578

​

​

1,789,578

​

​

1,762,734

​

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

​

​

546,782

​

0.15

%

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

​

​

-

​

​

217,884

​

0.06

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

15,506,961

​

$

15,464,809

​

4.17

%

NINJIO, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Westlake Village, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.67

%

​

​

10/12/2022

​

10/12/2027

​

Media: Diversified & Production

​

$

4,962,500

​

​

4,920,208

​

​

4,962,500

​

1.34

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.67

%

​

​

10/12/2022

​

10/12/2027

​

​

​

​

100,000

​

​

99,453

​

​

100,000

​

0.03

%

NINJIO Holdings, LLC Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/12/2022

​

​

​

​

​

​

184

​

​

313,253

​

​

340,673

​

0.09

%

Gauge NINJIO Blocker LLC Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/22/2023

​

​

​

​

​

​

14

​

​

14,470

​

​

21,705

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,347,384

​

$

5,424,878

​

1.47

%

Norplex Micarta Acquisition, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Postville, IA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.09

%

​

​

10/31/2024

​

10/31/2029

​

Chemicals, Plastics, & Rubber

​

$

12,870,000

​

​

12,661,385

​

​

12,805,651

​

3.45

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.92

%

​

​

10/31/2024

​

10/31/2029

​

​

​

$

50,000

​

​

50,000

​

​

49,750

​

0.01

%

Norplex Micarta Parent, LP Preferred Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/31/2024

​

​

​

​

​

​

739,804

​

​

739,804

​

​

690,496

​

0.19

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,451,189

​

$

13,545,897

​

3.65

%

NS412, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

Second Lien

​

3M SOFR+

8.25

%

1.00

%

12.02

%

​

​

5/6/2019

​

5/6/2027

​

Services: Consumer

​

$

7,615,000

​

​

7,615,000

​

​

7,615,000

​

2.05

%

NS Group Holding Company, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/6/2019

​

​

​

​

​

​

782

​

​

795,002

​

​

1,036,196

​

0.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,410,002

​

$

8,651,196

​

2.33

%

Onpoint Industrial Services, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deer Park, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

5.75

%

1.75

%

9.42

%

​

​

11/16/2022

​

11/16/2027

​

Services: Business

​

$

12,256,846

​

​

12,145,661

​

​

12,256,846

​

3.30

%

Spearhead TopCo, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/16/2022

​

​

​

​

​

​

606,742

​

​

606,742

​

​

1,078,794

​

0.29

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,752,403

​

$

13,335,640

​

3.59

%

Pacific Shoring Holdings, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Santa Rosa, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.50

%

8.67

%

​

​

1/10/2025

​

1/10/2030

​

Capital Equipment

​

$

8,436,250

​

​

8,312,084

​

​

8,351,888

​

2.25

%

PSP Ultimate Holding, LP Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/10/2025

​

​

​

​

​

​

10,606

​

​

498,491

​

​

610,672

​

0.16

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,810,575

​

$

8,962,560

​

2.41

%

​

​

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

30

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

PCP MT Aggregator Holdings, L.P.

​

(7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oak Brook, IL

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/29/2019

​

​

​

Finance

​

​

825,020

​

​

-

​

​

6,187,401

​

1.67

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

-

​

$

6,187,401

​

1.67

%

PCS Software, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Shenandoah, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.32

%

0.50

%

7/1/2019

​

6/30/2027

​

Transportation & Logistics

​

$

13,816,136

​

​

13,816,136

​

​

13,747,056

​

3.70

%

Term Loan (SBIC)

​

(4)(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.32

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

1,811,952

​

​

1,811,952

​

​

1,802,892

​

0.49

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.32

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

440

​

​

431

​

​

438

​

0.00

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.50

%

9.32

%

0.50

%

7/1/2019

​

6/30/2027

​

​

​

​

955,424

​

​

955,424

​

​

950,647

​

0.26

%

PCS Software Parent, LLC Class A Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

9/16/2022

​

​

​

​

​

​

471,211

​

​

9,995

​

​

289,993

​

0.08

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

16,593,938

​

$

16,791,026

​

4.53

%

Pearl Media Holdings, LLC

​

(24)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Montclair, NJ

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.07

%

​

​

8/31/2022

​

8/31/2027

​

Media: Advertising, Printing & Publishing

​

$

8,620,067

​

​

8,553,265

​

​

8,447,666

​

2.28

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

8,553,265

​

$

8,447,666

​

2.28

%

Peltram Group Holdings LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Auburn, WA

​

​

​

​

​

​

​

​

​

​

​

​

Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2021

​

​

​

Construction & Building

​

​

508,516

​

​

451,142

​

​

799,295

​

0.22

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

451,142

​

$

799,295

​

0.22

%

Pilot Power Group Acquisition, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

San Diego, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(10)(12)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

9.95

%

​

​

12/18/2025

​

12/18/2030

​

Services: Business

​

$

12,000,000

​

​

11,790,000

​

​

11,790,000

​

3.18

%

BCM Pilot Opportunity Parent, LLC Class A Common Interests

​

(28)

​

Equity

​

​

​

​

​

​

​

​

​

​

12/18/2025

​

​

​

​

​

​

4,423

​

​

366,868

​

​

366,868

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,156,868

​

$

12,156,868

​

3.28

%

Plus Delta Buyer LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carlsbad, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.50

%

8.92

%

​

​

1/16/2025

​

1/16/2031

​

Services: Business

​

$

7,344,500

​

​

7,214,782

​

​

7,271,055

​

1.96

%

Plus Delta Parent LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/16/2025

​

​

​

​

​

​

325,765

​

​

325,764

​

​

340,885

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,540,546

​

$

7,611,940

​

2.05

%

Premiere Digital Services, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Los Angeles, CA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.25

%

1.00

%

8.97

%

​

​

11/3/2021

​

11/3/2026

​

Media: Broadcasting & Subscription

​

$

12,070,359

​

​

12,057,869

​

​

12,070,359

​

3.25

%

Premiere Digital Holdings, Inc. Common Stock

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

10/18/2018

​

​

​

​

​

​

5,000

​

​

-

​

​

3,126,233

​

0.84

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,057,869

​

$

15,196,592

​

4.09

%

Pure Upper Holdco LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Newtown Square, PA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

4.75

%

1.00

%

8.42

%

​

​

12/3/2025

​

12/3/2031

​

Healthcare & Pharmaceuticals

​

$

10,000,000

​

​

9,901,043

​

​

9,901,043

​

2.67

%

Xanitos Topco, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/3/2025

​

​

​

​

​

​

246,667

​

​

246,667

​

​

246,667

​

0.07

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,147,710

​

$

10,147,710

​

2.74

%

Recharged Opco, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bradenton, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

Services: Consumer

​

$

5,324,759

​

​

5,283,494

​

​

2,901,994

​

0.78

​

Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

​

​

​

83,115

​

​

83,115

​

​

45,298

​

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

​

Priority Revolver

​

(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

10/22/2025

​

2/7/2028

​

​

​

​

120,000

​

​

120,000

​

​

240,000

​

0.06

​

Priority Revolver

​

(9)(18)(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

12/15/2025

​

2/7/2028

​

​

​

​

32,500

​

​

32,500

​

​

65,000

​

0.02

​

Delayed Draw Term Loan

​

(26)

​

First Lien

​

​

12.50

%

​

​

-

%

-

%

2/7/2022

​

2/7/2028

​

​

​

​

98,473

​

​

98,030

​

​

53,668

​

0.01

​

Recharged Holdings, LLC Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

11/13/2025

​

​

​

​

​

​

61,182

​

​

-

​

​

-

​

0.00

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,743,362

​

$

3,558,406

​

0.95

​

Red's All Natural, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Franklin, TN

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(10)(12)

​

First Lien

​

3M SOFR+

4.50

%

1.50

%

9.13

%

​

​

1/31/2023

​

1/31/2029

​

Beverage & Food

​

$

8,815,327

​

​

8,708,727

​

​

8,815,327

​

2.37

%

Centeotl Co-Invest B, LP Common Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/31/2023

​

​

​

​

​

​

710,600

​

​

710,600

​

​

352,910

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

9,419,327

​

$

9,168,237

​

2.47

%

RIA Advisory Borrower, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Coral Gables, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.50

%

​

​

5/1/2023

​

8/2/2027

​

High Tech Industries

​

$

5,835,000

​

​

5,782,654

​

​

5,835,000

​

1.57

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

5.50

%

2.00

%

9.50

%

​

​

5/1/2023

​

8/2/2027

​

​

​

​

73,915

​

​

73,915

​

​

73,915

​

0.02

%

RIA Advisory Aggregator, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/1/2023

​

​

​

​

​

​

104,425

​

​

165,078

​

​

277,592

​

0.07

%

RIA Products Aggregator, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

5/1/2023

​

​

​

​

​

​

81,251

​

​

78,390

​

​

39,195

​

0.01

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,100,037

​

$

6,225,702

​

1.67

%

​

​

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

31

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Said Intermediate, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Boston, MA

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

5.50

%

1.00

%

9.22

%

​

​

6/13/2024

​

6/13/2029

​

Media: Advertising, Printing & Publishing

​

$

7,368,312

​

​

7,258,150

​

​

7,294,629

​

1.97

%

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

​

​

323,546

​

0.09

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,608,799

​

$

7,618,175

​

2.06

%

Sales Benchmark Index, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dallas, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.87

%

​

​

1/7/2020

​

7/7/2026

​

Services: Business

​

$

12,004,716

​

​

12,004,716

​

​

12,004,716

​

3.23

%

Revolver

​

(9)(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.87

%

​

​

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

​

​

458,148

​

0.12

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,114,266

​

$

12,906,684

​

3.47

%

Solid Surface Holdco, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Charlotte, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.67

%

​

​

6/6/2025

​

6/6/2030

​

Services: Business

​

$

5,665,801

​

​

5,562,303

​

​

5,637,472

​

1.52

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.69

%

​

​

6/6/2025

​

6/6/2030

​

​

​

​

2,220,766

​

​

2,198,813

​

​

2,209,662

​

0.60

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.67

%

​

​

6/6/2025

​

6/6/2030

​

​

​

​

1,736,753

​

​

1,719,585

​

​

1,728,069

​

0.47

%

Delayed Draw Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

2.00

%

9.70

%

​

​

6/6/2025

​

6/6/2030

​

​

​

​

313,185

​

​

310,089

​

​

311,619

​

0.08

%

Carolina Topco Holdings, LP Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

6/6/2025

​

​

​

​

​

​

4,935

​

​

493,470

​

​

866,935

​

0.23

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

10,284,260

​

$

10,753,757

​

2.90

%

Strategus, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Englewood, CO

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

1/27/2025

​

1/27/2031

​

Media: Advertising, Printing & Publishing

​

$

7,762,432

​

​

7,642,498

​

​

7,645,996

​

2.06

%

CIVC Strategus Blocker, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

1/27/2025

​

​

​

​

​

​

170

​

​

170,362

​

​

203,173

​

0.05

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,812,860

​

$

7,849,169

​

2.11

%

TAC LifePort Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Woodland, WA

​

​

​

​

​

​

​

​

​

​

​

​

Common Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/1/2021

​

​

​

Aerospace & Defense

​

​

546,543

​

​

189,094

​

​

1,543,947

​

0.42

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

189,094

​

$

1,543,947

​

0.42

%

Teckrez, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jacksonville, FL

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

10.57

%

​

​

5/24/2024

​

11/30/2028

​

Chemicals, Plastics, & Rubber

​

$

4,240,129

​

​

4,194,947

​

​

4,218,928

​

1.14

%

Revolver

​

(11)

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

10.57

%

​

​

5/24/2024

​

11/30/2028

​

​

​

​

885,936

​

​

885,936

​

​

881,506

​

0.24

%

Revolver

​

​

​

First Lien

​

1M SOFR+

6.75

%

2.00

%

10.57

%

​

​

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

​

​

162,373

​

0.04

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,315,244

​

$

5,406,308

​

1.46

%

The Hardenbergh Group, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Livonia, MI

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.27

%

​

​

8/7/2023

​

8/7/2028

​

Healthcare & Pharmaceuticals

​

$

10,265,605

​

​

10,110,799

​

​

10,265,605

​

2.77

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.27

%

​

​

9/30/2024

​

8/7/2028

​

​

​

​

793,981

​

​

782,369

​

​

793,981

​

0.21

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.50

%

2.00

%

10.27

%

​

​

10/1/2025

​

8/7/2028

​

​

​

​

498,750

​

​

489,484

​

​

498,750

​

0.13

%

BV HGI Holdings, L.P. Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/7/2023

​

​

​

​

​

​

677,548

​

​

677,548

​

​

697,242

​

0.19

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,060,200

​

$

12,255,578

​

3.30

%

The Millennium Alliance LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

5.00

%

1.00

%

8.67

%

​

​

7/31/2025

​

7/31/2031

​

Services: Business

​

$

11,471,250

​

​

11,306,226

​

​

11,356,539

​

3.06

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

7/31/2025

​

​

​

​

​

​

52

​

​

515,556

​

​

656,334

​

0.18

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

11,821,782

​

$

12,012,873

​

3.24

%

Tiger 21, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New York, NY

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

4.50

%

1.00

%

8.17

%

​

​

12/30/2024

​

12/30/2030

​

Services: Consumer

​

$

11,880,000

​

​

11,673,028

​

​

11,880,000

​

3.20

%

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

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/30/2024

​

​

​

​

​

​

565

​

​

564,635

​

​

770,506

​

0.21

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

12,237,663

​

$

12,650,506

​

3.41

%

Tilley Distribution, Inc.

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Baltimore, MD

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.82

%

​

​

4/1/2022

​

12/31/2026

​

Chemicals, Plastics, & Rubber

​

$

82,617

​

​

82,299

​

​

79,725

​

0.02

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.82

%

​

​

4/1/2022

​

12/31/2026

​

​

​

​

9,016

​

​

8,981

​

​

8,700

​

0.00

%

Revolver

​

​

​

First Lien

​

3M SOFR+

6.00

%

1.00

%

9.82

%

​

​

4/1/2022

​

12/31/2026

​

​

​

$

13,043

​

​

13,043

​

​

12,586

​

0.00

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

104,323

​

$

101,011

​

0.02

%

​

​

​

​

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

32

Table of Contents

Stellus Capital Investment Corporation

Consolidated Schedule of Investments

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

TradePending OpCo Aggregator, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrboro, NC

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.07

%

​

​

3/2/2021

​

3/2/2026

​

High Tech Industries

​

$

9,428,788

​

​

9,417,687

​

​

9,428,788

​

2.54

%

Term Loan (SBIC II)

​

(5)(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.07

%

​

​

8/4/2023

​

3/2/2026

​

​

​

​

2,411,396

​

​

2,406,156

​

​

2,411,396

​

0.65

%

Revolver

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

2.00

%

10.07

%

​

​

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

%

10.07

%

​

​

8/4/2023

​

3/2/2026

​

​

​

​

673,267

​

​

672,497

​

​

673,267

​

0.18

%

TradePending Holdings, LLC Series A Units

​

(4)

​

Equity

​

​

​

​

​

​

​

​

​

​

3/2/2021

​

​

​

​

​

​

908,333

​

​

947,699

​

​

1,812,352

​

0.49

%

TradePending Holdings, LLC Series A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

8/4/2023

​

​

​

​

​

​

132,783

​

​

260,254

​

​

365,808

​

0.10

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,737,626

​

$

14,724,944

​

3.97

%

TriplePoint Acquisition Holdings LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Columbus, OH

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.92

%

​

​

5/31/2024

​

5/31/2029

​

Construction & Building

​

$

5,276,143

​

​

5,197,842

​

​

5,276,143

​

1.42

%

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

5.25

%

1.00

%

8.92

%

​

​

4/8/2025

​

5/31/2029

​

​

​

​

1,760,506

​

​

1,730,596

​

​

1,760,506

​

0.47

%

TriplePoint Holdco LLC Class A Units

​

(6)

​

Equity

​

​

​

​

​

​

​

​

​

​

5/31/2024

​

​

​

​

​

​

557,968

​

​

508,733

​

​

1,876,311

​

0.51

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

7,437,171

​

$

8,912,960

​

2.40

%

Unicat Catalyst Holdings, LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alvin, TX

​

​

​

​

​

​

​

​

​

​

​

​

Unicat Catalyst, LLC Class A Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

4/27/2021

​

​

​

Chemicals, Plastics, & Rubber

​

​

7,500

​

​

750,000

​

​

639,521

​

0.17

%

Unicat Catalyst, LLC Class A-1 Units

​

​

​

Equity

​

​

​

​

​

​

​

​

​

​

12/13/2023

​

​

​

​

​

​

974

​

​

58,446

​

​

59,014

​

0.02

%

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

808,446

​

$

698,535

​

0.19

%

U.S. Expediters, LLC

​

(9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Stafford, TX

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan

​

(11)

​

First Lien

​

3M SOFR+

6.25

%

1.00

%

10.12

%

​

​

12/22/2021

​

12/22/2026

​

Healthcare & Pharmaceuticals

⚠️ Filing Content Truncated This filing was too large to display in its entirety (original size: 18.03 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: 0001104659-26-093435