Anzeige
Mehr »
Login
Sonntag, 26.05.2024 Börsentäglich über 12.000 News von 688 internationalen Medien
Achtung! Ist das die Krypto-Aktie des Jahres 2024 mit 700% Potential?!
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: A1KA51 | ISIN: US8585681088 | Ticker-Symbol: GO0
Tradegate
24.05.24
21:47 Uhr
12,876 Euro
+0,078
+0,61 %
1-Jahres-Chart
STELLUS CAPITAL INVESTMENT CORPORATION Chart 1 Jahr
5-Tage-Chart
STELLUS CAPITAL INVESTMENT CORPORATION 5-Tage-Chart
RealtimeGeldBriefZeit
12,61012,97025.05.
12,60212,99424.05.
PR Newswire
406 Leser
Artikel bewerten:
(2)

Stellus Capital Investment Corporation Reports Results for its Second Fiscal Quarter Ended June 30, 2023

HOUSTON, Aug. 9, 2023 /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE:SCM) ("Stellus" or the "Company") today announced financial results for its second fiscal quarter ended June 30, 2023 .

Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report strong operating results for the quarter ended June 30, 2023, in which U.S. GAAP net investment income of $0.49 per share and Core net investment income of $0.51 per share covered the regular dividend of $0.40 per share. Our portfolio grew by a net $4 million to $881 million at fair value and the loan portfolio is currently yielding 11.4%, on average."

FINANCIAL HIGHLIGHTS

($ in millions, except data relating to per share amounts and shares outstanding)





















Three Months Ended


Three Months Ended


Six Months Ended


Six Months Ended


June 30, 2023


June 30, 2022


June 30, 2023


June 30, 2022


Amount

Per Share


Amount

Per Share


Amount

Per Share


Amount

Per Share

Net investment income

$10.41

$0.49


$6.17

$0.32


$19.48

$0.95


$11.69

$0.60

Core net investment income(1)

10.79

0.51


5.62

0.29


19.66

0.96


11.37

0.58

Net realized loss on investments

(0.31)

(0.01)


(0.35)

(0.02)


(0.28)

(0.02)


3.11

0.16

Net realized loss on foreign currency translation

(0.01)

-


-

-


(0.05)

-


(0.01)

-

Total realized income(2)

$10.09

$0.48


$5.82

$0.30


$19.15

$0.93


$14.79

$0.76

Distributions

(8.66)

(0.41)


(6.64)

(0.34)


(16.61)

(0.81)


(12.11)

(0.62)

Net unrealized depreciation on investments

(6.30)

(0.31)


(4.29)

(0.22)


(10.54)

(0.51)


(8.01)

(0.41)

Net unrealized depreciation on foreign currency translation

(0.02)

-


(0.04)

-


(0.02)

-


(0.04)

-

Provision for taxes on unrealized appreciation on investments in taxable subsidiaries

(0.07)

-


(0.16)

(0.01)


(0.14)

(0.01)


(0.18)

(0.01)

Net increase in net assets resulting from operations

$3.71

0.17


$1.34

0.07


$8.45

0.41


$6.56

0.34

Weighted average shares outstanding


21,231,979



19,543,117



20,509,995



19,530,509



(1)

Core net investment income, as presented, excludes the impact of capital gains incentive fees and income taxes, the majority of which are excise taxes. The Company believes presenting core net investment income and the related per share amount is a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is a non-U.S. generally accepted accounting principles ("U.S. GAAP") measure and should not be considered as a replacement for net investment income and other earnings measures presented in accordance with U.S. GAAP. A reconciliation of net investment income in accordance with U.S. GAAP to core net investment income is presented in the table below the financial statements.

(2)

Total realized income is the sum of net investment income, net realized gains (losses) on investments, net realized gains (losses) on foreign currency, and loss on debt extinguishment; all U.S. GAAP measures.

PORTFOLIO ACTIVITY

($ in millions, except data relating to per share amounts and number of portfolio companies)









As of


As of



June 30, 2023


December 31, 2022

Investments at fair value


$881.7


$844.7

Total assets


$901.8


$898.2

Net assets


$308.3


$275.8

Shares outstanding


22,557,904


19,666,769

Net asset value per share


$13.67


$14.02













Three Months Ended


Six Months Ended



June 30, 2023


June 30, 2023

New investments


$46.5


$87.7

Repayments of investments


(38.4)


(44.3)

Net activity


$8.1


$43.4








As of


As of



June 30, 2023


December 31, 2022

Number of portfolio company investments


93


85

Number of debt investments


79


73






Weight average yield of debt and other income producing investments (3)

Cash


10.9 %


10.3 %

Payment-in-kind ("PIK")


0.4 %


0.4 %

Fee amortization


0.4 %


0.4 %

Total


11.7 %


11.1 %






Weighted average yield on total investments (4)

Cash


10.3 %


9.7 %

Payment-in-kind ("PIK")


0.4 %


0.3 %

Fee amortization


0.3 %


0.4 %

Total


11.0 %


10.4 %



(3)

The dollar-weighted average annualized effective yield is computed using the effective interest rate for our debt investments and other income producing investments, including cash and PIK interest, as well as the accretion of deferred fees. The individual investment yields are then weighted by the respective cost of the investments (as of the date presented) in calculating the weighted average effective yield of the portfolio. The dollar-weighted average annualized yield on the Company's investments for a given period will generally be higher than what investors of our common stock would realize in a return over the same period because the dollar-weighted average annualized yield does not reflect the Company's expense or any sales load that may be paid by investors.

(4)

The dollar weighted average yield on total investments takes the same yields as calculated in the footnote above, but weights them to determine the weighted average effective yield as a percentage of the Company's total investments, including non-income producing loans and equity.

Results of Operations

Investment income for the three months ended June 30, 2023 and 2022 totaled $26.6 million and $16.1 million, respectively, most of which was interest income from portfolio investments.

Operating expenses for the three months ended June 30, 2023 and 2022, totaled $16.2 million and $9.9 million, respectively. For the same respective periods, base management fees totaled $3.9 million and $3.7 million, income incentive fees totaled $2.6 million and $0.0 million, capital gains incentive (reversal) fees totaled $0.0 million and ($1.0) million, fees and expenses related to our borrowings totaled $8.1 million and $5.5 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.5 million for both periods, income tax totaled $0.4 for both periods and other expenses totaled $0.8 for both periods.

Net investment income was $10.4 million and $6.2 million, or $0.49 and $0.32 per common share based on weighted average common shares outstanding of 21,231,979 and 19,543,117 for the three months ended June 30, 2023 and 2022, respectively. Core net investment income, which is a non-U.S. GAAP measure that excludes the capital gains incentive fee (reversal) and income tax expense accruals, for the three months ended June 30, 2023 and 2022 was $10.8 million and $5.6 million, or $0.51 and $0.29 per share, respectively.

For the three months ended June 30, 2023 and 2022, the Company's investment portfolio had a net change in unrealized depreciation of ($6.3) million and ($4.3) million, respectively, and the Company had realized losses of ($0.3) million and ($0.4) million, respectively.

Net increase in net assets resulting from operations totaled $3.7 million and $1.3 million, or $0.17 and $0.07 per common share, based on weighted average common shares outstanding of 21,231,979 and 19,543,117 for the three months ended June 30, 2023 and 2022, respectively.

Liquidity and Capital Resources

As of June 30, 2023, our amended and restated senior secured revolving credit agreement with certain bank lenders and Zions Bancorporation, N.A. dba Amegy Bank, as administrative agent (as amended from time to time, the "Credit Facility") provided for borrowings in an aggregate amount of up to $265.0 million on a committed basis. As of June 30, 2023 and December 31, 2022, the Credit Facility had an accordion feature which allowed for potential future expansion of the facility size to $280.0 million . As of June 30, 2023 and December 31, 2022, we had $171.5 million and $199.2 million in outstanding borrowings under the Credit Facility, respectively.

The Company issued 2,309,521 shares during the three months ended June 30, 2023 under the At-the-Market Program ("ATM Program"), for gross proceeds of $32.6 million . The average per share offering price of shares issued under the ATM Program during the three months ended June 30, 2023 was $14.10 . The Advisor agreed to reimburse the Company for underwriting fees to the extent the per share price of the shares to the public, less underwriting fees, was less then net asset value per share. For the three months ended June 30, 2023, the Advisor reimbursed the Company $0.4 million, which resulted in net proceeds of $32.5 million, or $14 .38 per share, excluding the impact of offering expenses.

Distributions

During the three months ended June 30, 2023 and 2022, we declared aggregate distributions of $0.40 and $0.34 per share, respectively ( $8.7 million and $6.6 million, respectively). Tax characteristics of all distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year. None of these dividends are expected to include a return of capital.

Recent Portfolio Activity

The Company invested in the following portfolio companies during the three months ended June 30, 2023 :













Activity Type


Date


Company Name


Company Description


Investment Amount


Instrument Type

Add-On Investment


April 3, 2023


EH Real Estate Services, LLC*


Offers residential property brokerage, title & settlement, and
property and casualty insurance brokerage services to home buyers
and sellers


$

570,279


Senior Secured?-?First Lien

Add-On Investment


April 13, 2023


ADS Group Opco, LLC*


Designer and supplier of impulse products and merchandising
solutions to retailers.


$

88,733


Equity

Add-On Investment


April 13, 2023


Tower Arch Infolinks Media, LP*


Advertising placement partner for small to mid-sized publishers


$

1,093


Equity

Add-On Investment


April 14, 2023


BLP Buyer, Inc.*


Distributor of lifting solutions


$

1,729,958


Senior Secured?-?First Lien









$

229,010


Equity

Add-On Investment


April 17, 2023


Axis Portable Air, LLC*


Air conditioning, heating, and air quality equipment rental company


$

1,893,610


Senior Secured?-?First Lien

Add-On Investment


April 27, 2023


CompleteCase, LLC*


Provider of online uncontested divorce solutions


$

66,667


Revolver Commitment









$

111,409


Equity

New Investment


April 28, 2023


Impact Home Services LLC


Residential, garage door, electrical, and plumbing services provider


$

5,936,899


Senior Secured?-?First Lien









$

100,000


Revolver Commitment









$

310,844


Equity

New Investment


May 1, 2023


RIA Advisory Borrower, LLC


Provider of Oracle software implementation services


$

6,000,000


Senior Secured?-?First Lien









$

100,000


Revolver Commitment









$

243,467


Equity

Add-On Investment


May 11, 2023


Archer Systems, LLC*


Provider of mass tort settlement administrative solutions


$

3,500,000


Senior Secured?-?First Lien

Add-On Investment


May 15, 2023


ArborWorks Acquisition LLC*


A professional tree care firm


$

15,515


Equity

New Investment


May 22, 2023


Equine Network, LLC


Provider of content, information, tech-enabled services, and hosts
competitions for the U.S. equine industry


$

5,008,219


Senior Secured?-?First Lien









$

100,000


Revolver Commitment









$

100,000


Delayed Draw Term Loan
Commitment

New Investment


June 5, 2023


2X LLC


Provider of outsourced digital B2B marketing-as-a-service


$

5,500,208


Senior Secured?-?First Lien









$

100,000


Revolver Commitment









$

589,496


Equity

Add-On Investment


June 7, 2023


EH Real Estate Services, LLC*


Offers residential property brokerage, title & settlement, and
property and casualty insurance brokerage services to home buyers
and sellers


$

589,365


Senior Secured?-?First Lien

New Investment


June 30, 2023


Craftable Intermediate II Inc.


Hospitality focused back-of-house management and automation
software platform


$

10,083,715


Senior Secured?-?First Lien









$

100,000


Revolver Commitment









$

626,690


Equity

Add-On Investment


June 30, 2023


Impact Home Services LLC*


Provides of garage door, electrical, and plumbing residential services


$

269,859


Senior Secured?-?First Lien













* Existing portfolio company






The Company realized investments in the following portfolio companies during the three months ended June 30, 2023 :











Activity Type


Date


Company Name


Proceeds Received


Instrument Type

Full Repayment


June 14, 2023


Data Centrum Communications, Inc.


$

15,679,110


Senior Secured?-?First Lien

Full Repayment


June 30, 2023


DTE Enterprises, LLC


$

5,134,219


Senior Secured?-?First Lien

Events Subsequent to June 30, 2023

The Company's management has evaluated subsequent events through August 9, 2023 . There have been no subsequent events that require recognition or disclosure except for the following described below.

Investment Portfolio

The Company invested in the following portfolio companies subsequent to June 30, 2023 :













Activity Type


Date


Company Name


Company Description


Investment Amount


Instrument Type

New Investment


July 7, 2023


Madison Logic, Inc.*


Provider of B2B account based marketing services


$

394,767


Equity

Add-On Investment


July 12, 2023


EH Real Estate Services, LLC*


Offers residential property brokerage, title &
settlement, and property and casualty insurance
brokerage services to home buyers and sellers


$

501,846


Senior Secured?-?First Lien





































New Investment


July 31, 2023


EHI Buyer, Inc.


Provider of design, engineering, installation, and
maintenance services for building management
systems


$

6,111,343


Senior Secured?-?First Lien









$

3,055,671


Delayed Draw Term Loan Commitment









$

100,000


Revolver Commitment









$

617,801


Equity

New Investment


August 2, 2023


Compost 360 Acquisition, LLC


Organic waste recycler and producer of compost,
mulch, and engineered soils


$

9,595,100


Senior Secured?-?First Lien









$

4,096,741


Delayed Draw Term Loan Commitment









$

100,000


Revolver Commitment









$

250,761


Equity

New Investment


August 3, 2023


Morgan Electrical Group
Intermediate Holdings, Inc.


Provider of commercial electrical services


$

4,439,439


Senior Secured?-?First Lien









$

2,864,154


Delayed Draw Term Loan Commitment









$

100,000


Revolver Commitment









$

356,800


Equity

Add-On Investment


August 4, 2023


TradePending OpCo Aggregator,
LLC*


Provider of vehicle trade-in and merchandising
intelligence solutions for auto dealerships


$

2,473,227


Senior Secured?-?First Lien









$

687,007


Delayed Draw Term Loan Commitment









$

325,379


Equity

New Investment


August 7, 2023


The Hardenbergh Group, Inc.


Provider of temporary professional staffing of
Medical Services Professionals, external peer
review, consulting and physician leadership
solutions


$

10,501,898


Senior Secured?-?First Lien









$

100,000


Revolver Commitment









$

434,504


Equity

New Investment


August 8, 2023


Green Intermediateco II, Inc.


Cyber-security focused value-added reseller and
associated service provider


$

11,170,252


Senior Secured?-?First Lien









$

500,000


Delayed Draw Term Loan Commitment









$

271,401


Equity













* Existing portfolio company

The Company realized the following portfolio company subsequent to June 30, 2023 :












Activity Type


Date


Company Name


Company Description


Proceeds Received


Instrument Type

Full Repayment


July 31, 2023


NuSource Financial, LLC*


Provider of technology integration
and installation of Automated Teller
Machines/Integrated Teller Machines,
maintenance services, and security
solutions


$10,984,910


Senior Secured?-?First Lien

____________











* Existing portfolio company







Effective July 1, 2023, the ArborWorks Acquisition, LLC term loan and revolver were placed on non-accrual status.

Credit Facility

The outstanding balance under the Credit Facility as of August 9, 2023 was $187.2 million .

SBA-guaranteed Debentures

The total balance of SBA-guaranteed debentures outstanding as of August 9, 2023 was $322.7 million .

Distributions Declared

On July 14, 2023, our Board of Directors declared a regular monthly distribution for each of July, August, and September 2023, as follows:













Ex-Dividend


Record


Payment


Amount per

Declared


Date


Date


Date


Share

7/14/2023


7/28/2023


7/31/2023


8/15/2023


$

0.1333

7/14/2023


8/30/2023


8/31/2023


9/15/2023


$

0.1333

7/14/2023


9/28/2023


9/29/2023


10/13/2023


$

0.1333

Conference Call Information

Stellus Capital Investment Corporation will host a conference call to discuss these results on Thursday, August 10, 2023 at 10:00 AM, Central Time . The conference call will be led by Robert T. Ladd, Chief Executive Officer, and W. Todd Huskinson, Chief Financial Officer, Chief Compliance Officer, Treasurer, and Secretary.

For those wishing to participate by telephone, please dial (888) 506-0062. Use passcode 810825. Starting approximately two hours after the conclusion of the call, a replay will be available through Thursday, August 24, 2023 by dialing (877) 481-4010 and entering passcode 48865. The replay will also be available on the Company's website.

For those wishing to participate via Live Webcast, connect via the Public Company (SCIC) section of our website at www.stelluscapital.com, under the Events tab. A replay of the conference will be available on our website for approximately 90 days.

About Stellus Capital Investment Corporation

The Company is an externally-managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien (including unitranche) loans, second lien loans and unsecured debt financing, with corresponding equity co-investments. The Company's investment activities are managed by its investment adviser, Stellus Capital Management. To learn more about Stellus Capital Investment Corporation, visit www.stelluscapital.com under the "Public (SCIC)" tab.

Forward-Looking Statements

Statements included herein may contain "forward-looking statements" which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts

Stellus Capital Investment Corporation
W. Todd Huskinson, Chief Financial Officer
(713) 292-5414
[email protected]

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (unaudited)










June 30, 2023






(unaudited)


December 31, 2022


ASSETS








Non-controlled, non-affiliated investments, at fair value (amortized cost of
$922,796,573 and $875,823,177, respectively)


$

881,666,450


$

844,733,638


Cash and cash equivalents



14,924,382



48,043,329


Receivable for sales and repayments of investments



207,077



718,794


Interest receivable



4,638,649



3,984,409


Other receivables



25,369



34,245


Related party receivable



883



-


Deferred offering costs



-



1,100


Prepaid expenses



309,747



667,267


Total Assets


$

901,772,557


$

898,182,782


LIABILITIES








Notes payable


$

98,771,216


$

98,549,692


Credit Facility payable



170,229,321



197,685,281


SBA-guaranteed debentures



308,519,553



307,895,195


Dividends payable



3,006,969



-


Management fees payable



1,865,589



7,150,407


Income incentive fees payable



3,176,395



2,464,408


Capital gains incentive fees payable



-



569,528


Interest payable



4,783,098



4,640,841


Related party payable



775,794



1,060,321


Unearned revenue



221,711



320,675


Administrative services payable



407,265



356,919


Income tax payable



782,358



1,175,373


Deferred tax liability



206,049



61,936


Other accrued expenses and liabilities



702,211



475,593


Total Liabilities


$

593,447,529


$

622,406,169


Commitments and contingencies (Note 7)








Net Assets


$

308,325,028


$

275,776,613


NET ASSETS








Common stock, par value $0.001 per share (100,000,000 shares authorized;
22,557,904 and 19,666,769 issued and outstanding, respectively)


$

22,558


$

19,667


Paid-in capital



315,823,482



275,114,720


Total distributable (loss) earnings



(7,521,012)



642,226


Net Assets


$

308,325,028


$

275,776,613


Total Liabilities and Net Assets


$

901,772,557


$

898,182,782


Net Asset Value Per Share


$

13.67


$

14.02


STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)


















For the three


For the three


For the six


For the six




months ended


months ended


months ended


months ended




June 30, 2023


June 30, 2022


June 30, 2023


June 30, 2022


INVESTMENT INCOME














Interest income


$

25,662,895


$

15,658,018


$

49,071,499


$

30,774,969


Other income



922,122



451,027



1,588,865



828,480


Total Investment Income


$

26,585,017


$

16,109,045


$

50,660,364


$

31,603,449


OPERATING EXPENSES














Management fees


$

3,865,588


$

3,705,053


$

7,600,690


$

7,197,766


Valuation fees



46,422



30,029



193,495



169,617


Administrative services expenses



466,378



466,903



928,342



941,221


Income incentive fees



2,603,004



-



4,727,839



-


Capital gains incentive fee reversal



-



(983,575)



(569,528)



(1,025,792)


Professional fees



169,836



217,404



600,684



529,466


Directors' fees



93,250



74,500



210,500



171,000


Insurance expense



121,885



125,890



242,431



250,397


Interest expense and other fees



8,101,975



5,524,378



15,988,399



10,415,975


Income tax expense



371,786



426,236



746,549



705,653


Other general and administrative expenses



331,649



347,656



510,099



559,392


Total Operating Expenses


$

16,171,773


$

9,934,474


$

31,179,500


$

19,914,695


Net Investment Income


$

10,413,244


$

6,174,571


$

19,480,864


$

11,688,754


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


$

(310,588)


$

(352,723)


$

(275,621)


$

3,105,367


Net realized loss on foreign currency translation



(10,704)



-



(50,616)



(7,350)


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



(6,295,233)



(4,289,591)



(10,544,875)



(8,011,193)


Net change in unrealized depreciation on foreign currency translation



(20,323)



(35,754)



(18,449)



(35,754)


Provision for taxes on net unrealized appreciation on investments



(65,353)



(160,656)



(144,113)



(181,813)


Net Increase in Net Assets Resulting from Operations



3,711,043



1,335,847


$

8,447,190


$

6,558,011


Net Investment Income Per Share-basic and diluted


$

0.49


$

0.32


$

0.95


$

0.60


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


$

0.17


$

0.07


$

0.41


$

0.34


Weighted Average Shares of Common Stock Outstanding-basic and diluted



21,231,979



19,543,117



20,509,995



19,530,509


Distributions Per Share-basic and diluted


$

0.41


$

0.34


$

0.81


$

0.62


STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


















Common Stock





Total






Number


Par


Paid-in


distributable






of shares


value


capital


earnings (loss)


Net Assets

Balances at December 31, 2021


19,517,595


$

19,518


$

274,559,121


$

10,532,594


$

285,111,233

Net investment income


-



-



-



5,514,183



5,514,183

Net realized gain on non-controlled, non-affiliated investments


-



-



-



3,458,090



3,458,090

Net realized loss on foreign currency translation


-



-



-



(7,350)



(7,350)

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


-



-



-



(3,721,602)



(3,721,602)

Provision for taxes on unrealized appreciation on investments


-



-



-



(21,157)



(21,157)

Distributions from net investment income


-



-



-



(5,464,666)



(5,464,666)

Issuance of common stock, net of offering costs(1)


14,924



15



167,655



-



167,670

Balances at March 31, 2022


19,532,519


$

19,533


$

274,726,776


$

10,290,092


$

285,036,401

Net investment income


-



-



-



6,174,571



6,174,571

Net realized loss on non-controlled, non-affiliated investments


-



-



-



(352,723)



(352,723)

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


-



-



-



(4,289,591)



(4,289,591)

Net change in unrealized depreciation on foreign currency translations


-



-



-



(35,754)



(35,754)

Provision for taxes on unrealized appreciation on investments


-



-



-



(160,656)



(160,656)

Distributions from net investment income


-



-



-



(6,643,663)



(6,643,663)

Issuance of common stock, net of offering costs(1)


13,416



13



137,520



-



137,533

Balances at June 30, 2022


19,545,935


$

19,546


$

274,864,296


$

4,982,276


$

279,866,118
















Balances at December 31, 2022


19,666,769


$

19,667


$

275,114,720


$

642,226


$

275,776,613

Net investment income


-



-



-



9,067,620



9,067,620

Net realized gain on non-controlled, non-affiliated investments


-



-



-



34,967



34,967

Net realized loss on foreign currency translation


-



-



-



(39,912)



(39,912)

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


-



-



-



(4,249,642)



(4,249,642)

Net change in unrealized appreciation on foreign currency translations


-



-



-



1,874



1,874

Provision for taxes on unrealized appreciation on investments


-



-



-



(78,760)



(78,760)

Distributions from net investment income


-



-



-



(7,951,284)



(7,951,284)

Issuance of common stock, net of offering costs(1)


581,614



581



8,289,988



-



8,290,569

Balances at March 31, 2023


20,248,383


$

20,248


$

283,404,708


$

(2,572,911)


$

280,852,045

Net investment income


-



-



-



10,413,244



10,413,244

Net realized loss on non-controlled, non-affiliated investments


-



-



-



(310,588)



(310,588)

Net realized loss on foreign currency translation


-



-



-



(10,704)



(10,704)

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


-



-



-



(6,295,233)



(6,295,233)

Net change in unrealized depreciation on foreign currency translations


-



-



-



(20,323)



(20,323)

Provision for taxes on unrealized appreciation on investments


-



-



-



(65,353)



(65,353)

Distributions from net investment income


-



-



-



(8,659,144)



(8,659,144)

Issuance of common stock, net of offering costs(1)


2,309,521



2,310



32,418,774



-



32,421,084

Balances at June 30, 2023


22,557,904


$

22,558


$

315,823,482


$

(7,521,012)


$

308,325,028

_______________________

(1) See Note 4 to the Consolidated Financial Statements on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2023 for more information on offering costs.

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)












For the six


For the six




months ended


months ended




June 30, 2023


June 30, 2022


Cash flows from operating activities








Net increase in net assets resulting from operations


$

8,447,190


$

6,558,011


Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:








Purchases of investments



(87,741,479)



(142,053,995)


Proceeds from sales and repayments of investments



44,269,661



58,182,238


Net change in unrealized depreciation on investments



10,544,875



8,011,193


Net change in unrealized depreciation on foreign currency translations



18,306



35,754


Increase in investments due to PIK



(1,904,853)



(653,534)


Amortization of premium and accretion of discount, net



(1,360,629)



(1,174,220)


Deferred tax provision



144,113



181,813


Amortization of loan structure fees



289,243



272,959


Amortization of deferred financing costs



221,524



221,524


Amortization of loan fees on SBA-guaranteed debentures



624,358



589,020


Net realized loss (gain) on investments



275,621



(3,105,367)


Changes in other assets and liabilities








Increase in interest receivable



(654,240)



(28,511)


Decrease (increase) in other receivable



8,876



(122,781)


Increase in related party receivable



(883)



(187,132)


Decrease in prepaid expenses



357,520



226,175


(Decrease) increase in management fees payable



(5,284,818)



250,828


Increase (decrease) in income incentive fees payable



711,987



(1,459,942)


Decrease in capital gains incentive fees payable



(569,528)



(1,025,791)


Increase in administrative services payable



50,346



13,373


Increase in interest payable



142,257



259,771


Decrease in related party payable



(284,527)



-


Decrease in unearned revenue



(98,964)



(18,860)


Decrease in income tax payable



(393,015)



(2,544,219)


Increase in other accrued expenses and liabilities



226,618



637,471


Net Cash Used in Operating Activities


$

(31,960,441)


$

(76,934,222)


Cash flows from Financing Activities








Proceeds from the issuance of common stock


$

41,448,945


$

420,004


Sales load for common stock issued



(614,721)



(5,957)


Offering costs paid for common stock issued



(121,471)



(183,114)


Stockholder distributions paid



(13,603,459)



(11,064,831)


Proceeds from SBA-guaranteed debentures



-



43,600,000


Financing costs paid on SBA-guaranteed debentures



-



(1,061,660)


Financing costs paid on Credit facility



-



(131,768)


Borrowings under Credit Facility



37,000,000



89,588,800


Repayments of Credit Facility



(65,267,800)



(61,940,000)


Net Cash (Used) Provided by Financing Activities


$

(1,158,506)


$

59,221,474


Net Decrease in Cash and Cash Equivalents


$

(33,118,947)


$

(17,712,748)


Cash and Cash Equivalents Balance at Beginning of Period


$

48,043,329


$

44,174,856


Cash and Cash Equivalents Balance at End of Period


$

14,924,382


$

26,462,108


Supplemental and Non-Cash Activities








Cash paid for interest expense


$

14,711,017


$

9,072,909


Income and excise tax paid



1,139,564



3,132,755


Increase in dividends payable



3,006,969



1,043,498


(Decrease) increase in deferred offering costs



(1,100)



74,270


Reconciliation of Core Net Investment Income (1)

(Unaudited)








Three Months Ended


Three Months Ended



June 30, 2023


June 30, 2022

Net investment income


$10,413,244


$6,174,571

Capital gains incentive fee


-


(983,575)

Income tax expense


371,786


426,236

Core net investment income


$10,785,030


$5,617,232






Per share amounts:





Net investment income per share


$0.49


$0.32

Core net investment income per share


$0.51


$0.29

Reconciliation of Realized Net Investment Income (2)

(Unaudited)








Three Months Ended


Three Months Ended



June 30, 2023


June 30, 2022

Net investment income


$10,413,244


$6,174,571

Net realized loss on investments


(310,588)


(352,723)

Net realized loss on foreign currency translation


(10,704)


-

Total Realized Net Investment Income


$10,091,952


$5,821,848






Per share amounts:





Net investment income per share


$0.49


$0.32

Realized net investment income per share


$0.48


$0.30

SOURCE Stellus Capital Investment Corporation

KI-Champions: 3 Top-Werte, die Ihr Portfolio revolutionieren
Fordern Sie jetzt den brandneuen kostenfreien Sonderreport an und erfahren Sie, wie Sie von den enormen Wachstumschancen im Bereich Künstliche Intelligenz profitieren können - 100 % kostenlos.
Hier klicken
© 2023 PR Newswire
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.