Anzeige
Mehr »
Login
Donnerstag, 30.05.2024 Börsentäglich über 12.000 News von 688 internationalen Medien
Die neuen Aktien-Stars der nächsten Rallye-Stufe im Uransektor
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
30.05.24
12:14 Uhr
12,900 Euro
-0,006
-0,05 %
1-Jahres-Chart
STELLUS CAPITAL INVESTMENT CORPORATION Chart 1 Jahr
5-Tage-Chart
STELLUS CAPITAL INVESTMENT CORPORATION 5-Tage-Chart
RealtimeGeldBriefZeit
12,79213,06414:55
12,79213,07214:30
PR Newswire
208 Leser
Artikel bewerten:
(1)

Stellus Capital Investment Corporation Reports Results for its Third Fiscal Quarter Ended September 30, 2023

HOUSTON, Nov. 7, 2023 /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE:SCM) ("Stellus" or the "Company") today announced financial results for its third fiscal quarter ended September 30, 2023 .

Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report solid operating results for the quarter ended September 30, 2023, in which U.S. GAAP net investment income of $0.47 per share and core net investment income of $0.49 per share covered the regular dividend declared of $0.40 per share. Our portfolio grew by a net $5 million to $886 million at fair value and the loan portfolio is yielding 11.5%, as of September 30, 2023 ."

FINANCIAL HIGHLIGHTS

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














Three Months Ended


Three Months Ended


Nine Months Ended


Nine Months Ended


September 30, 2023


September 30, 2022


September 30, 2023


September 30, 2022


Amount

Per Share


Amount

Per Share


Amount

Per Share


Amount

Per Share

Net investment income

$10.82

$0.47


$7.19

$0.37


$30.30

$1.42


$18.88

$0.97

Core net investment income(1)

11.16

0.49


6.90

0.35


30.81

1.45


18.27

0.94

Net realized gain on investments

0.60

0.03


1.55

0.08


0.32

0.01


4.66

0.24

Net realized loss on foreign currency translation

(0.02)

-


-

-


(0.07)

-


(0.01)

-

Total realized income(2)

$11.40

$0.50


$8.74

$0.45


$30.55

$1.43


$23.53

$1.21

Distributions

(9.27)

(0.41)


(6.64)

(0.34)


(25.88)

(1.22)


(18.75)

(0.96)

Net unrealized change in depreciation on investments

(13.80)

(0.61)


(4.80)

(0.25)


(24.34)

(1.14)


(12.82)

(0.66)

Net unrealized change in depreciation on foreign currency translation

-

-


(0.01)

-


(0.02)

-


(0.05)

-

Benefit (provision) for taxes on unrealized depreciation (appreciation) on investments in taxable subsidiaries

-

-


0.03

-


(0.14)

(0.01)


(0.15)

(0.01)

Net (decrease) increase in net assets resulting from operations

($2.40)

($0.11)


$3.96

$0.20


$6.05

$0.28


$10.51

$0.54

Weighted average shares outstanding


22,824,221



19,545,935



21,289,880



19,535,708



(1)

Core net investment income, as presented, excludes the impact of capital gains incentive fees (reversal) and income taxes, the majority of which are excise taxes. The Company believes presenting core net investment income and the related per share amount is a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is a non-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



September 30, 2023


December 31, 2022

Investments at fair value


$886.3


$844.7

Total assets


$912.0


$898.2

Net assets


$318.1


$275.8

Shares outstanding


24,125,642


19,666,769

Net asset value per share


$13.19


$14.02













Three Months Ended


Nine Months Ended



September 30, 2023


September 30, 2023

New investments


$51.9


$139.7

Repayments of investments


(34.8)


(79.1)

Net activity


$17.1


$60.6








As of


As of



September 30, 2023


December 31, 2022

Number of portfolio company investments


96


85

Number of debt investments


83


73






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

Cash


10.7 %


10.3 %

Payment-in-kind ("PIK")


0.4 %


0.4 %

Fee amortization


0.4 %


0.4 %

Total


11.5 %


11.1 %






Weighted average yield on total investments (4)

Cash


10.2 %


9.7 %

Payment-in-kind ("PIK")


0.3 %


0.3 %

Fee amortization


0.3 %


0.4 %

Total


10.8 %


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 in the Company's common stock would realize in a return over the same period because the dollar-weighted average annualized yield does not reflect the Company's expenses or any sales load that may be paid by investors.

(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 September 30, 2023 and 2022 totaled $27.2 million and $20.1 million, respectively, most of which was interest income from portfolio investments.

Operating expenses for the three months ended September 30, 2023 and 2022, totaled $16.3 million and $13.0 million, respectively. For the same respective periods, base management fees totaled $3.9 million and $3.8 million, income incentive fees totaled $2.7 million and $1.6 million, capital gains incentive (reversal) fees totaled $0.0 million and ($0.6) million, fees and expenses related to our borrowings totaled $8.0 million and $6.4 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.5 million and $0.4 million, income tax totaled $0.3 and $0.4 million and other expenses totaled $0.9 and $1.0 million .

Net investment income was $10.8 million and $7.2 million, or $0.47 and $0.37 per common share based on weighted average common shares outstanding of 22,824,221 and 19,545,935 for the three months ended September 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 September 30, 2023 and 2022 was $11.2 million and $6.9 million, or $0.49 and $0.35 per share, respectively.

For the three months ended September 30, 2023 and 2022, the Company's investment portfolio had a net change in unrealized depreciation of ($13.8) million and ($4.8) million, respectively, and the Company had net realized gains of $0.6 million and $1.6 million, respectively.

Net (decrease) increase in net assets resulting from operations totaled ($2.4) million and $4.0 million, or ($0.11) and $0.20 per common share, based on weighted average common shares outstanding of 22,824,221 and 19,545,935 for the three months ended September 30, 2023 and 2022, respectively.

Liquidity and Capital Resources

As of September 30, 2023, the Company's 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 September 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 September 30, 2023 and December 31, 2022, the Company had $162.3 million and $199.2 million in outstanding borrowings under the Credit Facility, respectively.

The Company issued 1,567,738 shares during the three months ended September 30, 2023 under the At-the-Market Program ("ATM Program"), for gross proceeds of $21.9 million . The average per share gross offering price of shares issued under the ATM Program during the three months ended September 30, 2023 was $13.97 . For the three months ended September 30, 2023, net proceeds of $21.6 million, or $13 .76 per share, exceeded net asset value per share, excluding the impact of offering expenses.

Distributions

During the three months ended September 30, 2023 and 2022, the Company declared aggregate distributions of $0.40 and $0.34 per share, respectively ( $9.3 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 September 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

Add-On Investment


August 11, 2023


Data Centrum Communications, Inc.*


Provider of point-of-care patient engagement and marketing solutions for pharmaceutical companies.


$

52,919


Equity

Add-On Investment


September 22, 2023


NINJIO, LLC*


Cybersecurity awareness and training platform


$

14,470


Equity

Add-On Investment


September 25, 2023


Tower Arch Infolinks Media, LP*


Advertising placement partner for small to mid-sized publishers


$

1,093


Equity

Add-On Investment


September 28, 2023


TradePending OpCo Aggregator, LLC*


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


$

53,625


Equity

*Existing portfolio company

The Company realized investments in the following portfolio companies during the three months ended September 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

Full Repayment


September 1, 2023


Vortex Companies, LLC*


Provider of trenchless services and products to restore and repair large diameter water, sewer, and industrial pipe infrastructure.


$

10,000,000


Senior Secured?-?First Lien

Events Subsequent to September 30, 2023

The Company's management has evaluated subsequent events through November 7, 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 September 30, 2023 :













Activity Type


Date


Company Name


Company Description


Investment Amount


Instrument Type

Add-On Investment


October 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


$

2,281,116


Revolver Commitment(a)

Add-On Investment


October 11, 2023


Impact Home Services LLC*


Residential, garage door, electrical, and plumbing services provider


$

539,718


Senior Secured?-?First Lien










13,398


Equity

Add-On Investment


October 16, 2023


Equine Network, LLC*


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


$

955,516


Senior Secured?-?First Lien

Add-On Investment


October 19, 2023


ArborWorks Acquisition LLC*


A professional tree care firm


$

230,769


Senior Secured?-?First Lien

Add-On Investment


October 31, 2023


2X LLC*


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


$

1,448,388


Senior Secured?-?First Lien

*Existing portfolio company

(a) The Company has full discretion to fund this revolver commitment

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
















Activity Type


Date


Company Name


Company Description


Proceeds Received


Realized Loss


Instrument Type

Full Realization


October 24, 2023


Interstate Waste Services, Inc.*


Provider of non-hazardous waste management, collection, and recycling services


$

389,496


$

(556,629)


Equity

*Existing portfolio company

Credit Facility

The outstanding balance under the Credit Facility as of November 7, 2023 was $163.0 million .

Distributions Declared

On October 5, 2023, our Board of Directors declared a regular monthly distribution for each of October, November, and December 2023, as follows:













Ex-Dividend


Record


Payment


Amount per

Declared


Date


Date


Date


Share

10/5/2023


10/30/2023


10/31/2023


11/15/2023


$

0.1333

10/5/2023


11/29/2023


11/30/2023


12/15/2023


$

0.1333

10/5/2023


12/15/2023


12/18/2023


12/29/2023


$

0.1333

Conference Call Information

Stellus Capital Investment Corporation will host a conference call to discuss these results on Wednesday, November 8, 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 468695. Starting approximately two hours after the conclusion of the call, a replay will be available through Wednesday, November 22, 2023 by dialing (877) 481-4010 and entering passcode 49413. The replay will also be available on the Company's website.

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

About Stellus Capital Investment Corporation

The Company is an externally-managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940, 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)












September 30, 2023






(unaudited)


December 31, 2022


ASSETS








Non-controlled, non-affiliated investments, at fair value (amortized cost of

$941,679,195 and $875,823,177, respectively)


$

886,338,148


$

844,733,638


Cash and cash equivalents



19,210,721



48,043,329


Receivable for sales and repayments of investments



594,726



718,794


Interest receivable



5,600,021



3,984,409


Other receivables



60,495



34,245


Deferred offering costs



-



1,100


Prepaid expenses



149,755



667,267


Total Assets


$

911,953,866


$

898,182,782


LIABILITIES








Notes payable


$

98,883,814


$

98,549,692


Credit Facility payable



161,192,612



197,685,281


SBA-guaranteed debentures



319,955,852



307,895,195


Dividends payable



3,215,948



-


Management fees payable



3,933,121



7,150,407


Income incentive fees payable



3,058,550



2,464,408


Capital gains incentive fees payable



-



569,528


Interest payable



1,316,334



4,640,841


Related party payable



-



1,060,321


Unearned revenue



343,210



320,675


Administrative services payable



402,627



356,919


Income tax payable



1,116,369



1,175,373


Deferred tax liability



206,361



61,936


Other accrued expenses and liabilities



203,288



475,593


Total Liabilities


$

593,828,086


$

622,406,169


Commitments and contingencies (Note 7)








Net Assets


$

318,125,780


$

275,776,613


NET ASSETS








Common stock, par value $0.001 per share (100,000,000 shares authorized; 24,125,642

and 19,666,769 issued and outstanding, respectively)


$

24,125


$

19,667


Paid-in capital



337,289,265



275,114,720


Total distributable (loss) earnings



(19,187,610)



642,226


Net Assets


$

318,125,780


$

275,776,613


Total Liabilities and Net Assets


$

911,953,866


$

898,182,782


Net Asset Value Per Share


$

13.19


$

14.02


STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)


















For the three


For the three


For the nine


For the nine




months ended


months ended


months ended


months ended




September 30, 2023


September 30, 2022


September 30, 2023


September 30, 2022


INVESTMENT INCOME














Interest income


$

26,223,986


$

19,617,468


$

75,295,485


$

50,392,437


Other income



941,040



524,799



2,529,905



1,353,279


Total Investment Income


$

27,165,026


$

20,142,267


$

77,825,390


$

51,745,716


OPERATING EXPENSES














Management fees


$

3,933,121


$

3,827,669


$

11,533,811


$

11,025,435


Valuation fees



139,267



145,865



332,762



315,482


Administrative services expenses



470,846



447,381



1,399,188



1,388,602


Income incentive fees



2,705,200



1,635,641



7,433,039



1,635,641


Capital gains incentive fee reversal



-



(646,757)



(569,528)



(1,672,549)


Professional fees



276,592



315,809



877,276



845,275


Directors' fees



93,250



83,500



303,750



254,500


Insurance expense



123,725



127,274



366,156



377,671


Interest expense and other fees



8,049,063



6,448,280



24,037,462



16,864,255


Income tax expense



335,508



361,115



1,082,057



1,066,768


Other general and administrative expenses



217,655



207,170



727,754



766,562


Total Operating Expenses


$

16,344,227


$

12,952,947


$

47,523,727


$

32,867,642


Net Investment Income


$

10,820,799


$

7,189,320


$

30,301,663


$

18,878,074


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


$

600,403


$

1,553,450


$

324,782


$

4,658,817


Net realized loss on foreign currency translation



(22,166)



(676)



(72,782)



(8,026)


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



(13,793,320)



(4,798,980)



(24,338,195)



(12,810,173)


Net change in unrealized depreciation on foreign currency translation



(2,794)



(18,120)



(21,243)



(53,874)


(Provision) benefit for taxes on net unrealized (appreciation) depreciation on investments



(312)



30,535



(144,425)



(151,278)


Net (Decrease) Increase in Net Assets Resulting from Operations



(2,397,390)



3,955,529


$

6,049,800


$

10,513,540


Net Investment Income Per Share-basic and diluted


$

0.47


$

0.37


$

1.42


$

0.97


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


$

(0.11)


$

0.20


$

0.28


$

0.54


Weighted Average Shares of Common Stock Outstanding-basic and diluted



22,824,221



19,545,935



21,289,880



19,535,708


Distributions Per Share-basic and diluted


$

0.41


$

0.34


$

1.22


$

0.96


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

Net investment income


-



-



-



7,189,320



7,189,320

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


-



-



-



1,553,450



1,553,450

Net realized loss on foreign currency translation


-



-



-



(676)



(676)

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


-



-



-



(4,798,980)



(4,798,980)

Net change in unrealized depreciation on foreign currency translations


-



-



-



(18,120)



(18,120)

Benefit for taxes on unrealized depreciation on investments


-



-



-



30,535



30,535

Distributions from net investment income


-



-



-



(6,643,663)



(6,643,663)

Balances at September 30, 2022


19,545,935


$

19,546


$

274,864,296


$

2,294,142


$

277,177,984
















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

Net investment income


-



-



-



10,820,799



10,820,799

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


-



-



-



600,403



600,403

Net realized loss on foreign currency translation


-



-



-



(22,166)



(22,166)

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


-



-



-



(13,793,320)



(13,793,320)

Net change in unrealized depreciation on foreign currency translations


-



-



-



(2,794)



(2,794)

Provision for taxes on unrealized appreciation on investments


-



-



-



(312)



(312)

Distributions from net investment income


-



-



-



(9,269,208)



(9,269,208)

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


1,567,738



1,567



21,465,783



-



21,467,350

Balances at September 30, 2023


24,125,642


$

24,125


$

337,289,265


$

(19,187,610)


$

318,125,780


(1) See Note 4 to the Consolidated Financial Statements on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2023 for more information on offering costs.

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)












For the nine


For the nine




months ended


months ended




September 30, 2023


September 30, 2022


Cash flows from operating activities








Net increase in net assets resulting from operations


$

6,049,800


$

10,513,540


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








Purchases of investments



(139,650,422)



(180,956,810)


Proceeds from sales and repayments of investments



79,053,967



74,385,466


Net change in unrealized depreciation on investments



24,338,195



12,810,173


Net change in unrealized depreciation on foreign currency translations



21,087



28,405


Increase in investments due to PIK



(2,732,530)



(1,010,061)


Amortization of premium and accretion of discount, net



(2,078,183)



(1,839,720)


Deferred tax provision



144,425



151,278


Amortization of loan structure fees



436,257



420,356


Amortization of deferred financing costs



334,122



334,122


Amortization of loan fees on SBA-guaranteed debentures



938,247



905,294


Net realized gain on investments



(324,782)



(4,658,817)


Changes in other assets and liabilities








Increase in interest receivable



(1,615,612)



(907,787)


Increase in other receivables



(26,250)



(5,743)


Increase in related party receivables



-



(19,034)


Decrease in prepaid expenses



517,512



293,135


(Decrease) increase in management fees payable



(3,217,286)



3,578,496


Increase in income incentive fees payable



594,142



160,521


Decrease in capital gains incentive fees payable



(569,528)



(1,672,549)


Increase (decrease) in administrative services payable



45,708



(9,481)


Decrease in interest payable



(3,324,507)



(2,808,314)


Decrease in related party payable



(1,060,321)



-


Increase (decrease) in unearned revenue



22,535



(185,171)


Decrease in income tax payable



(59,004)



(2,183,176)


(Decrease) increase in other accrued expenses and liabilities



(272,305)



59,623


Net Cash Used in Operating Activities


$

(42,434,733)


$

(92,616,254)


Cash flows from Financing Activities








Proceeds from the issuance of common stock


$

63,348,436


$

420,004


Sales load for common stock issued



(943,248)



(5,957)


Offering costs paid for common stock issued



(225,085)



(335,953)


Stockholder distributions paid



(22,663,688)



(17,708,494)


Proceeds from SBA-guaranteed debentures



11,400,000



56,000,000


Financing costs paid on SBA-guaranteed debentures



(277,590)



(1,363,600)


Financing costs paid on Credit facility



(35,000)



(193,659)


Borrowings under Credit Facility



79,700,000



121,608,702


Repayments of Credit Facility



(116,701,700)



(97,559,902)


Net Cash Provided by Financing Activities


$

13,602,125


$

60,861,141


Net Decrease in Cash and Cash Equivalents


$

(28,832,608)


$

(31,755,113)


Cash and Cash Equivalents Balance at Beginning of Period


$

48,043,329


$

44,174,856


Cash and Cash Equivalents Balance at End of Period


$

19,210,721


$

12,419,743


Supplemental and Non-Cash Activities








Cash paid for interest expense


$

25,653,343


$

18,012,797


Income and excise tax paid



1,141,061



3,249,944


Increase in dividends payable



3,215,948



1,043,498


(Decrease) increase in deferred offering costs



(1,100)



227,109


Reconciliation of Core Net Investment Income (1)

(Unaudited)








Three Months Ended


Three Months Ended



September 30, 2023


September 30, 2022

Net investment income


$10,820,799


$7,189,320

Capital gains incentive reversal


-


(646,757)

Income tax expense


335,508


361,115

Core net investment income


$11,156,307


$6,903,678






Per share amounts:





Net investment income per share


$0.47


$0.37

Core net investment income per share


$0.49


$0.35

Reconciliation of Realized Net Investment Income (2)

(Unaudited)








Three Months Ended


Three Months Ended



September 30, 2023


September 30, 2022

Net investment income


$10,820,799


$7,189,320

Net realized gain on investments


600,403


1,553,450

Net realized loss on foreign currency translation


(22,166)


(676)

Total Realized Net Investment Income


$11,399,036


$8,742,094






Per share amounts:





Net investment income per share


$0.47


$0.37

Realized net investment income per share


$0.50


$0.45











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.