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WKN: A1KA51 | ISIN: US8585681088 | Ticker-Symbol: GO0
Tradegate
24.05.24
21:47 Uhr
12,876 Euro
+0,078
+0,61 %
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STELLUS CAPITAL INVESTMENT CORPORATION Chart 1 Jahr
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12,61012,97025.05.
12,60212,99424.05.
PR Newswire
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Stellus Capital Investment Corporation Reports Results for its Fourth Fiscal Quarter and Year Ended December 31, 2023

HOUSTON, March 4, 2024 /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE:SCM) ("Stellus" or the "Company") today announced financial results for its fourth fiscal quarter and year ended December 31, 2023.

Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report solid operating results for the quarter ended December 31, 2023, in which U.S. GAAP net investment income of $0.49 per share and core net investment income of $0.50 per share covered the regular dividend declared of $0.40 per share. Our loan portfolio is yielding 11.9%, as of December 31, 2023. We have concluded over eleven years of operations, during which our investors have received a total of $246 million in distributions, equivalent to $15.08 per share."

FINANCIAL HIGHLIGHTS

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














Three Months Ended


Three Months Ended


Year Ended


Year Ended


December 31, 2023


December 31, 2022


December 31, 2023


December 31, 2022


Amount

Per Share


Amount

Per Share


Amount

Per Share


Amount

Per Share

Net investment income

$11.91

$0.49


$9.71

$0.50


$42.21

$1.92


$28.59

$1.46

Core net investment income(1)

12.16

0.50


8.66

0.44


42.97

1.95


26.93

1.38

Net realized (loss) gain on investments

(30.54)

(1.26)


(1.00)

(0.06)


(30.21)

(1.38)


3.66

0.19

Net realized loss on foreign currency translation

(0.04)

-


-

-


(0.11)

-


(0.01)

-

Provision for taxes on realized gain on investments in taxable subsidiaries

2.99

0.12


-

-


2.99

0.14


-

-

Total realized income(2)

($15.68)

($0.65)


$8.71

$0.44


$14.88

$0.68


$32.24

$1.65

Distributions

(9.65)

(0.40)


(6.67)

(0.34)


(35.53)

(1.61)


(25.42)

(1.30)

Net unrealized change in appreciation (depreciation) on investments

27.13

1.13


(4.73)

(0.24)


2.79

0.13


(17.55)

(0.90)

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

0.01

-


0.06

-


(0.01)

-


0.01

-

Benefit (provision) for taxes on unrealized depreciation (appreciation) on investments

in taxable subsidiaries

0.02

-


(0.06)

-


(0.13)

(0.01)


(0.21)

(0.01)

Net increase in net assets resulting from operations

$11.48

$0.48


$3.98

$0.20


$17.53

$0.80


$14.49

$0.74

Weighted average shares outstanding


24,125,642



19,604,040



22,004,648



19,552,931



(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







December 31, 2023


December 31, 2022





Investments at fair value


$874.5


$844.7





Total assets


$908.1


$898.2





Net assets


$319.9


$275.8





Shares outstanding


24,125,642


19,666,769





Net asset value per share


$13.26


$14.02

























Three Months Ended


Three Months Ended


Year Ended


Year Ended



December 31, 2023


December 31, 2022


December 31, 2023


December 31, 2022

New investments


$44.2


$30.1


$183.9


$211.0

Repayments of investments


(55.2)


(53.2)


(134.2)


(127.5)

Net activity


($11.0)


($23.1)


$49.7


$83.5












As of


As of







December 31, 2023


December 31, 2022





Number of portfolio company investments


93


85





Number of debt investments


81


73














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









Cash


11.0 %


10.3 %





Payment-in-kind ("PIK")


0.5 %


0.4 %





Fee amortization


0.4 %


0.4 %





Total


11.9 %


11.1 %














Weighted average yield on total investments (4)









Cash


10.3 %


9.7 %





Payment-in-kind ("PIK")


0.5 %


0.3 %





Fee amortization


0.3 %


0.4 %





Total


11.1 %


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 years ended December 31, 2023 and 2022 totaled $105.8 million and $75.1 million, respectively, most of which was interest income from portfolio investments.

Gross operating expenses for the years ended December 31, 2023 and 2022, totaled $63.9 million and $46.5 million, respectively. The increase was driven primarily by increased interest expense and income incentive fees. For the same respective periods, base management fees totaled $15.5 million and $14.8 million, income incentive fees totaled $10.2 million and $3.8 million, capital gains incentive fee reversals totaled ($0.6) million and ($2.8) million, fees and expenses related to our borrowings totaled $32.0 million and $24.5 million (including interest and amortization of deferred financing costs), administrative expenses totaled $1.9 million and $1.8 million, income tax totaled $1.3 million and $1.2 million and other expenses totaled $3.6 million and $3.2 million. For the year ended December 31, 2023, the Company waived income incentive fees totaling $0.3 million for net operating expenses of $63.7 million. No such income incentive fees were waived for the year ended December 31, 2022.

Net investment income was $42.2 million and $28.6 million, or $1.92 and $1.46 per common share based on weighted average common shares outstanding of 22,004,648 and 19,552,931 for the years ended December 31, 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 years ended December 31, 2023 and 2022 was $43.0 million and $26.9 million, or $1.95 and $1.38 per share, respectively.

For the years ended December 31, 2023 and 2022, the Company's investment portfolio had a net change in unrealized appreciation (depreciation) of $2.8 million and ($17.5) million, respectively, and the Company had net realized (losses) gains of ($30.2) million and $3.7 million, respectively. The full realizations for the year ended December 31, 2023 had previously been reflected as unrealized depreciation which were reversed during the year then ended and included in the $2.8 million of unrealized appreciation as of December 31, 2023.

Net increase in net assets resulting from operations totaled $17.5 million and $14.5 million, or $0.80 and $0.74 per common share, based on weighted average common shares outstanding of 22,004,648 and 19,552,931 for the years ended December 31, 2023 and 2022, respectively.

Liquidity and Capital Resources

On November 21, 2023, the Company entered into the Fourth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement (the "Fourth Amendment Agreement") by and among the Company, as the borrower, Zions Bancorporation, N.A. dba Amegy Bank ("Amegy Bank"), as the administrative agent, and the lenders that are party thereto from time to time (collectively, the "Lenders"). The Fourth Amendment Agreement, among other things, (i) decreases the maximum commitment under the Company's credit agreement with the Lenders (the "Credit Facility") from $265.0 million to $260.0 million, (ii) increases the maximum accordion limit from $315.0 million to $350.0 million, (iii) authorizes the replacement of Canadian Dollar Offered Rate with a Canadian Overnight Repo Rate Average benchmark rate to be agreed for advances in Canadian Dollars, (iv) extends the Commitment Termination Date (as defined in the Fourth Amendment Agreement) to November 21, 2027 and Final Maturity Date (as defined in the Fourth Amendment Agreement) to November 21, 2028, and (v) reduces the Company's interest coverage ratio requirement from 2.00:1.00 to 1.75:1.00.

As of December 31, 2023 and December 31, 2022, the Company had $160.1 million and $199.2 million in outstanding borrowings under the Credit Facility, respectively.

The Company issued 4,458,873 shares during the year ended December 31, 2023 under the At-the-Market Program ("ATM Program"), for gross proceeds of $62.9 million. The average per share gross offering price of shares issued under the ATM Program during the year ended December 31, 2023 was $14.10. For the year ended December 31, 2023, net proceeds of $62.2 million, or $14.00 per share, exceeded net asset value per share, excluding the impact of offering expenses.

Distributions

During the three months ended December 31, 2023 and 2022, the Company declared aggregate distributions of $0.40 and $0.34 per share, respectively ($9.6 million and $6.7 million in the aggregate, respectively). During the years ended December 31, 2023 and 2022, the Company declared aggregate distributions of $1.60 and $1.30 per share, respectively ($35.5 million and $25.4 million in the aggregate, respectively). Tax characteristics of all distributions are reported to stockholders on Form 1099-DIV. Approximately $0.4 million of the dividends declared in 2023 are expected to be characterized as long-term capital gains. 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 December 31, 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









$

3


Equity

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 26, 2023


Elliott Aviation, LLC*


Provider of maintenance, repair, and overhaul and fixed-base

operator services to the business aviation sector.


$

56,148


Senior Secured?-?First Lien









$

1,489


Equity

Add-On Investment


October 31, 2023


2X LLC*


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


$

1,448,388


Senior Secured?-?First Lien

Add-On Investment


November 1, 2023


Advanced Barrier Extrusions, LLC*


Manufacturer of high barrier forming web films


$

10,584


Equity

Restructured Investment


November 6, 2023


ArborWorks, LLC*


A professional tree care firm


$

3,461,538


Senior Secured?-?First Lien









$

2,309,486


Revolver Commitment









$

3,610,847


Equity

Add-On Investment


November 15, 2023


Monitorus Holding, LLC*


Provider of media monitoring and evaluation services


$

5,532


Unsecured Convertible Bond

Add-On Investment


December 5, 2023


Amika OpCo LLC*


Branded haircare platform


$

9,705,893


Senior Secured?-?First Lien

New Investment


December 7, 2023


evolv Consulting, LLC


Digital transformation consulting firm


$

10,000,000


Senior Secured?-?First Lien









$

1,363,636


Revolver Commitment









$

473,485


Equity

New Investment


December 12, 2023


AdCellerant LLC


Provider of outsourced digital marketing software and services


$

10,000,000


Senior Secured?-?First Lien









$

875,995


Revolver Commitment









$

728,710


Equity

Add-On Investment


December 13, 2023


Unicat Catalyst Holdings, LLC*


Manufacturer and distributor of catalysts and other industrial products


$

21,103


Equity

Add-On Investment


December 20, 2023


Advanced Barrier Extrusions, LLC*


Manufacturer of high barrier forming web films


$

68,034


Equity

Add-On Investment


December 20, 2023


Tower Arch Infolinks Media, LP**


Advertising placement partner for small to mid-sized publishers


$

1,226


Equity

New Investment


December 21, 2023


Michelli, LLC


Provider of test and measurement services and equipment


$

5,000,000


Senior Secured?-?First Lien









$

3,888,228


Delayed Draw Term Loan Commitment









$

1,296,076


Revolver Commitment









$

509,215


Equity

Add-On Investment


December 22, 2023


Anne Lewis Strategies, LLC*


Provider of tech-enabled donor targeting and strategic digital

fundraising services for non-profit and political organizations.


$

492,905


Equity













*Existing portfolio company








The Company realized investments in the following portfolio companies during the three months ended December 31, 2023:
















Activity Type


Date


Company Name


Company Description


Proceeds Received


Realized Gain/(Loss)


Instrument Type

Full Repayment


October 24, 2023


Interstate Waste Services, Inc.*


Provider of non-hazardous waste management, collection, and

recycling services


$

368,448


$

(577,677)


Equity

Restructured Investment


November 6, 2023


ArborWorks, LLC*


A professional tree care firm


$

-


$

(9,080,023)


Senior Secured?-?First Lien









$

-


$

(2,119,291)


Funded Revolver









$

-


$

(130,900)


Equity

Full Repayment


November 21, 2023


SIB Holdings, LLC*


Provider of fixed cost reduction services


$

12,545,260


$

-


Senior Secured?-?First Lien









$

2,249,126


$

-


Senior Secured?-?First Lien









$

843,422


$

-


Senior Secured?-?First Lien









$

461,200


$

(38,800)


Equity

Full Realization


November 29, 2023


U.S. Auto Sales, Inc. et al*


Integrated used car retailer and subprime auto finance company


$

-


$

(985,000)


Equity

Full Repayment


November 30, 2023


Archer Systems, LLC*


Provider of mass tort settlement administrative solutions


$

3,788,754


$

-


Senior Secured?-?First Lien

Full Repayment


December 21, 2023


Kelleyamerit Holdings, Inc.*


Nation-wide provider of fleet maintenance and repair services


$

9,750,000


$

-


Senior Secured?-?First Lien









$

1,500,000


$

-


Senior Secured?-?First Lien

Full Realization


December 21, 2023


International Designs Holdings LLC*


Distributor of design-oriented surfaces, appliances and architectural

specialty products


$

569,427


$

369,427


Equity

Full Repayment


December 22, 2023


BLP Buyer, Inc.*


Distributor of lifting solutions


$

6,116,486


$

-


Senior Secured?-?First Lien









$

1,725,633


$

-


Senior Secured?-?First Lien

Full Realization


December 31, 2023


Protect America, Inc.*


Provider of residential security monitoring and home automation

systems


$

-


$

(17,979,749)


Senior Secured?-?Second Lien

Events Subsequent to December 31, 2023

The Company's management has evaluated subsequent events through March 4, 2024. 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 December 31, 2023:

Activity Type


Date


Company Name


Company Description


Investment Amount


Instrument Type

Add-On Investment


January 5, 2024


Whisps Holdings LP*


Manufacturer of cheese-based snacks


$

75,192


Equity

Add-On Investment


January 8, 2024


EH Real Estate Services, LLC*


Offers residential property brokerage, title &

settlement, and property and casualty insurance

brokerage services to home buyers and sellers


$

475,233


Senior Secured?-?First Lien

Add-On Investment


January 9, 2024


Morgan Electrical Group Intermediate Holdings, Inc.*


Provider of commercial electrical services


$

23,531


Equity

Add-On Investment


January 12, 2024


Impact Home Services LLC*


Residential garage door, electrical, and plumbing

services provider


$

50,914


Equity

Add-On Investment


January 31, 2024


Impact Home Services LLC*


Residential garage door, electrical, and plumbing

services provider


$

22,331


Equity

Add-On Investment


February 7, 2024


Unicat Catalyst Holdings, LLC*


Manufacturer and distributor of catalysts and other

industrial products


$

7,032


Equity

Add-On Investment


February 28, 2024


Monitorus Holding, LLC*


Provider of media monitoring and evaluation services


$

13,290


Equity













*Existing portfolio company








The Company realized investments in the following portfolio company subsequent to December 31, 2023:

Activity Type


Date


Company Name


Company Description


Proceeds Received


Instrument Type

Full Repayment


January 8, 2024


Peltram Plumbing Holdings, LLC*


Provider of plumbing solutions.


$

16,160,003


Senior Secured?-?First Lien













*Existing portfolio company








Credit Facility

The outstanding balance under the Credit Facility as of March 4, 2024 was $148.5 million.

Distributions Declared

On January 13, 2024, our Board of Directors declared a regular monthly distribution for each of January, February, and March 2024, as follows:



Ex-Dividend


Record


Payment


Amount per

Declared


Date


Date


Date


Share

1/13/2024


1/30/2024


1/31/2024


2/15/2024


$

0.1333

1/13/2024


2/28/2024


2/29/2024


3/15/2024


$

0.1333

1/13/2024


3/28/2024


3/29/2024


4/15/2024


$

0.1333

Conference Call Information

Stellus Capital Investment Corporation will host a conference call to discuss these results on Tuesday, March 5, 2024 at 12:00 PM, 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 183087. Starting approximately two hours after the conclusion of the call, a replay will be available through Tuesday, March 19, 2024 by dialing (877) 481-4010 and entering passcode 50028. 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










December 31, 2023


December 31, 2022

ASSETS







Control investments at fair value (amortized cost of $17,285,138 and $0, respectively)


$

6,175,994


$

-

Non-controlled, non-affiliated investments, at fair value (amortized cost of $884,858,412

and $875,823,177, respectively)



868,284,689



844,733,638

Cash and cash equivalents



26,125,741



48,043,329

Receivable for sales and repayments of investments



371,877



718,794

Interest receivable



4,882,338



3,984,409

Income tax receivable



1,588,708



-

Other receivables



42,995



34,245

Deferred offering costs



7,312



1,100

Prepaid expenses



606,674



667,267

Total Assets


$

908,086,328


$

898,182,782

LIABILITIES







2026 Notes payable


$

98,996,412


$

98,549,692

Credit Facility payable



156,564,776



197,685,281

SBA-guaranteed debentures



320,273,358



307,895,195

Management fees payable



2,918,536



7,150,407

Income incentive fees payable



2,885,180



2,464,408

Capital gains incentive fees payable



-



569,528

Interest payable



5,241,164



4,640,841

Related party payable



-



1,060,321

Unearned revenue



397,725



320,675

Administrative services payable



402,151



356,919

Income tax payable



-



1,175,373

Deferred tax liability



188,893



61,936

Other accrued expenses and liabilities



278,345



475,593

Total Liabilities


$

588,146,540


$

622,406,169

Commitments and contingencies (Note 7)







Net Assets


$

319,939,788


$

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



335,918,984



275,114,720

Total distributable (loss) earnings



(16,003,321)



642,226

Net Assets


$

319,939,788


$

275,776,613

Total Liabilities and Net Assets


$

908,086,328


$

898,182,782

Net Asset Value Per Share


$

13.26


$

14.02

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS













For the years ended



December 31, 2023


December 31, 2022


December 31, 2021

INVESTMENT INCOME










Interest income


$

102,016,788


$

72,964,999


$

61,536,686

From control investments:










Interest income


$

37,897


$

-


$

-

From non-controlled, non-affiliated investments










Interest income



101,978,891



72,964,999



61,536,686

Other income



3,830,780



2,147,577



2,142,308

Total Investment Income


$

105,847,568


$

75,112,576


$

63,678,994

OPERATING EXPENSES










Management fees


$

15,452,347


$

14,848,174


$

13,169,606

Valuation fees



373,628



351,752



313,437

Administrative services expenses



1,908,191



1,810,576



1,798,966

Income incentive fees



10,189,888



3,782,151



3,043,470

Capital gains incentive (reversal) fee



(569,528)



(2,818,623)



2,867,131

Professional fees



1,455,372



1,103,693



1,082,917

Directors' fees



406,000



329,000



315,000

Insurance expense



492,596



503,907



482,140

Interest expense and other fees



32,011,317



24,469,285



18,721,058

Income tax expense



1,333,452



1,161,668



1,102,374

Other general and administrative expenses



891,170



984,309



1,006,428

Total Operating Expenses


$

63,944,433


$

46,525,892


$

43,902,527

Income incentive fee waiver



(307,442)



-



-

Total Operating Expenses, net of fee waivers


$

63,636,991


$

46,525,892


$

43,902,527

Net Investment Income


$

42,210,577


$

28,586,684


$

19,776,467

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


$

(30,211,467)


$

3,660,595


$

23,710,167

Net realized loss on foreign currency translation



(112,481)



(6,091)



-

Loss on debt extinguishment



-



-



(539,250)

Net change in unrealized depreciation on control investments



(430,577)



-



-

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



3,222,729



(17,542,230)



(6,928,160)

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



(6,504)



6,040



-

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



(126,957)



(213,214)



510,868

Benefit (provision) for taxes on net realized loss (gain) on investments



2,987,847



-



(2,957,220)

Net Increase in Net Assets Resulting from Operations


$

17,533,167



14,491,784



33,572,872

Net Investment Income Per Share-basic and diluted


$

1.92


$

1.46


$

1.01

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


$

0.80


$

0.74


$

1.72

Weighted Average Shares of Common Stock Outstanding-basic and diluted



22,004,648



19,552,931



19,489,750

Distributions Per Share-basic and diluted


$

1.61


$

1.30


$

1.14

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


















Common Stock





Total






Number


Par


Paid-in


distributable






of shares


value


capital


(loss) earnings


Net Assets

Balances as of December 31, 2020


19,486,003


$

19,486


$

276,026,667


$

(2,685,504)


$

273,360,649

Net investment income


-



-



-



19,776,467



19,776,467

Net realized gain on investments


-



-



-



23,710,167



23,710,167

Loss on debt extinguishment


-



-



-



(539,250)



(539,250)

Net change in unrealized depreciation on investments


-



-



-



(6,928,160)



(6,928,160)

Benefit for taxes on unrealized depreciation on investments











510,868



510,868

Provision for taxes on realized gain on investments


-



-



-



(2,957,220)



(2,957,220)

Return of capital and other tax related adjustments


-



-



(1,861,213)



1,861,213



-

Distributions from net investment income


-



-



-



(21,201,567)



(21,201,567)

Distributions from net realized capital gains


-



-



-



(1,014,420)



(1,014,420)

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


31,592



32



393,667



-



393,699

Balances at December 31, 2021


19,517,595


$

19,518


$

274,559,121


$

10,532,594


$

285,111,233

Net investment income


-



-



-



28,586,684



28,586,684

Net realized gain on investments


-



-



-



3,660,595



3,660,595

Net realized loss on foreign currency translation


-



-



-



(6,091)



(6,091)

Net change in unrealized depreciation on investments


-



-



-



(17,542,230)



(17,542,230)

Net change in unrealized appreciation on foreign currency translations


-



-



-



6,040



6,040

Provision for taxes on unrealized appreciation on investments


-



-



-



(213,214)



(213,214)

Return of capital and other tax related adjustments


-



-



(1,040,884)



1,040,884



-

Distributions from net investment income


-



-



-



(21,633,343)



(21,633,343)

Distributions from net realized capital gains


-



-



-



(3,789,693)



(3,789,693)

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


149,174



149



1,596,483



-



1,596,632

Balances at December 31, 2022


19,666,769


$

19,667


$

275,114,720


$

642,226


$

275,776,613

Net investment income


-



-



-



42,210,577



42,210,577

Net realized loss on investments


-



-



-



(30,211,467)



(30,211,467)

Net realized loss on foreign currency translation


-



-



-



(112,481)



(112,481)

Net change in unrealized appreciation on investments


-



-



-



2,792,152



2,792,152

Net change in unrealized depreciation on foreign currency translations


-



-



-



(6,504)



(6,504)

Provision for taxes on unrealized appreciation on investments


-



-



-



(126,957)



(126,957)

Benefit for taxes on realized loss on investments


-



-



-



2,987,847



2,987,847

Return of capital and other tax related adjustments


-



-



(1,348,766)



1,348,766



-

Distributions from net investment income


-



-



-



(35,080,734)



(35,080,734)

Distributions from net realized capital gains


-



-



-



(446,746)



(446,746)

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


4,458,873



4,458



62,153,030



-



62,157,488

Balances at December 31, 2023


24,125,642


$

24,125


$

335,918,984


$

(16,003,321)


$

319,939,788



(1)

See Note 4 to the Consolidated Financial Statements on Form 10-Q filed with the Securities and Exchange Commission on March 4, 2024 for more information on offering costs.

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS













For the years ended



December 31, 2023


December 31, 2022


December 31, 2021

Cash flows from operating activities










Net increase in net assets resulting from operations


$

17,533,167


$

14,491,784


$

33,572,872

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










Purchases of investments



(183,858,762)



(211,010,869)



(387,281,160)

Proceeds from sales and repayments of investments



134,223,224



127,548,194



287,639,512

Net change in unrealized (appreciation) depreciation on investments



(2,792,152)



17,542,230



6,928,160

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



6,360



(5,897)



-

Increase in investments due to PIK



(3,799,843)



(1,357,177)



(939,030)

Amortization of premium and accretion of discount, net



(2,749,543)



(2,519,462)



(2,412,991)

Deferred tax provision (benefit)



126,957



213,214



(510,868)

Amortization of loan structure fees



657,323



567,375



518,930

Amortization of deferred financing costs



446,720



446,719



444,153

Amortization of loan fees on SBA-guaranteed debentures



1,255,753



1,227,952



1,088,132

Net realized loss (gain) on investments



30,211,467



(3,660,595)



(23,703,499)

Loss on debt extinguishment



-



-



539,250

Changes in other assets and liabilities










Increase in interest receivable



(897,929)



(1,039,810)



(755,151)

Increase in income tax receivable



(1,588,708)



-



-

(Increase) decrease in other receivables



(8,750)



20,507



(29,257)

Decrease (increase) in prepaid expenses



60,593



(155,053)



(25,026)

(Decrease) increase in management fees payable



(4,231,871)



3,696,182



628,903

Increase in income incentive fees payable



420,772



715,278



1,067,470

(Decrease) increase in capital gains incentive fees payable



(569,528)



(2,818,623)



2,867,130

Increase (decrease) in administrative services payable



45,232



(29,449)



(5,123)

Increase in interest payable



600,323



947,179



1,549,577

(Decrease) increase in related party payable



(1,060,321)



1,060,321



-

Increase (decrease) in unearned revenue



77,050



(209,051)



6,302

(Decrease) increase in income tax payable



(1,175,373)



(2,094,141)



2,544,749

(Decrease) increase in other accrued expenses and liabilities



(197,248)



136,635



164,227

Net Cash Used in Operating Activities


$

(17,265,087)


$

(56,286,557)


$

(76,102,738)

Cash flows from Financing Activities










Proceeds from the issuance of common stock


$

63,348,436


$

2,158,540


$

449,515

Sales load for common stock issued



(943,248)



(31,066)



(2,489)

Offering costs paid for common stock issued



(253,913)



(517,054)



(53,327)

Stockholder distributions paid



(35,527,480)



(26,594,095)



(21,044,928)

Repayment of Notes



-



-



(48,875,000)

Proceeds from issuance of Notes



-



-



100,000,000

Financing costs paid on Notes



-



-



(2,237,835)

Proceeds from SBA-guaranteed debentures



11,400,000



63,600,000



73,500,000

Financing costs paid on SBA-guaranteed debentures



(277,590)



(1,548,660)



(3,139,725)

Financing costs paid on Credit facility



(2,663,106)



(193,635)



(136,219)

Borrowings under Credit Facility



108,400,000



149,888,800



268,700,000

Repayments of Credit Facility



(148,135,600)



(126,607,800)



(265,360,000)

Partial share redemption



-



-



-

Net Cash (Used) Provided by Financing Activities


$

(4,652,501)


$

60,155,030


$

101,799,992

Net (Decrease) Increase in Cash and Cash Equivalents


$

(21,917,588)


$

3,868,473


$

25,697,254

Cash and Cash Equivalents Balance at Beginning of Period



48,043,329



44,174,856



18,477,602

Cash and Cash Equivalents Balance at End of Period


$

26,125,741


$

48,043,329


$

44,174,856

Supplemental and Non-Cash Activities










Cash paid for interest expense


$

29,051,198


$

21,280,060


$

15,099,656

Income and excise tax paid



2,508,825



3,255,809



1,445,000

(Decrease) increase in distributions payable



-



(1,171,059)



1,171,059

Increase (decrease) in deferred offering costs



6,212



(13,788)



(75,112)

Gain on conversion of equity investment



-



-



6,668

Exchange of investments



3,610,846



-



-

Reconciliation of Core Net Investment Income (1)

(Unaudited)












Three Months Ended


Three Months Ended


Year Ended


Year Ended



December 31, 2023


December 31, 2022


December 31, 2023


December 31, 2022

Net investment income


$11,908,914


$9,708,610


$42,210,577


$28,586,684

Capital gains incentive reversal


-


(1,146,074)


(569,528)


(2,818,623)

Income tax expense


251,395


94,900


1,333,452


1,161,668

Core net investment income


$12,160,309


$8,657,436


$42,974,501


$26,929,729










Per share amounts:


















Net investment income per share


$0.49


$0.50


$1.92


$1.46

Core net investment income per share


$0.50


$0.44


$1.95


$1.38

Reconciliation of Realized Net Investment Income (2)

(Unaudited)












Three Months Ended


Three Months Ended


Year Ended


Year Ended



December 31, 2023


December 31, 2022


December 31, 2023


December 31, 2022

Net investment income


$11,908,914


$9,708,610


$42,210,577


$28,586,684

Net realized loss on investments


(30,536,249)


(998,222)


(30,211,467)


3,660,595

Net realized loss on foreign currency translation


(39,699)


1,935


(112,481)


(6,091)

Benefit for taxes on realized loss on investments


2,987,847


-


2,987,847


-

Total Realized Net Investment Income


($15,679,187)


$8,712,323


$14,874,476


$32,241,188










Per share amounts:









Net investment income per share


$0.49


$0.50


$1.92


$1.46

Realized net investment income per share


($0.65)


$0.44


$0.68


$1.65

SOURCE Stellus Capital Investment Corporation

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