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WKN: A1KA51 | ISIN: US8585681088 | Ticker-Symbol: GO0
Tradegate
17.06.24
09:30 Uhr
13,082 Euro
+0,200
+1,55 %
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STELLUS CAPITAL INVESTMENT CORPORATION Chart 1 Jahr
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12,84213,03211:42
12,88213,05210:21
PR Newswire
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Stellus Capital Investment Corporation Reports Results for its First Fiscal Quarter Ended March 31, 2024

HOUSTON, May 9, 2024 /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE:SCM) ("Stellus" or the "Company") today announced financial results for its first fiscal quarter ended March 31, 2024.

Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report solid operating results for the quarter ended March 31, 2024, in which net asset value grew by $0.15 per share and U.S. GAAP net investment income of $0.42 per share and core net investment income of $0.44 per share covered the regular dividend declared of $0.40 per share. Our loan portfolio is yielding 11.9%, as of March 31, 2024. We have completed over eleven years of operations, during which our investors have received a total of $252 million in distributions, equivalent to $15.35 per share."

FINANCIAL HIGHLIGHTS

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








Three Months Ended


March 31, 2024


March 31, 2023


Amount

Per Share


Amount

Per Share

Net investment income

$10.24

$0.42


$9.07

$0.46

Core net investment income(1)

10.61

0.44


8.87

0.45

Net realized (loss) gain on investments

(20.38)

(0.85)


0.03

-

Net realized loss on foreign currency translation

(0.03)

-


(0.04)

-

Total realized income(2)

($10.17)

($0.43)


$9.06

$0.46

Distributions

(9.65)

(0.40)


(7.95)

(0.40)

Net unrealized change in appreciation (depreciation) on investments

23.52

0.98


(4.25)

(0.22)

Provision for taxes on unrealized appreciation on investments in taxable subsidiaries

(0.20)

(0.01)


(0.07)

-

Net increase in net assets resulting from operations

$13.15

$0.54


$4.74

$0.24

Weighted average shares outstanding


24,125,642



19,779,988

(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



March 31, 2024


December 31, 2023

Investments at fair value


$875.9


$874.5

Total assets


$935.2


$908.1

Net assets


$323.4


$319.9

Shares outstanding


24,125,642


24,125,642

Net asset value per share


$13.41


$13.26








Three Months Ended



March 31, 2024


March 31, 2023

New investments


$28.5


$41.2

Repayments of investments


(31.2)


(5.9)

Net activity


($2.7)


$35.3








As of


As of



March 31, 2024


December 31, 2023

Number of portfolio company investments


94


93

Number of debt investments


81


81






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





Cash


11.0 %


11.0 %

Payment-in-kind ("PIK")


0.5 %


0.5 %

Fee amortization


0.4 %


0.4 %

Total


11.9 %


11.9 %






Weighted average yield on total investments (4)





Cash


10.3 %


10.3 %

Payment-in-kind ("PIK")


0.5 %


0.5 %

Fee amortization


0.3 %


0.3 %

Total


11.1 %


11.1 %

(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 March 31, 2024 and 2023 totaled $26.0 million and $24.1 million, respectively, most of which was interest income from portfolio investments.

Gross operating expenses for the three months ended March 31, 2024 and 2023, totaled $16.0 million and $15.0 million, respectively. The increase was driven primarily by increased incentive fees. For the same respective periods, base management fees totaled $3.9 million and $3.7 million, income incentive fees totaled $2.5 million and $2.1 million, capital gains incentive fee reversals totaled ($0.0) million and ($0.6) million, fees and expenses related to our borrowings totaled $7.8 million and $7.9 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.5 million for both periods, income tax totaled $0.4 million for both periods and other expenses totaled $0.9 million and $1.0 million. For the three months ended March 31, 2024, the Company waived income incentive fees totaling $0.2 million for net operating expenses of $15.8 million. No such income incentive fees were waived for the three months ended March 31, 2023.

Net investment income was $10.2 million and $9.1 million, or $0.42 and $0.46 per common share based on weighted average common shares outstanding of 24,125,642 and 19,779,988 for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 and 2023 was $10.6 million and $8.9 million, or $0.44 and $0.45 per share, respectively.

For the three months ended March 31, 2024 and 2023, the Company's investment portfolio had a net change in unrealized appreciation (depreciation) of $23.5 million and ($4.2) million, respectively, and the Company had net realized (losses) gains of ($20.4) million and less than $0.1 million, respectively. The full realizations for the three months ended March 31, 2024 had previously been reflected as unrealized depreciation which were reversed during the three months then ended and included in the $23.5 million of unrealized appreciation as of March 31, 2024.

Net increase in net assets resulting from operations totaled $13.1 million and $4.7 million, or $0.54 and $0.24 per common share, based on weighted average common shares outstanding of 24,125,642 and 19,779,988 for the three months ended March 31, 2024 and 2023, respectively.

Liquidity and Capital Resources

As of March 31, 2024, the Company's amended 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 $260.0 million on a committed basis. As of March 31, 2024 and December 31, 2023, the Credit Facility had an accordion feature which allowed for potential future expansion of the facility size up to $350.0 million.

As of March 31, 2024 and December 31, 2023, the Company had $184.7 million and $160.1 million in outstanding borrowings under the Credit Facility, respectively.

Distributions

During the three months ended March 31, 2024 and 2023, the Company declared aggregate distributions of $0.40 per share for both periods ($9.6 million and $8.0 million in the aggregate, 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 March 31, 2024:

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


March 1, 2024


Monitorus Holding, LLC*


Provider of media monitoring and evaluation services


$

13,290


Unsecured Convertible Bond

New Investment


March 11, 2024


Exec Connect Intermediate LLC


Facilitator of executive-level in-person events and remote peer-to-peer industry insights


$

4,311,584


Senior Secured?-?First Lien









$

627,139


Delayed Draw Term Loan Commitment









$

391,962


Revolver Commitment

New Investment


March 11, 2024


Titan Meter Bidco Corp.


Provider of liquid metering products and integrated solutions to the energy infrastructure sector


$

10,029,219


Senior Secured?-?First Lien









$

1,055,707


Revolver Commitment









$

515,578


Equity

Add-On Investment


March 20, 2024


Advanced Barrier Extrusions, LLC*


Manufacturer of high barrier forming web films


$

32,489


Equity

New Investment


March 26, 2024


Med Learning Group, LLC


Provider of continuing medical education services


$

8,977,710


Senior Secured?-?First Lien









$

2,445,188


Delayed Draw Term Loan Commitment

Add-On Investment


March 28, 2024


Rogers Mechanical Contractors, LLC*


HVAC and plumbing designer, installer, and service provider for
new/existing DCs, fulfilment sortation facilities, and warehouses.


$

45,212


Senior Secured?-?First Lien

______________________________








*Existing portfolio company






The Company realized investments in the following portfolio companies during the three months ended March 31, 2024:

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

Full Realization


March 4, 2024


NuMet Machining Techniques, LLC*


Supplier of complex, mission critical
engine components, fabrications and
assemblies for the global aerospace and
power generation industries


$

(12,675,000)


Senior Secured?-?Second Lien





Bromford Industries Limited*




$

(7,800,000)


Senior Secured?-?Second Lien

Full Repayment


March 5, 2024


Dresser Utility Solutions, LLC*


Manufacturer of rotary meters, pipeline
distribution repair/upgrade products,
electric actuators and chemical pumps to
natural gas utilities and energy/industrial
distributors


$

10,000,000


Senior Secured?-?Second Lien

______________________________






*Existing portfolio company






Events Subsequent to March 31, 2024

The Company's management has evaluated subsequent events through May 9, 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 March 31, 2024:

Activity Type


Date


Company Name


Company Description


Investment Amount


Instrument Type

New Investment


April 1, 2024


FairWave Holdings, LLC


Specialty coffee platform


$

7,615,265


Senior Secured?-?First Lien









$

2,665,343


Delayed Draw Term Loan Commitment









$

1,142,290


Revolver Commitment









$

285,572


Equity

New Investment


April 11, 2024


WER Holdings, LLC


Regional provider of commercial landscaping services


$

2,704,164


Senior Secured?-?First Lien









$

1,338,695


Delayed Draw Term Loan Commitment









$

401,609


Revolver Commitment









$

180,300


Equity

Add-On Investment


April 16, 2024


Impact Home Services LLC*


Residential garage door, electrical, and plumbing
services provider


$

8,932


Equity









$

90,773


Senior Secured?-?First Lien

Add-On Investment


April 22, 2024


Exacta Land Surveyors, LLC*


Provider of land survey and field management services
to facilitate real estate transactions


$

2,164


Equity

______________________________






*Existing portfolio company






The Company realized investments in the following portfolio company subsequent to March 31, 2024:

Activity Type


Date


Company Name


Company Description


Proceeds Received


Realized Gain


Instrument Type

Full Repayment


May 1, 2024


Nutritional Medicinals, LLC*


Manufacturer and distributor of
organic whole food, plant-based
feeding tube formulas and meal
replacement kits.


$

11,421,291


$

-


Senior Secured?-?First Lien









$

2,950,929


$

1,978,126


Equity

______________________________









*Existing portfolio company









Credit Facility

The outstanding balance under the Credit Facility as of May 9, 2024 was $172.5 million.

Distributions Declared

On April 3, 2024, our Board of Directors declared a regular monthly distribution for each of April, May, and June 2024, as follows:



Ex-Dividend


Record


Payment


Amount per

Declared


Date


Date


Date


Share

4/3/2024


4/29/2024


4/30/2024


5/15/2024


$

0.1333

4/3/2024


5/31/2024


5/31/2024


6/14/2024


$

0.1333

4/3/2024


6/28/2024


6/28/2024


7/15/2024


$

0.1333

Conference Call Information

Stellus Capital Investment Corporation will host a conference call to discuss these results on Friday, May 10, 2024 at 11:00 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 292372. Starting approximately two hours after the conclusion of the call, a replay will be available through Friday, May 24, 2024 by dialing (877) 481-4010 and entering passcode 50586. 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
[email protected]

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES











March 31, 2024






(unaudited)


December 31, 2023


ASSETS








Controlled investments at fair value (amortized cost of $17,934,808 and $17,285,138,
respectively)


$

7,362,234


$

6,175,994


Non-controlled, non-affiliated investments, at fair value (amortized cost of
$862,218,903 and $884,858,412, respectively)



868,521,912



868,284,689


Cash and cash equivalents



48,761,721



26,125,741


Receivable for sales and repayments of investments



776,417



371,877


Interest receivable



6,484,400



4,882,338


Income tax receivable



2,673,730



1,588,708


Other receivables



42,995



42,995


Deferred offering costs



12,521



7,312


Prepaid expenses



585,418



606,674


Total Assets


$

935,221,348


$

908,086,328


LIABILITIES








Notes Payable


$

99,107,786


$

98,996,412


Credit Facility payable



181,343,929



156,564,776


SBA-guaranteed debentures



320,587,412



320,273,358


Dividends payable



3,215,948



-


Management fees payable



1,852,233



2,918,536


Income incentive fees payable



2,745,073



2,885,180


Interest payable



1,493,044



5,241,164


Unearned revenue



412,314



397,725


Administrative services payable



425,048



402,151


Deferred tax liability



381,500



188,893


Other accrued expenses and liabilities



216,657



278,345


Total Liabilities


$

611,780,944


$

588,146,540


Commitments and contingencies (Note 7)








Net Assets


$

323,440,404


$

319,939,788


NET ASSETS








Common stock, par value $0.001 per share (100,000,000 shares authorized; 24,125,642
issued and outstanding for both periods)


$

24,125


$

24,125


Paid-in capital



335,918,984



335,918,984


Total distributable loss



(12,502,705)



(16,003,321)


Net Assets


$

323,440,404


$

319,939,788


Total Liabilities and Net Assets


$

935,221,348


$

908,086,328


Net Asset Value Per Share


$

13.41


$

13.26


STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)




For the three months ended




March 31, 2024


March 31, 2023


INVESTMENT INCOME








From controlled investments:








Interest income


$

81,636


$

-


From non-controlled, non-affiliated investments








Interest income



24,956,851



23,408,604


Other income



958,262



666,743


Total Investment Income


$

25,996,749


$

24,075,347


OPERATING EXPENSES








Management fees


$

3,852,233


$

3,735,102


Valuation fees



156,507



147,073


Administrative services expenses



490,901



461,964


Income incentive fees



2,509,110



2,124,835


Capital gains incentive fee



-



(569,528)


Professional fees



339,627



430,848


Directors' fees



108,250



117,250


Insurance expense



124,989



120,546


Interest expense and other fees



7,767,573



7,886,424


Income tax expense



370,719



374,763


Other general and administrative expenses



245,275



178,450


Total Operating Expenses


$

15,965,184


$

15,007,727


Income incentive fee waiver



(204,351)



-


Total Operating Expenses, net of fee waivers


$

15,760,833


$

15,007,727


Net Investment Income


$

10,235,916


$

9,067,620


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


$

(20,384,731)


$

34,967


Net realized loss on foreign currency translation



(25,106)



(39,912)


Net change in unrealized appreciation on controlled investments



536,570



-


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



22,982,020



(4,249,642)


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



(3,602)



1,874


Provision for taxes on net unrealized appreciation on investments



(192,607)



(78,760)


Net Increase in Net Assets Resulting from Operations


$

13,148,460


$

4,736,147


Net Investment Income Per Share-basic and diluted


$

0.42


$

0.46


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


$

0.54


$

0.24


Weighted Average Shares of Common Stock Outstanding-basic and diluted



24,125,642



19,779,988


Distributions Per Share-basic and diluted


$

0.40


$

0.40


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, 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 investments


-



-



-



34,967



34,967

Net realized loss on foreign currency translations


-



-



-



(39,912)



(39,912)

Net change in unrealized depreciation on 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
















Balances at December 31, 2023


24,125,642


$

24,125


$

335,918,984


$

(16,003,321)


$

319,939,788

Net investment income


-



-



-



10,235,916



10,235,916

Net realized loss on investments


-



-



-



(20,384,731)



(20,384,731)

Net realized loss on foreign currency translations


-



-



-



(25,106)



(25,106)

Net change in unrealized appreciation on investments


-



-



-



23,518,590



23,518,590

Net change in unrealized depreciation on foreign currency translations


-



-



-



(3,602)



(3,602)

Provision for taxes on unrealized appreciation on investments


-



-



-



(192,607)



(192,607)

Distributions from net investment income


-



-



-



(9,647,844)



(9,647,844)

Balances at March 31, 2024


24,125,642


$

24,125


$

335,918,984


$

(12,502,705)


$

323,440,404

______________________________

(1)

See Note 4 to the Consolidated Financial Statements on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2024 for more information on offering costs.

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)










For three months ended



March 31, 2024


March 31, 2023

Cash flows from operating activities







Net increase in net assets resulting from operations


$

13,148,460


$

4,736,147

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







Purchases of investments



(28,516,430)



(41,237,273)

Proceeds from sales and repayments of investments



31,169,595



5,890,813

Net change in unrealized (appreciation) depreciation on investments



(23,518,590)



4,249,642

Net change in unrealized depreciation on foreign currency translations



3,602



10,126

Increase in investments due to PIK



(750,054)



(769,954)

Amortization of premium and accretion of discount, net



(702,543)



(665,998)

Deferred tax provision



192,607



78,760

Amortization of loan structure fees



264,707



143,822

Amortization of deferred financing costs



111,374



110,150

Amortization of loan fees on SBA-guaranteed debentures



314,055



317,508

Net realized loss (gain) on investments



20,384,731



(34,967)

Changes in other assets and liabilities







Increase in interest receivable



(1,602,062)



(187,420)

Increase in income tax receivable



(1,085,022)



-

Decrease in prepaid expenses



21,256



148,414

Decrease in management fees payable



(1,066,303)



(2,592,566)

(Decrease) increase in income incentive fees payable



(140,107)



2,124,835

Decrease in capital gains incentive fees payable



-



(569,528)

Increase in administrative services payable



22,897



39,951

Decrease in interest payable



(3,748,120)



(3,437,073)

Decrease in related party payable



-



(646,393)

Increase (decrease) in unearned revenue



14,589



(47,573)

Increase in income tax payable



-



374,460

Decrease in other accrued expenses and liabilities



(61,688)



(78,907)

Net Cash Provided (Used) in Operating Activities


$

4,456,954


$

(32,043,024)

Cash flows from Financing Activities







Proceeds from the issuance of common stock


$

-


$

8,487,127

Sales load for common stock issued



-



(126,303)

Offering costs paid for common stock issued



(5,209)



(72,955)

Stockholder distributions paid



(6,431,896)



(5,252,174)

Financing costs paid on Credit Facility



(49,969)



-

Borrowings under Credit Facility



50,000,000



13,300,000

Repayments of Credit Facility



(25,333,900)



(14,483,900)

Net Cash Provided by Financing Activities


$

18,179,026


$

1,851,795

Net Increase (Decrease) in Cash and Cash Equivalents


$

22,635,980


$

(30,191,229)

Cash and Cash Equivalents Balance at Beginning of Period


$

26,125,741


$

48,043,329

Cash and Cash Equivalents Balance at End of Period


$

48,761,721


$

17,852,100

Supplemental and Non-Cash Activities







Cash paid for interest expense


$

10,825,557


$

10,752,017

Income and excise tax paid



1,455,741



303

Increase in distributions payable



3,215,948



2,699,110

Increase in deferred offering costs



5,209



2,700

Exchange of investments



8,256,411



-

Reconciliation of Core Net Investment Income (1)

(Unaudited)




Three Months Ended



March 31, 2024


March 31, 2023

Net investment income


$10,235,916


$9,067,620

Capital gains incentive fee reversal


-


(569,528)

Income tax expense


370,719


374,763

Core net investment income


$10,606,635


$8,872,855






Per share amounts:





Net investment income per share


$0.42


$0.46

Core net investment income per share


$0.44


$0.45


Reconciliation of Realized Net Investment Income (2)

(Unaudited)








Three Months Ended



March 31, 2024


March 31, 2023

Net investment income


$10,235,916


$9,067,620

Net realized loss on investments


(20,384,731)


34,967

Net realized loss on foreign currency translation


(25,106)


(39,912)

Total Realized Net Investment Income


($10,173,921)


$9,062,675






Per share amounts:





Net investment income per share


$0.42


$0.46

Realized net investment income per share


($0.43)


$0.46

SOURCE Stellus Capital Investment Corporation

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