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WKN: A1KA51 | ISIN: US8585681088 | Ticker-Symbol: GO0
Tradegate
07.08.25 | 08:29
12,142 Euro
+0,58 % +0,070
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12,03612,13414:00
12,04212,14014:00
PR Newswire
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Stellus Capital Investment Corporation Reports Results for its Second Fiscal Quarter Ended June 30, 2025

HOUSTON, Aug. 6, 2025 /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE:SCM) ("Stellus", "we", or the "Company") today announced financial results for its fiscal quarter ended June 30, 2025.

Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report solid operating results for the quarter ended June 30, 2025, in which we earned U.S. GAAP net investment income of $0.34 per share and core net investment income of $0.35 per share. During the quarter, we funded $23 million of investments and received $32 million of repayments, resulting in a total portfolio of $986 million at fair value. We raised an additional $4 million of equity during the quarter under the at-the-market equity program. I'm also pleased to report that our investors have received a total of $306 million in distributions, equivalent to $17.35 per share, since we began operations."

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


Three Months Ended


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024


Amount

Per Share


Amount

Per Share


Amount

Per Share


Amount

Per Share

Net investment income

$9.56

$0.34


$11.79

$0.48


$19.35

$0.69


$22.03

$0.90

Core net investment income(1)

9.99

0.35


12.37

0.50


20.28

0.72


22.97

0.94

Net realized (loss) gain on investments

(0.86)

(0.03)


1.99

0.07


(6.83)

(0.24)


(18.39)

(0.75)

Net realized loss on foreign currency translation

(0.02)

-


(0.03)

-


(0.05)

-


(0.05)

-

Total realized income(2)

$8.68

$0.31


$13.75

$0.55


$12.47

$0.45


$3.59

$0.15

Distributions

(11.36)

(0.40)


(10.05)

(0.41)


(22.45)

(0.80)


(19.70)

(0.81)

Net unrealized change in appreciation (depreciation) on investments

1.44

0.05


(5.58)

(0.22)


2.63

0.09


17.92

0.73

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

0.03

-


(0.01)

-


0.04

-


(0.01)

-

Benefit for taxes on unrealized depreciation on investments in taxable subsidiaries

-

-


0.38

0.02


-

-


0.19

0.01

Net increase in net assets resulting from operations

$10.15

$0.36


$8.54

$0.35


$15.14

$0.54


$21.69

$0.89

Weighted average shares outstanding


28,412,849



24,733,966



28,009,969



24,429,804



(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. 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 losses on debt extinguishment, all U.S. GAAP measures.

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



As of


As of







June 30, 2025


December 31, 2024





Investments at fair value


$985.9


$953.5





Total assets


$1,034.8


$980.9





Net assets


$375.4


$369.9





Shares outstanding


28,416,148


27,481,118





Net asset value per share


$13.21


$13.46
















Three Months Ended


Six Months Ended



June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024

New investments


$22.8


$66.3


$78.2


$94.9

Repayments of investments


(31.6)


(40.7)


(46.6)


(71.8)

Net activity


($8.8)


$25.6


$31.6


$23.1












As of


As of







June 30, 2025


December 31, 2024





Number of portfolio company investments


112


105





Number of debt investments


98


92














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









Cash


9.3 %


9.5 %





Payment-in-kind ("PIK")


0.5 %


0.4 %





Fee amortization


0.4 %


0.4 %





Total


10.2 %


10.3 %














Weighted average yield of total investments(4)









Cash


8.7 %


8.9 %





PIK


0.5 %


0.4 %





Fee amortization


0.4 %


0.4 %





Total


9.6 %


9.7 %







(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 equity positions and debt investments on non-accrual status.

Results of Operations

Investment income for the three months ended June 30, 2025 and 2024 totaled $25.7 million and $26.6 million, respectively, most of which was interest income from portfolio investments.

Gross operating expenses for the three months ended June 30, 2025 and 2024 totaled $17.1 million and $16.5 million, respectively. For the same respective periods, base management fees totaled $4.3 million and $3.9 million, income incentive fees totaled $2.2 million and $2.6 million, fees and expenses related to our borrowings totaled $8.7 million and $8.1 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.5 million and $0.5 million, income tax totaled $0.4 million and $0.6 million and other expenses totaled $1.0 million and $0.8 million. The Company waived $1.0 million and $1.7 million of income incentive fees due to the total return limitation contained in the Investment Advisory Agreement between the Company and the Advisor (as defined below) for the three months ended June 30, 2025 and 2024, respectively, for net operating expenses of $16.1 million and $14.8 million, respectively.

Net investment income was $9.6 million and $11.8 million, or $0.34 and $0.48 per common share based on 28,412,849 and 24,733,966 weighted average common shares outstanding for the three months ended June 30, 2025 and 2024, respectively. Core net investment income, which is a non-U.S. GAAP measure that excludes capital gains incentive fees (reversals) and income tax expense accruals, for the three months ended June 30, 2025 and 2024 was $10.0 million and $12.4 million, or $0.35 and $0.50 per share, respectively.

For the three months ended June 30, 2025 and 2024, the Company's investment portfolio had a net change in unrealized appreciation (depreciation) of $1.4 million and ($5.6) million, respectively, and the Company had net realized (losses) gains of ($0.9) million and $2.0 million, respectively.

Net increase in net assets resulting from operations totaled $10.1 million and $8.5 million, or $0.36 and $0.35 per common share, based on 28,412,849 and 24,733,966 weighted average common shares outstanding for the three months ended June 30, 2025 and 2024, respectively.

Liquidity and Capital Resources

As of June 30, 2025, 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 $315.0 million on a committed basis. As of June 30, 2025 and December 31, 2024, the Credit Facility had an accordion feature which allowed for potential future expansion of the facility size up to $350.0 million.

As of June 30, 2025 and December 31, 2024, the Company had $163.1 million and $175.4 million in outstanding borrowings under the Credit Facility, respectively.

The Company issued 278,945 shares during the three months ended June 30, 2025 under the at-the-market program ("ATM Program") for gross proceeds of $3.9 million. The average per share offering price of shares issued under the ATM Program during the three months ended June 30, 2025 was $13.97. Stellus Capital Management, LLC, the Company's investment adviser (the "Advisor"), has agreed to reimburse the Company for underwriting fees to the extent the per share price of the shares to the public, less underwriting fees, was less than net asset value per share.

Distributions

For both the three months ended June 30, 2025 and 2024, the Company declared aggregate distributions of $0.40 per share for both periods ($11.4 million and $10.0 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 June 30, 2025:

Activity Type


Date


Company Name


Company Description


Investment Amount


Instrument Type

Add-On Investment


April 8, 2025


TriplePoint Acquisition Holdings LLC*


Provider of HVAC, plumbing, and other mechanical and industrial services


$

1,773,809


Senior Secured?-?First Lien

Add-On Investment


April 25, 2025


Elliott Aviation, LLC*


Provider of maintenance, repair, and overhaul and fixed-base operator services to the business aviation sector


$

57,899


Senior Secured?-?First Lien









$

105


Equity

New Investment


April 30, 2025


Gourmet Specialty Foods, LLC


Provider of ready-to-cook value-added proteins to grocery retailers


$

4,270,705


Senior Secured?-?First Lien









$

2,847,136


Delayed Draw Term Loan Commitment









$

100,000


Revolver Commitment









$

240,595


Equity

Add-On Investment


May 5, 2025


FairWave Holdings, LLC*


Specialty coffee platform


$

19,336


Equity

Add-On Investment


May 8, 2025


Unicat Catalyst Holdings, LLC*


Manufacturer and distributor of catalysts and other industrial products


$

13,961


Equity

Add-On Investment


May 21, 2025


The Hardenbergh Group, Inc. *


Provider of temporary professional staffing of medical services professionals, external peer review, consulting and physician leadership solutions


$

243,044


Equity

Add-On Investment


May 30, 2025


WER Holdings, LLC*


Regional provider of commercial landscaping services


$

426,885


Senior Secured?-?First Lien









$

2,366,945


Delayed Draw Term Loan Commitment

New Investment


June 3, 2025


International Cybernetics Company, LP


Provider of road condition assessment services and equipment'


$

4,748,003


Senior Secured?-?First Lien









$

3,561,003


Delayed Draw Term Loan Commitment









$

100,000


Revolver Commitment









$

105,113


Equity

Add-On Investment


June 4, 2025


Eskola LLC*


Provider of commercial re-roofing services


$

56,349


Equity

New Investment


June 6, 2025


Solid Surface Care Holdings, Inc.


National commercial surface care and restoration company


$

5,694,273


Senior Secured?-?First Lien









$

4,270,705


Delayed Draw Term Loan Commitment









$

100,000


Revolver Commitment









$

377,437


Equity

Add-On Investment


June 27, 2025


Monitorus Holding, LLC*


Provider of media monitoring and evaluation services


$

1,722,767


Senior Secured?-?First Lien

________________________________

*Existing portfolio company

The Company realized investments in the following portfolio companies during the three months ended June 30, 2025:

Activity Type


Date


Company Name


Company Description


Proceeds Received


Realized Gain (Loss)


Instrument Type

Full Repayment


April 8, 2025


Florachem Corporation


Distiller and supplier of natural citrus, pine, and specialty inputs


$

9,725,000


$

-


Senior Secured?-?First Lien









$

53,078


$

-


Delayed Draw Term Loan Commitment









$

100,000


$

-


Revolver Commitment

Full Realization








$

514,107


$

151,674


Equity

Restructured Investment


April 9, 2025


J.R. Watkins, LLC


Manufacturer and distributor of home and personal care products


$

-


$

(1,132,576)


Equity

Full Repayment


May 29, 2025


Anne Lewis Strategies, LLC


Provider of tech-enabled donor targeting and strategic digital fundraising services for non-profit and political organizations.


$

11,801,341


$

-


Senior Secured?-?First Lien

________________________________

*Existing portfolio company

Events Subsequent to June 30, 2025

The Company's management has evaluated subsequent events through August 6, 2025. There have been no subsequent events that require recognition or disclosure except for the following described below.

Investment Portfolio

The Company invested in the following portfolio companies subsequent to June 30, 2025:

Activity Type


Date


Company Name


Company Description


Investment Amount


Instrument Type

Add-On Investment


July 1, 2025


Bart & Associates, LLC*


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


$

303,740


Equity

Add-On Investment


July 28, 2025


Equine Network, LLC*


Hosts competitions and provides services for the U.S. equine industry


$

2,067,538


Senior Secured?-?First Lien

New Investment


July 31, 2025


The Millennium Alliance, LLC


Facilitator of peer-to-peer events connecting companies with technology solution providers


$

11,500,000


Senior Secured?-?First Lien









$

100,000


Revolver Commitment









$

515,556


Equity

New Investment


July 31, 2025


Project EC**


Provider of homecare services


$

7,785,007


Senior Secured?-?First Lien









$

2,500,000


Delayed Draw Term Loan Commitment









$

100,000


Revolver Commitment









$

910,966


Equity

Add-On Investment


May 5, 2025


MedLearning Group, LLC*


Provider of continuing medical education services


$

2,981,213


Senior Secured?-?First Lien

________________________________

*Existing portfolio company

** The name of this portfolio company is not disclosed at this time due to confidentiality restrictions. The name of this portfolio company will be disclosed in the Company's quarterly report for the quarter ending September 30, 2025.

The Company realized investments in the following portfolio companies subsequent to June 30, 2025:

Activity Type


Date


Company Name


Company Description


Proceeds Received


Instrument Type

Full Repayment


July 31, 2025


Rogers Mechanical Contractors, LLC


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


$

8,272,652


Senior Secured?-?First Lien

Credit Facility

The outstanding balance under the Credit Facility as of August 6, 2025 was $162.2 million.

Distributions Declared

On July 2, 2025, the Board of Directors of the Company declared a regular monthly dividend for each of July 2025, August 2025, and September 2025 as follows:



Ex-Dividend


Record


Payment


Amount per

Declared


Date


Date


Date


Share

7/2/2025


7/31/2025


7/31/2025


8/15/2025


$

0.1333

7/2/2025


8/29/2025


8/29/2025


9/15/2025


$

0.1333

7/2/2025


9/30/2025


9/30/2025


10/15/2025


$

0.1333

Conference Call Information

Stellus Capital Investment Corporation will host a conference call to discuss these results on Thursday, August 7, 2025 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 398771. Starting approximately two hours after the conclusion of the call, a replay will be available through Thursday, August 21, 2025 by dialing (877) 481-4010 and entering passcode 52804. 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. 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 lower middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) with a focus on investing through first lien (including unitranche) loans, often with a corresponding equity investment. 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 STATEMENTS OF ASSETS AND LIABILITIES










June 30, 2025





(unaudited)


December 31, 2024

ASSETS







Controlled investments at fair value (amortized cost of $32,732,016 and $17,934,808, respectively)


$

13,046,041


$

7,652,436

Non-controlled, non-affiliated investments, at fair value (amortized cost of $957,687,672 and $943,853,898, respectively)



972,839,633



945,845,252

Cash and cash equivalents



39,991,690



20,058,594

Receivable for sales and repayments of investments



399,106



335,689

Interest receivable



5,869,109



4,947,765

Income tax receivable



2,045,697



1,301,965

Other receivables



17,500



87,995

Related party receivable



-



3,687

Deferred offering costs



109,059



-

Prepaid expenses



447,891



666,866

Total Assets


$

1,034,765,726


$

980,900,249

LIABILITIES







Notes Payable


$

172,310,201


$

99,444,355

Credit Facility payable



160,622,440



172,314,315

SBA-guaranteed debentures



305,373,199



321,251,939

Dividends payable



3,787,873



3,663,233

Management fees payable



4,279,441



4,034,109

Income incentive fees payable



2,052,194



3,109,560

Interest payable



6,529,422



5,281,343

Related party payable



1,088,287



-

Unearned revenue



676,290



548,626

Administrative services payable



415,810



393,513

Other accrued expenses and liabilities



2,259,679



937,316

Total Liabilities


$

659,394,836


$

610,978,309

Commitments and contingencies (Note 7)







Net Assets


$

375,370,890


$

369,921,940

NET ASSETS







Common stock, par value $0.001 per share (100,000,000 shares authorized; 28,416,148 and 27,481,118 shares issued and outstanding, respectively)


$

28,416


$

27,481

Paid-in capital



392,309,339



379,549,272

Total distributable loss



(16,966,865)



(9,654,813)

Net Assets


$

375,370,890


$

369,921,940

Total Liabilities and Net Assets


$

1,034,765,726


$

980,900,249

Net Asset Value Per Share


$

13.21


$

13.46

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
















For the three months ended


For the six months ended



June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024

INVESTMENT INCOME













From controlled investments:













Interest income


$

-


$

-


$

-


$

81,636

From non-controlled, non-affiliated investments













Interest income



24,654,205



25,164,944



48,781,321



50,121,795

Other income



1,042,397



1,461,255



1,866,939



2,419,517

Total Investment Income


$

25,696,602


$

26,626,199


$

50,648,260


$

52,622,948

OPERATING EXPENSES













Management fees


$

4,279,441


$

3,852,233


$

8,334,167


$

7,704,466

Valuation fees



38,507



35,711



196,396



192,218

Administrative services expenses



474,284



481,261



923,582



972,162

Income incentive fees



2,158,075



2,542,530



4,294,566



5,051,640

Professional fees



312,808



196,205



730,839



535,832

Directors' fees



93,250



114,250



204,500



222,500

Insurance expense



98,668



125,489



195,758



250,478

Interest expense and other fees



8,680,015



8,116,497



16,943,034



15,884,070

Income tax expense



428,951



574,037



928,498



944,756

Other general and administrative expenses



500,302



417,867



718,653



663,142

Total Operating Expenses


$

17,064,301


$

16,456,080


$

33,469,993


$

32,421,264

Income incentive fee waiver



(928,926)



(1,622,542)



(2,171,769)



(1,826,893)

Total Operating Expenses, net of fee waivers


$

16,135,375


$

14,833,538


$

31,298,224


$

30,594,371

Net Investment Income


$

9,561,227


$

11,792,661


$

19,350,036


$

22,028,577

Net realized loss on controlled investments


$

(1,132,576)


$

-


$

(1,132,576)


$

-

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



272,549



1,992,482



(5,694,672)


$

(18,392,249)

Net realized loss on foreign currency translations



(20,003)



(29,789)



(49,658)



(54,895)

Net change in unrealized appreciation on controlled investments



1,290,491



138,189



1,345,767



674,759

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



143,176



(5,724,870)



1,281,193



17,257,150

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



30,546



(5,887)



38,865



(9,489)

Benefit for taxes on net unrealized depreciation on investments



-



381,500



-



188,893

Net Increase in Net Assets Resulting from Operations


$

10,145,410


$

8,544,286


$

15,138,955


$

21,692,746

Net Investment Income Per Share-basic and diluted


$

0.34


$

0.48


$

0.69


$

0.90

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


$

0.36


$

0.35


$

0.54


$

0.89

Weighted Average Shares of Common Stock Outstanding-basic and diluted



28,412,849



24,733,966



28,009,969



24,429,804

Distributions Per Share-basic and diluted


$

0.40


$

0.41


$

0.80


$

0.81

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)


















Common Stock





Total






Number


Par


Paid-in


distributable






of shares


value


capital


(loss)


Net Assets

Balances at December 31, 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

Net investment income


-



-



-



11,792,661



11,792,661

Net realized gain on investments


-



-



-



1,992,482



1,992,482

Net realized loss on foreign currency translations


-



-



-



(29,789)



(29,789)

Net change in unrealized depreciation on investments


-



-



-



(5,586,681)



(5,586,681)

Net change in unrealized depreciation on foreign currency translations


-



-



-



(5,887)



(5,887)

Benefit for taxes on unrealized depreciation on investments


-



-



-



381,500



381,500

Distributions from net investment income


-



-



-



(10,049,073)



(10,049,073)

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


1,855,356



1,856



25,248,020



-



25,249,876

Balances at June 30, 2024


25,980,998


$

25,981


$

361,167,004


$

(14,007,492)


$

347,185,493
















Balances at December 31, 2024


27,481,118


$

27,481


$

379,549,272


$

(9,654,813)


$

369,921,940

Net investment income


-



-



-



9,788,809



9,788,809

Net realized loss on investments


-



-



-



(5,967,221)



(5,967,221)

Net realized loss on foreign currency translations


-



-



-



(29,655)



(29,655)

Net change in unrealized appreciation on investments


-



-



-



1,193,293



1,193,293

Net change in unrealized depreciation on foreign currency translations


-



-



-



8,319



8,319

Distributions from net investment income


-



-



-



(11,087,389)



(11,087,389)

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


656,085



656



8,937,430



-



8,938,086

Balances at March 31, 2025


28,137,203


$

28,137


$

388,486,702


$

(15,748,657)


$

372,766,182

Net investment income


-



-



-



9,561,227



9,561,227

Net realized loss on investments


-



-



-



(860,027)



(860,027)

Net realized loss on foreign currency translations


-



-



-



(20,003)



(20,003)

Net change in unrealized appreciation on investments


-



-



-



1,433,667



1,433,667

Net change in unrealized appreciation on foreign currency translations


-



-



-



30,546



30,546

Distributions from net investment income


-



-



-



(11,363,618)



(11,363,618)

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


278,945



279



3,822,637



-



3,822,916

Balances at June 30, 2025


28,416,148


$

28,416


$

392,309,339


$

(16,966,865)


$

375,370,890

STELLUS CAPITAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)










For the six months ended



June 30, 2025


June 30, 2024

Cash Flows from Operating Activities







Net increase in net assets resulting from operations


$

15,138,955


$

21,692,746

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







Purchases of investments



(78,230,159)



(94,854,139)

Proceeds from sales and repayments of investments



46,638,287



71,824,905

Net change in unrealized appreciation on investments



(2,626,960)



(17,931,909)

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



(38,865)



9,490

Increase in investments due to PIK



(2,492,551)



(1,555,868)

Amortization of premium and accretion of discount, net



(1,437,223)



(1,383,624)

Deferred tax benefit



-



(188,893)

Amortization of loan structure fees



634,745



544,379

Amortization of deferred financing costs



303,468



222,747

Amortization of discount on Notes Payable



31,434



-

Amortization of loan fees on SBA-guaranteed debentures



371,260



550,059

Net realized loss on investments



6,827,248



18,392,249

Changes in other assets and liabilities







Increase in interest receivable



(921,344)



(2,780,809)

Increase in income tax receivable



(743,732)



(585,741)

Decrease (increase) in other receivables



70,495



(92,671)

Decrease in related party receivables



3,687



-

Decrease in prepaid expenses



218,975



193,937

Increase (decrease) in management fees payable



245,332



(2,066,303)

Decrease in income incentive fees payable



(1,057,366)



(1,450,096)

Increase in administrative services payable



22,297



24,023

Increase in interest payable



1,248,079



7,256

Increase in related party payable



1,088,287



337,500

Increase in unearned revenue



127,664



174,518

Increase in other accrued expenses and liabilities



1,322,363



268,894

Net Cash Used in Operating Activities


$

(13,255,624)


$

(8,647,350)

Cash Flows from Financing Activities







Proceeds from the issuance of common stock


$

13,153,366


$

25,777,185

Sales load for common stock issued



(197,464)



(386,987)

Offering costs paid for common stock issued



(303,959)



(133,010)

Stockholder distributions paid



(22,326,367)



(16,233,650)

Proceeds from issuance of Notes Payable



75,000,000



-

Discount from issuance of Notes Payable



(770,250)



-

Financing costs paid on Notes Payable



(1,698,806)



-

Repayments of SBA-guaranteed debentures



(16,250,000)



-

Financing costs paid on Credit Facility



-



(66,348)

Borrowings under Credit Facility



104,400,000



104,400,000

Repayments of Credit Facility



(117,817,800)



(94,967,800)

Net Cash Provided by Financing Activities


$

33,188,720


$

18,389,390

Net Increase in Cash and Cash Equivalents


$

19,933,096


$

9,742,040

Cash and Cash Equivalents Balance at Beginning of Period


$

20,058,594


$

26,125,741

Cash and Cash Equivalents Balance at End of Period


$

39,991,690


$

35,867,781

Supplemental and Non-Cash Activities







Cash paid for interest expense


$

14,354,048


$

14,559,629

Income and excise tax paid



1,672,230



1,530,497

Increase in distributions payable



124,640



3,463,267

Increase (decrease) in deferred offering costs



109,059



(7,312)

Exchange of investments



1,663,301



8,256,411

Reconciliation of Core Net Investment Income (1)

(Unaudited)












Three Months Ended


Six Months Ended



June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024

Net investment income


$9,561,227


$11,792,661


$19,350,036


$22,028,577

Income tax expense


428,951


574,037


928,498


944,756

Core net investment income


$9,990,178


$12,366,698


$20,278,534


$22,973,333










Per share amounts:









Net investment income per share


$0.34


$0.48


$0.69


$0.90

Core net investment income per share


$0.35


$0.50


$0.72


$0.94

Reconciliation of Realized Net Investment Income (2)

(Unaudited)












Three Months Ended


Six Months Ended



June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024

Net investment income


$9,561,227


$11,792,661


$19,350,036


$22,028,577

Net realized loss on investments


(860,027)


1,992,482


(6,827,248)


(18,392,249)

Net realized loss on foreign currency translation


(20,003)


(29,789)


(49,658)


(54,895)

Total realized net investment income


$8,681,197


$13,755,354


$12,473,130


$3,581,433










Per share amounts:









Net investment income per share


$0.34


$0.48


$0.69


$0.90

Realized net investment income per share


$0.31


$0.55


$0.45


$0.15

SOURCE Stellus Capital Investment Corporation

© 2025 PR Newswire
Tech-Aktien mit Crash-Tendenzen
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