HOUSTON, March 4,
2025 /PRNewswire/ -- Stellus Capital Investment
Corporation (NYSE:SCM) ("Stellus", "we", or the "Company") today
announced financial results for its fourth fiscal quarter and year
ended December 31, 2024.
Robert T. Ladd, Chief Executive
Officer of Stellus, stated, "I am pleased to report solid operating
results for the quarter ended December 31, 2024, in which
we earned U.S. GAAP net investment income of $0.35 per share and core net investment income of
$0.37 per share. During the quarter,
we funded $109 million of investments
and received $65 million of
repayments, bringing the total portfolio to $953 million at fair value. I'm also pleased to
report that our investors have received a total of $288 million in aggregate
distributions, equivalent to $16.69
per share, since we began operations."
FINANCIAL HIGHLIGHTS
($ in millions, except data
relating to per share amounts and shares outstanding)
|
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|
|
|
|
|
|
|
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|
|
Three Months
Ended
|
|
Year
Ended
|
|
December 31, 2024
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|
December 31, 2023
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|
December 31, 2024
|
|
December 31, 2023
|
|
Amount
|
Per
Share
|
|
Amount
|
Per
Share
|
|
Amount
|
Per
Share
|
|
Amount
|
Per
Share
|
|
Net investment
income
|
$9.64
|
$0.35
|
|
$11.91
|
$0.49
|
|
$41.93
|
$1.64
|
|
$42.21
|
$1.92
|
|
Core net investment
income(1)
|
10.15
|
0.37
|
|
12.16
|
0.50
|
|
43.74
|
1.71
|
|
42.97
|
1.95
|
|
Net realized gain
(loss) on investments
|
5.95
|
0.22
|
|
(30.54)
|
(1.26)
|
|
(15.74)
|
(0.62)
|
|
(30.21)
|
(1.38)
|
|
Net realized loss on
foreign currency translation
|
(0.02)
|
—
|
|
(0.04)
|
—
|
|
(0.09)
|
—
|
|
(0.11)
|
—
|
|
Benefit for taxes on
realized loss on investments in taxable subsidiaries
|
—
|
—
|
|
2.99
|
0.12
|
|
—
|
—
|
|
2.99
|
0.14
|
|
Total realized
income(2)
|
$15.57
|
$0.57
|
|
($15.68)
|
($0.65)
|
|
$26.10
|
$1.02
|
|
$14.88
|
$0.68
|
|
Distributions
|
(10.90)
|
(0.40)
|
|
(9.65)
|
(0.40)
|
|
(41.22)
|
(1.61)
|
|
(35.53)
|
(1.61)
|
|
Net unrealized change
in (depreciation) appreciation on investments
|
(6.86)
|
(0.25)
|
|
27.13
|
1.13
|
|
19.57
|
0.76
|
|
2.79
|
0.13
|
|
Net unrealized change
in (depreciation) appreciation on foreign currency
translation
|
(0.02)
|
—
|
|
0.01
|
—
|
|
(0.02)
|
—
|
|
(0.01)
|
—
|
|
Benefit (provision) for
taxes on unrealized depreciation (appreciation) on investments in
taxable subsidiaries
|
—
|
—
|
|
0.02
|
—
|
|
0.19
|
0.01
|
|
(0.13)
|
(0.01)
|
|
Net increase in net
assets resulting from operations
|
$8.69
|
$0.32
|
|
$11.48
|
$0.48
|
|
$45.84
|
$1.79
|
|
$17.53
|
$0.80
|
|
Weighted average shares
outstanding
|
|
27,174,972
|
|
|
24,125,642
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|
|
25,596,593
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|
|
22,004,648
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(1)
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Core net investment
income, as presented, excludes the impact of capital gains
incentive fees (reversal) and income taxes, the majority of which
are excise taxes. The Company believes presenting core net
investment income and the related per share amount is a useful
supplemental disclosure for analyzing its financial performance.
However, core net investment income is a non-U.S. generally
accepted accounting principles ("U.S. GAAP") measure and should not
be considered as a replacement for net investment income and other
earnings measures presented in accordance with U.S. GAAP. A
reconciliation of net investment income in accordance with U.S.
GAAP to core net investment income is presented in the table below
the financial
statements.
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|
(2)
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Total realized income
is the sum of net investment income, net realized gains (losses) on
investments, net realized gains (losses) on foreign currency, and
loss on debt extinguishment; all U.S. GAAP measures.
|
PORTFOLIO ACTIVITY
($ in millions, except data
relating to per share amounts, shares outstanding, and number of
portfolio companies)
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As of
|
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As of
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December 31, 2024
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December 31, 2023
|
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Investments at fair
value
|
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$953.5
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|
$874.5
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Total assets
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$980.9
|
|
$908.1
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Net assets
|
|
$369.9
|
|
$319.9
|
|
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Shares
outstanding
|
|
27,481,118
|
|
24,125,642
|
|
|
|
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Net asset value per
share
|
|
$13.46
|
|
$13.26
|
|
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Three Months
Ended
|
|
Year
Ended
|
|
|
December 31, 2024
|
|
December 31, 2023
|
|
December 31, 2024
|
|
December 31, 2023
|
|
New
investments
|
|
$108.5
|
|
$44.2
|
|
$221.2
|
|
$183.9
|
|
Repayments of
investments
|
|
(64.5)
|
|
(55.2)
|
|
(151.8)
|
|
(134.2)
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|
Net activity
|
|
$44.0
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|
($11.0)
|
|
$69.4
|
|
$49.7
|
|
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|
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As of
|
|
As of
|
|
|
|
|
|
|
December 31, 2024
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|
December 31, 2023
|
|
|
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Number of portfolio
company investments
|
|
105
|
|
93
|
|
|
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Number of debt
investments
|
|
92
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|
81
|
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Weighted average yield
of debt and other income producing
investments(3)
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Cash
|
|
9.5 %
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|
11.0 %
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|
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|
|
|
Payment-in-kind
("PIK")
|
|
0.4 %
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|
0.5 %
|
|
|
|
|
|
Fee
amortization
|
|
0.4 %
|
|
0.4 %
|
|
|
|
|
|
Total
|
|
10.3 %
|
|
11.9 %
|
|
|
|
|
|
|
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|
Weighted average yield
on total investments(4)
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Cash
|
|
8.9 %
|
|
10.3 %
|
|
|
|
|
|
PIK
|
|
0.4 %
|
|
0.5 %
|
|
|
|
|
|
Fee
amortization
|
|
0.4 %
|
|
0.3 %
|
|
|
|
|
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Total
|
|
9.7 %
|
|
11.1 %
|
|
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(3)
|
The dollar-weighted
average annualized effective yield is computed using the effective
interest rate for the Company's 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
December 31, 2024 and 2023 totaled $25.6 million and $28.0
million, respectively, most of which was interest income
from portfolio investments.
Gross operating expenses for the three months ended December 31, 2024 and 2023 totaled $16.0 million and $16.4
million, respectively. For the same respective periods, base
management fees totaled $4.0
million and $3.9
million, income incentive fees totaled $2.4 million and $2.7
million, respectively; fees and expenses
related to the Company's borrowings totaled
$7.7 million and $8.0 million (including interest and amortization
of deferred financing costs), respectively;
administrative expenses totaled $0.5
million for both periods, income tax totaled $0.5 million and $0.3
million, respectively; and other expenses
totaled $0.9 million and $1.0 million, respectively. The
Company waived $0.3 million in income
incentive fees due to the total return limitation for the three
months ended December 31, 2023 and
none for the three months ended December 31,
2024.
Net investment income was $9.6
million and $11.9 million, or
$0.35 and $0.49 per common share based on weighted average
common shares outstanding of 27,174,972 and 24,125,642 for the
three months ended December 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
December 31, 2024 and 2023 was $10.1 million and $12.2
million, or $0.37 and
$0.50 per share, respectively.
For the three months ended December 31, 2024 and 2023,
the Company's investment portfolio had a net change in unrealized
(depreciation) appreciation of ($6.9)
million and $27.1 million,
respectively, and the Company had net realized gains (losses) of
$6.0 million and ($30.5) million, respectively.
Net increase in net assets resulting from operations totaled
$8.7 million and $11.5 million, or $0.32 and $0.48 per
common share, based on weighted average common shares outstanding
of 27,174,972 and 24,125,642 for the three months ended
December 31, 2024 and 2023, respectively.
Liquidity and Capital Resources
As of December 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 $315.0 million on a committed basis. As of
December 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 December 31, 2024 and
December 31, 2023, the Company had $175.4 million and $160.1
million in outstanding borrowings under the Credit Facility,
respectively.
The Company issued 441,754 shares during the three months ended
December 31, 2024 under the
At-the-Market Program ("ATM Program") for gross proceeds of
$6.1 million. The average per share
offering price of shares issued under the ATM Program during the
three months ended December 31, 2024
was $13.86.
Distributions
During the three months ended December 31, 2024 and 2023, the Company declared
aggregate distributions of $0.40 per
share for both periods ($10.9 million
and $9.6 million in the aggregate,
respectively). Tax characteristics of all distributions are
reported to stockholders on Form 1099-DIV. Approximately
$0.5 million of the dividends
declared in 2024 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, 2024:
|
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|
|
Activity
Type
|
|
Date
|
|
Company
Name
|
|
Company
Description
|
|
Investment
Amount
|
|
Instrument
Type
|
|
Add-On
Investment
|
|
October 9,
2024
|
|
Ledge Lounger,
Inc.*
|
|
Provider of premium
in-pool and backyard furniture
|
|
$
|
34,504
|
|
Equity
|
|
Add-On
Investment
|
|
October 18,
2024
|
|
Compost 360
Investments, LLC*
|
|
Organic waste recycler
and producer of compost, mulch, and engineered soils
|
|
$
|
49,280
|
|
Equity
|
|
New
Investment
|
|
October 31,
2024
|
|
Norplex Micarta
Acquisition, Inc.
|
|
Manufacturer of
thermoset composite laminates
|
|
$
|
13,000,000
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
500,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
739,804
|
|
Equity
|
|
Add-On
Investment
|
|
November 7,
2024
|
|
Green Intermediateco
II, Inc.*
|
|
Cyber-security focused
value-added reseller and associated service provider
|
|
$
|
1,300,000
|
|
Senior Secured – First
Lien
|
|
Add-On
Investment
|
|
November 12,
2024
|
|
Curion Holdings,
LLC*
|
|
Provider of product
testing and consumer insights
|
|
$
|
21,710
|
|
Revolver
Commitment
|
|
Add-On
Investment
|
|
November 12,
2024
|
|
Cerebro Buyer,
LLC*
|
|
Manufacturer of
single-use electrodes for medical procedures
|
|
$
|
1,130,707
|
|
Delayed Draw Term Loan
Commitment
|
|
Add-On
Investment
|
|
November 12,
2024
|
|
Service Minds Company,
LLC*
|
|
Provider of residential
electrical services
|
|
$
|
45,000
|
|
Revolver
Commitment
|
|
New
Investment
|
|
November 14,
2025
|
|
Spectra Confectionary
Ltd.
|
|
Manufacturer and
wholesaler of confectionary products
|
|
$
|
5,317,225
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
297,765
|
|
Equity
|
|
New
Investment
|
|
November 15,
2024
|
|
MBH Management,
LLC
|
|
Outsourced provider of
physician-focused staffing solutions for post-acute
facilities
|
|
$
|
9,476,743
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
500,000
|
|
Delayed Draw Term Loan
Commitment
|
|
|
|
|
|
|
|
|
$
|
500,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
646,944
|
|
Equity
|
|
Add-On
Investment
|
|
November 20,
2024
|
|
Microbe Formulas
LLC*
|
|
Provider of dietary
supplements and other natural solutions for detox and gut
health
|
|
$
|
4,265,082
|
|
Senior Secured – First
Lien
|
|
Add-On
Investment
|
|
November 26,
2024
|
|
Equine Network,
LLC*
|
|
Provider of content,
information, tech-enabled services, and hosts competitions for the
U.S. equine industry
|
|
$
|
1,146,399
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
66,667
|
|
Revolver
Commitment
|
|
Add-On
Investment
|
|
December 2,
2024
|
|
2X LLC*
|
|
Provider of outsourced
digital business-to-business marketing-as-a-service
|
|
$
|
3,861,355
|
|
Senior Secured – First
Lien
|
|
Add-On
Investment
|
|
December 3,
2024
|
|
Camp Profiles
LLC*
|
|
Provider of digital
marketing services to small and medium-sized businesses
|
|
$
|
2,250,000
|
|
Senior Secured – First
Lien
|
|
New
Investment
|
|
December 4,
2024
|
|
AMII Acquisition,
LLC
|
|
Franchisor of ballroom
dance studios
|
|
$
|
8,819,468
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
500,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
142,460
|
|
Equity
|
|
Add-On
Investment
|
|
December 6,
2024
|
|
Advanced Barrier
Extrusions, LLC*
|
|
Manufacturer of high
barrier forming
|
|
$
|
604,622
|
|
Revolver
Commitment
|
|
New
Investment
|
|
December 9,
2024
|
|
United States Drug
Testing Laboratories, LLC
|
|
Provider of drug and
alcohol forensic toxicology testing
|
|
$
|
6,000,000
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
500,000
|
|
Delayed Draw Term Loan
Commitment
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
110,000
|
|
Equity
|
|
New
Investment
|
|
December 17,
2024
|
|
iNovex Information
Systems Inc.
|
|
Provider of government
IT services
|
|
$
|
7,522,184
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
New
Investment
|
|
December 19,
2024
|
|
Eskola, LLC
|
|
Provider of commercial
re-roofing services
|
|
$
|
7,558,348
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
6,717,083
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
893,991
|
|
Equity
|
|
Add-On
Investment
|
|
December 20,
2024
|
|
CEATI International,
Inc.*
|
|
Provider of
intellectual content, technical trade programs, research groups,
and conferences for utility companies
|
|
$
|
3,200,000
|
|
Senior Secured – First
Lien
|
|
New
Investment
|
|
December 20,
2024
|
|
CombinedCaterers,
Inc.
|
|
Provider of premium
catering services in the Southeast
|
|
$
|
6,796,831
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
2,216,358
|
|
Delayed Draw Term Loan
Commitment
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
465,637
|
|
Equity
|
|
Add-On
Investment
|
|
December 27,
2024
|
|
Naumann/Hobbs Material
Handling Corporation II, Inc.*
|
|
Material handling
equipment dealer and aftermarket parts and services
provider
|
|
$
|
142,200
|
|
Equity
|
|
New
Investment
|
|
December 30,
2024
|
|
Tiger 21,
LLC
|
|
Facilitator of
peer-to-peer wealth focused insights and events for ultra-high net
worth individuals
|
|
$
|
12,000,000
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
564,635
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
*Existing portfolio
company
|
|
|
|
|
|
|
|
|
|
The Company realized investments in the following portfolio
companies during the three months ended
December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Activity
Type
|
|
Date
|
|
Company
Name
|
|
Company
Description
|
|
Proceeds
Received
|
|
Realized
Gain
|
|
Instrument
Type
|
|
Full
Repayment
|
|
November 4,
2024
|
|
Baker Manufacturing
Company, LLC*
|
|
Manufacturer of water
well equipment, specialized filtration pumps, and custom
castings
|
|
$
|
12,738,093
|
|
$
|
—
|
|
Senior Secured – First
Lien
|
|
Full
Realization
|
|
November 5,
2024
|
|
Health Monitor
Holdings, LLC*
|
|
Provider of
point-of-care patient engagement and marketing solutions for
pharmaceutical companies
|
|
$
|
1,704,298
|
|
$
|
651,379
|
|
Equity
|
|
Full
Repayment
|
|
November 21,
2024
|
|
Intuitive Health,
LLC*
|
|
Operator of
freestanding urgent care/emergency room combination
facilities
|
|
$
|
16,647,430
|
|
$
|
—
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
514,101
|
|
$
|
514,101
|
|
Equity
|
|
Full
Repayment
|
|
December 2,
2024
|
|
Integrated Oncology
Network, LLC*
|
|
Provider of radiation
oncology center management services
|
|
$
|
17,518,143
|
|
$
|
—
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Existing portfolio
company
|
|
|
|
|
|
|
|
|
|
|
|
|
Events Subsequent to December 31,
2024
The Company's management has evaluated subsequent events through
March 4, 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 December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
Activity
Type
|
|
Date
|
|
Company
Name
|
|
Company
Description
|
|
Investment
Amount
|
|
Instrument
Type
|
|
New
Investment
|
|
January 10,
2025
|
|
Pacific Shoring
Products, LLC
|
|
Manufacturer of trench
shoring and safety equipment sold to equipment rental
companies
|
|
$
|
8,500,000
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
498,491
|
|
Equity
|
|
New
Investment
|
|
January 15,
2025
|
|
Environmental Remedies,
LLC
|
|
Residential asbestos
abatement provider
|
|
$
|
7,330,762
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
2,681,986
|
|
Delayed Draw Term Loan
Commitment
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
163,109
|
|
Equity
|
|
New
Investment
|
|
January 16,
2025
|
|
Plus Delta Partners,
Inc.
|
|
Provider of fundraising
training and tools for higher education institutions and other
nonprofits
|
|
$
|
7,400,000
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
3,753,955
|
|
Delayed Draw Term Loan
Commitment
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
325,764
|
|
Equity
|
|
New
Investment
|
|
January 24,
2025
|
|
Strategus,
LLC
|
|
Provider of connected
TV advertising services
|
|
$
|
7,801,439
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
2,524,737
|
|
Delayed Draw Term Loan
Commitment
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
170,362
|
|
Equity
|
|
Add-On
Investment
|
|
February 10,
2025
|
|
Florachem
Corporation*
|
|
Distiller and supplier
of natural citrus, pine, and specialty inputs
|
|
$
|
877,716
|
|
Senior Secured – First
Lien
|
|
New
Investment
|
|
February 28,
2025
|
|
Identity Theft Guard
Solutions, Inc.
|
|
Cyber breach response
and monitoring services
|
|
$
|
8,722,887
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
$
|
352,915
|
|
Equity
|
|
New
Investment
|
|
February 28,
2025
|
|
MoboTrex,
LLC
|
|
Distributor and
manufacturer of intelligent traffic solution equipment
|
|
$
|
5,137,070
|
|
Senior Secured – First
Lien
|
|
|
|
|
|
|
|
|
$
|
109,312
|
|
Delayed Draw Term Loan
Commitment
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
Revolver
Commitment
|
|
|
|
|
|
|
|
|
|
|
|
*Existing portfolio
company
|
|
|
|
|
|
|
|
|
|
Credit Facility
The outstanding balance under the Credit Facility as of
March 4, 2025 was $230.8 million.
SBA-guaranteed debentures
On February 14, 2025, Stellus
Capital SBIC LP prepaid all principal and accrued interest related
to SBA-guaranteed debentures maturing on March 1, 2025. The outstanding balance of
SBA-guaranteed debentures as of March 4,
2025 was $308.8 million.
Distributions Declared
On January 9, 2025, the
Company's Board of Directors declared a regular monthly
distribution for each of January, February and March 2025, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Ex-Dividend
|
|
Record
|
|
Payment
|
|
Amount per
|
|
Declared
|
|
Date
|
|
Date
|
|
Date
|
|
Share
|
|
1/9/2025
|
|
1/31/2025
|
|
1/31/2025
|
|
2/14/2025
|
|
$
|
0.1333
|
|
1/9/2025
|
|
2/28/2025
|
|
2/28/2025
|
|
3/14/2025
|
|
$
|
0.1333
|
|
1/9/2025
|
|
3/31/2025
|
|
3/31/2025
|
|
4/15/2025
|
|
$
|
0.1333
|
Conference Call Information
Stellus Capital Investment Corporation will host a conference
call to discuss these results on Wednesday,
March 5, 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 643131. Starting approximately two hours
after the conclusion of the call, a replay will be available
through Wednesday, March 19, 2025 by
dialing (877) 481-4010 and entering passcode 52042. 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 the Company's website
at www.stelluscapital.com, under the Events tab. A replay of
the conference will be available on the Company's
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
thuskinson@stelluscapital.com
|
STELLUS CAPITAL
INVESTMENT CORPORATION
CONSOLIDATED
STATEMENTS OF ASSETS AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
December 31, 2024
|
|
December 31, 2023
|
|
ASSETS
|
|
|
|
|
|
|
|
Controlled investments
at fair value (amortized cost of $17,934,808 and $17,285,138,
respectively)
|
|
$
|
7,652,436
|
|
$
|
6,175,994
|
|
Non-controlled,
non-affiliated investments, at fair value (amortized cost of
$943,853,898 and $884,858,412, respectively)
|
|
|
945,845,252
|
|
|
868,284,689
|
|
Cash and cash
equivalents
|
|
|
20,058,594
|
|
|
26,125,741
|
|
Receivable for sales
and repayments of investments
|
|
|
335,689
|
|
|
371,877
|
|
Interest
receivable
|
|
|
4,947,765
|
|
|
4,882,338
|
|
Income tax
receivable
|
|
|
1,301,965
|
|
|
1,588,708
|
|
Other
receivables
|
|
|
87,995
|
|
|
42,995
|
|
Related party
receivable
|
|
|
3,687
|
|
|
—
|
|
Deferred offering
costs
|
|
|
—
|
|
|
7,312
|
|
Prepaid
expenses
|
|
|
666,866
|
|
|
606,674
|
|
Total
Assets
|
|
$
|
980,900,249
|
|
$
|
908,086,328
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Notes
Payable
|
|
$
|
99,444,355
|
|
$
|
98,996,412
|
|
Credit Facility
payable
|
|
|
172,314,315
|
|
|
156,564,776
|
|
SBA-guaranteed
debentures
|
|
|
321,251,939
|
|
|
320,273,358
|
|
Dividends
payable
|
|
|
3,663,233
|
|
|
—
|
|
Management fees
payable
|
|
|
4,034,109
|
|
|
2,918,536
|
|
Income incentive fees
payable
|
|
|
3,109,560
|
|
|
2,885,180
|
|
Interest
payable
|
|
|
5,281,343
|
|
|
5,241,164
|
|
Unearned
revenue
|
|
|
548,626
|
|
|
397,725
|
|
Administrative services
payable
|
|
|
393,513
|
|
|
402,151
|
|
Deferred tax
liability
|
|
|
—
|
|
|
188,893
|
|
Other accrued expenses
and liabilities
|
|
|
937,316
|
|
|
278,345
|
|
Total
Liabilities
|
|
$
|
610,978,309
|
|
$
|
588,146,540
|
|
Commitments and
contingencies (Note 7)
|
|
|
|
|
|
|
|
Net
Assets
|
|
$
|
369,921,940
|
|
$
|
319,939,788
|
|
NET
ASSETS
|
|
|
|
|
|
|
|
Common stock, par value
$0.001 per share (100,000,000 shares authorized; 27,481,118 and
24,125,642 issued and outstanding, respectively)
|
|
$
|
27,481
|
|
$
|
24,125
|
|
Paid-in
capital
|
|
|
379,549,272
|
|
|
335,918,984
|
|
Total distributable
loss
|
|
|
(9,654,813)
|
|
|
(16,003,321)
|
|
Net
Assets
|
|
$
|
369,921,940
|
|
$
|
319,939,788
|
|
Total Liabilities
and Net Assets
|
|
$
|
980,900,249
|
|
$
|
908,086,328
|
|
Net Asset Value Per
Share
|
|
$
|
13.46
|
|
$
|
13.26
|
|
STELLUS CAPITAL
INVESTMENT CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years
ended
|
|
|
December 31, 2024
|
|
December 31, 2023
|
|
December 31, 2022
|
|
INVESTMENT
INCOME
|
|
|
|
|
|
|
|
|
|
|
From controlled
investments:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
81,636
|
|
$
|
37,897
|
|
$
|
—
|
|
From non-controlled,
non-affiliated investments
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
99,804,184
|
|
|
101,978,891
|
|
|
72,964,999
|
|
Other income
|
|
|
4,850,313
|
|
|
3,830,780
|
|
|
2,147,577
|
|
Total Investment
Income
|
|
$
|
104,736,133
|
|
$
|
105,847,568
|
|
$
|
75,112,576
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Management
fees
|
|
$
|
15,698,129
|
|
$
|
15,452,347
|
|
$
|
14,848,174
|
|
Valuation
fees
|
|
|
380,239
|
|
|
373,628
|
|
|
351,752
|
|
Administrative services
expenses
|
|
|
1,916,283
|
|
|
1,908,191
|
|
|
1,810,576
|
|
Income incentive
fees
|
|
|
10,045,966
|
|
|
10,189,888
|
|
|
3,782,151
|
|
Capital gains incentive
fee reversal
|
|
|
—
|
|
|
(569,528)
|
|
|
(2,818,623)
|
|
Professional
fees
|
|
|
1,190,232
|
|
|
1,455,372
|
|
|
1,103,693
|
|
Directors'
fees
|
|
|
412,000
|
|
|
406,000
|
|
|
329,000
|
|
Insurance
expense
|
|
|
499,913
|
|
|
492,596
|
|
|
503,907
|
|
Interest expense and
other fees
|
|
|
31,506,068
|
|
|
32,011,317
|
|
|
24,469,285
|
|
Income tax
expense
|
|
|
1,808,838
|
|
|
1,333,452
|
|
|
1,161,668
|
|
Other general and
administrative expenses
|
|
|
1,175,765
|
|
|
891,170
|
|
|
984,309
|
|
Total Operating
Expenses
|
|
$
|
64,633,433
|
|
$
|
63,944,433
|
|
$
|
46,525,892
|
|
Income incentive fee
waiver
|
|
|
(1,826,893)
|
|
|
(307,442)
|
|
|
—
|
|
Total Operating
Expenses, net of fee waivers
|
|
$
|
62,806,540
|
|
$
|
63,636,991
|
|
$
|
46,525,892
|
|
Net Investment
Income
|
|
$
|
41,929,593
|
|
$
|
42,210,577
|
|
$
|
28,586,684
|
|
Net realized (loss)
gain on non-controlled, non-affiliated investments
|
|
$
|
(15,737,004)
|
|
$
|
(30,211,467)
|
|
$
|
3,660,595
|
|
Net realized loss on
foreign currency translations
|
|
|
(94,730)
|
|
|
(112,481)
|
|
|
(6,091)
|
|
Net change in
unrealized appreciation (depreciation) on controlled
investments
|
|
|
826,772
|
|
|
(430,577)
|
|
|
—
|
|
Net change in
unrealized appreciation (depreciation) on non-controlled,
non-affiliated investments
|
|
|
18,743,637
|
|
|
3,222,729
|
|
|
(17,542,230)
|
|
Net change in
unrealized (depreciation) appreciation on foreign currency
translations
|
|
|
(14,755)
|
|
|
(6,504)
|
|
|
6,040
|
|
Benefit (provision)
for taxes on net unrealized depreciation (appreciation) on
investments
|
|
|
188,893
|
|
|
(126,957)
|
|
|
(213,214)
|
|
Benefit for taxes on
net realized loss on investments
|
|
|
2,221
|
|
|
2,987,847
|
|
|
—
|
|
Net Increase in Net
Assets Resulting from Operations
|
|
$
|
45,844,627
|
|
|
17,533,167
|
|
|
14,491,784
|
|
Net Investment
Income Per Share—basic and diluted
|
|
$
|
1.64
|
|
$
|
1.92
|
|
$
|
1.46
|
|
Net Increase in Net
Assets Resulting from Operations Per Share – basic and
diluted
|
|
$
|
1.79
|
|
$
|
0.80
|
|
$
|
0.74
|
|
Weighted Average
Shares of Common Stock Outstanding—basic and diluted
|
|
|
25,596,593
|
|
|
22,004,648
|
|
|
19,552,931
|
|
Distributions Per
Share—basic and diluted
|
|
$
|
1.61
|
|
$
|
1.61
|
|
$
|
1.30
|
|
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, 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
|
|
Net investment
income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,929,593
|
|
|
41,929,593
|
|
Net realized loss on
investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,737,004)
|
|
|
(15,737,004)
|
|
Net realized loss on
foreign currency translation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(94,730)
|
|
|
(94,730)
|
|
Net change in
unrealized appreciation on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,570,409
|
|
|
19,570,409
|
|
Net change in
unrealized depreciation on foreign currency translations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,755)
|
|
|
(14,755)
|
|
Provision for taxes on
unrealized appreciation on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188,893
|
|
|
188,893
|
|
Benefit for taxes on
realized loss on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,221
|
|
|
2,221
|
|
Return of capital and
other tax related adjustments
|
|
—
|
|
|
—
|
|
|
(1,727,556)
|
|
|
1,727,556
|
|
|
—
|
|
Distributions from net
investment income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,679,308)
|
|
|
(40,679,308)
|
|
Distributions from net
realized capital gains
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(544,367)
|
|
|
(544,367)
|
|
Issuance of common
stock, net of offering costs(1)
|
|
3,355,476
|
|
|
3,356
|
|
|
45,357,844
|
|
|
—
|
|
|
45,361,200
|
|
Balances at
December 31, 2024
|
|
27,481,118
|
|
$
|
27,481
|
|
$
|
379,549,272
|
|
$
|
(9,654,813)
|
|
$
|
369,921,940
|
|
_________________
|
|
(1)
|
See Note 4 to the
Consolidated Financial Statements on Form 10-K filed with the
Securities and Exchange Commission on March 4, 2025 for more
information on offering costs.
|
|
STELLUS CAPITAL
INVESTMENT CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years
ended
|
|
|
December 31, 2024
|
|
December 31, 2023
|
|
December 31, 2022
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
Net increase in net
assets resulting from operations
|
|
$
|
45,844,627
|
|
$
|
17,533,167
|
|
$
|
14,491,784
|
|
Adjustments to
reconcile net increase in net assets from operations to net cash
used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of
investments
|
|
|
(221,154,933)
|
|
|
(183,858,762)
|
|
|
(211,010,869)
|
|
Proceeds from sales
and repayments of investments
|
|
|
151,834,875
|
|
|
134,223,224
|
|
|
127,548,194
|
|
Net change in
unrealized (appreciation) depreciation on investments
|
|
|
(19,570,409)
|
|
|
(2,792,152)
|
|
|
17,542,230
|
|
Net change in
unrealized depreciation (appreciation) on foreign currency
translations
|
|
|
14,755
|
|
|
6,360
|
|
|
(5,897)
|
|
Increase in
investments due to PIK
|
|
|
(3,310,111)
|
|
|
(3,799,843)
|
|
|
(1,357,177)
|
|
Amortization of
premium and accretion of discount, net
|
|
|
(2,715,802)
|
|
|
(2,749,543)
|
|
|
(2,519,462)
|
|
Deferred tax (benefit)
provision
|
|
|
(188,893)
|
|
|
126,957
|
|
|
213,214
|
|
Amortization of loan
structure fees
|
|
|
1,140,079
|
|
|
657,323
|
|
|
567,375
|
|
Amortization of
deferred financing costs
|
|
|
447,943
|
|
|
446,720
|
|
|
446,719
|
|
Amortization of loan
fees on SBA-guaranteed debentures
|
|
|
978,582
|
|
|
1,255,753
|
|
|
1,227,952
|
|
Net realized loss
(gain) on investments
|
|
|
15,737,004
|
|
|
30,211,467
|
|
|
(3,660,595)
|
|
Changes in other assets
and liabilities
|
|
|
|
|
|
|
|
|
|
|
Increase in interest
receivable
|
|
|
(65,427)
|
|
|
(897,929)
|
|
|
(1,039,810)
|
|
Decrease (increase) in
income tax receivable
|
|
|
286,743
|
|
|
(1,588,708)
|
|
|
—
|
|
(Increase) decrease in
other receivables
|
|
|
(45,000)
|
|
|
(8,750)
|
|
|
20,507
|
|
Increase in related
party receivables
|
|
|
(3,687)
|
|
|
—
|
|
|
—
|
|
(Increase) decrease in
prepaid expenses
|
|
|
(60,192)
|
|
|
60,593
|
|
|
(155,053)
|
|
Increase (decrease) in
management fees payable
|
|
|
1,115,573
|
|
|
(4,231,871)
|
|
|
3,696,182
|
|
Increase in income
incentive fees payable
|
|
|
224,380
|
|
|
420,772
|
|
|
715,278
|
|
Decrease in capital
gains incentive fees payable
|
|
|
—
|
|
|
(569,528)
|
|
|
(2,818,623)
|
|
(Decrease) increase in
administrative services payable
|
|
|
(8,638)
|
|
|
45,232
|
|
|
(29,449)
|
|
Increase in interest
payable
|
|
|
40,179
|
|
|
600,323
|
|
|
947,179
|
|
(Decrease) increase in
related party payable
|
|
|
—
|
|
|
(1,060,321)
|
|
|
1,060,321
|
|
Increase (decrease) in
unearned revenue
|
|
|
150,901
|
|
|
77,050
|
|
|
(209,051)
|
|
Decrease in income tax
payable
|
|
|
—
|
|
|
(1,175,373)
|
|
|
(2,094,141)
|
|
Increase (decrease) in
other accrued expenses and liabilities
|
|
|
658,971
|
|
|
(197,248)
|
|
|
136,635
|
|
Net Cash Used in
Operating Activities
|
|
$
|
(28,648,480)
|
|
$
|
(17,265,087)
|
|
$
|
(56,286,557)
|
|
Cash flows from
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from the
issuance of common stock
|
|
$
|
46,494,756
|
|
$
|
63,348,436
|
|
$
|
2,158,540
|
|
Sales load for common
stock issued
|
|
|
(698,166)
|
|
|
(943,248)
|
|
|
(31,066)
|
|
Offering costs paid
for common stock issued
|
|
|
(428,078)
|
|
|
(253,913)
|
|
|
(517,054)
|
|
Stockholder
distributions paid
|
|
|
(37,560,442)
|
|
|
(35,527,480)
|
|
|
(26,594,095)
|
|
Proceeds from
SBA-guaranteed debentures
|
|
|
—
|
|
|
11,400,000
|
|
|
63,600,000
|
|
Financing costs paid
on SBA-guaranteed debentures
|
|
|
—
|
|
|
(277,590)
|
|
|
(1,548,660)
|
|
Financing costs paid
on Credit Facility
|
|
|
(691,137)
|
|
|
(2,663,106)
|
|
|
(193,635)
|
|
Borrowings under
Credit Facility
|
|
|
187,900,000
|
|
|
108,400,000
|
|
|
149,888,800
|
|
Repayments of Credit
Facility
|
|
|
(172,435,600)
|
|
|
(148,135,600)
|
|
|
(126,607,800)
|
|
Net Cash Provided
(Used) by Financing Activities
|
|
$
|
22,581,333
|
|
$
|
(4,652,501)
|
|
$
|
60,155,030
|
|
Net Decrease in Cash
and Cash Equivalents
|
|
$
|
(6,067,147)
|
|
$
|
(21,917,588)
|
|
$
|
3,868,473
|
|
Cash and Cash
Equivalents Balance at Beginning of Period
|
|
|
26,125,741
|
|
|
48,043,329
|
|
|
44,174,856
|
|
Cash and Cash
Equivalents Balance at End of Period
|
|
$
|
20,058,594
|
|
$
|
26,125,741
|
|
$
|
48,043,329
|
|
Supplemental and
Non-Cash Activities
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
expense
|
|
$
|
28,899,285
|
|
$
|
29,051,198
|
|
$
|
21,280,060
|
|
Income and excise tax
paid
|
|
|
1,808,838
|
|
|
2,508,825
|
|
|
3,255,809
|
|
(Decrease) increase in
distributions payable
|
|
|
3,663,233
|
|
|
—
|
|
|
(1,171,059)
|
|
(Decrease) increase in
deferred offering costs
|
|
|
(7,312)
|
|
|
6,212
|
|
|
(13,788)
|
|
Exchange of
investments
|
|
|
8,256,411
|
|
|
3,610,846
|
|
|
—
|
|
Reconciliation of
Core Net Investment Income (1)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31, 2024
|
|
December 31, 2023
|
|
December 31, 2024
|
|
December 31, 2023
|
|
Net investment
income
|
|
$9,641,326
|
|
$11,908,914
|
|
$41,929,593
|
|
$42,210,577
|
|
Capital gains incentive
reversal
|
|
—
|
|
—
|
|
—
|
|
(569,528)
|
|
Income tax
expense
|
|
503,890
|
|
251,395
|
|
1,808,838
|
|
1,333,452
|
|
Core net investment
income
|
|
$10,145,216
|
|
$12,160,309
|
|
$43,738,431
|
|
$42,974,501
|
|
|
|
|
|
|
|
|
|
|
Per share
amounts:
|
|
|
|
|
|
|
|
|
|
Net investment income
per share
|
|
$0.35
|
|
$0.49
|
|
$1.64
|
|
$1.92
|
|
Core net investment
income per share
|
|
$0.37
|
|
$0.50
|
|
$1.71
|
|
$1.95
|
|
Reconciliation of
Realized Net Investment Income (2)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31, 2024
|
|
December 31, 2023
|
|
December 31, 2024
|
|
December 31, 2023
|
|
Net investment
income
|
|
$9,641,326
|
|
$11,908,914
|
|
$41,929,593
|
|
$42,210,577
|
|
Net realized gain
(loss) on investments
|
|
5,952,860
|
|
(30,536,249)
|
|
(15,737,004)
|
|
(30,211,467)
|
|
Net realized loss on
foreign currency translation
|
|
(17,740)
|
|
(39,699)
|
|
(94,730)
|
|
(112,481)
|
|
Benefit for taxes on
realized loss on investments
|
|
—
|
|
2,987,847
|
|
2,221
|
|
2,987,847
|
|
Total Realized Net
Investment Income (Loss)
|
|
$15,576,446
|
|
($15,679,187)
|
|
$26,100,080
|
|
$14,874,476
|
|
|
|
|
|
|
|
|
|
|
Per share
amounts:
|
|
|
|
|
|
|
|
|
|
Net investment income
per share
|
|
$0.35
|
|
$0.49
|
|
$1.64
|
|
$1.92
|
|
Realized net investment
income (loss) per share
|
|
$0.56
|
|
($0.65)
|
|
$1.02
|
|
$0.68
|
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SOURCE Stellus Capital Investment Corporation
