Stellus Capital Investment Corp

Listed Company

SCMCIK 0001551901NYSEAcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$27.05M

Total Assets

$1.04B

Equity

$371.18M

Shares Out

28.95M

Op. Cash Flow

$-24.45M

Business

Stellus Capital Investment Corp is an externally managed, closed-end, non-diversified investment company that operates as a business development company (BDC) and originates and invests primarily in private lower middle-market companies. It provides primarily debt financing with corresponding equity co-investments across first-lien (including unitranche), second-lien and unsecured structures, and uses SBIC subsidiaries to access SBA-guaranteed debentures. Its investment activities are managed by Stellus Capital Management and include direct origination, co-investments with affiliated and unaffiliated funds, and active portfolio monitoring. It targets U.S. lower middle-market companies sourced through relationships with private equity firms, banks, management teams and intermediaries.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Payment-in-kind interest income	6	3	4	—	—
Management fees	17	16	15	15	13
Valuation fees	407,358	380,239	373,628	351,752	313,437
Administrative services expenses	2	2	2	2	2
Income incentive fees	8	10	10	4	3
Capital gains incentive fee (reversal)	—	—	−569,528	−3	3
Professional fees	2	1	1	1	1
Directors' fees	409,000	412,000	406,000	329,000	315,000
Insurance expense	396,862	499,913	492,596	503,907	482,140
Interest expense and other fees	35	32	32	24	—
Income tax expense	2	2	1	1	1
Other general and administrative expenses	1	1	891,170	984,309	1
Total Operating Expenses	69	65	64	47	44
Income incentive fee waiver	−3	−2	−307,442	—	—
Total Operating Expenses, net of fee waivers	65	63	64	47	44
Net Investment Income	37	42	42	29	20
Net realized loss on foreign currency translations	−68,844	−94,730	−112,481	−6,091	—
Loss on debt extinguishment	−226,095	—	—	−539,250	−539,250
Net change in unrealized (depreciation) appreciation on investments	−11	20	3	−18	−7
Net change in unrealized appreciation (depreciation) on foreign currency translations	33,073	−14,755	−6,504	6,040	—
Benefit (provision) for taxes on net unrealized depreciation (appreciation) on investments	—	188,893	−126,957	−213,214	510,868
Benefit for taxes on net realized loss on investments	—	2,221	3	—	−3
Net Increase in Net Assets Resulting from Operations	27	46	18	14	34
Net Investment Income Per Share - basic	1.3	1.64	1.92	1.46	1.01
Net Increase in Net Assets Resulting from Operations Per Share Basic (in dollars per share)	0.95	1.79	0.8	0.74	1.72
Net Increase in Net Assets Resulting from Operations Per Share Diluted (in dollars per share)	0.95	1.79	0.8	0.74	1.72
Weighted Average Shares of Common Stock Outstanding Basic	28	26	22	20	19
Weighted Average Shares of Common Stock Outstanding Diluted	28	26	22	20	19
Distributions Per Share-basic and diluted	1.6	1.61	1.61	1.3	1.14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fair value of investments	1,008	953	874	845	773
Cash and cash equivalents	25	20	26	48	44
Receivable for sales and repayments of investments	581,509	335,689	371,877	718,794	536,105
Interest receivable	6	5	5	4	3
Income tax receivable	1	1	2	—	—
Prepaid expenses	150,843	666,866	606,674	667,267	512,214
Total Assets	1,041	981	908	898	821
Notes Payable	123	99	99	99	100
Credit Facility payable	233	172	157	198	175
SBA-guaranteed debentures	296	321	320	308	245
Dividends payable	4	4	0	1	1
Management fees payable	4	4	3	7	3
Income incentive fees payable	2	3	3	2	2
Interest payable	6	5	5	5	4
Unearned revenue	582,007	548,626	397,725	320,675	529,726
Administrative services payable	539,338	393,513	402,151	356,919	386,368
Other accrued expenses and liabilities	372,294	937,316	278,345	—	—
Total Liabilities	670	611	588	622	536
Commitments and contingencies (Note 7)	—	—	—	—	—
Net Assets	371	370	320	276	285
Common stock, par value $0.001 per share (100,000,000 shares authorized; 28,947,254 and 27,481,118 shares issued and outstanding, respectively)	28,947	27,481	24,125	19,667	19,518
Paid-in capital	398	380	336	275	275
Total distributable loss	−27	−10	−16	642,226	—
Total Liabilities and Net Assets	1,041	981	908	898	821
Net Asset Value Per Share	12.82	13.46	13.26	14.02	14.61

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Purchases of investments	−194	−221	−184	−211	−387
Proceeds from sales and repayments of investments	140	152	134	128	288
Net change in unrealized depreciation (appreciation) on investments	11	−20	−3	18	7
Net change in unrealized (appreciation) depreciation on foreign currency translations	−33,073	14,755	6,360	−5,897	—
Increase in investments due to payment-in-kind income	−6	−3	−4	−1	−939,030
Amortization of premium and accretion of discount, net	−3	−3	−3	—	—
Deferred tax (benefit) provision	0	−188,893	126,957	213,214	−510,868
Amortization of loan structure fees	1	1	657,323	567,375	518,930
Amortization of deferred financing costs	692,393	447,943	446,720	446,719	444,153
Amortization of discount on Notes Payable	96,093	−3	−3	−3	−2
Amortization of premium on Notes Payable	−29,855	—	—	—	—
Amortization of loan fees on SBA-guaranteed debentures	732,124	978,582	1	1	1
Net realized (gain) loss on investments	−2	16	30	−4	−24
Increase in interest receivable	−1	−65,427	−897,929	−1	−755,151
(Increase) decrease in income tax receivable	−83,422	286,743	−2	—	—
Decrease (increase) in other receivables	2,995	−45,000	−8,750	20,507	−29,257
Decrease (increase) in related party receivables	3,667	−3,687	—	—	—
Decrease (increase) in prepaid expenses	516,023	−60,192	60,593	−155,053	−25,026
Increase (decrease) in management fees payable	408,596	1	−4	4	628,903
(Decrease) increase in income incentive fees payable	−792,131	224,380	420,772	715,278	1
Decrease in capital gains incentive fees payable	—	—	−569,528	−3	3
Increase (decrease) in administrative services payable	145,825	−8,638	45,232	−29,449	−5,123
Increase in interest payable	856,733	40,179	600,323	947,179	2
Decrease in related party payable	—	—	−1	1	—
Increase in unearned revenue	33,381	150,901	77,050	−209,051	6,302
Decrease in income tax payable	—	—	−1	−2	3
(Decrease) increase in other accrued expenses and liabilities	−565,022	658,971	−197,248	136,635	164,227
Net Cash Used in Operating Activities	−24	−29	−17	−56	−76
Proceeds from the issuance of common stock	21	46	63	2	449,515
Sales load for common stock issued	−308,998	−698,166	−943,248	−31,066	−2,489
Offering costs paid for common stock issued	−606,848	−428,078	−253,913	−517,054	−53,327
Stockholder distributions paid	−45	−38	−36	−27	−21
Proceeds from issuance of Notes Payable	125	—	—	—	100
Repayment of Notes Payable	−100	—	—	—	−49
Financing costs paid on Notes Payable	−3	—	—	—	−2
Repayments of SBA-guaranteed debentures	−26	—	−11	—	—
Financing costs paid on SBA-guaranteed debentures	—	—	−277,590	−2	−3
Financing costs paid on Credit Facility	−2	−691,137	−3	−193,635	−136,219
Borrowings under Credit Facility	301	188	108	150	269
Repayments of Credit Facility	−240	−172	−148	−127	−265
Net Cash Provided (Used) by Financing Activities	29	23	−5	60	102
Net Increase (Decrease) in Cash and Cash Equivalents	5	−6	−22	4	26
Cash paid for interest expense	31	29	29	21	15
Income and excise tax paid	2	2	3	3	1
Exchange of investments	2	8	4	—	—

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