Stellus Capital Investment Corporation Reports Results for its First Fiscal Quarter Ended March 31, 2025

, /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE:SCM) ("Stellus", "we", or the "Company") today announced financial results for its fiscal quarter ended March 31, 2025. Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report solid operating results for the quarter ended March 31, 2025, 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 $55 million of investments and received $15 million of repayments, bringing the total portfolio to $991 million at fair value. Notably, we raised over $9 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 $295 million in distributions, equivalent to $16.95 per share, since we began operations." FINANCIAL HIGHLIGHTS($ in millions, except data relating to per share amounts and shares outstanding) Three Months Ended March 31, 2025 March 31, 2024 Amount Per Share Amount Per Share Net investment income $9.79 $0.35 $10.24 $0.42 Core net investment income(1) 10.29 0.37 10.61 0.44 Net realized loss on investments (5.97) (0.21) (20.38) (0.85) Net realized loss on foreign currency translation (0.03) — (0.03) — Total realized income(2) $3.79 $0.14 ($10.17) ($0.43) Distributions (11.09) (0.40) (9.65) (0.40) Net unrealized change in appreciation on investments 1.19 0.04 23.52 0.98 Net unrealized change in appreciation on foreign currency translation 0.01 — — — Provision for taxes on unrealized appreciation on investments in taxable subsidiaries — — (0.20) (0.01) Net increase in net assets resulting from operations $4.99 $0.18 $13.15 $0.54 Weighted average shares outstanding 27,602,612 24,125,642 (1) Core net investment income, as presented, excludes the impact of capital gains incentive fees (reversal) and income taxes, the majority of which are excise taxes. The Company believes presenting core net investment income and the related per share amount is a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is not a U.S. generally accepted accounting principles ("U.S. GAAP") measure and should not be considered as a replacement for net investment income and other earnings measures presented in accordance with U.S. GAAP. A reconciliation of net investment income in accordance with U.S. GAAP to core net investment income is presented in the table below the financial statements. (2) Total realized income is the sum of net investment income, net realized losses on investments, net realized losses on foreign currency translations, and losses on debt extinguishment, all U.S. GAAP measures. PORTFOLIO ACTIVITY($ in millions, except data relating to per share amounts, shares outstanding, and number of portfolio companies) As of As of March 31, 2025 December 31, 2024 Investments at fair value $991.1 $953.5 Total assets $1,011.7 $980.9 Net assets $372.8 $369.9 Shares outstanding 28,137,203 27,481,118 Net asset value per share $13.25 $13.46 Three Months Ended March 31, 2025 March 31, 2024 New investments $55.4 $28.5 Repayments of investments (15.0) (31.2) Net activity $40.4 ($2.7) As of As of March 31, 2025 December 31, 2024 Number of portfolio company investments 110 105 Number of debt investments 97 92 Weighted average yield of debt and other income producing investments (3) Cash 9.4 % 9.5 % Payment-in-kind ("PIK") 0.5 % 0.4 % Fee amortization 0.4 % 0.4 % Total 10.3 % 10.3 % Weighted average yield on 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 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 March 31, 2025 and 2024 totaled $25.0 million and $26.0 million, respectively, most of which was interest income from portfolio investments. Gross operating expenses for the three months ended March 31, 2025 and 2024 totaled $16.4 million and $16.0 million, respectively. For the same respective periods, base management fees totaled $4.1 million and $3.9 million, income incentive fees totaled $2.1 million and $2.5 million, fees and expenses related to our borrowings totaled $8.3 million and $7.8 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.4 million and $0.5 million, income tax totaled $0.5 million and $0.4 million, and other expenses totaled $1.0 million and $0.9 million. The Company waived $1.2 million and $0.2 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 March 31, 2025 and 2024, respectively. Net investment income was $9.8 million and $10.2 million, or $0.35 and $0.42 per common share based on weighted average common shares outstanding of 27,602,612 and 24,125,642 for the three months ended March 31, 2025 and 2024, respectively. Core net investment income, which is not a U.S. GAAP measure and excludes the capital gains incentive fee (reversal) and income tax expense accruals, for the three months ended March 31, 2025 and 2024 was $10.3 million and $10.6 million, or $0.37 and $0.44 per share, respectively. For the three months ended March 31, 2025 and 2024, the Company's investment portfolio had a net change in unrealized appreciation of $1.2 million and $23.5 million, respectively, and the Company had net realized losses of ($6.0) million and ($20.4) million, respectively. Net increase in net assets resulting from operations totaled $5.0 million and $13.1 million, or $0.18 and $0.54 per common share, based on weighted average common shares outstanding of 27,602,612 and 24,125,642 for the three months ended March 31, 2025 and 2024, respectively. Liquidity and Capital Resources As of March 31, 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 March 31, 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 March 31, 2025 and December 31, 2024, the Company had $221.8 million and $175.4 million in outstanding borrowings under the Credit Facility, respectively. The Company issued 656,085 shares during the three months ended March 31, 2025 under the At-the-Market Program ("ATM Program") for gross proceeds of $9.3 million. The average per share offering price of shares issued under the ATM Program during the three months ended March 31, 2025 was $14.11. Stellus Capital Management, LLC, the Company's investment adviser (the "Advisor"), 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 then net asset value per share. For the three months ended March 31, 2025, the Advisor was not required to reimburse underwriting fees as all shares were issued at a premium to net asset value. Distributions For both the three months ended March 31, 2025 and 2024, the Company declared aggregate distributions of $0.40 per share for the period ($11.1 million and $9.6 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, 2025: Activity Type Date Company Name Company Description Investment Amount Instrument Type Add-On Investment January 3, 2025 Service Minds Company, LLC* Provider of residential electrical services $ 10,000 Revolver Commitment 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 27, 2025 Strategus, LLC Provider of connected television 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 January 31, 2025 Monitorus Holding, LLC* Provider of media monitoring and evaluation services $ 9,710 Unsecured Convertible Bond Add-On Investment February 7, 2025 Service Minds Company, LLC* Provider of residential electrical services $ 31,000 Revolver Commitment 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 Add-On Investment March 7, 2025 Elliott Aviation, LLC* Provider of maintenance, repair, and overhaul and fixed-base operator services to the business aviation sector $ 915,125 Revolver Commitment New Investment March 21, 2025 Simpler Trading, LLC Online education platform for retail investors $ 281,936 Equity Add-On Investment March 28, 2025 Advanced Barrier Extrusions, LLC* Manufacturer of flexible packaging $ 2,607,637 Senior Secured – First Lien $ 2,249,694 Revolver Commitment ______________________________________ *Existing portfolio company The Company realized investments in the following portfolio companies during the three months ended March 31, 2025: Activity Type Date Company Name Company Description Proceeds Received Realized Loss Instrument Type Restructured Investment March 21, 2025 Trade Education Acquisition, L.L.C. Online education platform for retail investors $ — $ (5,605,668) Senior Secured – First Lien $ — $ (46,000) Revolver $ — $ (662,660) Equity Full Repayment 3/28/2025 DRS Holdings III, Inc. Provider of a wide variety of products across the insole, custom fit orthotic and foot care category $ 8,542,830 $ — Senior Secured – First Lien Events Subsequent to March 31, 2025 The Company's management has evaluated subsequent events through May 12, 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 March 31, 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 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 ______________________________________ *Existing portfolio company The Company realized investments in the following portfolio companies subsequent to March 31, 2025: Activity Type Date Company Name Company Description Proceeds Received Realized Gain 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 $ 514,107 $ 151,674 Equity Credit Facility The outstanding balance under the Credit Facility as of May 12, 2025 was $147.8 million. 7.250% Notes due 2030 On April 1, 2025, the Company issued $75.0 million in aggregate principal amount of 7.250% Notes due 2030 (the "7.250% Notes"). The 7.250% Notes bear interest at a rate of 7.250% per year payable semi-annually in arrears on April 1 and October 1 of each year, commencing October 1, 2025. The 7.250% Notes will mature on April 1, 2030, unless previously redeemed or repurchased in accordance with their terms. The 7.250% Notes are the direct unsecured obligations of the Company and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness, including the Notes Payable; senior to any series of preferred stock that the Company may issue in the future; senior to any of the Company's future indebtedness that expressly provides it is subordinated to the 7.250% Notes; effectively subordinated to all of the Company's existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's existing or future subsidiaries. In connection with the 7.250% Notes, the Company and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association), as trustee (the "Trustee"), entered into a Fourth Supplemental Indenture (the "Fourth Supplemental Indenture") to the Base Indenture, dated May 5, 2014, between the Company and the Trustee (together with the Fourth Supplemental Indenture, the "Indenture"). The Indenture contains certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the Investment Company Act of 1940, as amended (the "1940 Act"), or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the U.S. Securities and Exchange Committee and certain other exceptions, and to provide financial information to the holders of the 7.250% Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are set forth in the Indenture. Distributions Declared On April 4, 2025, the Board of Directors of the Company declared a regular monthly dividend for each of April 2025, May 2025, and June 2025 as follows: Ex-Dividend Record Payment Amount per Declared Date Date Date Share 4/4/2025 4/30/2025 4/30/2025 5/15/2025 $ 0.1333 4/4/2025 5/30/2025 5/30/2025 6/13/2025 $ 0.1333 4/4/2025 6/30/2025 6/30/2025 7/15/2025 $ 0.1333 Conference Call Information Stellus Capital Investment Corporation will host a conference call to discuss these results on Tuesday, May 13, 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 260621. Starting approximately two hours after the conclusion of the call, a replay will be available through Tuesday, May 27, 2025 by dialing (877) 481-4010 and entering passcode 52407. The replay will also be available on the Company's website. For those wishing to participate via Live Webcast, connect via the Public (SCIC) section of our website at www.stelluscapital.com, under the Events tab. A replay of the conference will be available on our website for approximately 90 days. About Stellus Capital Investment Corporation The Company is an externally managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien (including unitranche) loans, second lien loans and unsecured debt financing, with corresponding equity co-investments. The Company's investment activities are managed by its investment adviser, Stellus Capital Management. To learn more about Stellus Capital Investment Corporation, visit www.stelluscapital.com under the "Public (SCIC)" tab. Forward-Looking Statements Statements included herein may contain "forward-looking statements" which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. Contacts Stellus Capital Investment CorporationW. Todd Huskinson, Chief Financial Officer(713) 292-5414[email protected] STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES March 31, 2025 (unaudited) December 31, 2024 ASSETS Controlled investments at fair value (amortized cost of $17,934,808 for both periods) $ 7,707,712 $ 7,652,436 Non-controlled, non-affiliated investments, at fair value (amortized cost of $979,896,856 and $943,853,898, respectively) 983,396,065 945,845,252 Cash and cash equivalents 10,888,821 20,058,594 Receivable for sales and repayments of investments 446,586 335,689 Interest receivable 6,229,272 4,947,765 Income tax receivable 2,383,725 1,301,965 Other receivables 108,750 87,995 Related party receivable — 3,687 Prepaid expenses 576,553 666,866 Total Assets $ 1,011,737,484 $ 980,900,249 LIABILITIES Notes Payable $ 99,554,505 $ 99,444,355 Credit Facility payable 219,057,554 172,314,315 SBA-guaranteed debentures 305,190,923 321,251,939 Dividends payable 3,750,689 3,663,233 Management fees payable 4,054,726 4,034,109 Income incentive fees payable 1,651,506 3,109,560 Interest payable 1,492,428 5,281,343 Related party payable 1,290,893 — Unearned revenue 620,803 548,626 Administrative services payable 380,523 393,513 Other accrued expenses and liabilities 1,926,752 937,316 Total Liabilities $ 638,971,302 $ 610,978,309 Commitments and contingencies (Note 7) Net Assets $ 372,766,182 $ 369,921,940 NET ASSETS Common stock, par value $0.001 per share (100,000,000 shares authorized; 28,137,203 and 27,481,118 issued and outstanding, respectively) $ 28,137 $ 27,481 Paid-in capital 388,486,702 379,549,272 Total distributable loss (15,748,657) (9,654,813) Net Assets $ 372,766,182 $ 369,921,940 Total Liabilities and Net Assets $ 1,011,737,484 $ 980,900,249 Net Asset Value Per Share $ 13.25 $ 13.46 STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the three months ended March 31, 2025 March 31, 2024 INVESTMENT INCOME From controlled investments: Interest income $ — $ 81,636 From non-controlled, non-affiliated investments Interest income 24,127,116 24,956,851 Other income 824,542 958,262 Total Investment Income $ 24,951,658 $ 25,996,749 OPERATING EXPENSES Management fees $ 4,054,726 $ 3,852,233 Valuation fees 157,889 156,507 Administrative services expenses 449,298 490,901 Income incentive fees 2,136,491 2,509,110 Professional fees 418,031 339,627 Directors' fees 111,250 108,250 Insurance expense 97,090 124,989 Interest expense and other fees 8,263,019 7,767,573 Income tax expense 499,547 370,719 Other general and administrative expenses 218,351 245,275 Total Operating Expenses $ 16,405,692 $ 15,965,184 Income incentive fee waiver (1,242,843) (204,351) Total Operating Expenses, net of fee waivers $ 15,162,849 $ 15,760,833 Net Investment Income $ 9,788,809 $ 10,235,916 Net realized loss on non-controlled, non-affiliated investment $ (5,967,221) $ (20,384,731) Net realized loss on foreign currency translations (29,655) (25,106) Net change in unrealized appreciation on controlled investments 55,276 536,570 Net change in unrealized appreciation on non-controlled, non-affiliated investments 1,138,017 22,982,020 Net change in unrealized appreciation (depreciation) on foreign currency translations 8,319 (3,602) Provision for taxes on net unrealized appreciation on investments — (192,607) Net Increase in Net Assets Resulting from Operations $ 4,993,545 $ 13,148,460 Net Investment Income Per Share—basic and diluted $ 0.35 $ 0.42 Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted $ 0.18 $ 0.54 Weighted Average Shares of Common Stock Outstanding—basic and diluted 27,602,612 24,125,642 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 (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 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 STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) For three months ended March 31, 2025 March 31, 2024 Cash flows from operating activities Net increase in net assets resulting from operations $ 4,993,545 $ 13,148,460 Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: Purchases of investments (55,415,263) (28,516,430) Proceeds from sales and repayments of investments 14,986,423 31,169,595 Net change in unrealized appreciation on investments (1,193,293) (23,518,590) Net change in unrealized (appreciation) depreciation on foreign currency translations (8,319) 3,602 Increase in investments due to PIK (976,479) (750,054) Amortization of premium and accretion of discount, net (715,755) (702,543) Deferred tax provision — 192,607 Amortization of loan structure fees 315,618 264,707 Amortization of deferred financing costs 110,150 111,374 Amortization of loan fees on SBA-guaranteed debentures 188,984 314,055 Net realized loss on investments 5,967,221 20,384,731 Changes in other assets and liabilities Increase in interest receivable (1,281,507) (1,602,062) Increase in income tax receivable (1,081,760) (1,085,022) Increase in other receivables (20,755) — Decrease in related party receivables 3,687 — Decrease in prepaid expenses 90,313 21,256 Increase (decrease) in management fees payable 20,617 (1,066,303) Decrease in income incentive fees payable (1,458,054) (140,107) (Decrease) increase in administrative services payable (12,990) 22,897 Decrease in interest payable (3,788,915) (3,748,120) Increase in related party payable 1,290,893 — Increase in unearned revenue 72,177 14,589 Increase (decrease) in other accrued expenses and liabilities 989,436 (61,688) Net Cash (Used) Provided in Operating Activities $ (36,924,026) $ 4,456,954 Cash flows from Financing Activities Proceeds from the issuance of common stock $ 9,256,982 $ — Sales load for common stock issued (138,908) — Offering costs paid for common stock issued (179,988) (5,209) Stockholder distributions paid (10,999,933) (6,431,896) Repayments of SBA-guaranteed debentures (16,250,000) — Financing costs paid on Credit Facility — (49,969) Borrowings under Credit Facility 67,700,000 50,000,000 Repayments of Credit Facility (21,633,900) (25,333,900) Net Cash Provided by Financing Activities $ 27,754,253 $ 18,179,026 Net (Decrease) Increase in Cash and Cash Equivalents $ (9,169,773) $ 22,635,980 Cash and Cash Equivalents Balance at Beginning of Period $ 20,058,594 $ 26,125,741 Cash and Cash Equivalents Balance at End of Period $ 10,888,821 $ 48,761,721 Supplemental and Non-Cash Activities Cash paid for interest expense $ 11,437,182 $ 10,825,557 Income and excise tax paid 1,581,307 1,455,741 Increase in distributions payable 87,456 3,215,948 Increase in deferred offering costs — 5,209 Exchange of investments 1,663,301 8,256,411 Reconciliation of Core Net Investment Income (1) (Unaudited) Three Months Ended March 31, 2025 March 31, 2024 Net investment income $9,788,809 $10,235,916 Income tax expense 499,547 370,719 Core net investment income $10,288,356 $10,606,635 Per share amounts: Net investment income per share $0.35 $0.42 Core net investment income per share $0.37 $0.44 Reconciliation of Realized Net Investment Income (2) (Unaudited) Three Months Ended March 31, 2025 March 31, 2024 Net investment income $9,788,809 $10,235,916 Net realized loss on investments (5,967,221) (20,384,731) Net realized loss on foreign currency translation (29,655) (25,106) Total Realized Net Investment Income (Loss) $3,791,933 ($10,173,921) Per share amounts: Net investment income per share $0.35 $0.42 Realized net investment income (loss) per share $0.14 ($0.42) SOURCE Stellus Capital Investment Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Stellus Capital Investment Corporation Reports Results for its First Fiscal Quarter Ended March 31, 2025

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