HOUSTON, May 11, 2026 /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE:SCM) ("Stellus", "we", or the "Company") today announced financial results for its fiscal quarter ended March 31, 2026.
Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report solid operating results for the quarter ended March 31, 2026, in which we earned U.S. GAAP net investment income of $0.26 per share, core net investment income of $0.27 per share and net realized income of $0.29 per share. During the quarter, we funded $28 million of investments and received $42 million of repayments, resulting in a total portfolio of $990 million at fair value. I'm also pleased to report that our investors have received a total of $339 million in distributions, equivalent to $18.49 per share, since we began operations."
FINANCIAL HIGHLIGHTS
($ in millions, except data relating to per share amounts and shares outstanding)
Three Months Ended
March 31, 2026 March 31, 2025
Amount Per Share Amount Per Share
Net investment income $7.50 $0.26 $9.79 $0.35
Core net investment income(1) 7.86 0.27 10.29 0.37
Net realized gain (loss) on investments 0.75 0.03 (5.97) (0.21)
Net realized gain (loss) on foreign currency translation (0.03)
Total realized income(2) $8.25 $0.29 $3.79 $0.14
Distributions (9.84) (0.34) (11.09) (0.40)
Net unrealized change in (depreciation) appreciation on investments (6.54) (0.23) 1.20 0.04
Net unrealized change in depreciation on foreign currency translation (0.05)
Net increase in net assets resulting from operations $1.66 $0.06 $4.99 $0.18
Weighted average shares outstanding 28,947,254 27,602,612
(1) Core net investment income, as presented, excludes the impact of capital gains incentive fees (reversal) and income taxes, the
majority of which are excise taxes. The Company believes presenting core net investment income and the related per share amount is
a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is a non-U.S. GAAP
measure and should not be considered as a replacement for net investment income and other earnings measures presented in
accordance with U.S. GAAP. A reconciliation of net investment income in accordance with U.S. GAAP to core net investment income is
presented in the table below the financial statements.
(2) Total realized income is the sum of net investment income, net realized gains (losses) on investments, net realized gains (losses)
on foreign currency, and losses on debt extinguishment, all U.S. GAAP measures.
PORTFOLIO ACTIVITY
($ in millions, except data relating to per share amounts, shares outstanding, and number of portfolio companies)
As of As of
March 31, 2026 December 31, 2025
Investments at fair value $990.0 $1,007.6
Total assets $1,001.3 $1,041.3
Net assets $363.0 $371.2
Shares outstanding 28,947,254 28,947,254
Net asset value per share $12.54 $12.82
Three Months Ended
March 31, 2026 March 31, 2025
New investments $27.7 $55.4
Repayments of investments (41.7) (15.0)
Net activity ($14.0) $40.4
As of As of
March 31, 2026 December 31, 2025
Number of portfolio company investments 116 115
Number of debt investments 100 100
Weighted average yield of debt and other income producing
investments (3)
Cash 8.1 % 8.5 %
Payment-in-kind ("PIK") 0.6 % 0.5 %
Fee amortization 0.3 % 0.3 %
Total 9.0 % 9.3 %
Weighted average yield of total investments(4)
Cash 7.6 % 7.9 %
PIK 0.6 % 0.5 %
Fee amortization 0.3 % 0.3 %
Total 8.5 % 8.7 %
(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 March 31, 2026 and 2025 totaled $23.3 million and $25.0 million, respectively, most of which was interest income from portfolio investments.
Gross operating expenses for the three months ended March 31, 2026 and 2025 totaled $15.8 million and $16.4 million, respectively. For the same respective periods, base management fees totaled $4.4 million and $4.1 million, income incentive fees totaled $0.1 million and $2.1 million, fees and expenses related to our borrowings totaled $8.9 million and $8.3 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.6 million and $0.4 million, income tax totaled $0.4 million and $0.5 million and other expenses totaled $1.4 million and $1.0 million. The Company waived $0.0 million and $1.2 million of income incentive fees due to the total return limitation pursuant to the provisions of the Investment Advisory Agreement between the Company and the Advisor (as defined below) for the three months ended March 31, 2026 and 2025, respectively, for net operating expenses of $15.8 million and $15.2 million, respectively.
Net investment income was $7.5 million and $9.8 million, or $0.26 and $0.35 per common share based on 28,947,254 and 27,602,612 weighted average common shares outstanding for the three months ended March 31, 2026 and 2025, 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 March 31, 2026 and 2025 was $7.9 million and $10.3 million, or $0.27 and $0.37 per share, respectively.
For the three months ended March 31, 2026 and 2025, the Company's investment portfolio had a net change in unrealized (depreciation) appreciation of ($6.5) million and $1.2 million, respectively, and the Company had net realized gains (losses) of $0.8 million and ($6.0) million, respectively.
Net increase in net assets resulting from operations totaled $1.7 million and $5.0 million, or $0.06 and $0.18 per common share, based on 28,947,254 and 27,602,612 weighted average common shares outstanding for the three months ended March 31, 2026 and 2025, respectively.
Liquidity and Capital Resources
As of March 31, 2026, 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 $335.0 million on a committed basis. As of both March 31, 2026 and December 31, 2025, the Credit Facility had an accordion feature which allowed for potential future expansion of the facility size up to $365.0 million.
As of March 31, 2026 and December 31, 2025, the Company had $241.5 million and $236.6 million in outstanding borrowings under the Credit Facility, respectively.
Distributions
For the three months ended March 31, 2026 and 2025, the Company declared aggregate distributions of $0.34 per share and $0.40 per share, respectively ($9.8 million and $11.1 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, 2026:
Activity Type Date Company Name
Company Description Investment Amount Instrument Type
Add-On Investment January 2, 2026 Bart & Associates, LLC* Provider of content, information, tech-enabled services, and
hosts $
2,000,000 Senior Secured - First Lien
competitions for the U.S. equine industry
$
43,413
Equity
New Investment January 9, 2026 Silver Corporate Holdings LLC
Senior-care focused placement platform $
7,130,301 Senior Secured - First Lien
$
100,000
Revolver Commitment
$
498,641
Equity
Add-On Investment January 15,
2026 GRC Java Holdings, LLC*
Specialty coffee platform $
42,783
Equity
Add-On Investment January 20, EH Real Estate Services, LLC* Offers residential property brokerage, title & settlement,
2026 and $
380,186 Senior Secured - First Lien
property and casualty insurance brokerage services to home
buyers
and sellers
Add-On Investment January 21,
2026
evolv Holdco, LLC*
Digital transformation consulting firm $
8,036
Equity
Add-On Investment February 2,
2026
BI Investors, LLC* Provider of center-based applied behavioral analysis therapy $
5,743
Equity
services
Add-On Investment February 3, Green Topco Holdings, LLC* Cyber-security focused value-added reseller and associated
2026 service provider $
16,598
Equity
Add-On Investment February 3,
2026 Venbrook Buyer, LLC*
An independent insurance services broker $
628,201 Senior Secured - First Lien
Add-On Investment February 6,
2026
SP MWM Holdco LLC* Provider of test and measurement services and equipment $
194,667
Equity
Add-On Investment February 18, EH Real Estate Services, LLC* Offers residential property brokerage, title & settlement,
2026 and $
190,093 Senior Secured - First Lien
property and casualty insurance brokerage services to home
buyers
and sellers
Add-On Investment February 25,
2026 Venbrook Buyer, LLC*
An independent insurance services broker $
1,256,415 Senior Secured - First Lien
Add-On Investment March 3, 2026 EH Real Estate Services, LLC* Offers residential property brokerage, title & settlement,
and $
190,093 Senior Secured - First Lien
property and casualty insurance brokerage services to home
buyers
and sellers
New Investment March 3, 2026 Precision Strategies, LLC
Strategic communications and marketing agency $
6,176,011 Senior Secured - First Lien
$
100,000
Revolver Commitment
New Investment March 6, 2026 Synergy Health Partners MSO,
LLC
Provider of orthopedic and musculoskeletal care $
4,000,000 Senior Secured - First Lien
$
500,000 Delayed Draw Term Loan
Commitment
$
100,000
Revolver Commitment
$
136,634
Equity
Add-On Investment March 24, 2026
Eskola LLC*
Provider of commercial re-roofing services $
101,429
Equity
_________________________
*Existing portfolio company
The Company realized investments in the following portfolio companies during the three months ended March 31, 2026:
Activity Type Date Company Name Company Description Proceeds Received Realized
Gain Instrument Type
Full Repayment January 23, Camp Profiles LLC Provider of digital marketing $
12,041,875
$ Senior Secured - First
2026 Lien
services to small and medium-
sized
businesses
Full Realization $
969,138 $
719,138
Equity
Full Repayment January 30, Luxium Solutions, Manufacturer and distributor $
8,169,324
$ Senior Secured - First
2026 LLC of Lien
high-performance advanced
materials and assemblies
$
1,182,247
$ Delayed Draw Term Loan
Full Repayment February 3, Arctiq, Inc. Cyber-security focused $
12,202,671
$ Senior Secured - First
2026 value-added Lien
reseller and associated
service
provider
$
399,965
$ Delayed Draw Term Loan
Events Subsequent to March 31, 2026
The Company's management has evaluated subsequent events through May 11, 2026. 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, 2026:
Activity Type Date Company Name
Company Description Investment Amount
Instrument Type
Add-On Investment April 1, EH Real Estate Services, Offers residential property brokerage,
2026 LLC* title & $
190,093 Senior Secured - First Lien
settlement, and property and casualty
insurance
brokerage services to home buyers
and sellers
New Investment April 3,
2026 VeloSource Purchaser, LLC
Locum tenens staffing agency $
200,000 Senior Secured - First Lien
$
100,000 Delayed Draw Term Loan
Commitment
$
100,000
Revolver Commitment
$
18,605
Equity
Add-On Investment April 13,
2026 Venbrook Buyer, LLC* An independent insurance services broker $
1,256,415 Senior Secured - First Lien
New Investment April 13, Solomon AcquisitionCo, LLC An innovative process automation and
2026 digital systems $
4,196,557 Senior Secured - First Lien
integrator
$
100,000
Revolver Commitment
$
186,807
Equity
New Investment April 27,
Project Freeze** Manufacturer of walk-in coolers, freezers,
2026 and $
4,000,000 Senior Secured - First Lien
refrigeration systems
$
100,000 Delayed Draw Term Loan
Commitment
$
100,000
Revolver Commitment
$
324,074
Equity
Add-On Investment April 28,
2026 Venbrook Buyer, LLC* An independent insurance services broker $
502,566 Senior Secured - First Lien
Add-On Investment April 28, Advanced Barrier Extrusions,
2026 LLC* Manufacturer of flexible packaging $
330,250 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 June 30, 2026.
The Company realized investments in the following portfolio companies subsequent to March 31, 2026:
Activity Type Date Company Name Company Description Proceeds Received Realized Loss
Instrument Type
Full Repayment April 17, Sales Benchmark Index,
2026 LLC Provider of revenue growth $
11,968,656
$ Senior Secured - First Lien
management consulting
services
for private equity-owned
and large
enterprise clients
$
443,820
$
Revolver Commitment
Full Realization $
486,925 (178,805)
Equity
Full Repayment April 24, Equine Network, LLC Provider of equine
2026 competitions, $
9,043,164
$ Senior Secured - First Lien
content, products, and
services
$
97,900
$ Delayed Draw Term Loan
Commitment
$
166,667
$
Revolver Commitment
Full Repayment April 30,
2026 Cerebro Buyer, LLC Manufacturer of single-use $
4,526,683
$ Senior Secured - First Lien
electrodes for medical
procedures
$
376,902
$ Delayed Draw Term Loan
Commitment
Credit Facility
The outstanding balance under the Credit Facility as of May 11, 2026 was $238.4 million.
Distributions Declared
On April 14, 2026, the Board of Directors of the Company declared a regular monthly dividend for each of April 2026, May 2026, and June 2026 as follows:
Ex-
Dividend Record Payment Amount per
Declared Date Date Date Share
4/14/2026 4/30/2026 4/30/2026 5/15/2026 $
0.1133
4/14/2026 5/29/2026 5/29/2026 6/15/2026 $
0.1133
4/14/2026 6/30/2026 6/30/2026 7/15/2026 $
0.1133
Conference Call Information
Stellus Capital Investment Corporation will host a conference call to discuss these results on Tuesday, May 12, 2026 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 108816. Starting approximately two hours after the conclusion of the call, a replay will be available through Wednesday, May 20, 2026 by dialing (877) 481-4010 and entering passcode 54017. 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
thuskinson@stelluscapital.com
STELLUS CAPITAL INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(unaudited)
March 31, 2026 December 31, 2025
ASSETS
Controlled investments, at fair value (amortized cost of $34,432,893 and $33,603,521, $
12,237,127 $
14,953,132
respectively)
Non-controlled, affiliated investments, at fair value (amortized cost of $4,878,960 and 3,378,350 3,750,674
$4,806,660, respectively)
Non-controlled, non-affiliated investments, at fair value (amortized cost of 974,379,087 988,919,589
$976,006,465 and $987,729,505, respectively)
Cash and cash equivalents 3,376,525 25,050,156
Receivable for sales and repayments of investments 492,000 581,509
Interest receivable 6,611,848 6,375,996
Income tax receivable 1,385,387
Other receivables 149,189 85,000
Related party receivable 20
Deferred offering costs 75,000
Prepaid expenses 574,127 150,843
Total Assets $
1,001,273,253 $
1,041,252,306
LIABILITIES
Notes Payable $
122,758,915 $
122,671,409
Credit Facility payable 238,276,659 233,167,360
SBA-guaranteed debentures 257,151,049 295,984,063
Dividends payable 3,279,724 3,858,669
Management fees payable 4,392,357 4,442,705
Income incentive fees payable 2,413,077 2,317,429
Interest payable 5,729,215 6,138,076
Related party payable 2,335,513
Unearned revenue 539,630 582,007
Administrative services payable 579,529 539,338
Income tax payable 93,492
Other accrued expenses and liabilities 728,572 372,294
Total Liabilities $
638,277,732 $
670,073,350
Commitments and contingencies (Note 7)
Net Assets $
362,995,521 $
371,178,956
NET ASSETS
Common stock, par value $0.001 per share (100,000,000 shares authorized; 28,947,254 $
28,947 $
28,947
and 28,947,254 shares issued and outstanding, respectively)
Paid-in capital 397,829,793 397,829,793
Total distributable loss (34,863,219) (26,679,784)
Net Assets $
362,995,521 $
371,178,956
Total Liabilities and Net Assets $
1,001,273,253 $
1,041,252,306
Net Asset Value Per Share $
12.54 $
12.82
STELLUS CAPITAL INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
For the three months ended
March 31, March 31,
2026 2025
INVESTMENT INCOME
From non-controlled, affiliated investments
Interest income $
45
$
Payment-in-kind interest income 72,300
From non-controlled, non-affiliated investments
Interest income 20,578,575 20,817,005
Payment-in-kind interest income 1,602,087 3,310,111
Other income 1,039,927 824,542
Total Investment Income $
23,292,934 $
24,951,658
OPERATING EXPENSES
Management fees $
4,392,357 $
4,054,726
Valuation fees 166,119 157,889
Administrative services expenses 649,120 449,298
Income incentive fees 106,709 2,136,491
Professional fees 817,727 418,031
Directors' fees 129,250 111,250
Insurance expense 93,056 97,090
Interest expense and other fees 8,851,541 8,263,019
Income tax expense 360,471 499,547
Other general and administrative expenses 239,617 218,351
Total Operating Expenses $
15,805,967 $
16,405,692
Income incentive fee waiver (11,061) (1,242,843)
Total Operating Expenses, net of fee waivers $
15,794,906 $
15,162,849
Net Investment Income $
7,498,028 $
9,788,809
Net realized gain (loss) on non-controlled, non-affiliated investments $
750,410 $
(5,967,221)
Net realized gain (loss) on foreign currency translations 3,664 (29,655)
Net change in unrealized (depreciation) appreciation on controlled investments (3,545,377) 55,276
Net change in unrealized depreciation on non-controlled, affiliated investments (444,624)
Net change in unrealized (depreciation) appreciation on non-controlled, non-affiliated investments (2,558,345) 1,138,017
Net change in unrealized (depreciation) appreciation on foreign currency translations (48,020) 8,319
Net Increase in Net Assets Resulting from Operations $
1,655,736 $
4,993,545
Net Investment Income Per Share-basic and diluted $
0.26 $
0.35
Net Increase in Net Assets Resulting from Operations Per Share - basic and diluted $
0.06 $
0.18
Weighted Average Shares of Common Stock Outstanding-basic and diluted 28,947,254 27,602,612
Distributions Per Share-basic and diluted $
0.34 $
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, 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
Balances at December 31, 2025 28,947,254 $
28,947 $
397,829,793 $
(26,679,784) $
371,178,956
Net investment income 7,498,028 7,498,028
Net realized gain on investments 750,410 750,410
Net realized gain on foreign currency translation 3,664 3,664
Net change in unrealized depreciation on investments (6,548,346) (6,548,346)
Net change in unrealized depreciation on foreign currency translations (48,020) (48,020)
Distributions from net investment income (9,839,171) (9,839,171)
Balances at March 31, 2026 28,947,254 $
28,947 $
397,829,793 $
(34,863,219) $
362,995,521
STELLUS CAPITAL INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the three months ended
March 31, 2026 March 31, 2025
Cash Flows from Operating Activities
Net increase in net assets resulting from operations $
1,655,736 $
4,993,545
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments (27,664,251) (55,415,263)
Proceeds from sales and repayments of investments 41,713,484 14,986,423
Net change in unrealized depreciation (appreciation) on investments 6,548,346 (1,193,293)
Net change in unrealized depreciation (appreciation) on foreign currency translations 48,020 (8,319)
Increase in investments due to payment-in-kind income (1,674,387) (976,479)
Amortization of premium and accretion of discount, net (713,561) (715,755)
Amortization of loan structure fees 254,298 315,618
Amortization of deferred financing costs 134,684 110,150
Amortization of discount on Notes Payable 33,248
Amortization of premium on Notes Payable (30,426)
Amortization of loan fees on SBA-guaranteed debentures 166,986 188,984
Net realized (gain) loss on investments (750,410) 5,967,221
Changes in other assets and liabilities
Increase in interest receivable (235,852) (1,281,507)
Decrease (increase) in income tax receivable 1,385,387 (1,081,760)
Increase in other receivables (64,189) (20,755)
Decrease in related party receivables 20 3,687
(Increase) decrease in prepaid expenses (423,284) 90,313
(Decrease) increase in management fees payable (50,348) 20,617
Increase (decrease) in income incentive fees payable 95,648 (1,458,054)
Increase (decrease) in administrative services payable 40,191 (12,990)
Decrease in interest payable (408,861) (3,788,915)
Increase in related party payable 2,335,513 1,290,893
(Decrease) increase in unearned revenue (42,377) 72,177
Increase in income tax payable 93,492
Increase in other accrued expenses and liabilities 356,278 989,436
Net Cash Provided by (Used in) Operating Activities $
22,803,385 $
(36,924,026)
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 (75,000) (179,988)
Stockholder distributions paid (10,418,116) (10,999,933)
Financing costs paid on Notes Payable (50,000)
Repayments of SBA-guaranteed debentures (39,000,000) (16,250,000)
Borrowings under Credit Facility 58,100,000 67,700,000
Repayments of Credit Facility (53,033,900) (21,633,900)
Net Cash (Used in) Provided by Financing Activities $
(44,477,016) $
27,754,253
Net Decrease in Cash and Cash Equivalents $
(21,673,631) $
(9,169,773)
Cash and Cash Equivalents Balance at Beginning of Period $
25,050,156 $
20,058,594
Cash and Cash Equivalents Balance at End of Period $
3,376,525 $
10,888,821
Supplemental and Non-Cash Activities
Cash paid for interest expense $
8,701,862 $
11,437,182
Income and excise tax refund, net (1,118,408) 1,581,307
Exchange of investments 1,999,529 1,663,301
Reconciliation of Core Net Investment Income
(1)
(Unaudited)
Three Months Ended
March 31, 2026 March 31,
2025
Net investment income $7,498,028 $9,788,809
Income tax expense 360,471 499,547
Core net investment income $7,858,499 $10,288,356
Per share amounts:
Net investment income per share $0.26 $0.35
Core net investment income per share $0.27 $0.37
Reconciliation of Realized Net Investment Income
(2)
(Unaudited)
Three Months Ended
March 31, March 31,
2026 2025
Net investment income $7,498,028 $9,788,809
Net realized gain (loss) on investments 750,410 (5,967,221)
Net realized gain on foreign currency translation 3,664 (29,655)
Total realized net investment income $8,252,102 $3,791,933
Per share amounts:
Net investment income per share $0.26 $0.35
Realized net investment income per share $0.29 $0.14
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SOURCE Stellus Capital Investment Corporation
