7Baggers

Stellus Capital Investment Corporation
(NYSE:SCM) 

SCM stock logo

Stellus Capital Investment Corporation is a business development company specializing in investments in private middle-market companies. It invests through first lien, second lien, unitranche, and mezzanine debt financing, often with a corresponding equity investment. The fund prefers to invest in U...

Sector: Financial Services
Industry: Asset Management
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• Market Cap:
• Exchange:
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• Employees:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-06-30 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 
                           
      investment income
    		                       
      from controlled investments:
    		                       
      interest income
    		     81,636  25,662,895 16,460,579 14,846,398 15,116,951  16,460,579 14,846,398 13,512,777  13,707,343 13,635,480 14,849,588  15,134,874 13,605,861 13,625,399 
      from non-controlled, non-affiliated investments
    		                       
      payment-in-kind interest income
    		1,378,166                       
      other income
    		1,262,956 1,042,397 1,270,898 1,159,898 1,461,255 958,262  922,122 568,764 257,976 377,453  568,764 257,976 475,087  309,406 205,798 411,457  380,353 564,394 209,530 
      total investment income
    		26,275,709 25,696,602 25,614,926 26,498,259 26,626,199 25,996,749  26,585,017 17,029,343 15,104,374 15,494,404  17,029,343 15,104,374 13,987,864  14,016,749 13,841,278 15,261,045  15,515,227 14,170,255 13,834,929 
      operating expenses
    		                       
      management fees
    		4,401,305 4,279,441 4,034,109 3,959,554 3,852,233 3,852,233  3,865,588 3,473,041 3,278,479 3,492,713  3,473,041 3,278,479 2,963,861  2,796,878 2,743,195 2,719,054  2,480,918 2,304,362 2,222,645 
      valuation fees
    		172,364 38,507 36,486 151,535 35,711 156,507  46,422 141,012 20,082 139,588  141,012 20,082 128,353  134,246 19,001 109,833  109,296 21,628 107,322 
      administrative services expenses
    		592,409 474,284 474,847 469,274 481,261 490,901  466,378 437,804 463,102 474,318  437,804 463,102 453,389  431,894 436,594 466,935  425,849 415,506 405,399 
      income incentive fees
    		2,166,047 2,158,075 2,429,404 2,564,922 2,542,530 2,509,110  2,603,004 1,451,752 55,899   1,451,752 55,899   461,590 168,749 1,339,637  1,583,145 1,382,814 1,373,854 
      professional fees
    		395,098 312,808 342,366 312,034 196,205 339,627  169,836 267,332 236,212 312,062  267,332 236,212 268,965  224,517 150,514 386,714  166,802 329,541 344,340 
      directors’ fees
    		93,250 93,250 96,250 93,250 114,250 108,250  93,250 74,500 74,500 96,500    91,500         
      insurance expense
    		99,248 98,668 123,073 126,362 125,489 124,989  121,885 120,119 118,813 124,507  120,119 118,813 117,507  94,094 93,071 93,071  87,601 86,649 85,697 
      interest expense and other fees
    		8,949,075 8,680,015 7,665,595 7,956,403 8,116,497 7,767,573  8,101,975 4,854,388 4,691,968 4,891,597  4,854,388 4,691,968 4,323,478  3,861,072 4,092,594 4,292,204  3,774,316 3,359,270 3,674,787 
      income tax expense
    		515,686 428,951 503,890 360,192 574,037 370,719  371,786 192,612 286,276 279,417  192,612 286,276 239,981  367,836 289,000 196,795  350,549 342,384 12,744 
      other general and administrative expenses
    		227,037 500,302 267,580 245,043 417,867 245,275  331,649 209,779 329,641 211,736  209,779 329,641 256,918  238,177 302,379 166,003  121,172 283,845 8,725 
      total operating expenses
    		17,611,519 17,064,301 15,973,600 16,238,569 16,456,080 15,965,184  16,171,773 12,965,243 9,569,359 9,980,221  12,965,243 9,569,359 8,927,233  8,687,804 8,405,663 9,021,583  9,716,568 8,754,855 9,501,270 
      income incentive fee waiver
    		-471,251 -928,926   -1,622,542 -204,351                  
      total operating expenses, net of fee waivers
    		17,140,268 16,135,375 15,973,600 16,238,569 14,833,538 15,760,833                  
      net investment income
    		9,135,441 9,561,227 9,641,326 10,259,690 11,792,661 10,235,916  10,413,244 4,064,100 5,535,015 5,514,183  4,064,100 5,535,015 5,060,631  5,328,945 5,435,615 6,239,462  5,798,659 5,415,400 4,333,659 
      net realized loss on controlled investments
    		 -1,132,576                      
      net realized gain on non-controlled, non-affiliated investments
    		2,867,155 272,549 5,952,860 -3,297,615 1,992,482 -20,384,731  -310,588 7,921,322 -1,781,665 3,458,090  7,921,322  462,228  151,697 -3,893,249 1,296,793  6,200,367 2,696,138  
      net realized loss on foreign currency translations
    		-9,422 -20,003 -17,740 -22,095 -29,789                   
      loss on debt extinguishment
    		-164,762              -539,250         
      net change in unrealized appreciation on controlled investments
    		51,367 1,290,491 230,876.25 248,746 138,189 536,570                  
      net change in unrealized (depreciation) appreciation on non-controlled, non-affiliated investments
    		-5,187,426    -5,724,870    2,080,603 1,665,877 -3,721,602             
      net change in unrealized (depreciation) appreciation on foreign currency translations
    		-325     -3,602                  
      benefit for taxes on net unrealized depreciation on investments
    		                       
      benefit for taxes on net realized loss on investments
    		   2,221                    
      net increase in net assets resulting from operations
    		6,692,028 10,145,410 8,691,074 15,460,807 8,544,286 13,148,460  3,711,043 12,778,621 5,606,948 5,222,164   5,606,948 4,937,788  7,508,680 39,812,674 -43,939,732  8,468,254 5,994,683 10,142,443 
      net investment income per share—basic and diluted
    		0.32 0.34 0.35 0.39 0.48 0.42  0.49 0.21 0.28              
      net increase in net assets resulting from operations per share – basic and diluted
    		0.23 0.36 0.31 0.59 0.35 0.54  0.17   0.27             
      weighted-average shares of common stock outstanding—basic and diluted
    		28,480,472 28,412,849 25,596,593 26,326,426 24,733,966 24,125,642 22,004,648 21,231,979 19,486,003 19,486,003              
      distributions per share—basic and diluted
    		0.4 0.4 0.4 0.4 0.41 0.4  0.41 0.58 0.25              
      net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments
    		 143,176 -6,768,785 8,255,272  22,982,020       2,080,603 1,665,877 121,983  2,120,787 38,329,217   -3,534,972   
      net change in unrealized appreciation (depreciation) on foreign currency translations
    		 30,546 1,274.75 14,588                    
      capital gains incentive fee reversal
    		                       
      benefit for taxes on net unrealized (appreciation) depreciation on investments
    		  47,223.25       187,721              
      capital gains incentive fee
    		                       
      net change in unrealized depreciation on foreign currency translations
    		    -5,887                   
      benefit for taxes on net unrealized depreciation (appreciation) on investments
    		    381,500    -606,377               
      net realized loss on foreign currency translation
    		     -25,106  -10,704   -7,350             
      benefit from taxes on net unrealized appreciation on investments
    		     -192,607                  
      net change in unrealized depreciation on non-controlled, non-affiliated investments
    		       -6,295,233           -51,504,946     
      net change in unrealized depreciation on foreign currency translation
    		       -20,323                
      provision for taxes on net unrealized appreciation on investments
    		       -65,353   -21,157             
      capital gains incentive (reversal) fees
    		        1,742,904 14,387 -42,217        -880,913     
      provision for taxes on realized gain on investments
    		        -681,027    -681,027           
      net increase in net assets resulting from operations per share—basic and diluted
    		        0.66 0.29              
      net investment income per share – basic and diluted
    		          0.28             
      weighted-average shares of common stock outstanding – basic and diluted
    		          19,517,761             
      distributions per share – basic and diluted
    		          0.28             
      capital gains incentive fees
    		            1,742,904 14,387 83,281      533,920 115,856 1,161,757 
      directors' fees
    		            74,500 74,500   77,500 110,566 132,250  83,000 113,000 104,000 
      provision for taxes on net unrealized gain on investments
    		            -606,377     -58,909    -27,300 -12,601 
      net increase in net assets
    		                       
      resulting from operations
    		            12,778,621           
      net investment income per share
    		            0.21 0.28 0.26  0.27 0.28 0.32  0.31 0.29 0.27 
      net increase in net assets resulting from operations per share
    		            0.66 0.29 0.25  0.39 2.04 -2.26  0.45 0.32 0.62 
      weighted-average shares of common stock outstanding
    		            19,486,003 19,486,003  19,471,500 19,486,030 19,484,217 19,429,480 18,275,696 18,905,959 18,883,745 16,351,032 
      distributions per share
    		            0.58 0.25 0.25  0.56 0.25 0.34  0.34 0.34 0.34 
      net realized loss on non-controlled, non-affiliated investments
    		             -1,781,665          
      benefit for taxes on net unrealized gain on investments
    		             187,721   -92,749  28,959     
      (provision) benefit for taxes on net unrealized gain on investments
    		              -167,804         
      weighted average shares of common stock outstanding
    		              19,486,003         
      net change in unrealized appreciation (depreciation) on non-controlled, affiliated investments
    		                       
      benefit (provision) for taxes on net unrealized gain on investments
    		                    4,200   
      net change in unrealized appreciation (depreciation) on non- controlled, non-affiliated investments
    		                     -2,089,555  
      net change in unrealized appreciation (depreciation) on non- controlled, affiliated investments
    		                       
      net realized gain on non-controlled, non-affiliated investments and cash equivalents
    		                      10,246,098 
      net change in unrealized appreciation (depreciation) on non- controlled, non-affiliated investments and cash equivalents
    		                      -4,426,898 
      net change in unrealized appreciation on non- controlled, affiliated investments and cash equivalents
    		                      2,185 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-03-31 
           
        ​
      		     
        assets
      		     
        controlled investments at fair value
      		13,568,095 13,046,041  7,652,436,000,000  
        non-controlled, non-affiliated investments, at fair value
      		996,641,541 972,839,633  945,845,252,000,000  
        cash and cash equivalents
      		9,024,020 39,991,690  20,058,594,000,000  
        receivable for sales and repayments of investments
      		437,552 399,106  335,689,000,000  
        interest receivable
      		7,047,686 5,869,109  4,947,765,000,000  
        income tax receivable
      		1,522,198 2,045,697  1,301,965,000,000  
        other receivables
      		99,111 17,500  87,995,000,000  
        related party receivable
      		22,500   3,687,000,000  
        prepaid expenses
      		281,634 447,891  666,866,000,000  
        total assets
      		1,028,644,337 1,034,765,726  980,900,249,000,000  
        liabilities
      		     
        notes payable
      		172,522,707 172,310,201 100,000,000 99,444,355,000,000 100,000,000 
        credit facility payable
      		163,995,602 160,622,440 221,813,920 172,314,315,000,000 184,650,119 
        sba-guaranteed debentures
      		295,805,634 305,373,199 308,750,000 321,251,939,000,000 325,000,000 
        dividends payable
      		3,858,669 3,787,873  3,663,233,000,000  
        management fees payable
      		4,401,305 4,279,441  4,034,109,000,000  
        income incentive fees payable
      		2,642,033 2,052,194  3,109,560,000,000  
        interest payable
      		5,912,375 6,529,422  5,281,343,000,000  
        related party payable
      		136,535 1,088,287    
        unearned revenue
      		640,637 676,290  548,626,000,000  
        administrative services payable
      		507,139 415,810  393,513,000,000  
        other accrued expenses and liabilities
      		491,374 2,259,679  937,316,000,000  
        total liabilities
      		650,914,010 659,394,836  610,978,309,000,000  
        commitments and contingencies
      		     
        net assets
      		377,730,327 375,370,890  369,921,940,000,000  
        common stock, par value 0.001 per share...
      		28,947 28,416  27,481,000,000  
        paid-in capital
      		399,410,630 392,309,339  379,549,272,000,000  
        total distributable loss
      		-21,709,250 -16,966,865  -9,654,813,000,000  
        total liabilities and net assets
      		1,028,644,337 1,034,765,726  980,900,249,000,000  
        net asset value per share
      		13.05 13.21  13,460,000  
        deferred offering costs
      		 109,059    
        per share data:
      		     
        net asset value at beginning of period
      		  13.46  13.26 
        net investment income
      		  0.35  0.42 
        change in unrealized appreciation on investments
      		  0.04   
        net realized loss
      		  -0.21  -0.85 
        benefit from taxes on net unrealized appreciation on investments
      		    -0.01 
        total from operations
      		  0.18  0.54 
        sales load
      		  -0.01   
        offering costs
      		  -0.01   
        stockholder distributions from:
      		     
        accretive effect of stock offerings
      		  0.01   
        other
      		  0.02  0.01 
        net asset value at end of period
      		  13.25  13.41 
        per share market value at end of period
      		  14  13.08 
        total return based on market value
      		  4.6  3.7 
        weighted-average shares outstanding for the period
      		  27,602,612  24,125,642 
        ratio/supplemental data:
      		     
        net assets at end of period
      		  372,766,182  323,440,404 
        weighted-average net assets
      		  371,525,216  319,978,256 
        annualized ratio of gross operating expenses to net assets
      		  17.91  20.07 
        annualized ratio of net operating expenses to net assets
      		  16.55  19.82 
        annualized ratio of interest expense and other fees to net assets
      		  9.02  9.74 
        annualized ratio of net investment income before fee waiver to net assets
      		  9.33  12.57 
        annualized ratio of net investment income to net assets
      		  10.69  12.83 
        portfolio turnover
      		  1.54  13.07 
        asset coverage ratio
      		  2.16  2.14 
        based on weighted-average shares of common stock outstanding for the period.
      		     
        asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities. sba-guaranteed debentures are excluded from the numerator and denominator.
      		     
        deferred tax liability
      		     
        change in unrealized appreciation (depreciation) on investments
      		    0.98 
        includes the impact of different share amounts as a result of calculating certain per share data based on weighted-average shares outstanding during the period and certain per share data based on shares outstanding as of the period end.
      		     
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-03-31 
            
          cash flows from operating activities
        		    
          net increase in net assets resulting from operations
        		6,692,028 10,145,410 4,993,545 13,148,460 
          adjustments to reconcile net increase in net assets from operations to net cash from operating activities:
        		    
          purchases of investments
        		-63,753,008 -22,814,896 -55,415,263 -28,516,430 
          proceeds from sales and repayments of investments
        		38,997,345 31,651,864 14,986,423 31,169,595 
          net change in unrealized depreciation (appreciation) on investments
        		    
          net change in unrealized appreciation on foreign currency translations
        		    
          increase in investments due to pik
        		-1,378,166 -1,516,072 -976,479 -750,054 
          amortization of premium and accretion of discount
        		-735,749 -721,468 -715,755 -702,543 
          deferred tax benefit
        		    
          amortization of loan structure fees
        		319,288 319,127 315,618 264,707 
          amortization of deferred financing costs
        		144,283 193,318 110,150 111,374 
          amortization of discount on notes payable
        		31,961    
          amortization of loan fees on sba-guaranteed debentures
        		182,435 182,276 188,984 314,055 
          net realized loss on investments
        		-2,867,155 860,027 5,967,221  
          loss on debt extinguishment
        		    
          changes in other assets and liabilities
        		    
          increase in interest receivable
        		-1,178,577 360,163 -1,281,507 -1,602,062 
          increase in income tax receivable
        		523,499 338,028 -1,081,760 -1,085,022 
          increase in other receivables
        		  -20,755  
          increase in related party receivables
        		    
          decrease in prepaid expenses
        		166,257 128,662 90,313 21,256 
          increase in management fees payable
        		121,864 224,715 20,617  
          increase in income incentive fees payable
        		   -140,107 
          increase in administrative services payable
        		91,329 35,287 -12,990 22,897 
          increase in interest payable
        		-617,047    
          increase in related party payable
        		-951,752 -202,606 1,290,893  
          increase in unearned revenue
        		-35,653 55,487 72,177 14,589 
          increase in other accrued expenses and liabilities
        		-1,768,305 332,927 989,436  
          net cash (used) provided in operating activities
        		  -36,924,026  
          cash flows from financing activities
        		    
          proceeds from the issuance of common stock
        		7,435,594 3,896,384 9,256,982  
          sales load for common stock issued
        		-111,534 -58,556 -138,908  
          offering costs paid for common stock issued
        		-113,179 -123,971 -179,988 -5,209 
          stockholder distributions paid
        		-11,363,617 -11,326,434 -10,999,933 -6,431,896 
          proceeds from issuance of notes payable
        		50,000,000    
          repayment of notes payable
        		    
          premium from issuance of notes payable
        		    
          discount from issuance of notes payable
        		0    
          financing costs paid on notes payable
        		-776,500    
          repayments of sba-guaranteed debentures
        		-9,750,000 0 -16,250,000  
          financing costs paid on credit facility
        		   -49,969 
          borrowings under credit facility
        		94,500,000 36,700,000 67,700,000 50,000,000 
          repayments of credit facility
        		-89,683,900 -96,183,900 -21,633,900 -25,333,900 
          net cash from financing activities
        		-10,740,150 5,434,467 27,754,253 18,179,026 
          net increase in cash and cash equivalents
        		-30,967,670 29,102,869 -9,169,773 22,635,980 
          cash and cash equivalents balance at beginning of period
        		0 0 20,058,594 26,125,741 
          cash and cash equivalents balance at end of period
        		-30,967,670 29,102,869 10,888,821 48,761,721 
          supplemental and non-cash activities
        		    
          cash paid for interest expense
        		10,586,239 2,916,866 11,437,182 10,825,557 
          income and excise tax paid
        		-7,813 90,923 1,581,307 1,455,741 
          exchange of investments
        		0 0 1,663,301 8,256,411 
          ​
        		    
          investments
        		    
          control investments
        		    
          eh real estate services, llc
        		   -13 
          term loan a-1
        		0 0 -16 -16 
          term loan a-2
        		0 0 -16 -16 
          term loan a-3
        		0 0 -16 -16 
          term loan a-4
        		0 0 -16 -16 
          term loan a-5
        		0 0 -16 -16 
          revolver
        		0 0 -16 -16 
          eh holdco, llc common units
        		    
          eh holdco, llc series a preferred units
        		    
          total
        		    
          j.r. watkins, llc
        		    
          term loan
        		0 -8 -11 -11 
          priority revolver
        		0 6 -25  
          j.r. watkins ultimate holdings, llc class a units
        		    
          total control investments
        		    
          non-controlled, non-affiliated investments
        		    
          2x llc
        		    
          2x investors lp class a units
        		    
          ad.net acquisition, llc
        		    
          ad.net holdings, inc. series a common stock
        		    
          ad.net holdings, inc. series a preferred stock
        		    
          adcellerant llc
        		    
          term a loan
        		0 0 -11 -11 
          adcellerant holdings, llc series a units
        		    
          ads group opco, llc
        		    
          ads group topco, llc class a units
        		    
          ads group topco, llc class b units
        		    
          ads group topco, llc class d units
        		    
          ads group topco, llc class y units
        		    
          ads group topco, llc class z units
        		    
          advanced barrier extrusions, llc
        		    
          term loan b
        		0 0 -11 -11 
          super priority term loan
        		0 0 -13  
          term loan a
        		0 0 -13  
          gp abx holdings partnership, l.p. partner interests
        		    
          gp abx holdings partnership, l.p. series b preferred interests
        		    
          net change in unrealized appreciation on investments
        		 -1,433,667 -1,193,293  
          net change in unrealized (appreciation) depreciation on foreign currency translations
        		 -30,546 -8,319  
          decrease (increase) in other receivables
        		    
          decrease in related party receivables
        		 0 3,687  
          decrease in income incentive fees payable
        		 400,688 -1,458,054  
          net cash from operating activities
        		    
          capital expenditures
        		    
          free cash flows
        		    
          increase in distributions payable
        		 37,184 87,456 3,215,948 
          increase in deferred offering costs
        		   5,209 
          j.r. watkins holdings, inc. class a units
        		    
          deferred tax provision
        		   192,607 
          decrease in interest payable
        		  -3,788,915 -3,748,120 
          adcellerant holdings, llc serires a units
        		    
          agt robotique inc.
        		    
          net change in unrealized (appreciation) depreciation on investments
        		   -23,518,590 
          net change in unrealized depreciation on foreign currency translations
        		   3,602 
          net realized gain on investments
        		   20,384,731 
          decrease in management fees payable
        		   -1,066,303 
          decrease in capital gains incentive fees payable
        		    
          decrease in related party payable
        		    
          increase in income tax payable
        		    
          decrease in other accrued expenses and liabilities
        		   -61,688 
          net cash provided (used) in operating activities
        		   4,456,954 
          controlled investments
        		    
          total controlled investments
        		    
          american refrigeration, llc
        		    
          delayed draw term loan
        		   -11 
          ar-usa holdings, llc class a units
        		    
          amika opco llc
        		    
          ishtar co-invest-b lp partnership interests
        		    
          oshun co-invest-b lp partnership interests