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09.05.2023 23:05:00
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Stellus Capital Investment Corporation Reports Results for its First Fiscal Quarter Ended March 31, 2023
HOUSTON, Texas, May 9, 2023 /PRNewswire/ -- Stellus Capital Investment Corporation (NYSE:SCM) ("Stellus" or the "Company") today announced financial results for its first fiscal quarter ended March 31, 2023.
Robert T. Ladd, Chief Executive Officer of Stellus, stated, "I am pleased to report strong results for the quarter ended March 31, 2023, in which both U.S. GAAP net investment income of $0.46 per share and Non-U.S. GAAP Core net investment income of $0.45 per share, which excludes the impact of capital gains incentive fees and income taxes, the majority of which are excise taxes, covered the regular dividend of $0.40 per share. Our portfolio grew by $33 million to $878 million at fair value and the loan portfolio was yielding 11.4%, on average at March 31, 2023."
FINANCIAL HIGHLIGHTS ($ in millions, except data relating to per share amounts and shares outstanding) | |||||
Three Months Ended | Three Months Ended | ||||
March 31, 2023 | March 31, 2022 | ||||
Amount | Per Share | Amount | Per Share | ||
Net investment income | $9.07 | $0.46 | $5.51 | $0.28 | |
Core net investment income(1) | 8.87 | 0.45 | 5.75 | 0.29 | |
Net realized gain on investments | 0.03 | - | 3.46 | 0.18 | |
Net realized loss on foreign currency translation | (0.04) | - | (0.01) | - | |
Total realized income(2) | $9.06 | $0.46 | $8.96 | $0.46 | |
Distributions | (7.95) | (0.40) | (5.46) | (0.28) | |
Net unrealized depreciation on investments | (4.25) | (0.22) | (3.72) | (0.19) | |
Provision for taxes on unrealized appreciation on investments in taxable subsidiaries | (0.08) | - | (0.02) | - | |
Net increase in net assets resulting from operations | $4.74 | 0.24 | $5.22 | 0.27 | |
Weighted average shares outstanding | 19,779,988 | 19,517,761 | |||
(1) | Core net investment income, as presented, excludes the impact of capital gains incentive fees and income taxes, the majority of which are excise taxes. The Company believes presenting core net investment income and the related per share amount is a useful supplemental disclosure for analyzing its financial performance. However, core net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income and other earnings measures presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). A reconciliation of net investment income in accordance with U.S. GAAP to core net investment income is presented in the table below the financial statements. |
(2) | Total realized income is the sum of net investment income, net realized gains (losses) on investments, net realized gains (losses) on foreign currency, and loss on debt extinguishment; all U.S. GAAP measures. |
PORTFOLIO ACTIVITY ($ in millions, except data relating to per share amounts and number of portfolio companies) | ||||
As of | As of | |||
March 31, 2023 | December 31, 2022 | |||
Investments at fair value | $877.5 | $844.7 | ||
Total assets | $900.9 | $898.2 | ||
Net assets | $280.9 | $275.8 | ||
Shares outstanding | 20,248,383 | 19,666,769 | ||
Net asset value per share | $13.87 | $14.02 | ||
Three Months Ended | Three Months Ended | |||
March 31, 2023 | March 31, 2022 | |||
New investments | $41.2 | $74.5 | ||
Repayments of investments | (5.9) | (10.0) | ||
Net activity | $35.3 | $64.5 | ||
As of | As of | |||
March 31, 2023 | December 31, 2022 | |||
Number of portfolio company investments | 88 | 85 | ||
Number of debt investments | 76 | 73 | ||
Weight average yield of debt and other income producing investments(3) | ||||
Cash | 10.6 % | 10.3 % | ||
Payment-in-kind ("PIK") | 0.4 % | 0.4 % | ||
Fee amortization | 0.4 % | 0.4 % | ||
Total | 11.4 % | 11.1 % | ||
Weighted average yield on total investments(4) | ||||
Cash | 10.0 % | 9.7 % | ||
Payment-in-kind ("PIK") | 0.4 % | 0.3 % | ||
Fee amortization | 0.4 % | 0.4 % | ||
Total | 10.8 % | 10.4 % | ||
(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 of our common stock would realize in a return over the same period because the dollar-weighted average annualized yield does not reflect the Company's expense 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 loans and equity. |
Results of Operations
Investment income for the three months ended March 31, 2023 and 2022 totaled $24.1 million and $15.5 million, respectively, most of which was interest income from portfolio investments.
Operating expenses for the three months ended March 31, 2023 and 2022, totaled $15.0 million and $10.0 million, respectively. For the same respective periods, base management fees totaled $3.7 million and $3.5 million, income incentive fees totaled $2.1 million and $0.0 million, capital gains incentive (reversal) fees totaled ($0.6) million and ($0.0) million, fees and expenses related to our borrowings totaled $7.9 million and $4.9 million (including interest and amortization of deferred financing costs), administrative expenses totaled $0.5 million for both periods, income tax totaled $0.4 million and $0.3 million and other expenses totaled $1.0 million and $0.8 million.
The capital gains incentive fee had a reversal of ($0.6) million for the three months ended March 31, 2023 due to the increase in unrealized losses, net of realized gains over the quarter. Such fees, as calculated and accrued, would not necessarily be payable under the investment advisory agreement, and may never be paid based upon the computation of incentive fees in subsequent periods. The income tax expense accrual of $0.4 million for the three months ended March 31, 2023 was accrued based on estimates of undistributed taxable income, which was generated largely from net investment income.
Net investment income was $9.1 million and $5.5 million, or $0.46 and $0.28 per common share based on weighted average common shares outstanding of 19,779,988 and 19,517,761 for the three months ended March 31, 2023 and 2022, 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 March 31, 2023 and 2022 was $8.9 million and $5.8 million, or $0.45 and $0.29 per share, respectively.
For the three months ended March 31, 2023 and 2022, the Company's investment portfolio had a net change in unrealized depreciation of ($4.2) million and ($3.7) million, respectively, and the Company had realized gains of $0.0 million and $3.5 million, respectively.
Net increase in net assets resulting from operations totaled $4.8 million and $5.2 million, or $0.24 and $0.27 per common share, based on weighted average common shares outstanding of 19,779,988 and 19,517,761 for the three months ended March 31, 2023 and 2022, respectively.
Liquidity and Capital Resources
As of March 31, 2023, our amended and restated 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 $265.0 million on a committed basis. As of March 31, 2023 and December 31, 2022, the Credit Facility had an accordion feature which allowed for potential future expansion of the facility size to $280.0 million. As of March 31, 2023 and December 31, 2022, we had $198.3 million and $199.2 million in outstanding borrowings under the Credit Facility, respectively.
The Company issued 581,614 shares during the three months ended March 31, 2023 under the At-the-Market Program ("ATM Program"), for gross proceeds of $8.4 million. The average per share offering price of shares issued under the ATM Program during the three months ended March 31, 2023 was $14.47. 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, 2023, the Advisor reimbursed the Company $0.1 million, which resulted in net proceeds of $8.3 million, or $14.38 per share, excluding the impact of offering expenses.
Distributions
During the three months ended March 31, 2023 and 2022, we declared aggregate distributions of $0.40 and $0.28 per share, respectively ($8.0 million and $5.5 million, 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, 2023:
Activity Type | Date | Company Name | Company Description | Investment Amount | Instrument Type | ||||||
Add-On Investment | January 5, 2023 | Advanced Barrier Extrusions, LLC* | Manufacturer of high barrier forming web films | $ | 35,308 | Equity | |||||
New Investment | January 23, 2023 | Evriholder Acquisition, Inc. | Designer and supplier of impulse products and merchandising | $ | 13,000,000 | Senior Secured – First Lien | |||||
$ | 100,000 | Revolver commitment | |||||||||
$ | 873,333 | Equity | |||||||||
New Investment | January 31, 2023 | Red's All Natural, LLC | Premium frozen food manufacturer | $ | 10,916,882 | Senior Secured – First Lien | |||||
$ | 710,600 | Equity | |||||||||
Add-On Investment | March 1, 2023 | Elliott Aviation, LLC* | Provider of services to the business aviation sector | $ | 500,000 | Revolver commitment | |||||
Add-On Investment | March 6, 2023 | Whisps Holdings LP* | Importer of Italian cheese in the U.S. | $ | 107,418 | Equity | |||||
New Investment | March 15, 2023 | Cerebro Buyer, LLC | Manufacturer of single-use electrodes for medical procedures | $ | 4,682,323 | Senior Secured – First Lien | |||||
$ | 100,000 | Revolver commitment | |||||||||
$ | 62,961 | Equity | |||||||||
$ | 341,091 | Equity | |||||||||
Add-On Investment | March 27, 2023 | BDS Solutions Intermediateco, LLC* | Leading provider of outsourced marketing services | $ | 1,702,782 | Senior Secured – First Lien | |||||
New Investment | March 31, 2023 | American Refrigeration, LLC | Provider of industrial refrigeration installation and maintenance | $ | 8,275,678 | Senior Secured – First Lien | |||||
$ | 100,000 | Revolver commitment | |||||||||
$ | 100,000 | Delayed Draw Term Loan Commitment | |||||||||
* Existing portfolio company | $ | 141,261 | Equity | ||||||||
The Company realized investments in the following portfolio companies during the three months ended March 31, 2023:
Activity Type | Date | Company Name | Proceeds Received | Realized Gain | Instrument Type | |||||||
Full Repayment | March 29, 2023 | AIP ATCO Buyer, LLC | $ | 99,500 | $ | — | Senior Secured – First Lien | |||||
Events Subsequent to March 31, 2023
The Company's management has evaluated subsequent events through May 9, 2023. 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, 2023:
Activity Type | Date | Company Name | Company Description | Investment Amount | Instrument Type | ||||||
Add-On Investment | April 3, 2023 | EH Real Estate Services, LLC* | Offers residential property brokerage, title & settlement, | $ | 570,279 | Senior Secured – First Lien | |||||
Add-On Investment | April 11, 2023 | ADS Group Opco, LLC* | Full-service manufacturer for original equipment | $ | 88,733 | Equity | |||||
Add-On Investment | April 13, 2023 | Tower Arch Infolinks Media, LP* | Advertising placement partner for small to mid-sized | $ | 1,093 | Equity | |||||
Add-On Investment | April 14, 2023 | BLP Buyer, Inc.* | Distributor of lifting solutions | $ | 1,729,958 | Senior Secured – First Lien | |||||
$ | 229,010 | Equity | |||||||||
Add-On Investment | April 17, 2023 | Axis Portable Air, LLC* | Air conditioning, heating, and air quality equipment | $ | 1,893,610 | Senior Secured – First Lien | |||||
Add-On Investment | April 27, 2023 | CompleteCase, LLC* | Provider of online uncontested divorce solutions | $ | 66,667 | Revolver commitment | |||||
$ | 111,408 | Equity | |||||||||
New Investment | April 28, 2023 | Impact Home Services, LLC | Residential, garage door, electrical, and plumbing | $ | 5,936,899 | Senior Secured – First Lien | |||||
$ | 100,000 | Revolver commitment | |||||||||
$ | 310,844 | Equity | |||||||||
New Investment | May 1, 2023 | RIA Advisory, LLC | Provider of Oracle software implementation services | $ | 6,000,000 | Senior Secured – First Lien | |||||
$ | 100,000 | Revolver commitment | |||||||||
* Existing portfolio company | $ | 243,467 | Equity | ||||||||
Credit Facility
The outstanding balance under the Credit Facility as of May 9, 2023 was $200.4 million.
SBA-guaranteed Debentures
The total balance of SBA-guaranteed debentures outstanding as of May 9, 2023 was $313.6 million.
ATM program
Since March 31, 2023, the Company issued 587,363 shares under the ATM Program, for gross proceeds of $8.1 million and underwriting and other expenses of $0.1 million. The average per share offering price of shares issued in the ATM Program subsequent to March 31, 2023 was $13.87. The Advisor agreed to reimburse the Company for underwriting fees and expenses to the extent the issuance of shares would be dilutive in nature. As such, the Advisor reimbursed the Company $0.2 million which resulted in net proceeds of $8.2 million, or $14.02 per share.
Distributions Declared
On April 19, 2023, our Board of Directors declared a regular monthly distribution for each of April, May, and June 2023, as follows:
Ex-Dividend | Record | Payment | Amount per | ||||||
Declared | Date | Date | Date | Share | |||||
4/19/2023 | 4/28/2023 | 5/1/2023 | 5/15/2023 | $ | 0.1333 | ||||
4/19/2023 | 5/30/2023 | 5/31/2023 | 6/15/2023 | $ | 0.1333 | ||||
4/19/2023 | 6/29/2023 | 6/30/2023 | 7/14/2023 | $ | 0.1333 | ||||
Conference Call Information
Stellus Capital Investment Corporation will host a conference call to discuss these results on Wednesday, May 10, 2023 at 9:00 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 589075. Starting approximately two hours after the conclusion of the call, a replay will be available through Wednesday, May 24, 2023 by dialing (877) 481-4010 and entering passcode 48362. The replay will also be available on the Company's website.
For those wishing to participate via Live Webcast, connect via the Public Company (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 Corporation
W. Todd Huskinson, Chief Financial Officer
(713) 292-5414
thuskinson@stelluscapital.com
STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (unaudited) | |||||||
March 31, 2023 | |||||||
(unaudited) | December 31, 2022 | ||||||
ASSETS | |||||||
Non-controlled, non-affiliated investments, at fair value (amortized cost of | $ | 877,493,781 | $ | 844,733,638 | |||
Cash and cash equivalents | 17,852,100 | 48,043,329 | |||||
Receivable for sales and repayments of investments | 777,568 | 718,794 | |||||
Interest receivable | 4,171,829 | 3,984,409 | |||||
Other receivables | 34,245 | 34,245 | |||||
Deferred offering costs | 3,800 | 1,100 | |||||
Prepaid expenses | 518,853 | 667,267 | |||||
Total Assets | $ | 900,852,176 | $ | 898,182,782 | |||
LIABILITIES | |||||||
Notes payable | $ | 98,659,842 | $ | 98,549,692 | |||
Credit Facility payable | 196,906,509 | 197,685,281 | |||||
SBA-guaranteed debentures | 308,212,703 | 307,895,195 | |||||
Dividends payable | 2,699,110 | — | |||||
Management fees payable | 4,557,841 | 7,150,407 | |||||
Income incentive fees payable | 4,589,243 | 2,464,408 | |||||
Capital gains incentive fees payable | — | 569,528 | |||||
Interest payable | 1,203,768 | 4,640,841 | |||||
Related party payable | 413,928 | 1,060,321 | |||||
Unearned revenue | 273,102 | 320,675 | |||||
Administrative services payable | 396,870 | 356,919 | |||||
Income tax payable | 1,549,833 | 1,175,373 | |||||
Deferred tax liability | 140,696 | 61,936 | |||||
Other accrued expenses and liabilities | 396,686 | 475,593 | |||||
Total Liabilities | $ | 620,000,131 | $ | 622,406,169 | |||
Commitments and contingencies (Note 7) | |||||||
Net Assets | $ | 280,852,045 | $ | 275,776,613 | |||
NET ASSETS | |||||||
Common stock, par value $0.001 per share (100,000,000 shares authorized; 20,248,383 | $ | 20,248 | $ | 19,667 | |||
Paid-in capital | 283,404,708 | 275,114,720 | |||||
Total distributable (loss) earnings | (2,572,911) | 642,226 | |||||
Net Assets | $ | 280,852,045 | $ | 275,776,613 | |||
Total Liabilities and Net Assets | $ | 900,852,176 | $ | 898,182,782 | |||
Net Asset Value Per Share | $ | 13.87 | $ | 14.02 | |||
STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | |||||||
For the three | For the three | ||||||
months ended | months ended | ||||||
March 31, 2023 | March 31, 2022 | ||||||
INVESTMENT INCOME | |||||||
Interest income | $ | 23,408,604 | $ | 15,116,951 | |||
Other income | 666,743 | 377,453 | |||||
Total Investment Income | $ | 24,075,347 | $ | 15,494,404 | |||
OPERATING EXPENSES | |||||||
Management fees | $ | 3,735,102 | $ | 3,492,713 | |||
Valuation fees | 147,073 | 139,588 | |||||
Administrative services expenses | 461,964 | 474,318 | |||||
Income incentive fees | 2,124,835 | — | |||||
Capital gains incentive fee reversal | (569,528) | (42,217) | |||||
Professional fees | 430,848 | 312,062 | |||||
Directors' fees | 117,250 | 96,500 | |||||
Insurance expense | 120,546 | 124,507 | |||||
Interest expense and other fees | 7,886,424 | 4,891,597 | |||||
Income tax expense | 374,763 | 279,417 | |||||
Other general and administrative expenses | 178,450 | 211,736 | |||||
Total Operating Expenses | $ | 15,007,727 | $ | 9,980,221 | |||
Net Investment Income | $ | 9,067,620 | $ | 5,514,183 | |||
Net realized gain on non-controlled, non-affiliated investments | $ | 34,967 | $ | 3,458,090 | |||
Net realized loss on foreign currency translation | (39,912) | (7,350) | |||||
Net change in unrealized depreciation on non-controlled, non-affiliated investments | (4,249,642) | (3,721,602) | |||||
Net change in unrealized appreciation on foreign currency translation | 1,874 | — | |||||
Provision for taxes on net unrealized appreciation on investments | (78,760) | (21,157) | |||||
Net Increase in Net Assets Resulting from Operations | $ | 4,736,147 | $ | 5,222,164 | |||
Net Investment Income Per Share—basic and diluted | $ | 0.46 | $ | 0.28 | |||
Net Increase in Net Assets Resulting from Operations Per Share – basic and diluted | $ | 0.24 | $ | 0.27 | |||
Weighted Average Shares of Common Stock Outstanding—basic and diluted | 19,779,988 | 19,517,761 | |||||
Distributions Per Share—basic and diluted | $ | 0.40 | $ | 0.28 | |||
STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited) | ||||||||||||||
Common Stock | Total | |||||||||||||
Number | Par | Paid-in | distributable | |||||||||||
of shares | value | capital | earnings (loss) | Net Assets | ||||||||||
Balances at December 31, 2021 | 19,517,595 | $ | 19,518 | $ | 274,559,121 | $ | 10,532,594 | $ | 285,111,233 | |||||
Net investment income | — | — | — | 5,514,183 | 5,514,183 | |||||||||
Net realized gain on non-controlled, non-affiliated investments | — | — | — | 3,458,090 | 3,458,090 | |||||||||
Net realized loss on foreign currency translation | — | — | — | (7,350) | (7,350) | |||||||||
Net change in unrealized depreciation on non-controlled, non-affiliated investments | — | — | — | (3,721,602) | (3,721,602) | |||||||||
Provision for taxes on realized gain on investments | — | — | — | (21,157) | (21,157) | |||||||||
Distributions from net investment income | — | — | — | (5,464,666) | (5,464,666) | |||||||||
Issuance of common stock, net of offering costs(1) | 14,924 | 15 | 167,655 | — | 167,670 | |||||||||
Balances at March 31, 2022 | 19,532,519 | $ | 19,533 | $ | 274,726,776 | $ | 10,290,092 | $ | 285,036,401 | |||||
Balances at December 31, 2022 | 19,666,769 | $ | 19,667 | $ | 275,114,720 | $ | 642,226 | $ | 275,776,613 | |||||
Net investment income | — | — | — | 9,067,620 | 9,067,620 | |||||||||
Net realized gain on non-controlled, non-affiliated investments | — | — | — | 34,967 | 34,967 | |||||||||
Net realized loss on foreign currency translation | — | — | — | (39,912) | (39,912) | |||||||||
Net change in unrealized depreciation on non-controlled, non-affiliated investments | — | — | — | (4,249,642) | (4,249,642) | |||||||||
Net change in unrealized appreciation on foreign currency translations | — | — | — | 1,874 | 1,874 | |||||||||
Provision for taxes on unrealized appreciation on investments | — | — | — | (78,760) | (78,760) | |||||||||
Distributions from net investment income | — | — | — | (7,951,284) | (7,951,284) | |||||||||
Issuance of common stock, net of offering costs(1) | 581,614 | 581 | 8,289,988 | — | 8,290,569 | |||||||||
Balances at March 31, 2023 | 20,248,383 | $ | 20,248 | $ | 283,404,708 | $ | (2,572,911) | $ | 280,852,045 | |||||
(1) | See Note 4 to the Consolidated Financial Statements on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2023 for more information on offering costs. |
STELLUS CAPITAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | |||||||
For the three | For the three | ||||||
months ended | months ended | ||||||
March 31, 2023 | March 31, 2022 | ||||||
Cash flows from operating activities | |||||||
Net increase in net assets resulting from operations | $ | 4,736,147 | $ | 5,222,164 | |||
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |||||||
Purchases of investments | (41,237,273) | (74,535,403) | |||||
Proceeds from sales and repayments of investments | 5,890,813 | 10,008,127 | |||||
Net change in unrealized depreciation on investments | 4,249,642 | 3,721,602 | |||||
Net change in unrealized depreciation on foreign currency translations | 10,126 | — | |||||
Increase in investments due to PIK | (769,954) | (330,111) | |||||
Amortization of premium and accretion of discount, net | (665,998) | (546,806) | |||||
Deferred tax provision | 78,760 | 21,157 | |||||
Amortization of loan structure fees | 143,822 | 133,262 | |||||
Amortization of deferred financing costs | 110,150 | 83,670 | |||||
Amortization of loan fees on SBA-guaranteed debentures | 317,508 | 283,144 | |||||
Net realized gain on investments | (34,967) | (3,458,090) | |||||
Changes in other assets and liabilities | |||||||
(Increase) decrease in interest receivable | (187,420) | 179,927 | |||||
Decrease in other receivable | — | 4,257 | |||||
Decrease in prepaid expenses | 148,414 | 9,959 | |||||
(Decrease) increase in management fees payable | (2,592,566) | 492,713 | |||||
Increase (decrease) in income incentive fees payable | 2,124,835 | (1,000,000) | |||||
Decrease in capital gains incentive fees payable | (569,528) | (42,217) | |||||
Increase in administrative services payable | 39,951 | 18,320 | |||||
Decrease in interest payable | (3,437,073) | (2,855,244) | |||||
Decrease in related party payable | (646,393) | — | |||||
Decrease in unearned revenue | (47,573) | (62,731) | |||||
Increase (decrease) in income tax payable | 374,460 | (755,312) | |||||
(Decrease) increase in other accrued expenses and liabilities | (78,907) | 482,638 | |||||
Net Cash Used in Operating Activities | $ | (32,043,024) | $ | (62,924,974) | |||
Cash flows from Financing Activities | |||||||
Proceeds from the issuance of common stock | $ | 8,487,127 | $ | 221,176 | |||
Sales load for common stock issued | (126,303) | (3,137) | |||||
Offering costs paid for common stock issued | (72,955) | (50,369) | |||||
Stockholder distributions paid | (5,252,174) | (4,422,688) | |||||
Proceeds from SBA-guaranteed debentures | — | 20,000,000 | |||||
Financing costs paid on SBA-guaranteed debentures | — | (487,000) | |||||
Financing costs paid on Credit facility | — | (25,881) | |||||
Borrowings under Credit Facility | 13,300,000 | 57,388,800 | |||||
Repayments of Credit Facility | (14,483,900) | (29,240,000) | |||||
Net Cash Provided by Financing Activities | $ | 1,851,795 | $ | 43,380,901 | |||
Net Decrease in Cash and Cash Equivalents | $ | (30,191,229) | $ | (19,544,073) | |||
Cash and Cash Equivalents Balance at Beginning of Period | 48,043,329 | 44,174,856 | |||||
Cash and Cash Equivalents Balance at End of Period | $ | 17,852,100 | $ | 24,630,783 | |||
Supplemental and Non-Cash Activities | |||||||
Cash paid for interest expense | $ | 10,752,017 | $ | 7,216,009 | |||
Income and excise tax paid | 303 | 1,034,730 | |||||
Increase in dividends payable | 2,699,110 | 1,041,978 | |||||
Increase in deferred offering costs | 2,700 | 26,481 | |||||
Reconciliation of Core Net Investment Income (1) (Unaudited) | ||||
Three Months Ended | Three Months Ended | |||
March 31, 2023 | March 31, 2022 | |||
Net investment income | $9,067,620 | $5,514,183 | ||
Capital gains incentive fee | (569,528) | (42,217) | ||
Income tax expense | 374,763 | 279,417 | ||
Core net investment income | $8,872,855 | $5,751,383 | ||
Per share amounts: | ||||
Net investment income per share | $0.46 | $0.28 | ||
Core net investment income per share | $0.45 | $0.29 | ||
Reconciliation of Realized Net Investment Income (2) (Unaudited) | ||||
Three Months Ended | Three Months Ended | |||
March 31, 2023 | March 31, 2022 | |||
Net investment income | $9,067,620 | $5,514,183 | ||
Net realized gain on investments | 34,967 | 3,458,090 | ||
Net realized loss on foreign currency translation | (39,912) | (7,350) | ||
Total Realized Net Investment Income | $9,062,675 | $8,964,923 | ||
Per share amounts: | ||||
Net investment income per share | $0.46 | $0.28 | ||
Realized net investment income per share | $0.46 | $0.46 | ||
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SOURCE Stellus Capital Investment Corporation
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