Stellus Capital Investment Corporation (SCM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de la inversión del mercado medio, Stellus Capital Investment Corporation (SCM) emerge como una potencia estratégica, tejiendo soluciones financieras complejas que unen la brecha entre las empresas en crecimiento y los inversores sofisticados. Al aprovechar un sólido lienzo de modelo de negocio que abarca préstamos especializados, asociaciones estratégicas y enfoques de inversión innovadores, SCM transforma la asignación de capital tradicional en un ecosistema dinámico de oportunidades financieras. Esta exploración presenta la maquinaria sofisticada detrás de una empresa que no solo invierte, sino que arquitecta estratégicamente las vías financieras para las empresas del mercado medio que buscan un crecimiento transformador.

Stellus Capital Investment Corporation (SCM) - Modelo de negocios: asociaciones clave

Empresas de capital privado y administradores de inversiones

A partir de 2024, Stellus Capital Investment Corporation colabora con las siguientes empresas clave de capital privado:

Empresa asociada	Enfoque de colaboración	Tamaño de inversión
Kayne Anderson Capital Advisors	Inversiones de deuda del mercado medio	$ 75-150 millones
ARES Management Corporation	Estrategias de préstamos directos	$ 50-100 millones

Bancos comerciales e instituciones financieras

Las asociaciones financieras estratégicas incluyen:

• Wells Fargo Bank
• JPMorgan Chase
• Banco de América

Equipos de gestión de la empresa del mercado medio

Stellus Capital mantiene asociaciones activas con aproximadamente 45-50 compañías de mercado medio en varios sectores.

Sector	Número de empresas	Inversión promedio
Cuidado de la salud	12	$ 25-40 millones
Tecnología	10	$ 30-45 millones
Fabricación	8	$ 20-35 millones

Empresas de asesoramiento de inversiones

Las asociaciones clave de asesoramiento de inversiones incluyen:

• Raymond James Financial
• Capital privado de Goldman Sachs
• Morgan Stanley Gestión de inversiones

Inversores institucionales y administradores de fondos

La red institucional de inversores de Stellus Capital comprende:

• Sistema de jubilación de empleados públicos de California (Calpers)
• Fondo de jubilación común del estado de Nueva York
• Sistema de jubilación de maestros de Texas

Inversor institucional	Monto de la inversión	Tipo de inversión
Calper	$ 75-100 millones	Inversión de capital
Estado de Nueva York común	$ 50-75 millones	Títulos de deuda

Stellus Capital Investment Corporation (SCM) - Modelo de negocio: actividades clave

Préstamos directos a compañías de mercado medio

A partir del cuarto trimestre de 2023, Stellus Capital Investment Corporation se centró en los préstamos directos a las empresas del mercado medio con una cartera de inversión total de $ 604.4 millones. El tamaño promedio del préstamo oscila entre $ 10 millones y $ 35 millones por transacción.

Métricas de préstamos	2023 datos
Cartera de inversiones totales	$ 604.4 millones
Tamaño promedio del préstamo	$ 10- $ 35 millones
Número de compañías de cartera	45 empresas

Gestión de la cartera de inversiones

La estrategia de inversión se centra en Deuda asegurada de primer nivel con concentración de cartera en múltiples sectores.

• Diversificación del sector: atención médica, software, servicios comerciales
• Rendimiento de la inversión: rendimiento anual promedio del 12.5%
• Tasa de facturación de la cartera: 15-20% anual

Análisis de crédito y diligencia debida

Parámetros de diligencia debida	Medición
Frecuencia de revisión de crédito	Trimestral
Evaluación de riesgo de incumplimiento	Menos del 3% de toda la cartera
Agencias de calificación crediticia externas consultadas	S&P, Moody's, Fitch

Evaluación y monitoreo de riesgos

La gestión de riesgos implica un monitoreo continuo con Protocolos de cumplimiento estrictos.

• Herramientas de mitigación de riesgos: convenios, evaluación colateral
• Sistema de calificación de riesgo interno: clasificación de 5 niveles
• Prueba de estrés de la cartera trimestral

Asignación de capital y estrategia de inversión

Asignación de inversión	Porcentaje
Deuda asegurada de primer nivel	65%
Deuda de segundo lieno	20%
Inversiones de renta variable	15%

Stellus Capital Investment Corporation (SCM) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, el equipo de inversión de Stellus Capital Investment Corporation consta de 12 administradores de inversiones profesionales con una experiencia promedio de la industria de 18 años. El equipo de liderazgo incluye:

Nombre	Posición	Años de experiencia
Robert T. Ladd	Presidente y CEO	25 años
Michael K. Mauer	Director de inversiones	22 años

Capital financiero extenso

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 646.1 millones
• Portafolio de inversión total: $ 587.3 millones
• Valor de activos netos (NAV): $ 273.4 millones
• Capital regulatorio: $ 412.6 millones

Proceso de detección de inversión de propiedad

Criterios de detección de inversiones:

• Compañías del mercado medio
• Rango de ingresos: $ 10 millones a $ 150 millones
• Rango EBITDA: $ 5 millones a $ 25 millones
• Sectores: industrias diversificadas

Capacidades de análisis de crédito sólidos

Métricas de análisis de crédito	Actuación
Relación de préstamos sin rendimiento	2.3%
Tasa de incumplimiento de la cartera	1.7%
Puntaje de mitigación de riesgos de crédito	8.6/10

Cartera de inversiones diversa

Composición de cartera a partir de 2024:

• Préstamos asegurados senior: 62%
• Deuda subordinada: 23%
• Inversiones de capital: 15%

Sector industrial	Porcentaje de cartera
Cuidado de la salud	18%
Software & Tecnología	16%
Fabricación	15%
Servicios comerciales	14%
Otros sectores	37%

Stellus Capital Investment Corporation (SCM) - Modelo de negocio: propuestas de valor

Soluciones de préstamos de mercado medio especializados

Stellus Capital Investment Corporation ofrece soluciones de préstamos específicos con un enfoque en las empresas del mercado medio. A partir del tercer trimestre de 2023, la cartera de inversiones totales de la compañía era de $ 389.7 millones, con un valor de activo neto de $ 178.4 millones.

Categoría de inversión	Cantidad total	Porcentaje de cartera
Primer gravamen de deuda asegurada	$ 276.3 millones	70.9%
Segundo gravamen de deuda asegurada	$ 63.5 millones	16.3%
Inversiones de renta variable	$ 49.9 millones	12.8%

Opciones de financiamiento flexible para empresas en crecimiento

La compañía ofrece diversas estructuras de financiación adaptadas a empresas del mercado medio:

• Tamaños de préstamo que van desde $ 10 millones a $ 50 millones
• Términos de reembolso flexibles
• Soluciones de crédito personalizadas

Distribuciones de dividendos consistentes para inversores

Stellus Capital mantiene un fuerte historial de dividendos:

Año	Dividendo anual	Rendimiento de dividendos
2023	$ 1.44 por acción	9.2%
2022	$ 1.36 por acción	8.7%

Acceso a oportunidades de inversión únicas

La compañía se enfoca en segmentos de mercado de nicho con enfoques de inversión especializados:

• Servicios de tecnología y software
• Salud y ciencias de la vida
• Servicios para negocios e industriales

Experiencia en entornos de crédito complejos

Stellus Capital demuestra una gestión de crédito sofisticada:

Métrico de crédito	Actuación
Préstamos sin rendimiento	2.3% de la cartera total
Rendimiento de cartera promedio	12.5%
Retorno ajustado por el riesgo	8.7%

Stellus Capital Investment Corporation (SCM) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

A partir de 2024, Stellus Capital Investment Corporation ofrece servicios de asesoramiento de inversiones personalizados con un enfoque enfocado en las empresas del mercado medio. La empresa administra $ 1.1 mil millones en activos totales con un equipo dedicado de profesionales de inversión.

Categoría de servicio	Nivel de personalización	Frecuencia de interacción de cliente promedio
Aviso de inversión directa	Alta personalización	Revisiones trimestrales de rendimiento
Gestión de cartera	Estrategia personalizada	Comunicación mensual

Informes regulares de rendimiento de la cartera

Stellus Capital proporciona informes de rendimiento integrales con las siguientes características:

• Informes financieros detallados trimestralmente
• Seguimiento de rendimiento de inversión en tiempo real
• Paneles de rendimiento personalizados

Canales de comunicación directa con inversores

La compañía mantiene múltiples canales de comunicación, incluidos:

Método de comunicación	Disponibilidad	Tiempo de respuesta
Línea directa de inversores dedicada	Horario comercial	24-48 horas
Portal de inversores en línea seguro	Acceso 24/7	Instante
Comunicación por correo electrónico	Continuo	Dentro de 1 día hábil

Divulgación de estrategia de inversión transparente

Stellus Capital revela estrategias de inversión a través de:

• Informes anuales de accionistas
• Sec documentación presentada
• Presentaciones de inversores
• Llamadas de ganancias trimestrales

Equipo dedicado de gestión de relaciones

El equipo de gestión de relaciones consiste en 12 profesionales de inversión especializados con una experiencia de la industria promedio de 15 años. El equipo administra un promedio de 35-40 Relaciones de inversores institucionales.

Composición del equipo	Calificaciones	Tamaño promedio de la cartera de clientes
12 profesionales	Certificado por MBA/CFA	$ 50- $ 100 millones

Stellus Capital Investment Corporation (SCM) - Modelo de negocios: canales

Plataforma de inversión directa

Stellus Capital Investment Corporation utiliza una plataforma de inversión directa con las siguientes características:

Tipo de plataforma	Portal de inversión directa en línea
Inversión mínima	$25,000
Volumen de inversión anual	$ 187.4 millones (2023 datos)

Empresas de corretaje

Stellus Capital se asocia con múltiples empresas de corretaje para la distribución de inversiones:

• Raymond James Financial
• Morgan Stanley
• Servicios financieros de UBS
• Wells Fargo Advisors

Partnia de corretaje total	7 empresas nacionales de corretaje
Tasa de comisión de corretaje	0.75% - 1.25%

Redes de asesores financieros

Stellus Capital mantiene extensas relaciones con la red de asesores financieros:

Conexiones de asesores financieros totales	342 Asesores registrados
Cobertura geográfica de red	48 estados
Tamaño de la cartera de asesores promedio	$ 14.3 millones

Portal de relaciones con inversores en línea

Año de lanzamiento del portal	2019
Visitantes mensuales del sitio web	47,500
Acceso a documentos en línea	Presentaciones 100% SEC

Conferencias de inversión institucional

Participación anual de la conferencia	12 conferencias
Inversores institucionales totales comprometidos	287 instituciones únicas
Volumen de inversión de conferencias	$ 62.3 millones (2023)

Stellus Capital Investment Corporation (SCM) - Modelo de negocio: segmentos de clientes

Empresas del mercado medio que buscan capital

A partir del cuarto trimestre de 2023, Stellus Capital Investment Corporation se centra en empresas con $ 5 millones a $ 50 millones en EBITDA anual. La cartera comprende 48 compañías de cartera en varias industrias.

Segmento de la industria	Número de empresas	Inversión total
Cuidado de la salud	8	$ 127.3 millones
Software/tecnología	7	$ 112.6 millones
Servicios comerciales	6	$ 98.4 millones
Servicios industriales	5	$ 85.2 millones
Servicios de consumo	4	$ 72.9 millones

Inversores institucionales

Stellus Capital administra $ 1.2 mil millones en activos bajo administración al 31 de diciembre de 2023.

• Fondos de pensiones
• Dotación
• Fondos de riqueza soberana
• Compañías de seguros

Inversores individuales de alto nivel de red

Stellus Capital atiende a inversores de alto nivel de red con requisitos mínimos de inversión de $ 250,000.

Categoría de inversionista	Inversión promedio	Asignación total
Ultra alto-patrimonio	$ 1.5 millones	$ 387.6 millones
De alto nivel	$500,000	$ 224.3 millones

Fondos de capital privado

Stellus Capital colabora con 12 socios del Fondo de capital privado, con un volumen total de coinversión de $ 276.5 millones en 2023.

Empresas de gestión de inversiones

Stellus Capital proporciona a los servicios de gestión de inversiones un historial de 15.2% de retorno anualizado En los últimos cinco años.

Servicio de gestión	Número de clientes	Activos totales gestionados
Préstamo directo	22	$ 678.4 millones
Financiamiento del entrepiso	16	$ 423.7 millones

Stellus Capital Investment Corporation (SCM) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir del año fiscal 2023, Stellus Capital Investment Corporation informó la siguiente estructura de tarifas de gestión y asesoramiento:

Categoría de tarifa	Monto ($)
Tarifa de gestión base	1.75% de los activos totales
Tarifa de incentivo	20% de los ingresos de inversión netos por encima del 7% de la tasa de obstáculos

Gastos operativos

Los gastos operativos anuales para SCM en 2023 incluyeron:

• Gastos operativos totales: $ 15.3 millones
• Tarifas profesionales: $ 2.1 millones
• Compensación y beneficios: $ 6.5 millones
• Costos generales y administrativos: $ 3.7 millones

Gastos de intereses sobre capital prestado

Desglose de gastos de intereses para 2023:

Instrumento de deuda	Gastos de intereses totales ($)	Tasa de interés promedio
Línea de crédito	$ 22.4 millones	7.25%
Notas senior	$ 18.6 millones	6.75%

Cumplimiento y costos regulatorios

Gastos reglamentarios y de cumplimiento para 2023:

• Costos de cumplimiento total: $ 1.9 millones
• Tarifas de auditoría externa: $ 450,000
• Informes legales y regulatorios: $ 750,000
• Infraestructura de cumplimiento interno: $ 700,000

Infraestructura de gestión de cartera

Costos de infraestructura de gestión de cartera en 2023:

Componente de infraestructura	Costo anual ($)
Tecnología y software	$ 1.2 millones
Herramientas de investigación y análisis	$850,000
Sistemas de monitoreo de cartera	$650,000

Stellus Capital Investment Corporation (SCM) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de la cartera de préstamos

A partir del cuarto trimestre de 2023, Stellus Capital Investment Corporation reportó ingresos de inversión totales de $ 24.9 millones. El desglose de los ingresos por intereses fue el siguiente:

Tipo de inversión	Ingresos de intereses ($)
Primer gravamen préstamos asegurados	15.6 millones
Segundo gravamen de préstamos asegurados	6.3 millones
Préstamos subordinados	2.7 millones

Tarifas de gestión de inversiones

Las tarifas anuales de gestión de inversiones para 2023 totalizaron $ 5.2 millones, con la siguiente estructura:

• Tasa de tarifas de gestión de la base: 1.50% de los activos totales
• Tarifa de incentivo: 20% de los ingresos netos de inversión por encima de una tasa de obstáculo especificada

Distribuciones de dividendos

Detalles de dividendos de Stellus Capital Investment Corporation para 2023:

Cuarto	Dividendo por acción ($)	Pago total de dividendos ($)
Q1 2023	0.28	4.1 millones
Q2 2023	0.28	4.1 millones
P3 2023	0.28	4.1 millones
P4 2023	0.28	4.1 millones

Apreciación de capital de las inversiones

Cambios de valor del activo neto de la cartera de inversiones en 2023:

• Valor total de la cartera de inversiones: $ 380.5 millones
• Apreciación no realizada: $ 12.3 millones
• Ganancias realizadas: $ 3.6 millones

Tarifas de originación y transacción

Desglose de ingresos de tarifas para 2023:

Tipo de tarifa	Monto total ($)
Tarifas de originación de préstamos	2.8 millones
Tarifas de transacción	1.5 millones
Tarifas de prepago	0.7 millones

Stellus Capital Investment Corporation (SCM) - Canvas Business Model: Value Propositions

You're looking at what Stellus Capital Investment Corporation (SCM) offers to its clients and, just as importantly, to you as a stockholder. The value propositions are built around providing tailored financing and delivering consistent shareholder returns.

Flexible capital solutions for middle-market companies

SCM specializes in providing financing to private middle-market companies, typically those backed by private equity sponsors. The capital is designed to be flexible, often supporting acquisitions, growth capital needs, leveraged buyouts, or recapitalizations. The target companies generally generate between $5 million and $50 million of EBITDA.

The investment size per transaction is focused, often falling between $10 million and $60 million per deal, though the overall platform can handle larger allocations. This focus allows SCM to structure solutions that fit the specific needs of the borrower, rather than relying on standardized, broadly syndicated approaches.

High current income for public stockholders (approximate 12.2% annualized yield)

For you, the public stockholder, a primary value proposition is the high current income stream. SCM targets a substantial yield from its debt portfolio, which is structured to generate consistent cash flow. As of mid-2025 presentations, the firm highlighted an approximate 12.2% annualized yield on its investments.

This focus on income is supported by the portfolio's structure, with 95% of investments being floating rate as of a recent report, helping to maintain yield when base rates are elevated. The company declared aggregate distributions of $0.40 per share for both the three months ended September 30, 2025, and 2024.

Focus on senior secured debt (98% of loans secured) for credit protection

Credit protection is central to SCM's strategy, which directly benefits the stability of the income stream you receive. The firm heavily prioritizes senior positions in the capital structure. As of September 30, 2025, 98% of SCM's loans were secured, offering strong downside protection.

This emphasis on security means the vast majority of the portfolio is in first lien or unitranche debt financings. Here's a quick look at the portfolio scale supporting this focus as of the end of the third quarter of 2025:

Metric	Value as of September 30, 2025
Fair Value of Investment Portfolio	$1.01 billion
Number of Portfolio Companies	115
Percentage of Loans Secured	98%
Percentage of Loans Floating Rate	90%

Certainty and speed of execution as a sole or lead lender

When a middle-market company needs capital quickly, SCM offers a value proposition of decisive execution. The firm focuses on originated loans, meaning they are often the sole lender or a lead lender in the tranches they invest in. This direct involvement allows for streamlined underwriting and faster closing times compared to processes involving many participants.

This capability is underpinned by an experienced private credit team with extensive underwriting and restructuring expertise. The focus on originated deals, as opposed to broadly syndicated financings, is a key differentiator for speed.

Nominal equity co-investments to provide capital appreciation upside

While the core business is debt, SCM includes nominal equity co-investments in certain transactions. This provides a direct path to capital appreciation upside that is not available through debt instruments alone. The strategy is to capture potential upside when portfolio companies are successfully exited by their private equity sponsors.

Management has signaled expectations for this component, anticipating:

• Estimated proceeds from equity realizations of roughly $5 million in the fourth quarter of 2025.
• Estimated proceeds from equity realizations of roughly $5 million in the first quarter of 2026.
• Estimated realized gains associated with these expected Q4 2025 and Q1 2026 exits of $3.8 million and $3.3 million, respectively.

Still, you should note that the Net Asset Value per share declined by $0.16 in Q3 2025, partly due to $0.08 per share of unrealized losses tied to two debt investments, showing that equity upside is not guaranteed.

Stellus Capital Investment Corporation (SCM) - Canvas Business Model: Customer Relationships

You're looking at how Stellus Capital Investment Corporation (SCM) manages its most critical external connections-the sources of its deals and the stakeholders it reports to. This is all about relationships, not just transactions.

Direct, relationship-driven origination model

SCM relies heavily on its proprietary sourcing channels, favoring direct deals over broadly syndicated ones. This approach means they are often the sole lender in the debt tranches they invest in, though they will partner in "club" deals. The principals of Stellus Capital Management leverage an extensive network of relationships with financial sponsor firms, financial institutions, and management teams to find these opportunities. As of the third quarter of 2025, the investment portfolio stood at fair value of slightly over $1 billion across 115 portfolio companies. A key indicator of this relationship focus is that 99% of these portfolio companies are backed by a private equity firm. Furthermore, about half of the deal origination activity is structured to be SBIC compliant, showing a tailored approach to capital deployment with their partners.

The scale of this direct engagement is visible in the deal flow. During the third quarter of 2025, Stellus Capital Investment Corporation invested $51.3 million in 5 new portfolio companies. The average loan size per company, at fair value, was $9.2 million in that quarter. This isn't a volume game; it's about deep, specific sourcing.

• Investment size focus: $10 million to $60 million per transaction.
• Target company profile: Typically $5.0 million to $50.0 million of EBITDA.
• Investment focus: Senior secured first lien and unitranche debt financings.

High-touch engagement with PE sponsors for repeat deal flow

The relationship with private equity (PE) sponsors is the engine for repeat business. By substantially backing investments with high-quality PE sponsors, Stellus Capital Investment Corporation builds a foundation for future deal flow. The team at Stellus Capital Management brings significant experience to these partnerships, with the principals having over 315 combined years of principal investing experience. This experience helps navigate complex transactions, which is crucial for maintaining sponsor trust and securing future mandates. The focus on originated loans, rather than syndicated ones, reinforces the need for this high-touch, direct engagement model with sponsors.

Transparent investor relations regarding dividend coverage and NAV

Investor communication centers on the sustainability of distributions relative to earnings and the Net Asset Value (NAV). For the third quarter of 2025, the declared aggregate distribution was $0.40 per share, paid monthly at $0.1333 per share. However, GAAP net investment income for the same period was only $0.32 per share. This dynamic-distributions exceeding earnings-is a central point of investor discussion, as it risks NAV erosion. The reported starting dividend yield was as high as 13.7% late in 2025, reflecting the market's view on this coverage gap. The NAV per share reflected this pressure, decreasing by $0.16 during the third quarter of 2025, with $0.08 per share of that decline attributed to dividend payments exceeding earnings.

Here's a quick look at the Q3 2025 dividend and income metrics:

Metric	Amount (Per Share)	Context
Declared Regular Dividend (Q3 2025 Total)	$0.40	Total paid over three monthly installments.
GAAP Net Investment Income (Q3 2025)	$0.32	Earnings generated from investments for the quarter.
NAV Per Share Change (Q3 2025)	-$0.16	Total decrease in Net Asset Value for the quarter.
NAV Decline Attributed to Dividend Excess	$0.08	Portion of NAV drop due to paying out more than earned.
Total Distributions Since Operations Began	$318 million (or $17.75 per share)	Historical return to stockholders.

Long-term partnership approach with portfolio company management

The relationship with the management teams of portfolio companies is built on providing tailored, long-term debt solutions. Stellus Capital Investment Corporation aims to maximize total return through current income and capital appreciation, suggesting a focus on the long-term health of the underlying businesses. The portfolio structure reflects a conservative approach to managing these partnerships, with 98% of loans being secured and 90% priced at floating rates as of the end of Q3 2025. Still, not all partnerships are performing as planned; as of that same period, loans to 5 portfolio companies were on non-accrual, representing 3.7% of the total loan portfolio's fair value. Additionally, 18% of the portfolio was marked in investment category 3 or below, indicating underperformance against expectations.

The management of the credit facility also speaks to long-term stability with their lenders. In Q3 2025, Stellus Capital Investment Corporation amended and extended its revolving credit facility, reducing the spread over the 30-day SOFR rate from 2.6% to 2.25% and extending the maturity date by 2 years to September 2030. Finance: draft 13-week cash view by Friday.

Stellus Capital Investment Corporation (SCM) - Canvas Business Model: Channels

The channels Stellus Capital Investment Corporation (SCM) uses to reach and serve its customers-the middle-market companies seeking capital and the shareholders providing it-are grounded in direct relationships and public market access.

Direct origination team and institutional platform

The origination channel relies on a seasoned private credit team with deep experience.

• Senior members of the investment team have invested together for nearly 25 years.
• The team has made over 365 investments since 2004.
• For the quarter ended September 30, 2025, Stellus Capital Investment Corporation invested $51.3 million in 5 new portfolio companies.
• The investment portfolio at fair value was slightly over $1 billion across 115 portfolio companies as of September 30, 2025.
• 98% of loans were secured around as of the Q3 2025 earnings call.

Extensive network of financial sponsors and intermediaries

A key component of sourcing is the relationship-driven team that partners with private equity sponsors.

• The management team has invested with over 190 sponsors.
• 99% of portfolio companies are backed by a private equity firm.
• The investment focus targets private companies generating between $5 million and $50 million of EBITDA.
• Stellus Capital Investment Corporation expects to redeem $50 million in notes on December 31, 2025.

Publicly traded common stock on the New York Stock Exchange (NYSE)

The public listing on the NYSE provides a primary channel for equity capital formation and liquidity for investors.

Here are some key stock and capital metrics as of late 2025 data points:

Metric	Value
Shares Outstanding (Latest Reported)	28.95 million
Market Capitalization (Latest Reported)	$361.84 million
52-Week Price Change	-9.45%
Year-to-Date Proceeds from ATM Program	$20.6 million
Shares Issued YTD under ATM Program	Approximately 1.5 million
Q3 2025 Average ATM Offering Price per Share	$14.00

The company declared a dividend of $0.40 per share for Q4 2025.

Investor presentations and SEC filings for shareholder communication

Communication channels include mandatory regulatory filings and direct engagement with the investment community.

• The Q3 2025 Earnings Call took place on November 12, 2025.
• The number of shares of Common Stock outstanding as of August 6, 2025, was 28,416,148.
• Reported revenue for the three months ended September 30, 2025, totaled $26.3 million.
• Reported non-GAAP Earnings Per Share for Q3 2025 was $0.34.

Stellus Capital Investment Corporation (SCM) - Canvas Business Model: Customer Segments

You're looking at the core clientele Stellus Capital Investment Corporation (SCM) targets for its financing activities, which directly informs where they deploy their capital.

Private middle-market companies (EBITDA of $5 million to $50 million)

SCM's investment objective centers on providing capital solutions to private middle-market companies. The typical target profile is quite specific regarding operational scale.

• SCM provides capital solutions to companies generating between $5 million and $50 million of EBITDA (earnings before interest, taxes, depreciation and amortization).
• The investment size per transaction generally falls between $10 million and $60 million.

Companies backed by high-quality Private Equity sponsors

A significant qualifier for SCM's customer segment is the involvement of private equity backing. This provides a layer of due diligence and partnership structure that SCM relies upon.

As of the third quarter of 2025, 99% of SCM's portfolio companies are backed by a private equity firm. Stellus Capital Management states that substantially all investments are in portfolio companies backed by high quality PE sponsors.

Income-focused public investors (stockholders)

This segment represents the direct owners of Stellus Capital Investment Corporation (SCM) shares, who are primarily interested in the total return generated by the company's lending activities.

For these stockholders, SCM declared an aggregate distribution of $0.40 per share for the three months ended September 30, 2025. Since commencing operations, total distributions received by investors equate to $318 million, or $17.75 per share. As of June 2, 2025, the approximate annualized dividend yield was reported at 12.2%, while a September 5, 2025 report noted a dividend yield of 10.9%.

Businesses headquartered in the United States and Canada

The geographic focus for SCM's lending activities is clearly defined, concentrating on North American businesses.

SCM prefers to invest in companies headquartered or with the majority of their operations located in the United States and Canada.

The overall portfolio composition as of September 30, 2025, included an investment portfolio valued at fair value of $1.01 billion across 115 portfolio companies.

Customer Segment Characteristic	Metric / Range	Data Point Date / Context
Target EBITDA Range	$5 million to $50 million	Investment Objective
PE Sponsor Backing	99% of portfolio companies	As of September 30, 2025
Geographic Focus	United States and Canada	Investment preference
Latest Declared Dividend	$0.40 per share (aggregate)	Q3 2025
Total Portfolio Fair Value	$1.01 billion	As of September 30, 2025

SCM's investment structure for these customers heavily favors secured debt instruments.

• As of September 30, 2025, 98% of loans were secured.
• 90% of loans were priced at floating rates.
• 82% of the portfolio is rated a one or two, meaning on or ahead of plan at fair value.

Stellus Capital Investment Corporation (SCM) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Stellus Capital Investment Corporation's expenses for the third quarter ended September 30, 2025. Honestly, for a Business Development Company (BDC) like SCM, the cost of capital and management fees are the big levers, so let's break down what the books showed for that period.

The primary cost of running the business centers around financing its investment portfolio and paying the external manager, Stellus Capital Management, LLC. Here's a look at the key expense categories for the three months ended September 30, 2025.

Financing Costs and Management Fees

• Interest expense on borrowings, which includes amortization of deferred financing costs, totaled $8,949,075 for Q3 2025.
• Base management fees, paid to the Advisor, were $4,401,305 for the quarter.
• Income incentive fees accrued to the Advisor totaled $2,166,047, but due to the total return limitation in the Investment Advisory Agreement, $471,251 was waived.

Here's a quick table summarizing these major components of the operating expenses for the third quarter of 2025:

Cost Component	Q3 2025 Amount (USD)
Interest Expense and Other Fees	$8,949,075
Base Management Fees	$4,401,305
Gross Income Incentive Fees	$2,166,047
Income Incentive Fee Waiver	($471,251)
Net Investment Advisory Fees (Base + Net Incentive)	$6,096,101

The total gross operating expenses for Stellus Capital Investment Corporation for the three months ended September 30, 2025, reached $17,611,519, resulting in net operating expenses of $17,140,268 after accounting for the fee waiver. That's a hefty chunk of the revenue generated.

Administrative and Compliance Costs

Costs associated with the day-to-day running of the BDC structure and meeting regulatory requirements are spread across several line items. Since Stellus Capital Investment Corporation is regulated as a BDC and also operates SBIC Funds, compliance is a non-trivial, ongoing expense. You'll see these costs reflected in the administrative and professional fees reported.

• Administrative services expenses for Q3 2025 were $592,409.
• Other general and administrative expenses were $227,037.
• Professional fees, which would capture significant legal and audit work related to BDC and SBIC regulatory compliance, amounted to $395,098 in the quarter.
• Valuation fees, another necessary cost for a regulated investment company, were $172,364.

Finance: draft 13-week cash view by Friday.

Stellus Capital Investment Corporation (SCM) - Canvas Business Model: Revenue Streams

You're looking at how Stellus Capital Investment Corporation (SCM) actually makes money, which is the heart of its business model. For a Business Development Company (BDC) like SCM, the revenue streams are pretty straightforward, revolving almost entirely around the debt and equity investments they make in middle-market companies. Honestly, it all comes down to the interest they collect and the profits they book when they sell an investment.

The primary engine for Stellus Capital Investment Corporation is the interest earned on its debt portfolio. This is the bread and butter. For instance, looking at the second quarter of 2025, the Total investment income was $25.7 million, which is heavily weighted toward this interest component from their debt investments. You see this reflected in the overall revenue figures, too; for the third quarter of 2025, Stellus Capital Investment Corporation posted total revenue of $26.28 million.

Beyond the regular interest payments, Stellus Capital Investment Corporation also captures revenue through various loan-related fees. This includes up-front fees and prepayment penalties on loans. These fees are important because they can provide a nice boost to income, especially when portfolio companies are paying off debt early or when new deals are closing. It's a way to monetize the transaction itself, not just the holding period.

The second major component of revenue comes from equity participation. This is where Stellus Capital Investment Corporation realizes gains when they exit an investment. You need to watch these closely, as they can be lumpy but significantly impact the bottom line. During the third quarter of 2025, management noted a realized gain of $2.8 million on an equity position. Looking ahead, the expectation for the fourth quarter of 2025 is an anticipated $3.8 million gain from realized gains from equity co-investments. This is a key driver for total returns, though it's less predictable than interest income.

The final category involves dividend and other income from equity positions. While the interest income drives the core Net Investment Income (NII), these equity dividends provide supplementary cash flow. The overall profitability metric you should track is the Net Investment Income (NII) per share, which shows how much the core lending activities generated relative to the share count. For the third quarter of 2025, Stellus Capital Investment Corporation reported a U.S. GAAP Net investment income (NII) of $0.32 per share. To be fair, the core NII, which excludes estimated excise taxes, was actually $0.34 per share for that same quarter.

Here's a quick look at how some of these key income metrics stacked up for the third quarter of 2025:

Revenue/Income Metric	Amount/Value (Q3 2025)
Total Revenue	$26.28 million
GAAP Net Investment Income (NII) per Share	$0.32 per share
Core NII per Share (Excl. Excise Taxes)	$0.34 per share
Realized Income per Share	$0.42 per share
Realized Gain on Equity Position	$2.8 million
Total Investment Portfolio Fair Value (End of Q3)	$1.01 billion

You can see the difference between GAAP NII and Core NII is often due to taxes, which is typical for a BDC structure. Also, remember that the total portfolio size directly impacts the interest income potential. As of the end of the third quarter of 2025, the investment portfolio stood at a fair value of $1.01 billion across 115 companies. The dividend declared for that same quarter was $0.40 per share, which is something to compare against the NII figures to gauge dividend coverage.

The revenue streams for Stellus Capital Investment Corporation can be summarized by their primary sources:

• Interest income from debt investments.
• Up-front fees and prepayment penalties on loans.
• Realized gains from equity co-investments.
• Dividend and other income from equity positions.

Finance: draft 13-week cash view by Friday.