Stellus Capital Investment Corporation (SCM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado do investimento no mercado intermediário, a Stellus Capital Investment Corporation (SCM) surge como uma potência estratégica, tecendo soluções financeiras complexas que preenchem a lacuna entre negócios em crescimento e investidores sofisticados. Ao alavancar uma lona robusta do modelo de negócios que abrange empréstimos especializados, parcerias estratégicas e abordagens inovadoras de investimento, o SCM transforma a alocação tradicional de capital em um ecossistema dinâmico de oportunidade financeira. Essa exploração revela o sofisticado maquinaria por trás de uma empresa que não apenas investe, mas estrategicamente arquiteta caminhos financeiros para as empresas de mercado médio que buscam crescimento transformador.

Stellus Capital Investment Corporation (SCM) - Modelo de negócios: Parcerias -chave

Empresas de private equity e gerentes de investimento

A partir de 2024, a Stellus Capital Investment Corporation colabora com as seguintes empresas importantes de private equity:

Empresa parceira	Foco de colaboração	Tamanho do investimento
Kayne Anderson Capital Advisors	Investimentos de dívida do mercado intermediário	US $ 75-150 milhões
ARES Management Corporation	Estratégias de empréstimos diretos	US $ 50-100 milhões

Bancos comerciais e instituições financeiras

As parcerias financeiras estratégicas incluem:

• Wells Fargo Bank
• JPMorgan Chase
• Bank of America

Equipes de gerenciamento de empresas de mercado intermediário

A Stellus Capital mantém parcerias ativas com aproximadamente 45-50 Empresas de Market Médio em vários setores.

Setor	Número de empresas	Investimento médio
Assistência médica	12	US $ 25-40 milhões
Tecnologia	10	US $ 30-45 milhões
Fabricação	8	US $ 20-35 milhões

Empresas de consultoria de investimentos

Principais parcerias de consultoria de investimento incluem:

• Raymond James Financial
• Capital privado de Goldman Sachs
• Morgan Stanley Investment Management

Investidores institucionais e gestores de fundos

A rede de investidores institucionais da Stellus Capital compreende:

• Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)
• Fundo de Aposentadoria Comum do Estado de Nova York
• Sistema de aposentadoria de professores do Texas

Investidor institucional	Valor do investimento	Tipo de investimento
Calpers	US $ 75-100 milhões	Investimento em ações
Estado de Nova York comum	US $ 50-75 milhões	Títulos de dívida

Stellus Capital Investment Corporation (SCM) - Modelo de negócios: Atividades -chave

Empréstimos diretos para empresas de mercado intermediário

A partir do quarto trimestre de 2023, a Stellus Capital Investment Corporation se concentrou em empréstimos diretos para empresas de mercado intermediário com portfólio total de investimentos de US $ 604,4 milhões. O tamanho médio do empréstimo varia entre US $ 10 milhões e US $ 35 milhões por transação.

Métricas de empréstimos	2023 dados
Portfólio total de investimentos	US $ 604,4 milhões
Tamanho médio do empréstimo	US $ 10 a US $ 35 milhões
Número de empresas de portfólio	45 empresas

Gerenciamento de portfólio de investimentos

A estratégia de investimento se concentra em First-Lien Senior garantido dívida com a concentração de portfólio em vários setores.

• Diversificação do setor: assistência médica, software, serviços de negócios
• Rendimento de investimento: 12,5% de retorno anual médio
• Taxa de rotatividade de portfólio: 15-20% anualmente

Análise de crédito e due diligence

Parâmetros de due diligence	Medição
Frequência de revisão de crédito	Trimestral
Avaliação de risco padrão	Menos de 3% em todo o portfólio
Agências de classificação de crédito externas consultadas	S&P, Moody's, Fitch

Avaliação e monitoramento de risco

O gerenciamento de riscos envolve monitoramento contínuo com Protocolos de conformidade rigorosos.

• Ferramentas de mitigação de risco: Covenants, avaliação colateral
• Sistema de classificação de risco interno: classificação de 5 camadas
• Teste de estresse trimestral de portfólio

Alocação de capital e estratégia de investimento

Alocação de investimento	Percentagem
First-Lien Senior garantido dívida	65%
Dívida de segundo grau	20%
Investimentos em ações	15%

Stellus Capital Investment Corporation (SCM) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

Em 2024, a equipe de investimentos da Stellus Capital Investment Corporation consiste em 12 gerentes de investimentos profissionais com uma experiência média do setor de 18 anos. A equipe de liderança inclui:

Nome	Posição	Anos de experiência
Robert T. Ladd	Presidente e CEO	25 anos
Michael K. Mauer	Diretor de Investimento	22 anos

Capital financeiro extenso

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 646,1 milhões
• Portfólio de investimentos totais: US $ 587,3 milhões
• Valor líquido do ativo (NAV): US $ 273,4 milhões
• Capital regulatório: US $ 412,6 milhões

Processo de triagem de investimento proprietário

Critérios de triagem de investimento:

• Empresas de mercado intermediário
• Faixa de receita: US $ 10 milhões a US $ 150 milhões
• Faixa de Ebitda: US $ 5 milhões a US $ 25 milhões
• Setores: indústrias diversificadas

Recursos de análise de crédito fortes

Métricas de análise de crédito	Desempenho
Razão de empréstimos não-desempenho	2.3%
Taxa de padrão de portfólio	1.7%
Pontuação de mitigação de risco de crédito	8.6/10

Portfólio de investimentos diversificados

Composição do portfólio a partir de 2024:

• Empréstimos garantidos seniores: 62%
• Dívida subordinada: 23%
• Investimentos de ações: 15%

Setor da indústria	Porcentagem de portfólio
Assistência médica	18%
Software & Tecnologia	16%
Fabricação	15%
Serviços de negócios	14%
Outros setores	37%

Stellus Capital Investment Corporation (SCM) - Modelo de negócios: proposições de valor

Soluções especializadas de empréstimos de mercado médio

A Stellus Capital Investment Corporation fornece soluções de empréstimos direcionadas, com foco em empresas de mercado intermediário. No terceiro trimestre de 2023, o portfólio total de investimentos da empresa era de US $ 389,7 milhões, com um valor líquido de ativo de US $ 178,4 milhões.

Categoria de investimento	Montante total	Porcentagem de portfólio
Primeira dívida garantida por garantia	US $ 276,3 milhões	70.9%
Segunda dívida garantida por garantia	US $ 63,5 milhões	16.3%
Investimentos em ações	US $ 49,9 milhões	12.8%

Opções de financiamento flexíveis para empresas em crescimento

A empresa oferece diversas estruturas de financiamento adaptadas às empresas de mercado intermediário:

• Tamanhos de empréstimos que variam de US $ 10 milhões a US $ 50 milhões
• Termos de reembolso flexíveis
• Soluções de crédito personalizadas

Distribuições de dividendos consistentes para investidores

A Stellus Capital mantém um forte histórico de dividendos:

Ano	Dividendo anual	Rendimento de dividendos
2023	US $ 1,44 por ação	9.2%
2022	US $ 1,36 por ação	8.7%

Acesso a oportunidades de investimento exclusivas

A empresa se concentra nos segmentos de mercado de nicho com abordagens de investimento especializadas:

• Serviços de tecnologia e software
• Ciências da Saúde e Vida
• Serviços comerciais e industriais

Experiência em ambientes de crédito complexos

A Stellus Capital demonstra sofisticada gerenciamento de crédito:

Métrica de crédito	Desempenho
Empréstimos não-desempenho	2,3% do portfólio total
Rendimento médio de portfólio	12.5%
Retorno ajustado ao risco	8.7%

Stellus Capital Investment Corporation (SCM) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A partir de 2024, a Stellus Capital Investment Corporation fornece serviços personalizados de consultoria de investimentos com uma abordagem focada nas empresas de mercado intermediário. A empresa gerencia US $ 1,1 bilhão em ativos totais com uma equipe dedicada de profissionais de investimento.

Categoria de serviço	Nível de personalização	Frequência média de interação do cliente
Aviso de investimento direto	Alta personalização	Revisões trimestrais de desempenho
Gerenciamento de portfólio	Estratégia personalizada	Comunicação mensal

Relatórios regulares de desempenho do portfólio

A Stellus Capital fornece relatórios de desempenho abrangentes com as seguintes características:

• Relatórios financeiros detalhados trimestrais
• Rastreamento de desempenho de investimento em tempo real
• Painéis de desempenho personalizados

Canais de comunicação direta com investidores

A empresa mantém vários canais de comunicação, incluindo:

Método de comunicação	Disponibilidade	Tempo de resposta
Linha direta de investidores dedicados	Horário de negócios	24-48 horas
Portal de investidores on -line seguro	Acesso 24/7	Instantâneo
Comunicação por e -mail	Contínuo	Dentro de 1 dia útil

Divisão de Estratégia de Investimento Transparente

A Stellus Capital divulga estratégias de investimento por meio de:

• Relatórios anuais dos acionistas
• Sec documentação arquivada
• Apresentações de investidores
• Chamadas de ganhos trimestrais

Equipe dedicada de gerenciamento de relacionamento

A equipe de gerenciamento de relacionamento consiste em 12 profissionais de investimento especializados com uma experiência média do setor de 15 anos. A equipe gerencia uma média de 35-40 Relações institucionais de investidores.

Composição da equipe	Qualificações	Tamanho médio do portfólio de clientes
12 profissionais	Certificado MBA/CFA	US $ 50- $ 100 milhões

Stellus Capital Investment Corporation (SCM) - Modelo de Negócios: Canais

Plataforma de investimento direto

A Stellus Capital Investment Corporation utiliza uma plataforma de investimento direto com as seguintes características:

Tipo de plataforma	Portal de investimento direto online
Investimento mínimo	$25,000
Volume anual de investimento	US $ 187,4 milhões (2023 dados)

Empresas de corretagem

A Stellus Capital faz parceria com várias corretoras para distribuição de investimentos:

• Raymond James Financial
• Morgan Stanley
• Serviços financeiros do UBS
• Wells Fargo Advisors

Total de parcerias de corretagem	7 corretor nacional
Taxa de comissão de corretagem	0.75% - 1.25%

Redes de consultores financeiros

A Stellus Capital mantém amplos relacionamentos de rede de consultores financeiros:

Total Financial Advisor Connections	342 consultores registrados
Cobertura geográfica da rede	48 estados
Tamanho médio do portfólio do consultor	US $ 14,3 milhões

Portal de Relações com Investidores Online

Ano de lançamento do portal	2019
Visitantes mensais do site	47,500
Acesso ao documento on -line	Registros de 100% na SEC

Conferências de Investimento Institucional

Participação anual da conferência	12 conferências
Total de investidores institucionais envolvidos	287 instituições únicas
Volume de investimento de conferências	US $ 62,3 milhões (2023)

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

Empresas de mercado intermediário que buscam capital

No quarto trimestre de 2023, a Stellus Capital Investment Corporation se concentra em empresas com US $ 5 milhões a US $ 50 milhões em EBITDA anual. O portfólio compreende 48 empresas de portfólio em vários setores.

Segmento da indústria	Número de empresas	Investimento total
Assistência médica	8	US $ 127,3 milhões
Software/tecnologia	7	US $ 112,6 milhões
Serviços de negócios	6	US $ 98,4 milhões
Serviços industriais	5	US $ 85,2 milhões
Serviços de consumo	4	US $ 72,9 milhões

Investidores institucionais

A Stellus Capital gerencia US $ 1,2 bilhão em ativos sob administração em 31 de dezembro de 2023.

• Fundos de pensão
• Doações
• Fundos soberanos de riqueza
• Companhias de seguros

Investidores individuais de alta rede

A Stellus Capital atende aos investidores de alta rede com requisitos mínimos de investimento de US $ 250.000.

Categoria de investidores	Investimento médio	Alocação total
Ultra de alta rede	US $ 1,5 milhão	US $ 387,6 ​​milhões
Alta rede	$500,000	US $ 224,3 milhões

Fundos de private equity

A Stellus Capital colabora com 12 parceiros de fundos de private equity, com o volume total de co-investimentos de US $ 276,5 milhões em 2023.

Empresas de gerenciamento de investimentos

A Stellus Capital fornece serviços de gerenciamento de investimentos com um histórico de 15,2% de retorno anualizado Nos últimos cinco anos.

Serviço de gerenciamento	Número de clientes	Total de ativos gerenciados
Empréstimos diretos	22	US $ 678,4 milhões
Financiamento do Mezzanino	16	US $ 423,7 milhões

Stellus Capital Investment Corporation (SCM) - Modelo de negócios: Estrutura de custos

Taxas de gestão e consultoria

No ano fiscal de 2023, a Stellus Capital Investment Corporation informou a seguinte estrutura de taxas de gestão e consultoria:

Categoria de taxa	Valor ($)
Taxa de gerenciamento base	1,75% do total de ativos
Taxa de incentivo	20% da receita líquida de investimento acima da taxa de obstáculos de 7%

Despesas operacionais

Despesas operacionais anuais para SCM em 2023 incluídas:

• Despesas operacionais totais: US $ 15,3 milhões
• Taxas profissionais: US $ 2,1 milhões
• Compensação e benefícios: US $ 6,5 milhões
• Custos gerais e administrativos: US $ 3,7 milhões

Despesas de juros em capital emprestado

Redução de despesas com juros para 2023:

Instrumento de dívida	Despesas de juros totais ($)	Taxa de juros média
Linha de crédito	US $ 22,4 milhões	7.25%
Notas seniores	US $ 18,6 milhões	6.75%

Conformidade e custos regulatórios

Despesas regulatórias e de conformidade para 2023:

• Custos totais de conformidade: US $ 1,9 milhão
• Taxas de auditoria externa: US $ 450.000
• Relatórios legais e regulatórios: US $ 750.000
• Infraestrutura de conformidade interna: US $ 700.000

Infraestrutura de gerenciamento de portfólio

Custos de infraestrutura de gerenciamento de portfólio em 2023:

Componente de infraestrutura	Custo anual ($)
Tecnologia e software	US $ 1,2 milhão
Ferramentas de pesquisa e análise	$850,000
Sistemas de monitoramento de portfólio	$650,000

Stellus Capital Investment Corporation (SCM) - Modelo de negócios: fluxos de receita

Receita de juros da carteira de empréstimos

No quarto trimestre 2023, a Stellus Capital Investment Corporation registrou receita total de investimento de US $ 24,9 milhões. A quebra da renda dos juros foi a seguinte:

Tipo de investimento	Receita de juros ($)
Primeira garantia empréstimos garantidos sênior	15,6 milhões
Segunda garantia empréstimos garantidos sênior	6,3 milhões
Empréstimos subordinados	2,7 milhões

Taxas de gerenciamento de investimentos

As taxas anuais de gerenciamento de investimentos para 2023 totalizaram US $ 5,2 milhões, com a seguinte estrutura:

• Taxa de gerenciamento base: 1,50% do total de ativos
• Taxa de incentivo: 20% da receita líquida de investimento acima de uma taxa de obstáculos especificada

Distribuições de dividendos

Detalhes de dividendos da Stellus Capital Investment Corporation para 2023:

Trimestre	Dividendo por ação ($)	Pagamento total de dividendos ($)
Q1 2023	0.28	4,1 milhões
Q2 2023	0.28	4,1 milhões
Q3 2023	0.28	4,1 milhões
Q4 2023	0.28	4,1 milhões

Apreciação de capital dos investimentos

Portfólio de investimentos líquido Alterações no valor do ativo em 2023:

• Valor total da carteira de investimento: US $ 380,5 milhões
• Apreciação não realizada: US $ 12,3 milhões
• Ganhos realizados: US $ 3,6 milhões

Taxas de originação e transação

Redução de receitas de taxas para 2023:

Tipo de taxa	Valor total ($)
Taxas de originação de empréstimos	2,8 milhões
Taxas de transação	1,5 milhão
Taxas de pré -pagamento	0,7 milhão

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.